Apply for Commercial Vehicle Loan - Easy Commercial Vehicle Finance at Mahindra Finance

Commercial Vehicle Loans

Mahindra Finance offers loans on all types of Commercial Vehicles (new and used) of all major manufacturers. To meet your aspirations, we have specialized branches dedicated for providing commercial vehicles and equipment loans. We have also opened Transport Nagars for servicing diverse profiles like truckers, milkman, shopkeeper etc.
Our competitive interest rates are based on factors such as customer profile and location.

Q1.Do you provide commercial vehicle finance & construction equipment finance?

Yes, we provide loans on commercial vehicles and construction equipment of all major manufacturers.

Q2. Do you finance the body construction as well?

The finance for body construction is extended for certain customer profiles as defined by product policy.

Q3. What is the maximum amount of finance given?

The maximum amount of finance depends on the customer profile and the product.

Q4. Do you quote on a flat rate basis or on diminishing balance basis?

We work on a monthly reducing interest rates.

Q5.Is there any additional service charges or document charges?

We levy product specific, document and stamp charges on actual basis as levied by the statutory authority and also depends on the place of execution of the contract.

Q6.How much time does loan sanctioning take?

Normally, the loan is sanctioned within 24 hours after all the required documents are submitted.

Q7.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.

Q8.Do you always require a guarantee?

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

Q9.Do you need any collateral security?

No collateral security required.

Q10.Do you have a tie-up with leading automobile manufacturers/dealers?

Yes, special promotions and tie-ups with several manufacturers/dealers will be running at various locations and at various points of time.

Q11.Can I change dealers at any point of time?

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

Q12.Can I make bulk part payments to reduce the finance amount and also have a revised repayment structure?

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

Q13.Can I pay the monthly installments in any branch?

Yes, you can pay your EMIs in any of our branches.

Q14.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.

Q15.When will you send me the statement of accounts?

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

Q16.What should I do in the case of an address change? Whom should I intimate?

You can intimate the branch, which you normally deal with.

Q17.Is a third party insurance cover alone enough?

A comprehensive policy is mandatory as per the rules laid down by the concerned authority.

Q18.Is it necessary that the insurance must be done only through your agent? Can I take the responsibility on my own?

We have in-house Mahindra Insurance Broker Limited which can take care of all your insurance needs and can give you the best deal.

Q19.How do I obtain commercial vehicle finance?

Our field executive would inform you about the documents & vehicle quotation required from your end and visit you at your residence/office to collect the same and forward the same to our credit team for appraising. On approval of the loan, our field executive will visit you to have the loan agreement & PDC/ACH signed, post the same, we will release the Delivery Order to the concerned dealer.

Q20.How do I obtain finance for my construction equipment?

Commercial vehicle Loan Customer Speak

I am Suresh, I belong to an agricultural family. When I thought of starting up my own travels business I was helpless. Mahindra Finance supported me by offering the required loan with which I bought Mahindra Tourister. While the travels business started to pick up, I also wanted to focus on my family’s agriculture business. I was prompt with my installment payments, because of which Mahindra Finance by itself offered me another loan to buy tractor. I have recommended Mahindra Finance to my kith and kin for any loan requirement. With the support of Mahindra Finance, both my travels and agriculture businesses have improved a lot.

Suresh

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 Mahindra Finance to buy a vehicle for transportation and marketing purposes. Soon, my partnership firm began to grow since I could visit more clients and serve them better.
In 2009, I started my own company and needed to buy another vehicle. Considering our good rapport, I decided to stick to Mahindra Finance for yet another commercial vehicle loan.
Few years ago, I was just an ordinary employee. Today, my company, Pranathi Engineering Services, is a family of over 200 motivated individuals. I now intend to expand into construction services and move up to becoming a contractor from a subcontractor. All thanks to friends and organisations like Mahindra Finance who showed faith in my potential and helped me along my journey.

Surya Narayan Hyderabad

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 Pickups for my business. My experience with Mahindra Finance has been great so far. The executives have been very helpful and I've never had to wait long for the loans. Plus, considering my financial situation, they even increased my loan tenure to six years and reduced the penalty charges.
Before I got loan, I used to supply milk on my bike. But then it became more and more difficult to supply milk in the interiors of my village. That's when I decided to purchase a Mahindra Pickup and approached Mahindra Finance for a loan. They understood my need immediately, and helped me to get a quick loan disbursal. After the Pickup came in, my business grew by five times and has been growing at a tremendous pace since then. In fact, now that I'm earning well, I'm even aspiring to purchase a car and then go for a home loan after a few years.
Now when people ask me for a suggestion regarding loans, I always recommend just one name – Mahindra Finance.