A Commercial Vehicle Loan is a financial product offered by banks and non-banking financial companies (NBFCs) to help businesses purchase vehicles such as trucks, buses, and tempos, which are crucial for transportation and logistics operations. The loan amount generally covers up to 100% of the vehicle's on-road price, including registration and insurance costs. Interest rates vary from 7.92% to 16.07% per annum, and repayment tenures can extend from 12 to 60 months, depending on the lender's policies. Processing fees are typically charged up to 1.5% of the loan amount.

Eligibility for a commercial vehicle loan generally requires the applicant to be between 18 and 75 years of age and have a minimum of two years of business experience. Lenders may also prefer businesses with an existing fleet of vehicles. A good credit score helps improve the chances of loan approval and can secure better terms. Required documents usually include identity proof, address proof, income statements, and vehicle-related documents. With these loans, businesses can easily access the vehicles needed for day-to-day operations, helping to boost productivity and growth.

# KYC Documents:

• Identity Proof: Aadhar Card, PAN Card, Passport, Driving License, or Voter ID.
• Address Proof: Aadhar Card, Passport, Driving License, or Voter ID.
• Photograph: Recent passport-sized photograph.

# Financial Documents:

• Income Proof: For salaried individuals, recent salary slips; for self-employed individuals, Income Tax Returns (ITR) for the last 2-3 years.
• Bank Statements: Last 6 months' bank statements.

# Business Documents:

• Business Proof: Registration certificate, partnership deed, or any other document that establishes the existence of the business.
• Financial Statements: Profit and Loss statements and Balance Sheets for the last 2-3 years.

# Vehicle Details:

• Proforma Invoice: For new vehicles, a proforma invoice from the dealer.
• Vehicle Documents: For used vehicles, a copy of the Registration Certificate (RC) and insurance papers.

Business Experience:

• Minimum of 2 years in the transport industry or related business activities.

Age Requirements:

• For individuals: 18 to 66 years.

Vehicle Ownership:

• Existing owners of at least two commercial vehicles.

Income Criteria:

• Minimum monthly income of ₹10,000.

Credit Score:

• A good credit score, typically above 700.

Employment Stability:

• At least 1 year in current employment or business.

•  Provide the statement of account for any existing loans (if applicable).
•  Submit all documents together in hardcopy format.
•  Additionally, email the soft copies of all documents in PDF format to contact@sathyampariwar.com.

• Compare and Choose: Get loan quotes from various banks and lenders, then analyze them to pick the best option for your needs.
• Listen and Learn: Pay attention to insights shared by vendors; you might uncover useful information you didn't know.
• Honesty Matters: Be upfront about any negative financial aspects with vendors. This will help them steer you towards the right solutions.
• Credit History Conversation: Share your complete credit history with vendors to receive accurate advice and avoid rejections.
• Politeness Pays: Stay respectful with vendors. Building a positive rapport can lead to long-term, beneficial relationships.
• Preparation Pays Off: Ensure all your documents and security cheques are ready before applying. This saves time and smoothens the process.
• Stay Connected: Maintain communication with your vendors until you get a clear status update on your loan application.
• Track Your Progress: Use your application number to track the loan status on the bank's website and stay informed.