Apply for Used Commercial Vehicle Loan in Axis Bank

  • Loan ID : N0130
  • 58
  • 0

Get loans to purchase pre-owned commercial vehicles or refinance existing free vehicles.

✔ High LTV Ratio
✔ Upto 90% on vehicle valuation/depreciation grid value
✔ Low Interest Rates
✔ Starting at just 10.25%
✔ Maximum Tenure 4 years
✔ Loan for Multiple Needs
✔ Loan can be used for the purchase of pre-owned commercial vehicles, or refinance of existing free vehicles

Commercial Vehicle Loan Features and Benefits

Enjoy attractive interest rates

Starting from just 10.25%

Benefit from a high LTV ratio

Upto 90% on vehicle valuation amount OR depreciation grid value as the case may be

Choose your tenure

From 1 year to 4 years (subject to vehicle not exceeding 8 years at the end of the proposed tenure)

Loan Eligibility

Used Commercial Vehicle loans are available for:

  • Self-Employed Individuals
  • Proprietorships
  • Partnership Firms
  • Private Limited Companies
  • Limited Companies
  • LLP
  • HUF
  • Registered Trusts
  • Societies

Terms and conditions

  • Bank reserves the right to reject any application / renewal without assigning reasons thereof. It shall be the sole right of the Bank to consider the proposal on case to case basis after taking into consideration, the credentials/credit worthiness of each of the customers.
  • The applicant will undertake to inform the Bank as and when there is a change in address or employment.
  • The terms and conditions mentioned above and elsewhere under the scheme are subject to modification from time to time solely at Bank's discretion

Commercial Vehicle Loan Eligibility and Documentation

Eligibility

Individuals who are eligible for a Used Commercial Vehicle loan:

  • With experience ranging from 3 to 5 years depending on customer profile
  • Minimum 1 year repayment track of commercial vehicles and construction equipment loan or any other loan – up to 50% of a fresh loan request depending on the customer category (Captive-Non Captive)
  • Last 2 years’ audited financials – Compulsory in case of Private/Limited Company, Partnership Firms, Trusts and Societies
  • Ownership of minimum 2 vehicles/assets from at least 1 year

Keep your documents ready

The following documents are required:

  • Age proof
  • ID proof
  • Application form
  • Photograph
  • Residence proof
  • Income proof
  • Current repayment track
  • Work in hand/Contract copies
  • Signature verification proof
  • Existing vehicle ownership proof
  • Pro forma invoice
  • Original insurance and RC copy

Post-sanction/Pre-disbursement documentation:

  • Loan Agreement duly signed along with RTO set
  • Post Dated Cheques (PDCs)/ECS Form/Standing Instruction (SI) request
  • Margin money receipt
  • Insurance cover note
  • Vehicle valuation report

Commercial Vehicle Loan Interest Rates and Charges

Interest Rates & Charges
 MinMax
Interest Rate10.25% p.a.15.00% p.a
*(Subject to change as per change in Bank’s MCLR)
Other Charges
Sr. NoTypeCharges
1Cheque Bounce / Instrument Return ChargesRs 500/ Instance
2Cheque / Instrument Swap ChargesRs 500/ Instance
3Duplicate Statement issuance chargesRs 500/ Instance
4Duplicate Repayment Schedule issuance chargesRs 500/ Instance
5Duplicate No Dues Certificate / NOCRs 500/ Instance
6Late Payment Penal Interest2% per month
7Loan cancellation / Re-bookingRs 1000/ instance
5% of the Principal Outstanding after 180 days from date of disbursement
8Foreclosure Charges10 % of the Principal Outstanding upto 180 days from date of disbursement
5% of the Part Payment amount after 180 days from date of disbursement
9Part Prepayments Charges10% of the Part Payment amount upto 180 days from date of disbursement
10Stamp DutyAt Actuals
11Issuance of Credit ReportRs 50/ Instance
*Goods and Services tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)

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