This document provides information about commercial vehicle loans. It defines commercial vehicles as goods and passenger carrying vehicles used for business purposes, such as transporting materials or people. It lists eligibility requirements for commercial vehicle loans, including individuals, companies, and fleet operators. The documentation section outlines the documents required for first-time users and buyers, as well as fleet operators of different sizes. Benefits of commercial vehicle loans are fast processing, flexibility, and financing up to 100% of the asset value. Interest rates can range from 12-18% depending on various customer and loan factors.

1. COMMERCIAL VEHICLE
LOANS
P R E S E RVE THE S P E ED OF YOUR WOR K

2. WHAT IS COMMERCIAL VEHICLE LOAN
• Commercial vehicle loan is for all types of Goods
and Passenger carrying vehicles

3. WHAT IS COMMERCIAL VEHICLE LOAN
• Commercial vehicle is used for carrying materials for
business purpose
• Commercial vehicles are used for transporting men
• Commercial vehicle includes
 Bus
 Trucks
 Tempos
 Jeeps
 Tippers
 Vans
 JCB Loaders etc.

4. ELIGIBILITY
• Any individual / Salaried employee
• Professional / Self-employed
• Partnership firm
• Transporter
• Educational institution
• Company with more than 2 years of business
experience
• Existing owner of at least one commercial vehicles

5. DOCUMENTATION
FIRST TIME USERS
• Deployment letter for proposed asset
• Trade references required
• External guarantor required
• Property ownership proof required
• Resident stability of 2 years
FIRST TIME BUYERS
• Experience proof required to get commercial vehicle finance
• Property ownership proof required
• Resident stability of 2 years
• Trade references required
• External guarantor required
Source: http://magma.co.in/loans/commercial-vehicle/eligibility-documentation/

6. DOCUMENTATION
Fleet Operator
Small Medium Large
Vehicle Ownership proof required Vehicle Ownership proof of 3 years Vehicle Ownership proof of 5 years
Repayment track record Repayment track record Repayment track record
External/Internal Guarantor required External/Internal Guarantor required External/Internal Guarantor required
Trade references required Trade references required Trade references required
Resident stability proof

7. BENEFITS
• Fast processing
• Greater flexibility
• Simpler documentation
• Flexible repayment options
• Tenure range from 12 to 60 months
• Finance from 80%-100% of the asset value

8. RATE OF INTEREST
Interest rate varies from 12-18% depending on
following factors:
• Customer profile
• Asset category
• Turnover
• Repayment track record
• Number of vehicles owned

9. COMMERCIAL VEHICLE FINANCE
PROVIDERS