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Commercial Vehicle Finance

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
  • 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.

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