Apply for a Commercial Vehicle Loan

Get Instant Commercial Vehicle Loan with LOAN On-time

Commercial Vehicles are primarily used by high-class individuals – though middle or poor-class individuals may give a thought for the same. But, the sole purpose of hiring commercial vehicles is to smoothen the transportation process in corporate or the midnight hours. But what if the high-class people are failing to manage their debts? At that time, an online commercial loan will help them in such a crisis and they can pay drivers without any objections.

Here, you mustn’t be thinking whether or not LOAN On-time can’t help you get the loan sanctioned or assisting you with its eligibility criteria plus the documentation process. All this will surely be handled by our experts and the time will be there when you can hassle-free use the commercial vehicles and attend your business meetings.

Some evident facts regarding a Commercial vehicle loan

Whether it is about purchasing a vehicle for your parents, spouse, and acquaintances, or estimating the objections and then, refining them through simple solutions, all this can be done after you Get an Instant Commercial Vehicle Loan approved from the financial institutions. So, you must know about some of its evident facts which will help you in future planning.

Evident Fact # One – An easy-to-accept application process

Whether this is about submitting the mandatory documents online or offline to the financial institutions, the loan application process for commercials like cars, auto-rickshaws, or a four-wheeler fulfilling your traveling requirements can be completed in an easy and efficient manner.

Therefore, if you are thinking about when and how to avail the process of a Commercial Loan at a low- interest rate, then you must enroll yourself in that and get commercial vehicles at your doorsteps.

Evident Fact # Two – A 100 percent trusted approval

There were times when individuals either the working class or the businessmen prefer to visit lenders and ask for assistance regarding the loan amount for purchasing commercial vehicles.

But with the ways entertained by the government or private financial institutions, this is much easier for the top-notch business owners plus the salaried employees to get approval for a Commercial Vehicle Loan suiting their financial and operational requirements. And there are no chances of fraud – this is because the approval is 100 percent trusted and secure digitally.

Evident Fact # Three – Funding your expenses well

The loan amount for your favorite commercials will vary from 3 Lakhs and end up to 1 Cr. However, you may expect floating interest-rates which can be paid flexibly through Easy-monthly installments.

With the sanctioned amount, one can assertively customize his/her expenses and use the funds to buy a Jeep Gladiator, TATA SFC 407, Ashok Leyland 1616, or some small commercial vehicles like Mahindra Jeeto. Therefore, all your hustles regarding how and when to Apply for a Commercial Loan Online or offline are now worth remembering as they have handled all your commercial expenses.

Eligibility Criteria and Documentation Involved in a Commercial Vehicle Loan

  • Aspiring for the most efficient and trending commercial vehicles won’t help you park them inside your houses or the corporate parking venues. For getting them, you either arrange funds from the cruel lenders or try to know about the eligibility criteria required to complete the application process of a commercial vehicle loan.
  • The age of the applicant must be starting from 24 yrs and this may end at 65 yrs. Note: This includes all types of applicants like salaried, business owners, or commercial vehicle aspirants struggling to earn higher revenues.
  • Salaried employees should be able to showcase their employment stability for 2 yrs or more, while, on the other side, businessmen or self-professionals have to show business continuity for a period of 2 yrs or more.
  • The minimum residential stability of the applicant must be for 2 yrs. However, this may increase or decrease as per the terms and conditions of financial institutions.
  • Fleet operators or other vehicle owners must have one-to-three years of experience in driving commercial vehicles.
  • Since we are now aware of the eligibility criteria, so, we must know about those documents which will be helping in completing the scheduled documentation process on-time.
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    We Require Documents for Salaried Employees
  • Any of the Age-proof from PAN Card, Voter ID Card, Driving License, and a working Passport.
  • Identity or ID Proof like statements of your credit or debit card, passbook details of last six months.
  • Detailed copies of Proof-of-Residence. This can either be telephone bills, electricity, bills, Tax Certificate, or a Trading License. Note: You must also submit 2 passport-sized photographs and a cheque for processing the loan fee.
  • Form Number 16 and Updated ITR Statements of last 2 yrs.
  • We Need Documents for Businessmen
  • Identity or ID Proof like statements of your credit or debit card, passbook details of last six months.
  • Form Number 16 and Updated ITR Statements of last 2 yrs.
  • Identity or ID Proof like statements of your credit or debit card, passbook details of last six months.
  • Last 2 yrs receipts of the audited financials approved by your Chartered Accountants. Note: Insurance and RC copy/copies of your existing vehicles can’t be avoided as this will authenticate the ownership and help you get commercial vehicles as per your business requirements.
  • How much time financial institutions take to disbursing Commercial Vehicle Loans?

    Generally, financial institutions can disburse your approved Commercial Vehicle loans in a period of around seven days. However, there will be some cancellation period decided by the banks and tenure within which you may expect the loan disbursement for your commercial vehicles.

    How can you repay your Commercial Vehicle Loan?

    Repaying your Commercial Vehicle loan may become stressful if the EMIs or part-payments aren’t paid before the closure dates like within six months. Otherwise, you may also choose methods like Demand Drafts, NACH/ECS for repaying the loan of your favorite commercials.

    Is this feasible to pre-pay the sanctioned Commercial Vehicle Loan?

    Prepaying your sanctioned Commercial Vehicle loan must be done entirely as partial prepayment isn’t preferred or allowed. Therefore, you must pre-pay the approved loan and try to increase your credit score steadily which you can utilize for further loan endeavors.