Commercial Vehicle Loan

IDFC FIRST Bank’s Commercial Vehicle Loan are ideal for you to kick-start or grow your existing transport business!

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Term loan facility for buying new commercial vehicle
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Term loan facility on pre-owned commercial vehicle

Benefits:

  • Hassle free loan sanction
  • Simple documentation
  • Loan tenure up to 5 years
  • No hidden charges, complete transparency
  • Dedicated relationship manager for faster service delivery

Eligibility

  1. Constitution: Any of below constitution can apply for Commercial Vehicle Loan
    • Individuals
    • Proprietorships
    • Partnership firms
    • Companies (Pvt. Ltd & Public Ltd.)
    • One Person Company
    • Limited Liability Partnership
    • Trusts
    • HUF – Hindu Undivided Family
  1. Constitution: Any of below constitution can apply for Commercial Vehicle Loan
    • Individuals
    • Proprietorships
    • Partnership firms
    • Companies (Pvt. Ltd & Public Ltd.)
    • One Person Company
    • Limited Liability Partnership
    • Trusts
    • HUF – Hindu Undivided Family
  2. Business Experience:
    • Minimum business experience of 2 years in relevant field
  3. Age Criteria of applicants:
    • Applicable only for Individuals.
    • Min age of 18 years & Maximum age of 66 years
  4. Vehicle Ownership:
    • Applicable only for Transporters;
    • Minimum ownership requirement of 2 commercial vehicles;

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Documentation

  1. KYC Proof: Valid ID & Address Proof, Pass port size photograph
    • Links: Individual (Savings Account KYC Page) & Non-Individual (Current Account KYC Page)
  2. Experience Proof: Driving License, Registration copy of Commercial Vehicle owned, Current account statement etc
  3. Income Proof: Bank Statement for 12 Months, ITR / Audited financials for last 2 years
  4. Fleet List: List of vehicles owned & supporting documents for same
  1. KYC Proof: Valid ID & Address Proof, Pass port size photograph
    • Links: Individual (Savings Account KYC Page) & Non-Individual (Current Account KYC Page)
  2. Experience Proof: Driving License, Registration copy of Commercial Vehicle owned, Current account statement etc
  3. Income Proof: Bank Statement for 12 Months, ITR / Audited financials for last 2 years
  4. Fleet List: List of vehicles owned & supporting documents for same
  5. Repayment Record: Past loan repayment record (If available)
  6. Proposed Asset Details:
    • Proforma Invoice/Quotation (For new vehicle finance)
    • RC copy, Insurance Copy (For refinance on pre-owned vehicles
  7. Any other document solely on the discretion of Bank authorities if any required for underwriting

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Frequently Asked Questions

What types of loan facility available under Commercial Vehicle Finance of IDFC FIRST Bank?

We offer term loan facilities for Purchase of new Commercial Vehicles and refinancing options for pre-owned vehicles.

Why avail a Commercial Vehicle Loan from IDFC FIRST Bank?

  1. Hassle free loan sanction process
  2. Simple documentation and faster decisioning
  3. Longer loan tenures upto 5 years & moratorium period upto 90 days
  4. Nil hidden charges, & complete Transparency
  5. One point contact – Dedicated Relationship Manager
  6. Competitive Pricing
  7. One stop shop for all you banking needs

Who can apply for Commercial Vehicle Loan?

Any Individual, Proprietorship concern, Partnership firm, Companies (Private limited & Public limited), One Person Company, Limited Liability Partnership, Trusts, & HUF

What is the maximum loan amount that can be availed?

Loan amount is dependent on customer profile and internally laid down polices of the bank.

How is the interest charged/calculated?

Interest is charged on a fixed rate basis and is dependent on the applicable scheme for the particular product.

How do I approach IDFC FIRST Bank for a Commercial Vehicle Loan?

  1. Apply online
  2. Call us at our 24 hour Customer Care Centre
  3. Walk in our any branches
  4. Contact any of our direct sales personnel

Is a personal guarantor/co applicant a must?

The above requirement is based on customer profile and internally laid down polices of the bank.

What security/collateral do I have to provide?

No additional collateral is required other than the vehicle on which the financing is extended.

How to repay Commercial Vehicle Loan?

Repayment is made in Equated monthly instalment’s (EMI) through NACH or auto debit instruction on your bank account

Can I foreclose my Commercial Vehicle Loan?

Loan foreclosure can be done by visiting any IDFC branch or by contacting your service manager. However necessary foreclosure charges may apply.

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Contact us

REGISTERED office:

IDFC FIRST Bank Ltd

KRM Tower, 7th Floor, No. 1,
Harrington Road, Chetpet,
Chennai - 600031, Tamil Nadu,
India

Corporate office:

IDFC FIRST Bank Ltd

Naman Chambers,
C-32, G-Block,
Bandra-Kurla Complex,
Bandra East, Mumbai - 400051,
India

IDFC FIRST Bank Customers

Toll Free No - 1800 419 4332
Email - Banker@idfcfirstbank.com

Capital First Customers

Toll Free No - 1860 500 9900
Email - Customer.Care@Capitalfirst.Com

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