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What's new!

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New Commercial Vehicle Finance

Apply for New Commercial Vehicle Loan online and become a proud owner of a brand new vehicle!

Group 1860

Finance up to 100% on your vehicle

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Superior turn-around time

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Loan tenure up to 72 months

Features

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Only Bank in the country to offer rebate for clients who choose to remit insurance premium amount to Equitas in monthly Installments

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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.

Instant EMI Calculator

Loan Amount
1L1C2C3C4C5C
Interest Rate
10%11%12%13%14%15%16%
Loan Tenure (Months)
24487296120144168192216240

Loan EMI

NaN

Total Interest Payable

0

Total Payment (Principal + Interest)

0

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Interest Rates

Mean rate and Interest rate range for the quarter April 2024 – June 2024

Segment

Mean Interest Rate

Min Rate (in %) p.a.

Max Rate (in %) p.a.

New CV

13.18%

9.50%

18%

•Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.

Annualised Percentage Return (APR) for the quarter April 2024 – June 2024

Segment

Min Rate (in %) p.a.

Max Rate (in %) p.a.

New CV

10.50%

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

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Here are our Charges

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Schedule of Charges

Type

Charges

Processing Charges# [Range]

1% to  2.25% + GST


Documentation charge

Rs 2850 + 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.

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FAQs

Why avail a Commercial Vehicle Loan from Equitas Small Finance Bank?-

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

What types of loan facility available under CV Finance of Equitas Small Finance Bank?+
Can I add my motor insurance and credit shield insurance as add on to the loan at the time of sanction?+
How is the interest charged/calculated?+
How do I approach Equitas Small Finance Bank for a Commercial Vehicle Loan?+
Is a personal guarantor/co applicant a must?+
Can I make part payment on my existing commercial vehicle loan?+
Can I foreclose my commercial vehicle loan?+
After I pay the last EMI, will I get the legal claim on the vehicle?+

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

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Blogs

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©2024, Equitas Small Finance Bank Ltd.