Commercial Vehicle Loan FAQs

 

 

You can avail a maximum loan of up to 100% of the chassis value of commercial vehicle under consideration.

The lending rates depend on a number of factors such as cost of funds, risk inherent to the financing business, cost of operations, loan-to-value ratio, repayment tenor, geography, usage of vehicle, prevalent market rates at the time of sanctioning etc. The details on interest rates can also be found under the ‘Policies’ section on our website.

Yes, you could. In such a situation, you could apply for the loan along with a co-applicant and your application will be considered based on the financial and credit profile of your co-applicant. However, please note that all approvals will be at the sole discretion of IIFL.

Based on your profile and credit strengths, this requirement could be waived. However, in other cases you may be required to provide a guarantor.

You can have the following as your co-applicants:

  1. A parent (father or mother), sibling (brother or sister) and spouse.
  1. First-time buyer: 80-95%
  2. Small fleet operator: 85-95%
  3. Medium fleet operator: 100%
  4. Large fleet operator: 100%
  5. Additional funding is available depending on customer profile.

Yes. You can choose to make payments through ECS or PDC (only available in non-ECS Locations) or even cash payments.

For more details, feel free to call us on our toll-free number: 1-800-30001155

 

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