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Commercial Vehicle Loan

For purchase of new heavy or commercial vehicles for commercial transportation of goods or passengers, or for private purpose for own business where the need for a heavy vehicle is justified.

Interest RateAs fixed by the Board of Directors under the directives of the Reserve Bank of India from time to time.
Maximum AmountSubject to the Bank's exposure limit. Up to 80% of the authorized dealer's pro-forma invoice price (including registration charges and insurance) and up to 80% of body building pro-forma wherever body building work is required.
Maximum Tenure60 Months
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Key Highlights

Finance for new heavy and commercial vehicles
Funding up to 80% of invoice value subject to exposure limits
Direct dealer/manufacturer payment
Moratorium facility available
Bank-registered hypothecation with RTO and insurer

Eligibility Criteria

Applicant must be a Regular Member with 2.5% share linking as per RBI guidelines.
Applicant should have sufficient income and satisfactory business turnover to repay installments.
Applicant should have minimum 5 years' experience in the relevant field.
Applicant must possess valid permits and licenses as applicable.
Two personal guarantors with minimum monthly net income of ₹25,000 or above; salaried guarantor must be from an organized sector.
Sureties must be Nominal or Regular Members of the Bank.

Documents Required

KYC documents of applicant and sureties.
Residential proof of applicant and sureties (Aadhaar compulsory with supporting proof).
Income proof of applicant and sureties.
Profile of applicant with business experience details.
Driving license of applicant or appointed driver.
Last one year bank account statement.
Business assurance letters.
Pro-forma invoice from authorized dealer.
Body building quotation wherever applicable.
Visit reports of office/business premises and residence of applicant and sureties.
Photographs of the vehicle along with borrower.
TTO set duly signed by the borrower.

Security & Fees

Collateral / Security

Hypothecation of the vehicle in favour of the Bank with hypothecation charge registered with the RTO and Insurance Company.

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Processing Fee
As per prescribed Bank's Service Charges.
Check fees and charges

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