If you want a commercial vehicle loan but are quite confused about how it will be procured and how can you apply for it? Then, this blog is the right place for you. Here, we will show some essential steps to get a commercial vehicle loan. So have a look at them.
Application Process
Firstly, you have to fill up an application form online. Then submit all the required documents and provide the personal guarantor details if needed.
Loan Approval
After the application process, the bank or loan provider verifies all your documents and eligibility. If the borrower is found eligible, the loan will be sanctioned within 2 to 5 working days from the time of documentation.
Loan Amount/Margin
The maximum loan amount for commercial vehicles varies depending on the individual profile of each customer. A borrower can avail financing of up to 100% of the chassis of the vehicle.
Repayment Period
The repayment period for a commercial vehicle loan starts from 6 months and lasts up to 60 months (5 years). After that, the borrower can repay the loan amount in easy monthly EMIs.
Security/Collateral
While some banks provide commercial vehicle loans without any security or guarantor, and some ask for a guarantor or co-applicant depending on the profile and product of the borrower.
These are some essential steps to get a commercial vehicle loan. You can get the required commercial vehicle loan by following these easy steps. You can also apply for a commercial vehicle loan online at Truck Junction.
