We have often heard about home loans, car loans and personal loans. Most people still know that these loans are. Only a few would know about commercial vehicle loans. We will try to understand and live with these loans and documentation processes.
Commercial vehicle loans are usually owned by private individuals and limited liability companies owned by individuals, subsidiaries, owners, Hindu non-contracted families, trusts, companies, self-employed, businessmen and commercial vehicles.
Loans from these loans generally carry out transportation activities. Commercial vehicles are available for buses, buses, transit mixers or any other heavy, light or small commercial vehicle. Commercial vehicle loans can be used for different commercial vehicles that can be used in different locations.
Banks such as HDFC Bank, ICICI Bank, DCB Bank and Yes Bank provide such loans among others. NBFCs (non-bank financial corporations), such as Reliance Commercial Finance and Fullerton India, also provide loans.
Although lending can be sanctioned by the purchase of new commercial vehicles, banks also offer loans in branded cars. Borrowers can use the terms of outstanding loans.
The borrower who wants to use commercial credits must complete the application form and provide the required documents. Documents include proof of title (passport, payment card, voter ID), experience in the field, past credits (where available) and six-month bank statement over the past six months.
The creditor must also submit a two-year income tax return, audited balance sheet and profit and loss account. A list of own-owned vehicles and a copy of RC (registration certificate) books.
Some banks may request a higher amount of funding for delivery contracts. In some cases, banks may request a personal guarantee.
Who can lend a loan?
Loans may be claimed by individuals and co-registrants, co-organizers directors and limited liability companies. Relatives with blood can get a common credit for individuals.
The smallest amount available for small players is Rs. 1 lakh, but at the same time for large companies for R. 5 crore.
The loan is usually accepted by the bank within seven days of the submission of the required documents. However, the length of the loan to be sanctioned may vary depending on the nature of the loan, the amount of funding and the location. In general, the bank / financial institution lends the loan directly to the vehicle distributor and not to the borrower.
Loan amount and possession
The amount of the loan may vary depending on the specific requirement. Funding can be up to 100% on the chassis, and physical education can be extended to specific needs and previous experiences.
The chassis is basically the inside of the vehicle, for example, engine, transmission, drive shaft, differential and suspension.
The loan can be managed from six months to six months.