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.
Overview
Features of Commercial Vehicle Leasing
- 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.
Types of Commercial Vehicle being Financed
- Trucks
- Buses
- Coaches
- Three wheelers
- Taxicabs
- Vans
Documents Required
- 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.
