Commercial Vehicle
At IndoStar, we provide commercial vehicle loans for purchasing both new and used commercial vehicles. These include vehicles such as buses, trucks, taxis, tempos, etc. We specialize in providing financial solutions to first time buyers/users (FTB OR FTU), fleet owners, small to medium enterprises and large corporates.
Types of Commercial Vehicles
MHCV – Medium and Heavy Commercial Vehicles
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Vehicles with carrying capacity between 17 to 55 tons
ICV – Intermediate Commercial Vehicles
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These comprise of vehicles that have a carrying capacity between 9 to 16 tons
LCV – Light Commercial Vehicles
The most popular category of commercial vehicle in India, these vehicles have a carrying capacity between 3 to 9 tons
SCV – Small Commercial Vehicles
These vehicles have a carrying capacity between 0.7 to 3.5 tons
Buses (Transport and School buses)
Another popular form of commercial vehicles are buses. The primary purpose is movement of passengers rather than goods and hence are categorised basis the number of seats, these usually range from 25 to 56 seats.
ICV - Intermediate Commercial Vehicles
These comprise of vehicles that have a carrying capacity between 9 to 16 tons.
Features
- Get a loan for up to 100% of the vehicle cost*
- No additional security required
- Flexible payment options (online and offline)
- Large footprint across India with 350+ branches
- Loan available for both new and used commercial vehicles
- Tenure up to 60 months
- Easy documentation, quick processing and faster disbursement
Eligibility norms
Any Indian resident or business entity
Individual need to be at least 21 years old
Proof of Identity
- PAN Card
- Passport
- Voter ID Card
- Driving License
- Govt. issued identity card
- Aadhar Card
Address Proof
- Passport
- Voter ID card
- Driving license
- Latest utility bills such as electricity bill, telephone bill, gas pipeline bill and water bill.
- Aadhaar card
- Ration card
Proof of Address
- Certificate under Shops and Establishment Act
- Certificate of registration
- Latest utility bills such as electricity bill, telephone bill, gas pipeline bill and water bill.
- Active bank account statement or passbook
- Property tax receipt
- Index II of property
- Registered rent agreement
- Certificate issued by professional body incorporated under relevant statute
Other KYC Documents
- Partnership firm: Partnership deed
- Company: Certificate of incorporation, Memorandum of Association, Articles of Association, latest CA-certified list of directors and shareholding pattern.
- Trust: Registration certificate and deed of trust
- Professionals: Qualifications and registration certificate
Proof of Income
- Last 2 years audited CA-certified financials along with schedules, sub-schedules/tax audit report (if applicable), computation of income, ITR acknowledgement provisional financials (if applicable), along with VAT returns/GST returns to validate provisional sales figures
- Last 3 months salary slip along with their reflection in your bank account (in case of salaried individuals)
- Form 16 for last two years.
Banking
- Last 6 months bank statements of all active bank accounts
- Last 6 months saving bank account of partners and directors (in case of partnership firm/company)
How To Apply For Loan
Interest rates, Charges and Fees
At IndoStar, we offer Commercial Vehicle loans at competitive interest rates, along with a flexible repayment tenure. Further, interest rates may vary for different borrowers depending on various eligibility factors like income, CIBIL score, loan disbursed, loan tenure, repayment capacity, financial history, and more.
To refer our interest rate, charges and fees please refer: IndoStar Interest rates, Charges and Fees (To be hyperlinked)
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*The loan amount depends upon various factors which may differ on a case-to-case basis.
