Commercial Vehicles Loans are loans that can be availed for purchase of buses, trucks, tippers as well as light commercial vehicles. Commercial vehicle loans are now available in your city – Mumbai with just a click. This article will acquaint you with various benefits, features and requirements such as eligibility and documents to apply for Commercial Equipment loans successfully.
Commercial Vehicle Loans in Mumbai
The kind of commercial vehicle loan that can be availed for purchase of commercial vehicles are: Loans for purchase of new commercial vehicle, avail a top-up on an existing commercial vehicle loan, avail a loan for obtaining working capital for ensuring smooth operations of your business set-up. Commercial vehicle loans can be obtained with minimal documents and hassle-free process from your favorite bank almost effortlessly.
- Loan Amount: Commercial vehicles in Mumbai can be purchased through 100% finance schemes in your city. The loan amount can be obtained upto 100% of the chasis value of your vehicle. If your documentation is complete your loan can be disbursed within a short span of 3 to 4 working days.
- Mode of Repayment: Mode of repayment to pay back the commercial vehicle loans is through either Equated monthly installments, Electronic clearance Services, or through Post dated cheques. You can also design your loan amount – EMI, ROI and Tenure as per your affordability.
- Loan Tenure: The loan tenure to payback the commercial equipment loan is around 60 months which absolutely depends on your capacity to payback which you can choose as per your convenience.
- Any individual, organization, or partnership firm having more than two years of business experience can get Commercial Vehicle loans in Mumbai.
- Existing owner of at least two commercial vehicles can apply for Commercial Vehicle Loans in Mumbai
- Existing customers and transporters can also apply for commercial vehicle loans.
- Address Proof
- Identity Proof
- Age Proof
- Passport Sized Photographs
- Experience Proof in the relevant area
- Six Months bank Statement
- IT Return certificate
- Self- employed individuals or businessmen are required to submit Financial statements for the last two years (audited by a CA)
- You may be required to submit Contract for transportation for obtaining higher loan amounts.
- You can apply for commercial vehicle loan jointly with another co-applicant which can be your blood relatives or your business partner in your partnership firm.
- Signing up at letzbank can help you avail commercial vehicle loans in Mumbai.
- Letzbank will give you a gist of commercial vehicle loans available in your city for purchase of a new commercial vehicle, used commercial vehicle, purchase of three-wheeler as well as obtaining a top-up on your existing commercial vehicle loans.
- Once you submit an online application at letzbank you can enjoy our services absolutely “Free” applicable on your loan only for online applicants.