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Commercial Vehicle Loans

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Commercial Vehicle Loan

From an employee to an entrepreneur - it has been a magical journey!

I was with a construction company for eight years. In 2004, I left my job and started subcontracting with a few friends. Three years later, I decided to expand. So I took up a commercial vehicle loan from...

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- Mr. Surya Narayan, Hyderabad

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Commercial Vehicle Finance

After I got a loan, my business just took off and grew by five times! Needless to say, Mahindra Finance will always be my first choice.

I’ve been into the dairy business for the last 15 years. I earn around Rs. 30,000 every month and at present, have a loan for two Mahindra...

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- Mr. Ratnabhai Bharvad, Vododara

*Images are for reference only. Actual customer images may vary.
  • Features & Benefits
  • Eligibility & Documentation
  • FAQs

The rate of interest for the commercial car loan depends on various factors like customer profiles and location.

A commercial vehicle loan can be taken for a variety of commercial vehicles, which may be used at different locations. The commercial vehicle loan is applicable to customers with diverse profiles.

For new Commercial Vehicles

  • Fast processing
  • Greater flexibility
  • Maximum tenure of 60 months
  • Competitive rates
  • Customised financing

For old Commercial Vehicles

  • Finance against vehicles that are up to 15 years old
  • Maximum tenure of up to 3 years
  • Maximum finance flexibility

Eligibility:

For new CVs

Any individual/partnership firm/Public Ltd. and Pvt. Ltd. company.

For old CVs

Any individual/partnership firm/funding extended to first time users as well as transporters.

Documents required:

  • KYC Documents
  • Income proof
  • Identity proof

FAQs:

Commercial Vehicle Loans

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Do you provide commercial vehicle finance?

Yes, we provide finance for all makes of commercial vehicles.

Do you finance the body construction as well?

The finance for body construction is extended selectively.

What is the maximum quantum of finance?

The maximum quantum of finance for commercial vehicles varies from customer to customer and product to product.

Do you quote on a flat rate basis or on diminishing balance basis?

We quote on a flat rate basis.

Is there any additional service charges or document charges?

We levy product specific charges. We only collect stamp charges and charges levied by any statutory authority. This depends on the place of execution of the contract.

How much time does it take to sanction a commercial vehicle loan?

Normally, the approval is accorded in 2 working days after the submission of all required documents and information.

Will you give me a copy of agreement duly filled in for my records?

Yes, a copy of the agreement will be provided to the applicant.

Do you always require a guarantee?

We require a guarantor or co-applicant depending on the profile of the customer and product.

Do you need any collateral security?

No, collateral security will not be required.

Do you have a tie-up with leading automobile manufacturers/ dealers?

Yes. Special schemes in tie-up with various manufacturers/ dealers will be running at various locations and at various points of time.

Can I change dealers at any point of time?

Yes, it is allowed. However, it is always preferred to select the dealer who is nearer to your business / residential location for better after-sales and service.

Can I make bulk part payments to reduce the finance quantum and also have a revised repayment structure?

We accept bulk part payments, however the excess amount will be parked in suspense account and not result in reduction in commercial vehicle loan outstanding or reduction in IRR.

Can I remit the instalments to any branch?

Yes. You can remit your instalments to any of our branches.

Can I issue cheques drawn on banks where you do not have branches?

Yes. However, a charge will be levied for the collection of such cheques.

At what frequency do you send me the periodical statement of accounts?

Statement of accounts would be sent after we receive a request from you.

What should I do in the case of a change of address? Whom should I intimate?

You should intimate the branch which you normally deal with.

Is a third party insurance cover alone sufficient?

Comprehensive policy is mandatory for at least the first year and in exceptional cases for some products, third party insurance is allowed from the second year onwards.

Is it necessary that the insurance be done only through your agent? Can I take the responsibility on my own?

We do insist on this. It is advisable that you pay the premium deposits along with your monthly instalment and that we can take care of your future insurance needs.

How do I obtain commercial vehicle finance?

You select the vehicle and estimate the finance amount required based on the repayment period and also your repayment capacity.

You also have the flexibility to select a finance scheme that suits your needs and once approved, you can make the initial payment (generally the margin money).

Once the payments are made, a delivery order for the vehicle is placed and the vehicle of your choice is delivered to you Where body construction is involved, a moratorium for the payment of the first instalments is allowed to facilitate the completion of the bodywork.

All the documentation required would be discussed with you up-front.

How do I obtain finance for my construction equipment?

You select the equipment and estimate the finance amount required based on the repayment period and also your repayment capacity.

You also have the flexibility to select a finance scheme that suits your needs and once approved, you can make the initial payment (generally the margin money).

Once the payments are made, a delivery order for the vehicle is placed and the vehicle of your choice is delivered to you. Where body construction is involved, a moratorium for the payment of the first instalments is allowed to facilitate the completion of the bodywork.

All the documentation required would be discussed with you up-front.

© 2014 Mahindra Finance

CIN - L65921MH1991PLC059642

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