A commercial vehicle loan is available to any individual or organization, which is planning to buy a commercial vehicle. These loans are often costlier compared to personal vehicles; hence, you will need a loan that can help you finance the purchase. Before you apply for the loan, here are a few things that you need to know about.
The commercial vehicle is a necessity for many businesses, especially for the delivery and transportation-related companies. Such people can apply for the loan:
The application process
Applying for commercial vehicle loans is quite simple, just like any other loan offered by a financial organization. Either you can visit their branch to ask for an application form or you can visit their online portal to find the same.
You need to fill the form with your personal and professional information. You also have to provide them with your address and contact information. Once done, you need to submit the required documents so they can verify your information. For the online procedure, you can upload the scanned copies of the documents too. If your loan application is accepted then your lender will ask you to complete the verification procedures and other formalities.
To get the commercial vehicle finance, you must submit the following documents with your loan application:
Loan tenure and amount
The amount of loan you can get for the commercial vehicle depends on your requirements. Sometimes, your past relationship with the lender can determine the amount too. Most lenders provide up to 100% of the price of the vehicle you are buying. The loan repayment tenure can be anything from six months to five years.
The interest rate can vary depending on the lender. The rate of interest for these loans can be 10-15% or more. It also depends on your credit score, business turnover, the number of vehicles you already own, your relationship with the lenders, and other factors. You can use a commercial vehicle loan EMI calculator to get an idea.
By using the commercial vehicle loan calculator, you can get an idea about the monthly installment amount that you have to pay. However, you also need to keep in mind that you will be charged a processing fee. It is charged when you are applying for the loan, and it is not refundable. The amount depends on the value of the loan.
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