As a self-employed individual, if you are involved in the business of transport or you are planning to start one, SMFG India Credit Commercial Vehicle loan, is the ideal and flexible financial assistance for you.
From trucks to tippers, SMFG India Credit offers finance for all kinds of light & heavy commercial vehicles. This loan can be availed by customers with diverse profiles. Self-employed individual can always apply for the purchase of new commercial vehicle, used commercial vehicle, refinance of commercial vehicle and more.
A commercial vehicle loan is a bespoke loan offering for individuals and businesses to help improve their operational and logistical capabilities by purchasing new or used commercial vehicles from major manufacturers.
SMFG India Credit offers quick and hassle-free commercial vehicle loans starting from Rs 75,000 that can be further customised to suit your commercial vehicle needs. With up to 100% financing, SMFG India Credit’s commercial vehicle loans offer greater flexibility and are available at competitive interest rates ranging between 11% to 26% per annum.
You get the freedom to choose your repayment tenure from a range of options as per your need and convenience.
Advantages of a commercial vehicle loan include:
Commercial vehicle loan eligibility for new commercial vehicles includes:
Commercial vehicle loan eligibility for old commercial vehicles includes:
Please note that this is just an indicative list of criteria. Actual eligibility for a commercial vehicle will depend on many factors including our SMFG India Credit policy at the time of loan application.
Commercial vehicle loan requirements include checking the minimum eligibility with SMFG India Credit. Additionally, you need to submit the following commercial vehicle loan documents:
Income proof for salaried individuals can be provided in the form of:
Other documents include:
Please note that this is just an indicative list. The actual list of documents may vary as per our policy at the time of loan application. Please contact SMFG India Credit Customer Care to know more.
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
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
SMFG India Credit Commercial Vehicle Loans team has tailor made solutions for every requirement; this coupled with their experienced and friendly sales force make them stand out amongst the herd.
Interest Rate Rationale
Fees & Charges
The interest rate for Commercial Vehicle Loans ranges from 11% to 26% per annum.
SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.)
Policy for Determining Interest Rates, Processing & Other Charges
Reserve Bank of India ( RBI) had vide its Circular DNBS / PD / CC No. 95/ 03.05.002/ 2006-07 dated May 24, 2007 advised that Boards of Non-Banking Finance Companies(“NBFC”) to lay out appropriate internal principles and procedures in determining interest rates, processing and other charges. Further, vide circular DNBS (PD)C.C. No. 133 /03.10.001/ 2008-09 January 2, 2009, RBI advised the NBFCs to adopt appropriate interest rate models taking into account relevant factors and to disclose the rate of interest, gradations of risk and rationale for charging different rates of interest to different category of borrowers.
Keeping view of the RBI Guidelines as cited above, the following internal guiding principles and interest rate model are therefore laid out by the board of SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) (the “Company”). This policy should always be read in conjunction with RBI guidelines, directives, circulars and instructions. The Company will apply best industry practices so long as such practice does not conflict with or violate RBI guidelines.
The policy of the Company for determining Interest Rates, Processing and Other Charges is as follows:
Interest Rate :
Additonal Interest /Late payment charges
Processing /documentation and other charges
All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the loan product, exposure limit, customer segment, geographical location and generally represent the cost incurred in rendering the services to the customers. The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.
The interest rate models, benchmark prime lending rate (BPLR) and other charges applicable shall be reviewed by the Empowered Committee periodically and suitable recommendations will be made to the Board.
SMFG India Credit Co. Ltd. (Formerly Fullerton India Credit Co. Ltd.) offers competitive annualized interest rates across its range of products. The interest rates* for our loan products vary and are based on the following:
*The interest rate would be computed on daily balances basis and changed on monthly rest at the rate as set out in the loan agreement. The interest rate range is indicative and the final rate is arrived at basis (a) Profile of Customers (b) Tenure of the Loan(c ) Geography of residence (d) Nature of Collateral (If provided (e) Prior / existing relationship with SMFG India Credit. Interest rates are subject to change at any point of time at the sole discretion of SMICC
Here’s a table of Fees and Charges to help you understand the same in detail,
Type of Fees
Delayed EMI Payment Interest
24% per annum on outstanding balance which is overdue, calculated on day to day basis.
Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation)
Swap Charges- for replacement of Post-dated cheques to ECS (per instance)
Swap Charges- for replacement of ECS to ECS (per instance)
Loan Cancellation charges (loan cancelled before first EMI)
Stamp Duty plus `1500 before encashment of the loan disbursement cheque. Else Loan prepayment charges apply.
Duplicate NOC/ NOC Revalidation
295 (Including GST)
Up to 2% of the Loan Amount
*Where ever notified Service Tax and other government levies, as applicable, would be charged additionally at the applicable rates
|Within 6 months from the Agreement Date||4.00%|
|Within 7 months to 12 months from the Agreement Date||4.00%|
|Within 13 months to 24 months from the Agreement Date||3.00%|
|Within 25 months to 60 months from the Agreement Date||3.00%|
|Within 61 months to 84 months from the Agreement Date||3.00%|
|After 84 months from the Agreement Date||Nill|
Dear Applicant, do keep the digital copy* of following documents handy to avail full benefits of your online Personal Loan for Wedding application. You would be required to upload these documents later for completing your loan application. (* only .jpg, .jpeg, .pdf formats allowed)
At SMFG India Credit, we finance all types of goods and passenger carrying vehicles, right from under 1 ton GVW vehicles to vehicles having a gross vehicle weight of over 40 Tons.
Yes, we provide re-finance on a pre-owned commercial vehicle.
No, unfortunately, we do not finance passenger cars having a commercial number plate.
Yes, we would be happy to extend our services to you. We would request you to please contact our nearest SMFG India Credit branch or call centre and our executive will help you with further process.
Please refer to our document checklist for the detailed list of document required for the loan sanctioning process.
The rate of interest depends on a lot of factors such as the number of vehicles owned, your turnover, your repayment Track record, etc. We would be able to confirm the rate of interest once we have studied your documents.
Commercial vehicle loans can also be referred to as a term loan as the repayment tenure ranges between 3 and 5 years specifically for cash credit. The funds approved through commercial vehicle loans can be used to purchase vehicles like trucks, buses, tippers, and light commercial vehicles. The tenure of such loans varies from 12 to 60 months depending upon the deal and nature of repayment capacity.
The maximum commercial vehicle loan amount can be up to 100% of the value of commercial vehicles. However, this can vary depending on the applicant and the lender.
* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.