Commercial vehicel finance or commercial vehicle hire purchase is done through banks and non-banking finance companies (NBFCs). These companies finance new vehicles as well as used ones. Usually they have tie-ups with the manufacturers to provide fast and easy loans to its customers. The terms and conditions differ from one company to other.
Features of Commercial Vehicle Leasing
Types of Commercial Vehicle being Financed
- The value of the vehicle is assessed and finance is provided based on the value.
- The vehicle should be in the name of the customer.
- Proper comprehensive insurance cover is mandatory.
- Early closure is allowed.
- Three wheelers
- Copy of the vehicle's registration certificate and / or immovable property document or fixed deposit / security.
- Notarised photograph of the customer and the guarantor.
- Address proof in the form of ration card / voter's card / passport / electricity bill / telephone bill.
- Contract numbers, in cases where the customer is an existing / past customer of TMF.
- Land and building ownership documents certified by the appropriate government authority like search report / NEC.