Commercial Vehicle Loan

Overview

Overview New Commercial Vehicle Financing Used Commercial Vehicle Financing

Commercial Vehicle Finance Loan India

If you’re thinking of purchasing new commercial vehicles or expanding your existing fleet, you can apply for a Tata Capital Commercial Vehicle Loan and meet your financial obligations with ease.

We provide commercial vehicle loans for purchasing both new and used commercial vehicles, such as buses, trucks, pickups etc.

What is a Commercial Vehicle Loan?

Commercial vehicle finance can be availed by individuals who need a commercial vehicle for their occupation, such as a milkman, trucker, captive user.

Tata Capital’s Commercial Vehicle Finance can enable you to purchase, upgrade, or replace your commercial vehicles easily and economically. You can take a loan to purchase or lease new vehicles and repay the amount in Equated Monthly Instalments or EMIs. We provide commercial vehicle loans to a range of beneficiaries, including individuals, small and medium-sized enterprises (SMEs), and large organisation.

Penal Charges

(i) Default in payment of interest and/or principal amounts @ 36% p.a. on the defaulted amount
(ii) Dishonour Charges: Rs. 670/- (Rupees Six Hundred and Seventy only) for every Cheque/ Payment Instrument/ ECS Dishonour.
(iii) Non-creation/perfection of security: @ 2% on the outstanding principal amount will be charged for the period of delay in respect of delayed/non-submission of security/collateral related documents and non-perfection of security.

* GST, other government taxes and levies as applicable, will be payable on all
charges)

Commercial Vehicle Loan Charges & Processing Fees

Delayed/non-submission of stock statement

As per Sanction Letter

Valuation charges

Rs. 1250/- (Inclusive GST)

TSR fees/ Title search fees

As per actuals

Delayed of First Insurance cover note and non-renewal of Insurance on due date

As per actuals

ROC and CERSAI filling

As per actual

Non-refundable processing fees

As per Sanction Letter

Cancellation charges

Rs 5,000/-

Documentation charges

New CV- 0.1% to 1.1%
Used CV- 1.25% to 2% (Minimum Rs. 10,000/- for MHCV, Rs. 7500 for ILCV and Rs. 5000/- for SCV)

Security Trustee fees

As per actuals

No. Of days for giving notice in relation to Pre Payment

As per Sanction Letter

Prepayment Charges

Prepayment charges/ foreclosure charges

4% of outstanding or Rs. 5000/- which is higher (Excluding GST)

Contract cancellation Charges

Rs 5,000/-

Cheque Swap Charges

Rs 500/- each time PDC/ECS/ Auto debit are swapped.

Prepayment Penalty

4% of the future principal outstanding loan or Rs 5,000/- whichever is high along with applicable taxes.

A prior notice of 30 days to be provided to TCL for any such prepayment

Charges of repossession of Vehicle

Actual expenses incurred upto Rs.1,00,000/-

Parking of Repossessed Vehicle

LCV/SLCV/ICV- Rs. 100/- (Exclusive GST)
CE-Rs. 150/- (Exclusive GST)
Tractor-Rs. 90/- (Exclusive GST)
HCV/MHCV- Rs. 150/- (Exclusive GST)

Legal Charges

As per actuals

Delay in submission of Collateral documents/Insurance

Rs. 1500/- per month for each asset (Inclusive GST)

Service Charges/ Broken Period Interest

As per actuals

Stamp Duty Charges

As per actuals

Duplicate NOC Charges

Rs 500

Collection Charges

SMA-2 & Above: 0-4.15% of amount collected against overdue

Retainer Charges

Rs.0 to Rs.720 depending on product/ channel/account classification

SOA Charges

Branch walk-in – Rs. 105 per instance per contract
Customer portal - Nil (digital copy)

PDD Charges (In case Borrower fails to submit post disbursement document)

Rs. 1500/- per month for each asset

All Rates and Charges shall be revised basis internal policy of TCL, and in terms with the Facility Documents.

Key Features of Tata Capital Commercial Vehicle Loan

Looking to purchase new commercial vehicles for your business or expand your existing fleet? Apply for Tata Capital’s Commercial Vehicle Finance and meet all your requirements without any hassles. Below are the salient features of our commercial vehicle loans that make them a useful option:

Wide Range of Vehicles

We provide commercial vehicle finance to help the borrower purchase a wide range of vehicles across industries. You can use our commercial vehicle loan to buy trucks, cars, buses, cargo vans, utility vehicles, and other light and heavy commercial vehicles.

Flexible Repayment Tenure

You can choose from a flexible repayment tenure and repay your loan at your convenience. Our commercial vehicle loans come with tenures between three to five years.

No Additional Security Required

You are not required to submit any additional security to avail of a commercial vehicle loan from us. You can even enjoy collateral-free financing to purchase new commercial vehicles for your business, as the vehicle bought acts as collateral.

New and Used Vehicles

We provide commercial vehicle finance for purchasing new and pre-used commercial vehicles. By refinancing your vehicles, you can reduce your business operating costs significantly.

Simple Eligibility Criteria

Our commercial vehicle loans come with very simple eligibility criteria and minimal paperwork. Moreover, you can get this loan by applying online from the convenience of your home or office.

Benefits of Tata Capital Commercial Vehicle Loan

Below are a few reasons why you should opt for Tata Capital’s Commercial Vehicle Loan to finance your purchase of business vehicles:

Receive up to 100 % finance for your Commercial Vehicles*

Minimum Documentation

Structured Financing Solutions

Flexible Repayment Options

Attractive Schemes with OEMs

Instant Loan Processing

Quick Disbursal

Customized Financing Options

Pre-Approved Offers

Features of New Commercial Vehicle Finance	Features of Used Commercial Vehicle Finance
Loans and provided for entire range of 1.5 ton to 49 ton GVW( Gross Vehicle Weight)	Re-finance
Minimum documents	Top up
Fast TAT for disbursal of loan	Repurchase
On road funding available	Balance Transfer

Commercial Vehicle Loan Eligibility Criteria

At Tata Capital, we provide commercial vehicle finance to a wide range of customers, including:

Individuals who need commercial vehicles for their living

Small and medium-sized enterprises (SMEs)

Proprietorship firms and partnership firms

Private and public limited companies

First-time users

Transporters

The precise eligibility criteria depend on several factors, such as the applicant’s age, business experience, monthly income, and credit score, among others. You can apply for a commercial vehicle loan with us to finance the purchase of a new or pre-used commercial vehicle for your business. We will ask you to submit the bare minimum of documents, including your KYC documents, income proof, address proof, and bank statements, among others.

How to Apply for a Commercial Vehicle Loan Online with Tata Capital

Applying for a commercial vehicle loan online with Tata Capital is a simple and convenient process designed to save time and reduce paperwork. By following a few clear steps, applicants can complete the process quickly and move closer to purchasing their vehicle.

Visit the Official Website: Go to the Tata Capital's commercial vehicle loan section and click on "Apply Now".
Fill in the Application Form: Enter your personal details, business information, and the vehicle details in the online form.
Upload Required Documents: Submit the necessary documents through the secure online portal for verification.
Application Review: Your application undergoes credit evaluation and document verification.
Receive the Loan Offer: If approved, you receive a loan offer with details of the sanctioned amount, interest rate, and repayment tenure.
Accept the Offer: Confirm the loan terms to proceed with the final processing.
Loan Disbursement: Once approved, the loan amount is disbursed to the dealer or transferred to your account.

Following these steps helps applicants complete the loan process smoothly and proceed with the commercial vehicle purchase without unnecessary delays.

Documents Required to Apply for Commercial Vehicle Loan (New & Used)

When applying for a commercial vehicle loan, keeping the required documents ready can help speed up the verification and approval process. The following are the commonly required documents for both new and used commercial vehicle loans.

Identity Proof: Aadhaar card, PAN card, passport, or voter ID.
Address Proof: Utility bill, Aadhaar card, passport, or other valid address proof.
Income Proof: Bank statements, income tax returns, or financial statements for business applicants.
Business Proof: GST registration, shop establishment certificate, or business registration documents.
Vehicle Details: Quotation or invoice of the new or used commercial vehicle.
Photographs: Recent passport-sized photographs of the applicant.

Submitting accurate documents helps ensure a smoother loan evaluation and faster processing of your commercial vehicle loan application.

Commercial Vehicle Loan EMI Calculator: Plan Repayment Instantly

The Tata Capital commercial vehicle loan EMI calculator allows you to estimate your monthly repayment amount before committing to a loan. Enter the loan amount, interest rate, and preferred tenure to generate an instant EMI figure along with a total interest and repayment breakdown. This helps fleet owners and transport operators plan cash flows, compare loan configurations, and select a tenure that aligns with their business revenue cycles without placing undue strain on monthly operations.

FAQs

A commercial vehicle loan helps individuals or businesses purchase vehicles used for business purposes, such as trucks, buses, or delivery vans. The lender finances the purchase, and the borrower repays the amount through monthly instalments over a fixed tenure.

Tata Capital offers an end-to-end online application process for commercial vehicle loans. After submitting the application and uploading the required documents, the verification and approval process typically takes a few working days. Post-approval, disbursement is completed promptly, subject to documentation clearance.

Tata Capital commercial vehicle loan interest rates vary depending on factors such as the applicant’s credit profile, business stability, loan amount, and vehicle type. The exact rate is shared with the borrower after the loan application and verification process.

Common documents include identity proof, address proof, income proof such as bank statements or income tax returns, business proof for self-employed applicants, vehicle quotation or invoice, and recent passport-sized photographs for loan verification.

Tata Capital offers up to 100% financing on select new commercial vehicles, subject to the applicant's eligibility and credit profile. For used commercial vehicles, the financing percentage may vary depending on the vehicle's age, condition, and assessed value.

First-time buyers may apply for a commercial vehicle loan with Tata Capital if they meet the eligibility criteria. Factors such as income stability, business potential, and repayment capacity are considered during the loan evaluation process.