New Commercial Vehicle & Construction Equipment Loan Axis Bank

  • Loan ID : N0131
  • 46
  • 0

Drive to a better future with loans for your commercial vehicle and construction equipment needs.
✔ Upto 100% calculated on Net Invoice Value of the vehicle/Asset
✔ Low Interest Rates, Starting at just 10.25%
✔ Maximum Tenure, 5 years
✔ Loan can be used to buy different products manufactured by various big and small manufacturers

Loan Features and Benefits

Enjoy attractive interest rates
Starting from just 10.25%

Benefit from a high LTV ratio
Upto 100% calculated on Net Invoice Value of the vehicle/Asset

Choose your tenure
From 1 year to 5 years

Loan Eligibility
New Commercial Vehicle and Construction Equipment loans are available for:

  • Self-Employed Individuals
  • Proprietorships
  • Partnership Firms
  • Private Limited Companies
  • Limited Companies
  • 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

Loan Eligibility and Documentation

Eligibility

Individuals who are eligible for a New Commercial Vehicle and Construction Equipment 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

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

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)
Type and Charges
Sr. NoTypeCharges
1
Cheque Bounce / Instrument Return ChargesRs 500/ Instance
2
Cheque / Instrument Swap ChargesRs 500/ Instance
3
Duplicate Statement issuance chargesRs 500/ Instance
4
Duplicate Repayment Schedule issuance chargesRs 500/ Instance
5
Duplicate No Dues Certificate / NOCRs 500/ Instance
6
Late Payment Penal Interest2% per month
7
Loan cancellation / Re-bookingRs 1000/ instance
5% of the Principal Outstanding after 180 days from date of disbursement
8
Foreclosure 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
9
Part Prepayments Charges10% of the Part Payment amount upto 180 days from date of disbursement
10
Stamp DutyAt Actuals
11
Issuance 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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