A commercial vehicle loan is a great tool in case you want to start a transportation business or expand an existing one.
Below is some important information you need to know before availing a commercial vehicle loan.
In commercial vehicle loans, the lender provides lump-sum funds for buying vehicles like buses, trucks, and tippers. Whether heavy or light/new or used, you can apply for the purchase of any commercial vehicle you desire.
Fullerton India is a company that keeps the customers’ needs in mind and gives them several benefits:
- Loan amount starts from INR 75,000
- Hassle-free loan application
- Wide range of schemes
- Quick loan disbursal
- convenient payment
- Timely status update
Documents required
After filling the application form, the borrower would have to provide identity proofs, address proofs, age proofs, and bank statements of the past six months. It’s better to keep digital copies of these documents handy. Applicants require giving proof of business existence, profit and loss statement, and income tax returns of the last three years.
Rate of interest
The rate of interest of a commercial vehicle loan depends on the background details of the borrower, such as business turnover, repayment track record, number of vehicles owned, etc.
Additional Read: Things You Need to Consider Before taking commercial vehicle loan
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