Community Finance offers loan for the purchase of new and used commercial vehicles manufactured by various big and small manufacturers. As per the need of the customers, the loan offered is tailor-made to suit the growing business of the customers. Because of the less documentation process, time and efforts of the customers are saved.
The loan is provided to the large, medium & small-size fleet owners, individuals, first-time users, partnership & proprietorship firms and private and public limited companies.
The commercial vehicle loan value is calculated on the net invoice value of the vehicle.
Features & Benefits
Instant & On-The-Spot Approval
No branch visits required. No waiting for days. Just some basic data and get instant provisional approval subject to completion of documentation and verification.
Relationship officers analyse and understand the needs and give the best suitable financial offering at every stage of life.
Loan Amount of Up to Rs. 10 Lakh
Get a loan up to Rs. 10 Lakh instantly for purchasing new and used commercial vehicle.
A bouquet of product offerings along with commercial vehicle loan for purchasing merchandise, meeting emergencies through a personal loan or securing the family through life insurance.
For details about Commercial Vehicle Loan Agreements, Terms and Conditions or have any questions, you can refer to our Commercial Vehicle Loan FAQs or can contact us at the nearest Community Finance office.
Eligibility & Documents
An individual must be between 21-60 years* (salaried/self-employed).
*Age at the time of completion of the loan.
As an Applicant and Co-applicant one must have:
Completed Application Form
Proof of Identity
- Passport Copy / Voter ID card / Driving License / PAN Card
Proof of Residence
- Ration card / Telephone Bill / Electricity Bill / Rental agreement / Passport copy / Bank Passbook or Statement / Driving License
Proof of Age
- PAN Card / Passport / Any other certificate from a statutory authority
- Recent passport size photograph of Applicant & Co-applicant
- Proof of Business continuity
- Bank statement / Bank Passbook for last 6 months
- Fleet List (if applicable)
- Statement of Profit & Loss for last 3 years
- Balance Sheet for last 3 years
- Income Tax Returns for last 3 years (for self and business) duly certified by a CA
- Processing Fee Cheque
Fees & Charges
Please refer to the ‘Loan Charges’ section for detailed Fees and Charges related to our product offering (About Us → Policy → Loan Charges)
How to Apply
Applying for a Home Loan with Community Finance is quick, easy and completely hassle-free. Read on to know more about how to apply for the same:
- Contact our relationship officer
- Visit our nearest branch office
- Visit the ‘Apply Online’ section in our website
Frequently Asked Questions (FAQs)
The required document details have been explained in the ‘Eligibility & Documents’ section.
The loan offers competitive interest rates as against the market offerings.
At Community Finance Pvt. Ltd., finance is provided for all types of goods and passenger carrying vehicles, right from vehicles under 1-ton gross vehicle weight to over 40 tons.
Directly to the operating bank account provided at the time of applying for the loan.
Yes. Refinance on a pre-owned commercial vehicle is possible, subject to the title to the vehicle is clear, marketable and free from encumbrance.
The repayment of the loan can be done through Equated Monthly Instalments (EMI) by the mode of CTS compliant Post Dated Cheques (PDC) or through Electronic Clearance System/Direct Debit (NACH/NEFT).
Pre-EMI interest is the interest on the loan amount disbursed by the bank. It is payable every month from the date of each disbursement until the commencement of the EMI payments.
The loan can be repaid at any point of time during the loan tenure. However, the prepayment of loan is not permitted within 12 months from date of disbursal of the loan.