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New Commercial Vehicle Loan

Funds from ₹1 Lakh to ₹10 Crore | Tenure up to 84 months | Quick approval
4.8
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Drive Your New Commercial Vehicle with the Right Funding
 
 
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New Commercial Vehicle Loan

Funds from ₹1 Lakh to ₹10 Crore | Tenure up to 84 months | Quick approval
4.8

Know your vehicle

Small Commercial Vehicle (SCV)

Small Commercial Vehicle (SCV)

Gross weight of vehicle: Up to 3.5 tonnes

Light Commercial Vehicle (LCV)

Light Commercial Vehicle (LCV)

Gross weight of vehicle: 3.5 to 7.5 tonnes

Intermediate Commercial Vehicle (ICV)

Intermediate Commercial Vehicle (ICV)

Gross weight of vehicle: 7.5 to 16.2 tonnes

Medium Commercial Vehicle (MCV)

Medium Commercial Vehicle (MCV)

Gross weight of vehicle: 16.2 to 25 tonnes

Heavy Commercial Vehicle (HCV)

Heavy Commercial Vehicle (HCV)

Gross weight of vehicle: Above 25 tonnes

Key features

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Up to 100% funding of your commercial vehicle’s value

Get a high-value loan to finance your commercial vehicle with ease

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Minimal documentation

Minimal paperwork for a fast and hassle-free process

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Loan amounts from ₹1 Lakh to ₹10 Crore

Get funds up to ₹10 Crore for all your commercial needs

How to apply for a new commercial vehicle loan

A step-by-step guide to applying for a new commercial vehicle loan
 
  1. Click on ‘Check Loan Offer’ at the top of this page.
  2. Enter your basic personal and vehicle details
  3. Find offer details and submit your application.
  4. Receive a call from our representative who will guide you on further steps.

Keep your Aadhar number and PAN card number handy for your loan application.

Aadhar Card PAN Card

Features and benefits

  • High-value loan amount

    Avail of loan amounts ranging between Rs. 1 lakh and Rs. 10 crore.

  • Flexible repayment tenure

    Repay your loan comfortably between a repayment period of 12 months and 84 months.

  • Minimal documentation

    You are required to submit just a few documents to qualify for a new commercial vehicle loan.

  • Funds up to 100% of the on-road price of the vehicle

    Fund your vehicle purchase easily with a high-value loan of up to 100% of the on-road price of the vehicle

  • No hidden charges

    All fees and charges are mentioned upfront on the page and in your loan agreement. We advise you to read it carefully.

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Eligibility and documents

  • There are just a few simple criteria to be eligible for our new commercial vehicle loan. Once you meet all the criteria, you need very few documents to finish your application process.

  • Eligibility criteria

    • Nationality: Indian
    • Age: 18 years to 80 years*
    • Employment type: Self-employed individuals
      Non-individual entities such as proprietors and entities
    • CIBIL Score: 625 and above
    • Individual or entity should own a fleet of minimum 20 vehicles.

    *You should be 80 years or younger at the end of the loan tenure.

  • Documents required

    1. Proof of business stability/experience
    2. Proof of residence stability
    3. Bank statement for the last 3 months
    4. Income Tax Returns (ITR)/Financials/GST (if applicable)
    5. Vehicle Details/Fleet List (for applicable cases)
    6. Contracts (if applicable)

*Terms and conditions apply

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Applicable fees and charges

Type of fee

Applicable charges

Rate of interest

9.50% - 15%p.a.

Processing fees

Up to 2.95%of the loan amount (inclusive of applicable taxes)

Documentation charges

Up to Rs. 2,360 (inclusive of applicable taxes)

Flexi fee

Term Loan: Not Applicable

Flexi Hybrid Term Loan:
1.Up to Rs. 7,999 for Loan amount from Rs. 1,00,000 to Rs. 39,99,999.
2.Up to Rs. 9,999 for Loan amount of Rs. 40,00,000 and above.

Note:
1.The above-mentioned Flexi facility charge will be deducted upfront from the loan amount.

Pre-payment charges

Full Pre-payment (Foreclosure) Charges:

•Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount payable by the Borrower on the date of such full Pre-Payment.
•Hybrid Flexi/Flexi Term Loan: 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, during initial and subsequent tenure on the date of such full pre-payment.


Part Pre-payment Charges:

•Term Loan: Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part pre-payment.

•Not applicable for Flexi loan variants.

Annual maintenance charges

Term Loan: Not Applicable.

Flexi Hybrid Loan: Up to 0.59% (Inclusive of applicable taxes) of the Dropline Limit during Initial Loan Tenure. 
Flexi Term Loan: Up to 0.295% (Inclusive of applicable taxes) of Dropline Limit during Subsequent Loan Tenure.

Bounce charges

Rs. 750 per bounce.


“Bounce charges” per bounce shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Penal charges

Delay in payment of instalment (s) shall attract Penal Charge at the rate of 24% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from the loan amount.

Repossession charges

Recovery of charges basis actual

NOC for Interstate Transfer

Rs. 500 (inclusive of applicable taxes)

Other NOC

Up to Rs. 1,180 (inclusive of applicable taxes)

Frequently asked questions

Overview

Eligibility

Fees and charges

What is the maximum loan amount I can get with a new commercial vehicle loan?

With the Bajaj Finserv New Commercial Vehicle Loan, you can get loan amounts ranging from Rs. 1 lakh to Rs. 10 crore.

What is the minimum CIBIL Score required to qualify for a new commercial vehicle loan?

If your CIBIL Score is 625 or higher, you can qualify for a new commercial vehicle loan.

What is the interest rate of new commercial vehicle loan?

Bajaj Finance offers new commercial vehicle loan at a starting interest rate of 9.50% p.a.

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Disclaimer

Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.