Understanding Interest Rates on a Commercial Vehicle Loan

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These days taking loans are so much common, We all look for Loans : Car Loans, Home Loans, Education Loans and Personal Loans. These are the common loans about which you all are aware of and know the purpose of these loans but very few of them are aware of Commercial Vehicle Loans. Now the question comes What is the purpose of Commercial Vehicle Loans ?
So, here we will learn about the purpose of these Commercial Vehicle Loans in Jaipur, learn about Interest rates in Jaipur and who can avail these Commercial Vehicle Loans.

Commercial Vehicle Loan-guide

Borrower’s of Commercial Vehicle loans are usually connected to the business of transportation, and Commercial vehicle loan options are available for Trucks, Buses, Tractors, JCB, all types of Light, Medium and Heavy Commercial vehicles are applicable for Commercial Vehicle Loan from different locations.

You can get these loans from various banks such as HDFC Bank, ICICI Bank, DCB Bank and Yes Bank among others provide such loans. Also NBFCs (non banking financial companies) like Reliance Commercial Finance and Fullerton India provide loans. All these provide Commercial Vehicle Loan.

You can get Commercial Vehicle loan in Jaipur on New Vehicles as well as on Pre owned vehicles also.

Purpose of Commercial Vehicle Loan

Commercial vehicle loans are mainly need of  individual, partnership firms, proprietorship firms, HUF (Hindu Undivided Family), trusts, societies, self-employed, businessmen and private and public limited companies for their financing needs for owning and running commercial vehicles.

Who can avail Commercial Vehicle Loan

Individuals and Co-applicants can applied for Commercial Vehicle loans, partners in partnership firms and directors in private limited companies can apply for a join loan. In case of individuals blood relatives can avail of a joint loan. The minimum loan amount which can be availed for small players is Rs. 1 lakh, while the same for large corporate is up to Rs. 5 crore.

Interest Rates in Jaipur

The interest rates in Jaipur range from 10% to 15% depending on the customer and vehicle segment. The customer segment comprises self-employed, corporate, businessmen and partnership firms, while vehicle segment includes various vehicles such as trucks, buses, cars, etc. The rate depends on a lot of factors such as the number of vehicles owned by the borrower, his business turnover, repayment track record from other financiers (if any), etc. The financial institutions are able to confirm the rate of interest once they have studied the documents. The interest rate may be fixed or variable.

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