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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Affordable CV Loans for your profitable business with EMI as low as ₹ 2222/-
per lac
Affordable CV Loans for your profitable business with EMI as low as ₹ 2222/- per lac
Up to 100% on-road funding
Loans upto 100% of the current market value of the pre-owned vehicle
EMI as low as ₹ 2,222 per lac
Refinance on pre-owned commercial vehicles
Up to 100% on-road funding
Loans upto 100% of the current market value of the pre-owned vehicle
EMI as low as ₹ 2,222 per lac
Refinance on pre-owned commercial vehicles
Commercial vehicle loans facilitate businesses and organizations to acquire commercial vehicles and expand their operations with ease. As your business grows, you can buy suitable commercial vehicles with quick funds without straining your cash flow.
Nevertheless, as a business owner, you should be aware of the costs involved in taking a commercial vehicle loan. It is here that the IDFC FIRST Bank commercial vehicle loan calculator can be helpful.Read More
With our commercial vehicle loan EMI calculator, you can simplify your financial planning without hassles. Calculate your equated monthly instalments (EMIs) instantly and create a repayment strategy for your commercial vehicle purchase using the tool.Read Less
Amount
1L 50L
Tenure
1 Year 30 Year
Interest Rate
8 % 15 %
You will pay Commercial Vehicle Loan EMI of only monthly
Using our loan calculator is easy. Simply follow these steps below to determine your loan EMI.
Step 1
Adjust the ‘Loan Amount’ slider to enter the value of your desired commercial vehicle
Step 2
Move the ‘Loan Tenure’ slider from left to right to determine a suitable tenure in months
Step 3
Input the applicable interest rate
Step 4
The calculator will display the EMI amount as you move the slider
Step 5
You can adjust the values to compare various scenarios and choose a suitable loan plan as per your needs
The factors below affect the commercial vehicle loan EMI:
Higher amounts lead to higher EMIs
Lower rates reduce EMIs
A longer tenure may lower EMIs but increase interest
A larger down payment decreases the loan amount and, consequently, the loan’s EMI
The higher the credit score, the more favourable the interest rates
To get a commercial vehicle loan, you must meet the eligibility criteria set by the lender. Generally, factors such as credit history, business stability, income, and the nature of your business are considered when you apply for a loan. A good credit score, stable business operations, and a clear repayment capacity are factors that enhance your eligibility. Indian citizens, partnership firms, proprietorships, private limited/public limited companies, HUFs, Trusts, Societies and OPCs are eligible to apply for commercial vehicle loans from IDFC FIRST Bank.
The total interest payment would depend on the loan amount, tenure, and interest rate offered. IDFC FIRST Bank calculates the interest on a fixed-rate basis. For instance, a commercial vehicle loan of Rs. 10 lakhs with a repayment period of 24 months at an interest rate of 9% will bring your EMIs to Rs. 45,685 per month. Make sure to use the commercial vehicle loan EMI calculator before applying to understand the loan’s EMI structure.
Commercial vehicle loan approvals can vary among lenders. On average, the process can take anywhere from a few days to a few weeks. The duration depends on factors such as the lender's processing time, your documentation readiness, and the type of business. Having all the required documents in order and maintaining clear communication with the lending bank can expedite the approval process. IDFC FIRST Bank, with its streamlined online application process, offers quick approvals and disbursals.
The procedure to obtain a commercial vehicle loan typically involves the following steps: