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About Used Commercial Vehicle Loan in India

Used Commercial Vehicle like Used Cars and Used Tractors has a huge demand in India. They are affordable and a wide range of options are available. Yet many in India find it difficult to purchase a Used Commercial Vehicle. To cater to these users, Tractorkarvan has brought a Used Commercial Vehicle Loan facility.

The Tractorkarvan Used Commercial Vehicle Loan provides loans on a wide range of used vehicles like trucks, pickup vans, mini trucks, etc. They are affordable and come with highly competitive interest rates. You can avail yourself of used commercial vehicles loan in a few simple steps. To know read below.

What are the Key Features of a Used Commercial Vehicles Loan?

The Used Commercial Vehicle Loan on Tractorkarvan comes with several features and benefits. These are:

• Quick Disbursal: You can get funds for purchasing any old commercial vehicle with a completely digital process. The disbursal process is easy, simple, and quick.
• Hassel-Free Process: Experience a paperless, hassle-free process, making loan applications quick and convenient.
• Financing for Old Vehicles: We ensure ageless financing by providing loans for Used Commercial Vehicles that are in use for up to 15 years.
• Loan-to-Value: We provide the best loan-to-value (LTV) ratio for your used commercial vehicle. You can get up to 95% funding on asset value.
• Refinance with Tractorkarvan: Maximize your benefits and choose our refinancing options for attractive features and flexible terms.
• Balance Transfer: Reduce your high-cost commercial vehicle loan with balance transfer facility.

What are the Eligibility Criteria for Used Commercial Vehicles Loan?

You need to fulfill only two criteria to be eligible for availing a Used Commercial Vehicles Loan. These are:

• Age: 18 – 65 years
• Business Stability: Minimum 1 year of stable business

What Documents Do I need to Furnish for a Used Commercial Vehicles Loan?

• KYC Documents: Voter ID Card/ Passport/ Aadhar Card/ Driving License/ PAN Card (Any One).
• Proof of Address: Ration Card/ Passport/ Electricity Bill (Any One)
• Proof of Income: Salary Slip/ ITR with computation of income/ Form 16
• Proof of Assets: Photocopy of Insurance certificate or Vehicle RC Book
• Other Documents: Photocopy of Bank Statement or Passbook

In the case of Proprietorship or Partnership firm, additional documents required is Partnership deed with a declaration for partnership firm.

Whereas, in the case of Private and/ or Public Limited Companies, the addition documents required are:

• For age proof, they need to furnish PAN card, and
• Memorandum of Association/ Articles of Association with board resolution for borrowing.

How to Apply for a Used Commercial Vehicle Loan?

You can avail Used Commercial Vehicles Loan in few simple steps. These are:

• Enter your details in the form available on Tractorkarvan and submit it.
• Select your loan offer from the options provided based on your eligibility criteria.
• Ready your Used Vehicle for Field inspection and documentation.