We have "Commercial Loans" for you
We have "Commercial Loans" for you
As we talk about vehicle purchase every one need for private use and for commercial use. Most people were unaware of the process to buy commercial vehicles. Before we start, let's discuss why and who needs a commercial vehicle. The commercial vehicle is owned by a self-employed person to increase its business productivity. Now an individual can’t afford to buy multiple vehicles for that person to take help from market lenders who provide commercial vehicle loans. Yes, you heard it right there is a loan for commercial vehicles too.
Many Auto manufacturers sometimes attract companies or individuals looking for vehicles to use for business. Commercial auto manufacturers can offer cash discounts or lure to attract business owners. This can give you a great deal on a vehicle. If you want to buy multiple vehicles for your company, many car manufacturers offer a huge discount. If you want to buy around 5 to 10 vehicles, you may qualify for discounts. This may also provide you the prospect to configure your vehicles to your requirement as part of your overall auto purchase. There may be other financial incentives for your business if you are looking to purchase commercial vehicles, so ask around to different manufacturers before taking a commercial loan.
On the time of buying a commercial vehicle, you want to make sure that you have a good interest rate for any loans you might take out on vehicle purchases. Get tax incentives probably from your state for small businesses, which could cut down on the money you end up spending on a commercial vehicle. You could also be able to deduct your loan finance charges and fuel and maintenance costs on your taxes.
The registration of your commercial vehicle may be under your business’s name, rather than your own. If you are directly financing your commercial vehicle purchase, then there are a few things that will be different than when you buy a private vehicle for yourself.
If you want vehicles for a small business, keep in mind that you are working with a bank that is used to working with business vehicle loans. Keep yourself well informed about the loan and make sure that you have the right commercial vehicle insurance that will cover your vehicles.
Before entering into the vehicle market, you must be aware of what kind of commercial vehicle you need. You may need a delivery truck, a panel van, or a regular pickup truck or car. Some car dealerships might not be prepared to deal with small business financing, or they may not be able to modify your vehicles in the way you need them. You can also go for used commercial vehicles that may already have been modified for business use. This could save you time and money renovating another vehicle for your business’s needs.
This type of vehicle loan can be availed by various divisions of customers having multiple profiles. Here is the list of the buyers considered to be eligible for this loan:
First-time users and buyers
Small, medium and large-sized business owners
Public Limited & Private Limited Companies
Trusts and societies
Schools and colleges
Captive customers and transporters
Voter's ID card
Sales Tax Certificate
Last 3 months Salary Slips
Latest 6 months bank statement
Updated ITR for last 2 years
Photocopy of official ID
Existing vehicle ownership proof
Vehicle details & valuation report
Insurance and RC copy of the vehicle
Fleet list details
Trade references Property ownership proof (In case of farmers)
Proprietorship decl., partnership deed, (MOA/AOA), board resolution & 2 years audited financials (In case of Private/Limited companies, partnership firms, trusts & societies)
Loan repayment track
Note the rate of interest may vary from customer profile, tenure of the loan.
8.70% to 21.25%
Kotak Mahindra Bank
10.25% to 15%
Visit Dealership office near you or apply online
After visiting there fill the application for a commercial vehicle loan
After that read all financing-related documents carefully
Attach all required documents with an application form
Now submit the application form to the dealers
Sooner you will get the reply i.e. you are eligible or not for the loan
If your application form gets accepted you will get the loan in no time.
If your form is rejected then they provide a proper answer for that.
Note: Check EMI of Commercial loan by using Banksathi Commercial Loan EMI CalculatorLast Updated on : 06/Jun/2020
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You're eligible for a Commercial Loans if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Commercial Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
|Commercial Loans Details|
|Interest Rate (Monthly reducing balance)||8.3% - 14.52%|
|Processing Fees||Varies with bank|
|Loan Tenure||1 year to 5 years|
|Pre-closure Charges||Varies with bank|
|Guarantor Requirement||Varies with bank|
Commercial Loans EMI Calculator