COMMERCIAL VEHICLE FINANCE
Aspire to become vehicle owners after years of experience as a driver, with Commercial Vehicle Finance from Equitas.
New Commercial Vehicle Loan
If you are buying your first truck or expanding your existing fleet, we provide financial assistance and tailored made solutions as per your need or requirement.
We at Equitas Small Finance Bank, offer New Commercial Vehicle loans at competitive rates for a wide range of vehicles including Small, Medium and Light Commercial Vehicles.
Equitas Small Finance Bank is the “Preferred Financier” across all major manufacturers in India and thousands of customers have trusted us for our expertise and perfectly suited loan solutions
- Superior Turnaround Time
- Hassle free documentation
- Finance up to 100% on your New Commercial Vehicles
- Financial assistance available up to 100% on New and Used Commercial Vehicles
- Competitive rate of interest
- Loan tenure up to 60 months
- Moratorium up to 60 days
- Hassle free documentation
- Superior service and quick turnaround time
- Over 3 million satisfied customers
- Branch network of 198 exclusive Vehicle Finance branches in 12 states & 2 union territories
- Expertise in Used and New Commercial Vehicle Finance
- Transparent processing of loans
Calculate your Vehicle Loan EMI instantly with Loan Calculator
| Mean rate and Interest rate range for the quarter Oct 2022 – Dec 2022 | |||||||
| Segment | Mean Interest Rate | Interest Rate Range (Fixed) | |||||
| Min Rate (in %) p.a. | Max Rate (in %) p.a. | ||||||
| Used CV | 18.25% | 8.50% | 30% | ||||
| •Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts. | |||||||
| Annualised Percentage Return (APR) for the quarter Oct 2022 – Dec 2022 | |||||||
| Segment | Min Rate (in %) p.a. | Max Rate (in %) p.a. | |||||
| Used CV | 8.5% | 30% | |||||
| Mean rate and Interest rate range for the quarter Oct 2022 – Dec 2022 | |||||||
| Segment | Mean Interest Rate | Interest Rate Range (Fixed) | |||||
| Min Rate (in %) p.a. | Max Rate (in %) p.a. | ||||||
| New CV | 12.92% | 8.50% | 26% | ||||
| •Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts. | |||||||
| Annualised Percentage Return (APR) for the quarter Oct 2022 – Dec 2022 | |||||||
| Segment | Min Rate (in %) p.a. | Max Rate (in %) p.a. | |||||
| New CV | 8.5% | 26% | |||||
Charges
| Type | Charges |
| Processing Charges# (Range) | 1% to 2% |
| Documentation charge | Rs 1500 (inclusive of GST) |
| Overdue charges (ODC) | 36% p.a |
| Cheque bounce charges (CBC) | Rs 500 for every cheque bounce |
| Insurance Renewal penalty charges (IRP) | 258 |
| Pre closure charges | Foreclosure payment amount*3% or 4% |
| Part Pre-payment charges | 2% |
| Field visit charges | 250 |
| Repossession charges (paid to the repo vendor) | Minimum Rs.3000/- to Maximum Rs.25000 |
| Valuation charges (Paid to the valuator vendor) | Rs. 500-750 |
| Legal charges (paid to the vendor) | Minimum Rs.250/- to Maximum Rs.30000 |
| Parking Yard charges (Paid to the vendor) | Rs.50/- Per day or actuals depending on vehicle type whichever is higher |
| Duplicate NOC | 500 |
| Stamp Duty | At Actuals |
| Bank Swap charges | Upto Rs.1000/- |
| EMI Due Date Change | 24% on POS into No. of days Divided by 365 |
|
*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable) # Processing fee would depend upon the loan amount, the nature of vehicle and other factors |
|
Terms and Conditions:
- Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.
Commercial Vehicle Finance FAQs
- Why avail a Commercial Vehicle Loan from Equitas Small Finance Bank?
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- 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?
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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.
- Can I add my motor insurance and credit shield insurance as add on to the loan at the time of sanction?
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Yes, this requirement has to be informed to the relationship executive at time of availing the loan
- How is the interest charged/calculated?
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Interest is charged on a fixed rate basis and is dependent on the, product, customer risk profile and applicable scheme.
- How do I approach Equitas Small Finance Bank for a Commercial Vehicle Loan?
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- Call us at our 24 hour Customer Care Centre
- Walk in to any of our branches
- Contact any of our direct sales personnel
- Is a personal guarantor/co applicant a must?
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The above requirement is based on the respective customer risk profile and internally laid down polices of the bank.
- Can I make part payment on my existing commercial vehicle loan?
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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 - Can I foreclose my commercial vehicle loan?
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Loan foreclosure can be done by visiting any ESFB branch or by contacting our Branch manager. However necessary foreclosure charges may apply.
- After I pay the last EMI, will I get the legal claim on the vehicle?
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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 Form Centre
