July 19, 2024
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Simple steps to apply for a commercial vehicle loan in India

A Commercial Vehicle Loan is essentially an unsecured loan which helps you purchase any commercial vehicle required for your transport business. This is one of those loans which generally does not need any collateral. Today, commercial vehicle loansare available online at attractive interest rates and flexible tenure options.

Most financial institutions offer this loan for trucks, tippers, and all kinds of light and heavy commercial vehicles. Customers with diverse profiles are eligible to avail this loan. In this article, we will take a look at some of the feature of commercial vehicle loans and see in detail how to apply for vehicle finance loans.

Features of commercial vehicle finance:

  • Low interest:

A commercial vehicle loan is available with low-interest rates. All you need is a strong profile which matches the set criteria put forward by the lenders.

  • Fast approvals:

The process of approval is relatively quick as compared to other loans. Additionally, the easy documentation process involves fewer steps.

  • No security required:

Many eminent banks in India offer commercial vehicle loans without having to submit any kind of security deposit or collateral.

  • Professional help:

Some of the financial institutions assign a personal relationship manager. The appointed manager helps you in every step of the way during the application process. Right from the application to the procurement of the vehicle, the relationship manager takes care of everything. It is this manager who also takes care of submitting and approving your commercial vehicle loan and addresses every issue arising during the procurement of the loan.

The disbursal of the loan amount takes approximately seven working days to reflect in your account.

How to apply for a Commercial Vehicle Loan from any financial institution?

Today, you can apply for a commercial vehicle loan online. All you have to do is:

  • Visit the website of the financial institution from where you wish to get the loan.
  • Fill in the required personal details
  • Enter your mobile number to receive the OTP for verification
  • Fill in your professional details

Once you fill in all the required columns, you can click on ‘proceed’ or ‘continue’, and a bank representative will get in touch with you. Next, you will have to submit or upload the required documents.

You can also apply for a commercial vehicle loan by visiting your nearest bank. However, this process may be a tad bit lengthier than the online process.

Disclaimer: *Terms and conditions apply, based on applicant’s eligibility and financial profile