Commercial vehicles such as buses, trucks, taxis, etc, are essential for any kind of transportation business. These vehicles help different businesses by increasing profits and productivity. In India, many lenders offer secured commercial vehicle loans to individuals or businesses who require these vehicles for commercial purposes.
It is fairly easy to get this kind of loan if the applicant fulfills the commercial vehicle loan eligibility criteria. Generally, the applicant has to pay a 20 percent down payment of the vehicle, and the rest of the amount can be financed. If the applicant matches the lender’s criteria, they can even get a lower interest rate on their loan. The documentation is not that complicated, but it needs to be perfect to avoid rejection.
Some important documents that are required to avail a commercial vehicle loan are:
- Properly filled application form
- Adhaar card
- PAN card
- Passport
- Birth certificate
- Driving license
- Two years income tax returns or ITRs
- All audited financial documents of the business
- Bank statements of the last 6 months
- A Cheque for the processing fees
- Ration card
- Recent Electricity & telephone bill
- Rental agreement or proof of ownership of the office or factory
Different states have different documentation requirements. Kindly go through the concerned authority’s website and if possible visit their office to get the exact nature of documents you will need.
Must Read: 4 Things To Note While Availing Commercial Vehicle Loan
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