SBI Commercial Vehicle Loan

SBI Commercial Vehicle Loan is a financial product offered by the State Bank of India (SBI) to individuals and businesses for the purchase of commercial vehicles. It provides financing options for a wide range of commercial vehicles like electric, hybrid, and CNG vehicles, as well as ambulances and caravan vehicles made for travel and leisure.

Interest Rate for SBI Commercial Vehicle Loan

SBI Commercial Vehicle Loan offers a convenient and affordable financing solution for individuals and businesses looking to purchase commercial vehicles at affordable interest rates.

Here is the overview of SBI commercial vehicle loans:

Loan Parameter Details
Minimum Loan Amount Rs. 10 lakhs
Maximum Loan Amount Rs. 50 lakhs
Margin 15% of on-road price
Maximum Repayment Tenure Up to 84 months with a moratorium period of 6 months
Interest Rates 8.75% p.a. onwards

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Note: The interest rates and charges are subject to change.

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SBI Loan Advantages for Commercial Vehicles

SBI commercial vehicle loans offer key benefits like high loan amounts, longer repayment periods, competitive interest rates, and ease of availing - making financing vehicle purchases simpler for businesses.

Here are some of the key advantages of availing a commercial vehicle loan from SBI:

  • Higher loan amount: SBI offers loans up to Rs. 50 lakhs for purchasing commercial vehicles. This high loan amount covers a significant portion of the vehicle cost.
  • Longer repayment tenure: A repayment tenure of up to 84 months allows affordable EMIs that fit business cash flows better.
  • Lower interest rates: SBI offers competitive interest rates starting from just 8.75% per annum based on eligibility. This results in lower financing costs.
  • Minimal processing fees: Processing fees are capped at 0.50% of the loan amount, making it affordable.
  • Supporting documents required are minimal: Only basic KYC and income documents are required, ensuring faster processing and disbursal.
  • Widespread branch network: SBI's extensive network of branches ensures easy accessibility and serviceability.

SBI Commercial Vehicle Loan Eligibility Criteria

The eligibility criteria for SBI's commercial vehicle loan typically include the following:

  • Minimum 2 years of experience in the transportation industry/hospitality industry and other related business enterprises/activities.
  • Satisfactory track record with existing banks/financial institutions.
  • Income tax assessment is required for both personal and business.
  • MSMEs should be registered in the UDYAM portal and should have a Udyam Registration Certificate.
  • First-time users may also be considered as a special case.
  • Credit Score above 700.

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Required Documents for SBI Commercial Vehicle Loan

Having the required documents ready can help speed up the loan application and approval process. The minimal documentation ensures faster processing for SBI commercial vehicle loans. The documents for an SBI commercial vehicle loan typically include the following:

  • Identity Proof: Aadhar card, passport, voter ID, or any other government-issued photo identity proof.
  • Address Proof: Aadhar card, passport, utility bills, or any other valid address proof document.
  • Income Proof: Salary slips, bank statements, income tax returns, or any other documents that demonstrate the applicant's income.
  • Business Proof: Business registration documents, GST registration certificate, and other business-related documents for self-employed individuals and businesses.
  • Vehicle Documents: Details of the vehicle to be purchased, including pro forma invoice, quotation, and other relevant vehicle-related documents.
  • Photographs: Recent passport-sized photographs of the applicant.

How to Apply for SBI Commercial Vehicle Loan

To apply for an SBI commercial vehicle loan, you can follow these general steps:

  1. Visit an SBI Branch: Visit your nearest SBI branch and inquire about the commercial vehicle loan application process.
  2. Obtain Application Form: Request the application form for the commercial vehicle loan from the bank's representative.
  3. Fill Out the Form: Complete the application form with accurate and relevant information.
  4. Submit Required Documents: Provide all the necessary documents, such as identity proof, address proof, income proof, business proof, and vehicle-related documents.
  5. Application Review: The bank will review your application and documents to assess your eligibility for the loan.
  6. Loan Approval: If your application is approved, the bank will provide you with the details of the approved loan amount, interest rate, and repayment terms.
  7. Disbursement of Loan: Upon acceptance of the loan terms, the loan amount will be disbursed to you to finance the commercial vehicle purchase.

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Frequently Asked Questions

It's a loan offered by SBI to finance the purchase of commercial vehicles.

Visit an SBI branch, obtain the application form, fill it out, and submit the required documents for review.

Various types, including trucks, buses, tippers, light commercial vehicles, and more.

Up to Rs. 50 lakhs, subject to eligibility and other factors.

Interest rates range from 8.75% per annum, and the repayment period can extend up to 84 months.

Yes, a 15% margin on the on-road price is required.

The repayment period can extend up to 84 months.

Yes, both new and used commercial vehicles are eligible for financing.

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