New Commercial Vehicle Finance
Apply for New Commercial Vehicle Loan online and become a proud owner of a brand new vehicle!
Finance up to 100% on your vehicle
Superior turn-around time
Loan tenure up to 72 months
Finance up to 100% on your vehicle
Superior turn-around time
Loan tenure up to 72 months
New Commercial Vehicle Finance
Apply for New Commercial Vehicle Loan online and become a proud owner of a brand new vehicle!
Finance up to 100% on your vehicle
Superior turn-around time
Loan tenure up to 72 months
Finance up to 100% on your vehicle
Superior turn-around time
Loan tenure up to 72 months
Features
Only Bank in the country to offer rebate for clients who choose to remit insurance premium amount to Equitas in monthly Installments
Part-Preclosure of loans lets you to close loans quicker which translates to lesser interest rate
Key Details
ELIGIBILITY
From 18 years up to 65 years of age.
TENURE
Up to 72 months.
TYPE OF VEHICLE
Be it any type of Light Commercial Vehicle (LCV), Small Commercial Vehicle (SCV), or Heavy Commercial Vehicle Finance (HCV), we'll help you fund it.
ADDITIONAL FUNDING
We give you additional funding on motor Insurance and Credit life.
Interest Rates
Mean rate and Interest rate range for the quarter July 2024 – September 2024
Segment
Mean Interest Rate
Min Rate (in %) p.a.
Max Rate (in %) p.a.
New CV
12.81%
9.50%
24%
•Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.
Annualised Percentage Return (APR) for the quarter July 2024 – September 2024
Segment
Min Rate (in %) p.a.
Max Rate (in %) p.a.
New CV
10.00%
24%
Interest Rate Effective From 1st October 2023
Product
Interest Rate (in %) p.a.
Tenure in (Months)
New CV Loan
10.00% - 29.00%
12 - 72
Here are our Charges
Charges
Schedule of Charges
Type
Charges
Processing Charges# [Range]
1% to 2.25% + GST
Documentation charge
Rs 2580 + GST
Overdue charges (ODC).
36 % P.A + GST
Bouncing charges (CBC).
Rs 500/- per Instance + GST
Insurance Non-Renewal penalty charges (IRP).
Rs 250/- + GST
Pre closure charges.
Upto 4% of pre closure amount + GST
Part Pre-payment charges
2% on amount Paid + GST
Field visit charges
Rs.250 per visit + GST
Repossession charges (paid to the repo vendor)
At Actuals
Valuation charges (Paid to the valuator vendor)
At Actuals
Legal charges (paid to the vendor)
At Actuals
Parking Yard charges (Paid to the vendor)
At Actuals
Motor Insurance
At Actuals
Credit Shield
At Actuals
Personal Accident Cover
At Actuals
Value added service
At Actuals
Duplicate NOC
Rs 500 + GST
Bank Swap charges
Rs 1000/- per Instance + GST
EMI Due Date Change
24% P.A on POS on the No. of days
CERSAI Charges ( Whatever Applicable)
At Actuals
Processing fee would depend upon the loan amount, the nature of vehicle and other factors
*All the above charges are subject to change and will be updated from time to time
Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.
FAQs
Hassle free loan sanction process and finance up to 100% of asset cost
Simpler documentation and faster turnaround time
Loan tenures up to 5 years & moratorium period up to 60 days Customised EMI structure to suit your business needs
No hidden charges, & complete Transparency in loan processing Customised solutions for purchasing used commercial vehicles
We offer term loan facilities:
Purchase of New Commercial Vehicles
Used commercial vehicles and refinancing options for pre-owned vehicles.
Top-up loans / Insurance loan / Emergency loan/ Fitness renewal loan / Tyre loan etc.
Yes, this requirement has to be informed to the relationship executive at time of availing the loan.
Interest is charged on a fixed rate basis and is dependent on the, product, customer risk profile and applicable scheme.
Call our 24-hour Customer Care Centre
Walk in to any of our branches
Contact any of our direct sales personnel
The above requirement is based on the respective customer risk profile and internally laid down polices of the bank.
Yes, the borrowers can prepay the loan after 6 months of availing it. Part prepayment is allowed once in every quarter
Minimum amount acceptable is 20% of future principal.
There is an option to keep the same EMI and reduce tenure, or keep the same tenure and reduce EMI, however loan tenure cannot exceed the original tenure opted at the time of funding
Charges of 2% part payment charges is applicable
Loan foreclosure can be done by visiting any ESFB branch or by contacting our Branch manager. However necessary foreclosure charges may apply.
After the payment of the last EMI, the bank will issue a loan closure letter, Form 35, and a No Objection Certificate (NOC) to the RTO for removing the lien from the RC book.
To make payments for the Loan via NEFT / RTGS, please contact your Home Branch – Branch Manager for further details Loan Application Forms and Loan Agreements can be accessed in the Form Centre
Blogs
Loans
Everything you need to know about Loan against Property
Let us assume that you’ve bought a luxurious home recently and invested all your money in it. Then, all of a sudden you...
Savings
Financial Freedom starts here: Students
As a student who dreams of owning that fancy gadget you’ve always wanted? Do you sometimes find yourself yearning for...
Deposits
Which bank offers the best fixed deposit interest rate for senior citizens?
Due to banks’ willingness to raise their interest rates on fixed deposits, senior citizens may...
