LoanKorner.com is leading New Commercial Vehicle loan provider in Delhi, India. The loan is given an extensive variety of Commercial Vehicle made by a different major company.
At LoanKorner.com, we comprehend the need of the client and furnish him with tailor-made Commercial Vehicle which suits him best so he can develop his business without losing his time and endeavors in orchestrating right sort of money office. We additionally understand that the sticker price of your Commercial Vehicle might be simply outside your prompt handle and Axis Bank’s Commercial Vehicle and Construction Equipment Loans are exactly what you have to cross over any barrier.
Commercial Vehicle Loan esteem computed on Net Invoice Value-of the vehicle/Asset
The lucrative interest rate on Commercial Vehicle Loans
1. LTV up to 100%
2. Commercial Vehicle loan is accessible for independently employed people, proprietorship and organization firms, Pvt Ltd and Ltd organizations, furthermore for Registered Trust and Societies.
3. Commercial Vehicle Loan residency from 1 year to 5 years
Eligibility for taking Commercial Vehicle Loan
The Common standards for qualification are as per the following
1. Experience-Ranging from 3 years to 5 years contingent on client profile
2. Min 1 year reimbursement Track of Commercial Vehicle loan OR whatever other loan-up to half of new Loan ask for relying on the client class (Captive-Non Captive)
3. Most recent 2 years Audited Financial –Compulsory if there should arise an occurrence of Pvt/Ltd Co., Partnership Firms, Trust and Society
4. Responsibility for 2 vehicles/resources from no less than 1 year.
Documentation for Commercial Vehicle Loan
- 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
- Proforma 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
Interest Rate & Charges on Commercial Vehicle Loan
| Min | Max | |
|---|---|---|
| Interest Rate | 10.15% | 14.00% |
*(Subject to change as per change in Bank’s Base Rate)
| Sr. No | Type | Charges |
|---|---|---|
| 1 | Cheque Bounce / Instrument Return Charges | Rs 500/ Instance |
| 2 | Cheque / Instrument Swap Charges | Rs 500/ Instance |
| 3 | Duplicate Statement issuance charges | Rs 500/ Instance |
| 4 | Duplicate Repayment Schedule issuance charges | Rs 500/ Instance |
| 5 | Duplicate No Dues Certificate / NOC | Rs 500/ Instance |
| 6 | Late repayment penalty | 2% per month |
| 7 | Loan cancellation / Re-booking | Rs 1000/ instance |
| 5% of the Principal Outstanding after 180 days from the date of disbursement | ||
| 8 | Foreclosure Charges | 10 % of the Principal Outstanding up to 180 days from the date of disbursement |
| 5% of the Part Payment amount after 180 days from the date of disbursement | ||
| 9 | Part Prepayments Charges | 10% of the Part Payment amount up to 180 days from the date of disbursement |
| 10 | Stamp Duty | At Actuals |
| 11 | Issuance of Credit Report | Rs 50/ Instance |
