IDFC First Bank - IDFC First Bank Vehicle Loans

Money can be a big problem for many people when they wish to buy the things they would like. Whether it is buying a new home, funding a marriage, finding a child’s education or buying a new car, or buying a commercial fleet of vehicles, money can be a problem.

The good news is that there are banks like IDFC First which offers you a Commercial Vehicle Loan. This loan is one of the best options for helping you in growing your transport business.

In this article, we’ll tell you the features and benefits of IDFC First Commercial Vehicle Loan.

Let us come to the features first.

Features and benefits of IDFC First Commercial Vehicle Loan

• You can get loans for both new vehicles as well as used vehicles. That means you can get the loan even if you are buying a used vehicle or second hand vehicle. And, as you know, there are distinct benefits in getting a used vehicle. These are used, but that does not affect its performance by a huge margin when compared to first hand vehicles. Besides, buying such vehicles is much cheaper than buying first hand ones. The market value of first hand vehicles decline sharply right after being bought. And thus, getting a used one is a smart move.
• You can get a loan amount anywhere between Rs. 1 lakh to Rs. 2 crore. This is a considerable benefit as you can get the amount you want or need.
• You get a flexible loan term between 1 year and 5 years. Depending on the amount, you can pick a suitable time to repay the loan.
• It is easy to get the loan as it involves minimal documentation. You’ll get the loan disbursed fast so that your life goes on as normal.
• You can get up to 100% of the total cost of the Small Commercial Vehicle or Vehicles.
• USP and Benefits of the IDFC First Commercial Vehicle Loan
• You can get up to 100% of the total cost of the Small Commercial Vehicle or Vehicles. You won’t find this anywhere else.
• You don’t need to have any prior experience for commercial transportation.

What are the eligibility factors?

People who can apply can be:

• Individuals
• Partnership firms
• Proprietorships
• One-person company
• Private and Public companies
• Trusts
• Limited Liability Partnership
• Hindu Undivided Family

Documents you’ll need:

• KYC Proof including ID and Address proof.
• Passport size photo
• Give links (individual and non-individual)
• Experience proof documents like driving license, current account statement and registration copy of owned commercial vehicle
• Income proof documents like bank statement of last 1 year, income tax return records, or audited financials for the past 2 years
• Fleet list, which is the list of all vehicles you own along with their supporting documents