Business Loans India : Commercial Vehicle Loan from Kotak Mahindra Bank

You must have lots of funds in your pocket for owning a commercial vehicle. Of course it is not possible for each and everyone to buy these hugely priced vehicles from own resources. And even if you have the funds, better save it for other business uses and instead opt for commercial vehicle loans, which are available for buying new or used trucks, heavy or light transportation vehicle etc. However, ensure that you have gone through various aspects of the loan before you rush to a lender.

First of all you must know that the loan terms and conditions will depend a lot on your past record of making payments. If your credit history is good then the lender is most likely to relax conditions of the loan. It could be that you have a good credit record but your credit report does not mention it correctly. So first take your credit report from reputed agencies. Check it for any errors in it. Secondly, in case your credit rating is lower, better pay off some debts. Then you should apply for the loan after sometime with improved credit rating.

You must know the price of the commercial vehicle you intend to buy. Decide whether you need a new or used vehicle. This will help in arriving at the amount of loan you would require.

Note that Commercial Vehicle Loans are usually secured loans, requiring you to pledge a residential or commercial property as collateral. The loan amount will depend on value of collateral. Though these loans come at lower interest rate but it will depend on your credit history as well. As far as repayment duration is concerned, these are short term loans, given for 5-7 years.

There are many online lenders in the field of providing commercial vehicle loans. First take their rate quotes and compare them. You are likely to locate a suitable deal.

Commercial Vehicle Loans from Kotak Mahindra Bank

Commercial Vehicle Financing caters to individual and corporate customers for their financing needs for owning and running commercial vehicles.
Kotak Mahindra Bank have a customer base in excess of 100,000 transporters. Kotak Mahindra Bank have a market share of over 5 % in the industry that is rapidly growing.

There is a thorough processing flow in place to ensure appropriate assessment of customer needs to provide tailor made solutions to their needs.

Key Features

* Commercial Vehicle Financing
* Infrastructure Financing
* Tractor and Farm Equipment Financing
* SARAL Loans
* Working Capital Financing
* Team Structure

* Documentation
FOR INDIVIDUALS

* Driving License
* Passport
* Pan Card
* Voter’s ID
* Bankers Verification (KMBL format & photograph, attested by banker)
* Talathi certificate (photograph signed across by borrower & attested by Talathi)
* Borrower’s signature on all the documents shall match with BCIF proof
* Valid Address Proof – Latest Utility Bills (electricity bill, telephone bill, society maintenance bill etc)
* Any other documents as may be required by the Bank

FOR PROPRIETORSHIP FIRMS

* Proprietorship declaration on the letter head of the firm signed by the proprietor
* ID proof of the proprietor
* Address proof of the firm
* Regn /Sales Tax Regn certificate of the firm
* PAN card of the firm / proprietor
* Identity & Signature proof of the AUS
* Mailing address and registered address proof
* Combined unstamped declaration in case HUF is a proprietor in the firm
* Any other documents as may be required by the Bank

FOR PARTNERSHIP FIRMS

* Partnership letter on the letter head of the firm signed by all the partners
* Partnership deed
* Regn certificate of the firm
* PAN card of the company
* Identity & signature proof of the authorized signatory
* Mailing address and registered address proof
* Combined unstamped declaration in case HUF is a partner in the firm
* Any other documents as may be required by the Bank

FOR PVT. LTD. & LTD. COMPANIES

* Board Resolution on the letter head of the company
* Copy of MOA/AOA (certified copy from company)
* Certificate of incorporation
* Commencement of business ( In case of Ltd Companies)
* List of directors or form 32
* PAN card of the company
* Identity & signature proof of the AUS and the people signing the Board Resolution
* Mailing address and registered address proof
* OSV on all documents
* Photographs of the authorized signatory
* Any other documents as may be required by the Bank

Sources : http://www.kotak.com/

One thought on “Business Loans India : Commercial Vehicle Loan from Kotak Mahindra Bank

  1. Hello,
    I have taken a loan from your Company about four and a half years ago to buy a personal car for my use of Accent Viva, and I have been paying the installments/emi upto today regularly without any problems from Pune. Kindly inform weather i can get a loan of approx.Five lakhs on the Car at the earliest. My Car No:Mh12 CD 2859. Dharmesh Vasantrai Shah, R/O:59/4, Arihant Homes, ITO lane, Erandawane, Pune:411004.

    P.S:I had received a letter from you a couple of times regarding the refinancing on my good records, however the interest was quite high.
    Hence, do contact me in light of the above. Thanks
    Dharmesh Shah.

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