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Commercial Vehicle Loan

We believe affordability will be key to your profitability and promise to deliver the same with speed.Read More

Offering low down payment, attractive EMI, Instant approval, minimal documentation.Read Less

Key Features

New Commercial Vehicle Loan

  • Loan up to 100% on-road price of the vehicle
  • Loan tenure up to 60 months
  • EMI as low as ₹2222/- per Lac
  • No guarantor option available
  • No house proof required

Loan to buy pre-owned Commercial Vehicle

  • Loan up to 90% of the current market value
  • Vehicle age to be up to 12 years by end of loan tenure
  • EMI as low as ₹2999/- per Lac

Refinance on pre-owned Commercial Vehicle

  • Loan up to 100% of the current market value
  • Loan tenure up to 48 months
  • EMI as low as ₹2678/- per Lac
New Commercial Vehicle Loan

  • Loan up to 100% on-road price of the vehicle
  • Loan tenure up to 60 months
  • EMI as low as ₹2222/- per Lac
  • No guarantor option available
  • No house proof required
Loan to buy pre-owned Commercial Vehicle

  • Loan up to 90% of the current market value
  • Vehicle age to be up to 12 years by end of loan tenure
  • EMI as low as ₹2999/- per Lac
Refinance on pre-owned Commercial Vehicle

  • Loan up to 100% of the current market value
  • Loan tenure up to 48 months
  • EMI as low as ₹2678/- per Lac

CALCULATOR

Commercial Vehicle Loan EMI Calculator

Amount

1L 50L

Period

1 Year 30 Year

Interest Rate

8 % 15 %

You will pay Commercial Vehicle Loan EMI of only monthly

Customer Speak

ELIGIBILITY

Who can apply?

  • Indian Citizens
  • Proprietorships
  • Partnership firms
  • Pvt. Ltd. Companies & Public Ltd. Companies
  • HUF, Trust, Society and OPC

Fees & Charges

Documentation

  • Photo Identity and Address Proof: As per RBI defined KYC guidelines.
  • Experience Proof: Driving license, registration copy of commercial vehicle owned, current account statement etc., experience letter from employer
  • Income Proof: 6 months’ bank statement, ITR/audited financials for the last 2 years (if available)
  • Fleet List: List of vehicles owned & supporting documents for the same (if available)

Know More

Commercial Vehicle loan Eligiblity

FEES & CHARGES

Know about our minimal and transparent fees & charges

View Fees & Charges

fees and charges

FREQUENTLY ASKED QUESTIONS

What is a Commercial Vehicle Loan?

A commercial vehicle loan is taken by an individual or institution to fund the purchase of commercial vehicles.

Which commercial vehicle finance options are available at IDFC FIRST Bank?

We offer commercial vehicle finance for the purchase of new and used commercial vehicles. We also provide refinancing options for pre-owned vehicles. We have balance transfer options too and much more.

What is Refinance on Commercial Vehicle?

Refinance on commercial vehicle is a facility through which businessmen can get a loan on their existing commercial vehicle. It allows them to get instant funds for any business need.

Do you finance the body construction as well?

The finance for body construction is extended depending upon customer’s profile and our internal policies.

Who can apply for Commercial Vehicle loan?

We offer our Commercial Vehicle Loan to any individual, proprietorship concern, partnership firm, companies (private limited & public limited), one person company, Limited Liability Partnership, trusts, societies & HUF.

How is the commercial vehicle loan interest rate charged/calculated?

The commercial vehicle loan interest rate is charged on a fixed rate basis and is dependent on the applicable scheme for a particular product.

Is a personal guarantor/co-applicant required for a Commercial Vehicle Loan?

The requirement for a guarantor/co-applicant is based on our customer’s profile and our internal policies.

Do I need to provide any security or collateral for a Commercial Vehicle Loan?

No additional collateral is required for Commercial Vehicle Loan. Vehicle financed is the primary collateral. However in case of Refinance on Commercial Vehicle, the vehicle on which the financing is extended is considered as collateral.

Why should I get a Commercial Vehicle Loan from IDFC FIRST Bank?

IDFC FIRST Bank's Commercial Vehicle Loan comes loaded with many exciting features like –

  1. Up to 100% on-road funding
  2. Hassle-free loan sanction process
  3. Simple documentation and faster decision process
  4. Longer loan tenures up to 7 years & moratorium period up to 90 days
  5. No hidden charges & complete transparency
  6. One-point contact – Dedicated Relationship Manager
  7. Competitive pricing

How do I approach IDFC FIRST Bank for a Commercial Vehicle Loan?/ How can I apply for an IDFC FIRST Bank Commercial Vehicle Loan?

There are many ways to avail a commercial vehicle loan from IDFC FIRST Bank. Here’s a list of the many ways you can do so:

  1. Apply online on our website - <link>
  2. Call us on our 24-hour customer care - 1800 10888
  3. Walk into any of our branches
  4. Contact any of our direct sales personnel

What is the maximum Commercial Vehicle Loan amount I can avail from IDFC FIRST Bank?

While we offer upto 100% on road funding, our loan amount is dependent on our customer’s profile and our internal policies.

What is the commercial vehicle loan repayment tenure offered at IDFC First Bank?

IDFC FIRST Bank Commercial Vehicle Loan offers flexible repayment tenure which may vary from 12 to 84 months, depending upon customer’s profile and our internal policies.

How do I repay my commercial loan?

We offer various repayment modes for your Commercial Vehicle Loan including: 

  1. Digital Mandate
  2. E Mandate
  3. Digital Standing Instruction (in the case of IDFC FIRST Bank account holders)
  4. Physical mandate/Physical Standing Instruction

Can I foreclose or prepay my commercial vehicle loan?

Can I sell the vehicle / asset before I repay the loan?

No, you cannot sell the vehicle / asset unless your loan account has zero outstanding.

More FAQs

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