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Aspire to become vehicle owners after years of experience as a driver, with Commercial Vehicle Finance from Equitas.

Equitas Commercial Vehicle Finance helps you with:
Part-Preclosure of loans
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
Product Features:
  • 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
Interest Rates
Commercial Vehicle
Type of Loan Effective ROI Reset
Fixed 16.00% - 30.00% No Reset
Light Commercial Vehicle
Type of Loan Effective ROI Reset
Fixed 11.00% - 18.00% No Reset

Charges

Type Charges
Processing Charges# 1% to 2%
Documentation charge Rs 1500 (inclusive of GST)
Overdue charges (ODC) RI*36/100/365* No of days
Cheque bounce charges (CBC) 500
Insurance Renewal penalty charges (IRP) 258
Pre closure charges Foreclosure payment amount*3 or 4%
Field visit charges 250
Repossession charges (paid to the repo vendor) Minimum Rs.3000/- to Maximum Rs.25000
Valuation charges (Paid to the valuator vendor) Rs. 500-750
Legal charges (paid to the vendor) Minimum Rs.250/- to Maximum Rs.30000
Parking Yard charges (Paid to the vendor) Rs.50/- Per day
Duplicate NOC 500
Stamp Duty At Actuals
Bank Swap charges Upto Rs.1000/-
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

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.