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Commercial Vehicle Loan @ 9.00% Onwards

• Get 90% of value
• Loan tenure upto 15 years
• Doorstep assistance available
Enquiry Form
Commercial Vehicle Loan
Bank Name Interest Rate Range (%) Processing Fee (%) Foreclosure Charge Maximum Tenore (Month)
PNB Housing
9.00% - 10.50%
1%
2% - 4%
Bank Name Min Interest Rate
PNB Housing

9.00% - 10.50%

₹ 10L
₹ 50L
₹ 1C
₹ 1.5C
₹ 2C
₹ 2.5C
₹ 3C
%
1%
5%
10%
15%
20%
25%
30%
1
10
20
30
40
50

Loan EMI

Total Interest

Total Payment

Eligibility Criteria

What you mean by Commercial vehicle loan Eligibility Criteria?

Do you want to expand your transport business to next level, Get finance for all types of commercial vehicle at attractive interest rates with flexible tenure period.

Commercial vehicle loan Eligibility Criteria

Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.

Eligibility Criteria

  • • Age Limit of Self –Employed Individuals - 24 to 65
  • • Any individual/partnership firm/Public Ltd. and Pvt. Ltd. company
  • • Captive customers and transporters.
  • • Minimum Years of Business continuity –2- 5 Years

Note: - You can maximum loan amount as 50 lakh.

What are the factors generally affecting Commercial vehicle loan Eligibility Criteria?

There are top factors that generally affects Eligibility Criteria as given below: -

Past Credit History: - You need to ensure whether all your past credit history transaction is taking place properly or not, because its much-considered point while reviewing your application.

Applicant age: - Generally, there is a specific age criterion set for applying loan, for getting age limit set in-between 24 – 65 years of age at the time of applying for loan.

Newly business existing: - This facility is only offered to those business who have continuity of minimum 2 years. Therefore, newly start-up businesses couldn’t be able to avail it.

What are the ways to increase commercial vehicle loan eligibility?

To increase eligibility, you need to consider Top points as given below, this will aid you in increasing your eligibility level.

Maintain good credit report: - When you are looking to avail commercial loan for your business then make sure you maintain good business credit report, try to avoid having multiple credit card, try to close existing loan, pay bills on time...etc. As all these points help in increasing eligibility level.

Reduce spending on expenditures: - When you reduce spending over business expenditure, you will be able to save money for day-to-day operational business which led you to borrow only small amounts of money & increase business eligibility.

Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. Photographs 2
  2. PAN Card Copy
  3. AADHAR CARD + PASSPORT
  4. ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
  5. LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
  6. LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
  7. LOAN SCHEDULE & SANCTION LETTER (IF RUNNING
  8. COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
  9. PROCESSING FEE CHEQUE IN FAVOUR OF BANK
  10. FLEET LIST
  11. WORK IN HAND / CONTRACT COPIES
  12. PERFORMA INVOICE
  13. EXISTING VEHICLE OWNERSHIP PROOF
  14. LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
  1. PHOTOGRAPH BOTH
  2. PAN CARD CLEAR COPY PROPRIETOR.
  3. ADD PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR.
  4. OFFICE ADDRESS PROOF LATEST. (ELECTRICITY BILL, TELEPHONE BILL)
  5. FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
  6. LAST 1 YEAR GST RETURN COPY
  7. FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
  8. PROVISIONAL FINANCIAL AY 2019-20
  9. BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED.
  10. 6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR)
  11. IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
  12. AGREEMENT TO SELL COPY
  13. PROPERTY PAPERS WITH CHAIN SANCTION MAP
  14. FLEET LIST
  15. WORK IN HAND/CONTRACT COPIES
  16. PERFORMA INVOICE
  17. EXISTING VEHICLE OWNERSHIP PROOF
  1. PHOTOGRAPH PARTNERS
  2. PAN CARD - COMPANY, ALL PARTNERS
  3. ADD PROOF - ALL PARTNERS (PASS PORT, VOTER I CARD ,PAN ,ADHAAR)
  4. FIRM ADD PROOF- LATEST ANY UTILITY BILL.
  5. PARTNERSHIP DEED COPY
  6. GST CERTIFICATE
  7. GST Return last 1 years
  8. 3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED.
  9. PROVISIONAL FINANCIAL AY 2019-20
  10. 3 YEAR.ALL PARTNER INDIVIDUALS ITR + COMPUTATION
  11. FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
  12. ALL PARTNER SAVING A/C STATEMENT 6 MONTH.
  13. IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED.
  14. Agreement To Sell copy
  15. PROPERTY PAPERS COMPLETE CHAIN WITH MAP
  16. FLEET LIST
  17. WORK IN HAND /CONTRACT COPIES
  18. PERFORMA INVOICE
  19. EXISTING VEHICLE OWNERSHIP PROOF
  1. ALL DIRECTORS PHOTOGRAPH
  2. CLEAR PAN CARD - COMPANY AND ALL DIRECTORS.
  3. ADDRESS PROOF – COMPANY AND DIRECTORS.
  4. LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
  5. MEMORANDOM
  6. ORDER IN HAND AND COMPLETE COPY (if applicable)
  7. GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE.
  8. 1 YEAR GST RETURNS
  9. ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS.
  10. LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE.
  11. PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
  12. COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED.
  13. ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH.
  14. IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED.
  15. AGREEMENT TO SELL COPY
  16. PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
  17. FLEET LIST
  18. WORK IN HAND /CONTRACT COPIES
  19. PERFORMA COPIES
  20. EXISTING VEHICLE OWNERSHIP PROOF
Frequently Asked Questions

How do I repay the Commercial Vehicle Loan?

  • The tenure of the loan may vary from 12 to 60 months, depending upon the nature of the deal and the repayment capacity.
  • Repayment can be made through post-dated cheques (PDCs) / ECS or through Auto-Debit (in the case of ICICI Bank account holders).
  • Prepayment of the loan is allowed, at a charge indicated on the ‘Service Charges’ page.
  • In the event of an accident, you need to inform our local representative of it.

What documents do I need to submit to avail a Commercial Vehicle Loan?

To avail a Commercial Vehicle Loan you will have to submit the following documents:

  • Proof of Address e.g. Passport, Ration Card, Voters ID.
  • Proof of Experience in the relevant area.
  • Track Record of past loans if availed.
  • Bank Statement.
  • ITR in case of specific category of customers.
  • Additional documents like the Financial statements for the last two years.

If I do not meet all the criteria for the loan, can I still avail of a loan?

Yes you can, your application will be considered based on the credit strength of your co-applicant Approval will be at the sole discretion of ICICI Bank Ltd.

Related Topics

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business Credit Report
Improve Credit Report
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