FAQ on Commercial Vehicle Loans
Who can avail of Commercial Vehicle Loans?
You can avail this loan if you are and Individual,Self employed Businessmen,Proprietorship firms,Partnership Firms,HUFs,Trusts/Societies,Private and Public Limited Companies.We have special schemes for people who are first time buyers as well as fleet owners.Clients engaged in C and F activities,Freight forwarding and Shipping activities can also approach us for funding of their Commercial Vehicle requirements.
Who can be the co-applicants for the loan?
For salaried/Self employed/Proprieotorship:Any one family member
For Partnership Firms:One Partner
For HUFs:Karta
For Trusts:One Trustee
For Private/Public Ltd.Companies:One Director
Do I need a guarantor?
If the documents submitted by you do not completely fulfill our credit criteria,then you would be required to provide us a guarantor
What are the lending rates?
As per approved rack rates from time to time.Pls contact us for further details
What are the loan tenure options?
Loan tenure can range from 12 months to 60 months.
Which Commercial Vehicles can be financed?
All three wheelers,quadracycles,multi utility vehicles,pick-up trucks,light commercial vehicles,buses(inclusive of passenger and school buses),medium and heavy commercial vehicles,trailers of all manufacturers.We also provide loans for body fabrication subject to the customer fulfilling our credit criteria
How much finance can I avail of?
You can avail finance depending upon your existing fleet size.Pls contact us for further details
How is the interest charged/calculated?
Interest is calculated on a monthly reducing balance basis.
What is a Monthly Reducing Balance?
In the case of monthly reducing balance method,the principal gets reduced at the end of every month and the interest is calculated on the outstanding principal at the end of the month.
Do I have to pay any additional charges?
We will charge a processing fee for processing of your loan.In addition to this you will be required to pay the stamp duty at actuals.Pls refer the fees and charges section for additional details
How do I approach for a Commercial Vehicle Loan?
You can approach us in any of the following ways
SMS CV to 5454
Pls click on the apply now section and fill up the details.We will get in touch with you
How long will it take to process the loan?
Your loan can be processed within 3 working days from the date you submit the complete papers to our representative.However if we receive all the relevant papers earlier,the process can be done faster.
What are the stages involved in availing a loan?
The stages involved are:
Application
Processing
Sanctioning of the loan
Documentation
Disbursement
What security/collateral do I have to provide?
Asset financed will be hypothecated/lien marked in favor of RELIANCE CAPITAL LIMITED.
Do you offer an Insurance Facility for Commercial Vehicle Loans?
Yes.The Insurance facility is provided through a tie–up with our Group Company(Reliance General Insurance Company Limited)
Is the EMI charged as Advance EMI or Arrears EMI?
Both the options are available suiting to your needs
How do I repay the loan?
EMI’s in the form of PDC’s(Post Dated Cheques)and through Electronic Clearing Service(ECS).On a case to case basis we also offer monthly billing mode where we do not collect PDC’s in advance,however the customers will have to deposit the installment amount in our designated offices on or before the date of installment
Do I have the option of pre-paying the entire loan amount?
Yes.One can pre-pay the loan any time after 6 months of availing of the loan.One merely has to pay a small prepayment fee on the outstanding loan amount.
If I am not able to furnish my income documents is there a special scheme for persons like me?
Yes.