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AU SMALL FINANCE BANK COMMERCIAL LOAN

As we talk about vehicle purchase everyone needs 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. 

A commercial loan is a loan that is extended to businesses by a financial institution. Commercial loans are generally used to purchase long term assets or help fund day-to-day operational costs. AU Small Finance Bank Commercial Loan is available to a business that is new to credit and a customer with no credit history. We have a wide network of more than 709 banking touchpoints in more than 500 cities.

AU Small Finance Bank Commercial Loan Features 

1. Our loan approvals are also instant with quick disbursement.

2. We have a wide network of more than 709 banking touchpoints in more than 500 cities.

3. Flexible repayment options

4. Minimal documentation and instant approvals 

5. This loan is available to a business that is new to credit and a customer with no credit history

6. It offered loan for vehicles such as SCVs, LCVs, MCVs and HCVs

7. We offer competitive interest rates tailor-made to help your business cycle

8. Instant approvals

AU Small Finance Bank Commercial Loan Fee and Charges

To apply for a commercial loan, you have to pay fees and charges applied by the AU Small Finance Bank. It covers all charges and fees made by a bank to their customers.The following charges are taken from AU Bank i.e, processing fee, interest rate, late payments charges etc.

Processing Fees

2% to 4% of the loan amount

Documentation Charges

Rs.350

CIBIL Report Charges

Rs.50

Stamp Duty

Actuals

Loan Amount 

100% of the vehicle chassis 

Tenure 

1 to 5 years

Interest Rate 

10% to 15% per annum

Part Prepayment Charges

Upto 5% of the remaining amount 

Charges for late payment of loans

2% per month on the outstanding installment

Swap Charges

Rs.500 per transaction

Bounce Charges

Rs.500 per transaction

Amortisation Schedule Charges

Rs.500 per schedule

Statement of Account Charges

Rs.500 per statement

Prepayment Statement Charges

Rs,100 per statement

Duplicate No Objection Certificate (NOC)/No Due Certificate (NDC) Charges

Rs.500 per NOC/NDC

Revalidation of NOC Charges

Rs.500 per NOC

NOC to convert from Private to Commercial & Commercial to Private Registration

Rs.2,000 per NOC

Loan Cancellation Charges

Rs.3,000 per loan

Loan Reschedulement / Rebooking Charges

Rs.2,500 per loan

AU Small Finance Bank Commercial Loan Eligibility Criteria

The eligibility criteria required is different for different service providers. However, there are some basic criteria that must be met to avail AU Small Finance Bank commercial loan benefits.

1. Partnership firms, sole proprietorship firms, public limited companies, private limited companies, and self-employed professionals and non-professionals can apply for commercial loans in India.

2. The business entity that needs a commercial loan should have a good turnover. The turnover requirement will differ from lender to lender. You can check with your lender.

3. Each loan applicant should meet the minimum annual income requirement as a firm.

4. The firm should have been making profits for a certain period, which will be specified by the lender.

5. The company interested in a commercial loan should have been in business for a certain period, which will be mentioned by the lender.

6. The minimum age criterion for an individual who is applying on behalf of his or her firm is typically 18. The maximum age requirement is 66 years. This can change from lender to lender.

AU Small Finance Bank Commercial Loan Documents Required

While applying for a AU Bank commercial loan, a firm or individual will have to compulsorily submit certain documents to the lender and they include:

  • PAN card for firms, companies, and individuals

  • VAT or GST statements for a certain period

  • Balance sheet

  • Income tax returns for a certain period

  • Profit and Loss statement for a certain period

  • Bank statements for a certain period

  • Proof of continuation in business. The company can submit trade licenses, sales tax certificates, Income Tax Returns, establishment certificates, etc.

  • Certified Copy of Partnership Deed

  • Sole Proprietorship Declaration

  • Board resolution

  • Certified true copy of Memorandum and Articles of Association

AU Small Finance Bank How to Login

All customers with savings or current accounts can have access to AU Small Finance Bank net banking or mobile banking platform. It is hassle-free and easy to use. One can register for AU Small Finance Bank net banking by following the below-mentioned steps:

  • Go to the homepage of AU Small Finance Bank net banking or visit the web portal of AU Small Finance Bank.

  • On the home page, look out for the option ‘New user registration’ or a similar option.

  • Proceed further, and enter details like bank account number, branch details, registered mobile number, and click on ‘Submit.’

  • As you click on ‘submit’ a one time password is sent to the registered mobile number. Enter the OTP and click on ‘confirm.’

  • Clicking on ‘confirm’ will create your temporary login details with a temporary username. Users can create their password.

  • After creating the password login and creating your permanent username, and accept all terms and conditions.

AU Small Finance Bank Commercial Loan How to Apply

There are two ways to apply for a AU Small Finance Bank commercial vehicle loan that is :

  • 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. 

AU Small Finance Bank Commercial Loan How is EMI calculate 

Before you apply for a AU Small Finance Bank commercial loan, check your monthly payments along with the total amount payable using an EMI Calculator. A commercial loan calculator is an online tool which computes your loan EMIs as per the details you provide.

This EMI calculator uses a mathematical formula to give you the amount of AU Small Finance Bank commercial loan EMI payable by you.

The formula is E = P * R * (1+R)^N / ((1+R)^N-1)

where E is EMI,

P signifies principal amount,

R stands for rate of interest,

N stands for the tenor of your loan in months.

AU Small Finance Bank Commercial Loan Payment Online 

The following steps are required to payment online for AU small finance bank commercial loan i.e. :

1. Select your bank. 

2. Provide your Loan details. Enter your 16-digit alphanumeric loan number twice. 

3. Confirm Payment. 

4. Receive online confirmation.

AU Bank Commercial Loan Customer Care 

Contact number : 180012001200

Email id : customercare@aubank.in

Bank offered Financial Products 

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

AU Small Finance Bank Commercial Loan Frequently Asked Questions 

1. What documentation is required for a AU Bank commercial loan?

There are following documents are required for AU Bank commercial loan i.e. :

  • Documents required for commercial vehicle loan are – ID proof

  • Residence and office address proof

  • Asset proof and loan repayment records (if applicable)

  • Additional documents for guarantor

2. Can I take a AU BankCommercial Vehicle Loan without Income Proof or Business Proof?

No, Experience proof is required which can be validated from deployment letter/Driving license/Commercial Vehicle ownership.

3. What is a commercial loan?

A commercial loan is a loan that is extended to businesses by a financial institution. Commercial loans are generally used to purchase long term assets or help fund day-to-day operational costs.

4. How do I apply for an AU Bank Commercial Loan?

There are two ways to apply for a AU Bank commercial vehicle loan that is :

  • Offline method by visiting nearest AU bank branch

  • Online method through website

5. Can I get a AU Bank Commercial Vehicle Loan without a bank account?

No. A bank account is mandatory. In case you don’t have a bank account, you can apply for a new bank account which will be considered even if it has no recent transactions.

6. How to calculate EMI of AU Bank commercial loans?

This EMI calculator uses a mathematical formula to give you the amount of AU Bank commercial loan EMI payable by you.

The formula is E = P * R * (1+R)^N / ((1+R)^N-1),

where E is EMI,

P stands for principal amount,

R stands for rate of interest,

N stands for the tenor of your loan in months.

7. What is the minimum and maximum tenure period of AU Bank Commercial Loan?

The minimum tenure period is 1 year and maximum tenure period is 5 years of AU Bank Commercial Loan.

8. How to contact AU Bank?

You can contact through customer care number and customer care email id for AU Bank.

9. What is the minimum and maximum tenure period of AU Bank commercial loan?

The minimum tenure period is 1 year and maximum is 5 years to apply for AU bank commercial loan.

10. Is there any processing fee charged to apply for an AU Bank commercial loan?

Yes, the processing fee charged to apply for  an AU Bank commercial loan is 2% to 4% of the loan amount.

Last Updated on : 05/Nov/2020

Know More About

Au Small Finance Bank Commercial Loan

You're eligible for a Au Small Finance Bank Commercial Loan 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

Au Small Finance Bank Commercial Loan Interest Rates

Updated on 25 Nov 2017

Au Small Finance Bank Commercial Loan Details
Interest Rate (Monthly reducing balance) 10% - 15%
Processing Fees 2% to 4% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Commercial Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959