Commercial Vehicle Laon in India: A Brief

Commercial Vehicle Loan is a financial product which helps small businesses buy commercial vehicles for cargo and passenger transportation. Banks, non-banking financial companies (NBFCs), and other lending institutions offer these loans to help small businesses.  Key Features of Commercial Vehicle Loans in India Loan Amount and Tenure: The loan amount for commercial vehicles can vary per the vehicle's cost, the applicant's financial profile, and the lending institution's policies. The repayment tenure typically ranges from 3 to 7 years, allowing borrowers to repay the loan in affordable instalments. Eligibility Criteria: Lenders consider several factors when evaluating a borrower's eligibility. The eligibility criteria include the applicant's creditworthiness, business stability, income, and financial obligations.  Collateral Requirement: In most cases, the purchased commercial vehicle is collateral for the loan. If the borrower can’t repay loan pay