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Overview
A commercial vehicle loan can get you a single vehicle or a fleet of large and small vehicles for your business. In addition to traditional loan applications, the required documents for commercial vehicle loans include trade and vehicle-related details. Understanding these requirements will ensure a smooth loan application process and allow you to focus on driving your business.
Documents Required for a Commercial Vehicle Loan
Here are some of the documents required to apply for a commercial vehicle loan:
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Document Type |
Particulars |
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PAN Card |
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Proof of Identity And Proof of Address (any one) |
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Age Proof (any one) |
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Bank Statements |
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Income Documents (with CA certification wherever applicable) |
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Other Essential Documents (one or more may be requested) |
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Please note that in case of co-applicants, basic documents such as PAN, KYC documents, etc., will also be required.
The above list is indicative. Depending on the specific loan product, your profile, and our policy at the time of loan application, additional documents may be requested.
Note:
- Keep the original documents (identity proofs, address proofs, and others) ready for onsite verification. This requirement may not be applicable to digital KYC.
- If your address proof doesn’t reflect your current address, you may submit a Deemed OVD instead. Click here to view the full list.
- Customers must provide an OVD that shows their current address within 3 months of submitting the earlier address proof document.
How to Apply for a Commercial Vehicle Loan
A quick, online process makes commercial vehicle loan application easy.
Step 1: Go to the commercial vehicle loan application portal and select the purpose of the loan - Buying Truck or Working Capital on Existing Truck.
Step 2: Specify whether you are salaried or self-employed and fill in the desired loan amount.
Step 3: Fill in the personal and income details and click on ‘Apply Now’. Upload the required documents.
Step 4: Once you submit your application it will be reviewed by the customer service team. An associate will get in touch to guide you through the further process.
Step 5: After thorough verification and approval, the loan amount will be credited to your account as soon as possible.
Conclusion
Understanding the specific requirements of documents for commercial vehicle loans and keeping them well-prepared will save you time and effort. SMFG India Credit’s online application process and quick loan disbursal time further ease your journey. The loan amount starts at INR 75,000*, the interest rate is as low as 10% per annum*, and you get a flexible tenure of up to 5 years*. The commercial vehicle EMI calculator will help you to get a clear road map of the monthly installments. Apply now!
Features & Benefits
Loan Amount
SMFG India Credit’s commercial vehicle loan amount starts from INR 75,000*
Hassle-free loan application
We make sure your loan application process is as simple as possible with quick response time.
Wide Range of Schemes
SMFG India Credit understands your needs and caters to a large and varied sector of audience.
Quick Loan Disbursal
We make sure once your loan is processed, the amount is disbursed in the quickest time possible
Convenient Repayment
SMFG India Credit gives you the liberty to choose from a range of repayment options as per your need and convenience.
Timely Status Update
Be rest assured as SMFG India Credit makes sure you get a prompt update about your application as and when necessary
* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.
FAQs
What are the documents required for a commercial vehicle loan?
You will need an application form, photographs, a processing fee cheque, KYC documents, bank statements, income tax returns, proof of business existence, and additional documents like vehicle ownership proof and valuation reports.
Who is eligible for a commercial vehicle loan?
Eligibility criteria vary based on whether the loan is for a new or old commercial vehicle. First-time buyers may need an internal or external guarantor. Check the complete eligibility criteria here.
What type of proof of income is required for a commercial vehicle loan?
Income proof includes the last 6 months' bank statements, 3 years of IT returns, and 3 years of profit and loss statements with balance sheets (for self-employed individuals). Proof of business existence is also required.
Do I need to provide insurance documents when applying for a commercial vehicle loan?
Yes, insurance documents and a copy of the vehicle’s RC are required when applying for a commercial vehicle loan.
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