Commercial Vehicle Loan

StarInvest offers Commercial Vehicle Loans designed to help businesses acquire vehicles for transporting goods, passenger services, or other commercial purposes. These loans aim to provide financial flexibility for businesses looking to expand their fleet or replace old vehicles with newer, more efficient ones. By availing a commercial vehicle loan from StarInvest, business owners can maintain their cash flow while investing in vehicles that are crucial for day-to-day operations. These loans typically come with competitive interest rates, flexible repayment terms, and quick approval processes to suit the needs of businesses.

Requirements:

1. Age of Applicant: The applicant must be at least 21 years old and not older than 60 years at the time of loan maturity.
2. Business Ownership: The borrower should be the owner of a business or a professional with a stable income source.
3. Minimum Business Vintage: Generally, businesses should be operational for at least 1-2 years.
4. Income Proof: The borrower must provide proof of a stable income (such as bank statements, financial statements, or tax returns) to show their ability to repay the loan.
5. Documents: Basic KYC documents, address proof, business registration details, and vehicle quotation.
6. Credit Score: A good credit score is usually required, as it demonstrates the borrower’s creditworthiness.

Eligibility:

• Business Type: Sole proprietors, partnerships, and private limited companies can apply.
• Financial Health: Businesses with a positive cash flow and a proven ability to repay debts are more likely to qualify.
• Vehicle Type: The loan can be used for a variety of commercial vehicles such as trucks, buses, vans, and other specialized vehicles.

The loan can cover up to 90% of the vehicle’s on-road price, with repayment terms usually ranging from 3 to 7 years, depending on the loan amount and the applicant's profile.