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IMHCV Finance | SLCV Finance | Bus Finance
Commercial Vehicle Finance
Commercial Vehicle Finance
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If you’re thinking of purchasing new commercial vehicles or expanding your existing fleet, you can apply for a Tata Capital New Commercial Vehicle Loan and meet your financial obligations with ease.
We provide commercial vehicle loans for purchasing all commercial vehicles, such as buses, trucks, tippers, tractors – trailers, pickups, special applications etc.
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 (EMIs). We provide commercial vehicle loans to a range of beneficiaries, including individuals, small and medium-sized enterprises (SMEs), retail transporters and large organisations.
Below are a few reasons why you should opt for Tata Capital’s Commercial Vehicle Loan to finance your purchase of business vehicles:
| IMHCV | SLCV | Buses |
|---|---|---|
| Finance up to 100%* of the ex-showroom price | Finance up to 95%* of on-road price | Finance up to 100%* of ex-showroom price |
| Loan tenure up to 72 months* | Loan tenure up to 60 months* | Loan tenure up to 60 months* |
| All customer segments are covered, including personal and commercial applications, with or without income proof | All customer segments are covered, including first time buyer, captive buyer & fleet owner | For School Applications, Staff Transportation, Route Buses - Captive Users and Fleet Owners |
| Body funding options are also available | Quick & easy loan disbursement with minimal documentation. | Body funding options are also available |
Commercial vehicle loan interest rates are influenced by several factors that lenders consider before approving financing. Understanding these can help businesses secure better terms.
Credit Profile: A strong credit history can lead to lower interest rates.
Loan Amount and Tenure: Larger loans or longer tenures may affect the interest charged.
Vehicle Type and Age: New vehicles often attract lower rates compared to used ones.
Down Payment: Higher down payments can reduce the loan principal and interest.
Market Conditions: Prevailing economic and lending conditions impact the interest rates offered.
By considering these factors, businesses can plan effectively and choose the most suitable financing option.
At Tata Capital, we provide commercial vehicle finance to a wide range of customers, including:
The precise eligibility criteria depend on several factors, such as the applicant’s age, business experience, monthly income, repayment track records 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, vehicle related documents and bank statements, among others.
You can easily apply for a commercial vehicle loan, choosing the online or offline method that suits your convenience.
Online Process
Applying online is quick and fully digital, letting you complete the loan application from any device.
1. Visit the Commercial Vehicle Loan section on the website.
2. Click 'Apply Now' and enter your personal and business details.
3. Choose the vehicle type and upload the proforma invoice from the dealer.
4. Submit KYC, income, and vehicle documents securely through the portal.
5. After verification, a representative will contact you if any additional information is needed.
6. Receive a formal loan offer detailing the sanctioned amount, interest rate, and repayment schedule.
7. Accept the offer and sign the agreement, and the loan amount will be disbursed to the dealer or to your account.
Offline Process
If you prefer a traditional method, you can apply offline at a nearby branch.
1. Visit the nearest branch with all required documents.
2. Fill out the loan application form with help from a branch representative.
3. Submit your KYC, income, and vehicle documents in person.
4. The branch will process your application, verify the details, and provide a loan offer.
5. Upon acceptance, sign the agreement, and the sanctioned loan amount will be disbursed to the dealer or your account.
Whether online or offline, the process is designed to be smooth, transparent, and convenient, helping you finance your commercial vehicle efficiently.
To process a commercial vehicle loan smoothly, certain documents are required for verification. These help ensure your eligibility and speed up the loan approval process.
Key Documents Include:
Identity Proof: Passport, Aadhaar card, voter ID, or driving license.
Address Proof: Utility bills, Aadhaar card, or rental agreement.
Income Proof: Salary slips, bank statements, or income tax returns.
Business Proof: GST registration, business license, or trade certificate.
Vehicle Documents: Proforma invoice from the dealer and registration details (if already owned).
Photographs: Recent passport-sized photos of the applicant and co-applicant (if any).
Providing complete and accurate documents ensures faster verification and loan processing. Keep all documents ready before applying to avoid delays and make the process hassle-free.
Tata Capital's commercial vehicle loan covers a comprehensive range of vehicle categories to meet diverse transport and logistics needs:
Heavy Commercial Vehicles (HCVs): Multi-axle trucks, tractor-trailers, and tipper trucks.
Medium Commercial Vehicles (MCVs): Trucks and buses in the mid-tonnage range.
Light Commercial Vehicles (LCVs): Mini trucks, pickups, and tempos.
Buses and passenger transport vehicles: Stage carriers, school buses, and staff transport buses.
Special-purpose vehicles: Tankers, refrigerated vehicles, and crane-mounted trucks.
Pre-owned commercial vehicles: Select used vehicles within specified age and condition parameters.
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