Equitas Commercial Vehicle Finance helps you with:
Enabling you to close loans quicker which translates to lesser interest rate
Customer Friendly Repayment Procedure
In case of any difficulty during repayment, installment can be postponed to end of tenure without any additional charges
Insurance Premium Payment Rebate
Only Bank in the country to offer rebate for clients who choose to remit insurance premium amount to Equitas in monthly Installments
New Commercial Vehicle Loan
If you are buying your first truck or expanding your existing fleet, we provide financial assistance and tailored made solutions as per your need or requirement.
We at Equitas Small Finance Bank, offer New Commercial Vehicle loans at competitive rates for a wide range of vehicles including Small, Medium and Light Commercial Vehicles.
Equitas Small Finance Bank is the “Preferred Financier” across all major manufacturers in India and thousands of customers have trusted us for our expertise and perfectly suited loan solutions
Superior Turnaround Time
Hassle free documentation
Finance up to 100% on your New Commercial Vehicles
Financial assistance available up to 100% on New and Used Commercial Vehicles
Competitive rate of interest
Loan tenure up to 60 months
- Moratorium up to 60 days
- Hassle free documentation
- Superior service and quick turnaround time
Why choose Equitas Small Finance Bank ?
Over 3 million satisfied customers
Branch network of 198 exclusive Vehicle Finance branches in 12 states & 2 union territories
Expertise in Used and New Commercial Vehicle Finance
- Transparent processing of loans
|Type of Loan
|Used Commercial Vehicle
||10% - 30%
|New Commercial Vehicle
||10% - 22%
||1% to 2%
||Rs 1500 (inclusive of GST)
|Overdue charges (ODC)
||RI*36/100/365* No of days
|Cheque bounce charges (CBC)
|Insurance Renewal penalty charges (IRP)
|Pre closure charges
||Foreclosure payment amount*3 or 4%
|Field visit charges
|Repossession charges (paid to the repo vendor)
||Minimum Rs.3000/- to Maximum Rs.25000
|Valuation charges (Paid to the valuator vendor)
|Legal charges (paid to the vendor)
||Minimum Rs.250/- to Maximum Rs.30000
|Parking Yard charges (Paid to the vendor)
||Rs.50/- Per day
|Bank Swap charges
|EMI Due Date Change
||24% on POS into No. of days Divided by 365
|*Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable)
# Processing fee would depend upon the loan amount, the nature of vehicle and other factors
|Mean rate and Interest rate range for the quarter January 2020 – March 2020
||Mean interest rate
||Interest rate range
||Min Rate (in %) p.a.
||Max Rate (in %) p.a.
|Overall CV business
|• Mean rate = Sum of rate of interest of all loan accounts / Number of all loan accounts.
|Annualised Percentage Return (APR) for the quarter January 2020 – March 2020
||Min Rate (in %)
||Max Rate (in %)
Terms and Conditions:
- Application forms complete in all respects will be processed within 14 days from the date of receipt of the application form.
Commercial Vehicle Finance FAQs
Why avail a Commercial Vehicle Loan from Equitas Small Finance Bank?
- Hassle free loan sanction process and finance up to 100% of asset cost
- Simpler documentation and faster turnaround time
- Loan tenures up to 5 years & moratorium period up to 60 days
- Customised EMI structure to suit your business needs
- No hidden charges, & complete Transparency in loan processing
- Customised solutions for purchasing used commercial vehicles
What types of loan facility available under CV Finance of Equitas Small Finance Bank?
We offer term loan facilities:
- Purchase of New Commercial Vehicles
- Used commercial vehicles and refinancing options for pre-owned vehicles.
- Top-up loans / Insurance loan / Emergency loan/ Fitness renewal loan / Tyre loan etc.
Can I add my motor insurance and credit shield insurance as add on to the loan at the time of sanction?
Yes, this requirement has to be informed to the relationship executive at time of availing the loan
How is the interest charged/calculated?
Interest is charged on a fixed rate basis and is dependent on the, product, customer risk profile and applicable scheme.
How do I approach Equitas Small Finance Bank for a Commercial Vehicle Loan?
- Call us at our 24 hour Customer Care Centre
- Walk in to any of our branches
- Contact any of our direct sales personnel
Is a personal guarantor/co applicant a must?
The above requirement is based on the respective customer risk profile and internally laid down polices of the bank.
Can I make part payment on my existing commercial vehicle loan?
Yes, The borrowers can prepay the loan after 6 months of availing it. Part prepayment is allowed once in every quarter
Minimum amount acceptable is 20% of future principal.
There is an option to keep the same EMI and reduce tenure, or keep the same tenure and reduce EMI, however loan tenure cannot exceed the original tenure opted at the time of funding
Charges of 2% part payment charges is applicable
Can I foreclose my commercial vehicle loan?
Loan foreclosure can be done by visiting any ESFB branch or by contacting our Branch manager. However necessary foreclosure charges may apply.
After I pay the last EMI, will I get the legal claim on the vehicle?
After the payment of the last EMI, the bank will issue a loan closure letter, Form 35, and a No Objection Certificate (NOC) to the RTO for removing the lien from the RC book.
To make payments for the Loan via NEFT / RTGS, please contact your Home Branch – Branch Manager for further details