| Bank Name | Min Interest Rate | Processing Fee | Foreclosure Charge | Max Tenore (Month) | |
|---|---|---|---|---|---|
|
13.00% - 14.50%
|
1%
|
2% - 4%
|
|
|
| Bank Name | Min Interest Rate | |
|---|---|---|
|
|
13.00% - 14.50% |
|
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.
Eligibility Criteria depends on various factors like age of individual, repayment history, business sales/turnover, total work experience & Creditworthiness ...etc.
Note: - You can maximum loan amount as 50 lakh.
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.
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.
How do I repay the Commercial Vehicle Loan?
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:
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.
CA Vikas Jain - Our Mentor
9863-02-02-02