Basically Commercial Vehicles are the transports used for commercial purposes. Buses, trucks, tippers, tankers, heavy Vehicles, light commercial vehicles come under this category. A large number of people involved in this transport business. Hence, financial institutions offer Commercial vehicle loan to the people who want to buy this vehicle but not having enough money for purchasing. On can get the loan at the lower interest rate, flexible EMI with minimum documentation.

The Eligibility Conditions For commercial vehicle loan:

• Job stability of 2 years for salaried & business stability of 2 years for self-employed applicants.
• Limited companies (public & private), partnerships, trusts, etc. need to show audited financial records of the last 2 years.
• The applicant must have residence stability of at least 2 years.

Documentary Requirements For commercial vehicle loan:

• Correctly Filled-up application form
• Identity proof
• Address proof
• Income proof – salary slip for the last 3 months/ITR for last 2 years
• Bank statement of last 6 months
• Repayment track record

Thus, there are several points that you need to remember when you decide to apply for a commercial vehicle loan. Keep your documents in order & shop around for available options from the financial institutions. Once you are aware of the relevant information, select the lender.

Must Read: Things to Consider while Availing of a Commercial Vehicle Loan