Apply for Commercial Vehicle and Industrial Equipment Loan & Refinancfe Now!
Commercial vehicle loans are loans offered to borrowers, usually self-employed individuals, trusts, partnership firms, organizations, etc., for the purchase of vehicles for commercial or business purposes. These Car loans are availed by those who are involved in the transportation business.
Refinancing is done when a loan applicant wants to take a loan to buy an old Vehicle and refinancing is done when a person wants to take a loan by mortgaging his Vehicle.
Individuals who are associated with this type of business or want to be associated can apply.
The bank lends up to 80% of the vehicle/ Machine to be purchased or refinanced and the remaining amount is to be paid by the loan applicant.
1)Aadhaar Card 2) PAN Card 3) Voter Card 4) Some details of the car to be purchased, 5) Phone No, Mail ID, Photo 6) Advance payment copy of the car is better 7) Income proof i.e. last 2 Income tax file including balance sheet and profit-loss sheet for the year, 8) Bank statement of last 6 months.When a person who is new to the transport business wants to take a loan, he has to have a guarantor for the loan, the guarantor is responsible for the proper repayment of the loan.
Yes, definitely. We have some finance partners who can fund loan to new comer to market and Vehicle driver if they have some basic documents correctly.
Its depend on some situation of applicant’s profile. Normally it takes max. 15 Day.
Interest rates can range will depend on your credit history, Business tenure, income, Banking Transactions, Profile type etc. Basically Interest rate is min. 4% to Max 15% per annum.
Mostly a loan applicant can get 5 Year to Max. 7 Years depends on client profile, Loan amount etc.
It must be remembered that in case of this type of loan, the person has to deposit the loan processing fee with the approving bank. The bank or finance insures the person and the vehicle related to the loan. Loan processing fee and such insurance cost varies from bank to finance. These fees must be collected by the bank or finance company directly from the applicant through NEFT or check and the copy given to the applicant.
Getting a business loan from FinoFriend is easy, especially if you have your documents are in order and you have a good credit track record. You have to just fill-up our Business Loan application, then all processes will be completed by our side.
Getting a business loan from FinoFriend is easy, especially if you have your documents are in order and you have a good credit track record. You have to just fill-up our Business Loan application, then all processes will be completed by our side.