Loan Amount
Up to ₹1 Crore
Interest Rate
Starting at 10%* p.a.
Loan Tenure
12-60 Months

Get a Commercial Vehicle Loan

Capitalize on India's growing logistics and transportation sectors with a Commercial Vehicle Loan from Poonawalla Fincorp. Whether you're a Fleet Owner, first time user, single vehicle owner, Truck Operator, Captive Client, or an Educational Institute, our asset-backed loans can help you purchase new or used commercial vehicles and more. Get up to ₹1 Cr hassle-free loan with quick approval and at an attractive interest rate.

Why Choose Poonawalla Fincorp

High Loan-to-value Ratio
Competitive Interest Rate
Minimal Documentation
Quick Approval
Flexible Repayment Tenure
No Hidden Charges

Get exclusive offers thoughtfully customised just for you

Eligibility Criteria for a Commercial Vehicle Loan

Meet the simple eligibility criteria to qualify:

  • Age: Between 18 and 65 years at the time of loan maturity
  • Citizenship: Indian
  • Employment: Self-employed non-professionals
  • Customer Profile: Individuals, Proprietorship, OPC, Partnership firms, LLP, Companies (Public & Private), HUF, Private Trust, Public Trust & Society

Note: The above-mentioned eligibility criteria are indicative. Additional eligibility criteria may be required during loan processing by Poonawalla Fincorp.

Documents Required for a Commercial Vehicle Loan

Submit a few necessary documents to successfully apply for a Commercial Vehicle Loan:

  • Photo Identity and Address Proof: As per RBI defined KYC guidelines.
  • Experience Proof: Driving license, registration copy of commercial vehicle owned, current account statement.
  • Income Proof: 6 month's bank statement, ITR/audited financials for the last 2 years.
  • Fleet List: List of vehicles owned & supporting documents for the same (wherever applicable).
  • Repayment Track (wherever applicable)

Note: The above-mentioned document list is only indicative. Additional documents may be required during loan processing.

Interest Rate and Charges of a Commercial Vehicle Loan

Take a look at the interest rate and other charges associated with Commercial Vehicle Loan

New Commercial Vehicle:
Interest Rate
10% p.a. onwards*
Loan Amount
₹1 Lakh to ₹1 Crore
Loan Processing Fees
Up to 3% + applicable taxes
Lowest EMI Per Month
Starting from ₹2125* per Lakh for 60 months
Loan Tenure
12 to 60 months
Prepayment/Foreclosure Charges
Foreclosure charges prior to 06 months from the date of disbursement - 6% of Principal outstanding + applicable taxes

Foreclosure charges post 06 months from the date of disbursement - 4% of Principal outstanding + applicable taxes
Default Charges
24% per annum
Repayment Instrument Dishonour Charges
Rs. 500/- per presentation
Stamp Duty
At actuals as per state laws applicable from time to time
Hidden Charges
Nil
Used Commercial Vehicle:
Interest Rate
11% p.a. onwards*
Loan Amount
₹75,000 to ₹75 Lakh
Loan Processing Fees
Up to 3% + applicable taxes
Lowest EMI Per Month
Starting from ₹2174* per Lakh for 60 months
Loan Tenure
12 to 60 months
Foreclosure Charges
Foreclosure charges prior to 06 months from the date of disbursement - 6% of Principal outstanding + applicable taxes

Foreclosure charges post 06 months from the date of disbursement - 4% of Principal outstanding + applicable taxes
Default Charges
24% per annum
Repayment Instrument Dishonour Charges
Rs. 500/- per presentation
Stamp Duty
At actuals as per state laws applicable from time to time
Hidden Charges
Nil

Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf

*T&C Apply

Who Can Get a Commercial Vehicle Loan

  • Fleet Owners
  • Truck Operators
  • First time buyers/Single vehicle owners
  • Captive Clients
  • Schools and Educational Institutes

Types of Vehicles

Commercial Vehicle: SCV, LCV, ICV & MHCV covering asset type viz. Trucks, Tippers, Trailers, Buses & Body. 

Manufacturers: TATA Motors, Ashok Leyland, Volvo Eicher, M&M, Bharat Benz, Maruti, SML Isuzu, Force Motors, Volvo. 

Get Funds Quickly With
Minimal
Documentation

1

Click 'Apply Now' Fill out the online form to start your loan application.

2

Upload Documents Provide your KYC documents to complete the verification.

3

Get Funds Get the loan amount
disbursed to your bank account.

Happy Customers, Happy Us

Get exclusive access to simplified
Personal Finance
Information at
Poonawalla Fincorp’s FinHub

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Frequently Asked Questions

Which commercial vehicle finance options are available at Poonawalla Fincorp?

We offer commercial vehicle finance for the purchase of new and used commercial vehicles. We also provide refinancing options for pre-owned vehicles along with balance transfer and top-up options.  

Who is eligible for a Commercial Vehicle Loan?

The following types of people are eligible for a Commercial Vehicle Loan:

  • Individuals
  • Proprietorships
  • One Person Companies (OPC)
  • Partnership firms
  • Limited Liability Partnerships (LLP)
  • Companies (Public & Private)
  • Hindu Undivided Families (HUF)
  • Private Trusts
  • Public Trusts
  • Societies
What is the commercial vehicle loan repayment tenure offered?

Poonawalla Fincorp’s Commercial Vehicle Loan offers flexible repayment tenures which may vary from 12 to 60 months, depending upon the customer’s profile and our internal policies.

Does PFL fund the Body Cost also?

Poonawalla Fincorp provides finance on Body cost depending on customer profile and internal policies.

Is ownership of commercial vehicle mandatory for funding?

Funding is allowed to customers without commercial vehicle ownership. For funding customer without commercial vehicles, the customer should have relevant business experience.

Are the Income documents compulsory for funding Commercial vehicles?

No. Income documents are not compulsory, we may require other details like ownership of vehicles and repayment records.

Is a personal guarantor/co-applicant required for a Commercial Vehicle Loan?

The requirement for a guarantor/co-applicant is based on our customer’s profile and PFL internal policies.

What is the age of vehicle PFL consider for Used CV?

For Used CV, depending on the profile of customer & asset class, we may fund vehicles with age at end of loan tenure between 8 years to 14 years.

What security is required for funding under commercial vehicle loan?

Asset financed must be hypothecated to PFL with endorsement on Invoice, RC and Insurance. Loan cum hypothecation agreement to be signed by the Customer.

Do I need to provide any security or collateral for a Commercial Vehicle Loan?

No additional collateral is required for Commercial Vehicle Loan. Vehicle financed is the primary collateral.

Is funding allowed to Schools?

Funding is allowed to School with minimum student strength of 100 and minimum of 1 year in existence.

Does Poonawalla Fincorp fund (New/Pre-owned vehicle purchase OR Refinance) to individuals/businesses who buy/own vehicles for augmenting business?

Yes, we fund individuals/businesses for captive usage of commercial vehicles for augmenting business.

Can I foreclose or prepay my commercial vehicle loan?

Yes, Prepayment of the loan is allowed. The same can be availed at a charge indicated on the schedule page of the loan agreement.

Can I sell the vehicle / asset before I repay the loan?

No, you cannot sell the vehicle / asset unless your loan account has zero outstanding.