Commercial Vehicle Loan

As a self-employed individual, if you are involved in the business of transport or you are planning to start one, Fullerton India Commercial Vehicle loan, is the ideal and flexible financial assistance for you.

From trucks to tippers, Fullerton India offers finance for all kinds of light & heavy commercial vehicles. This loan can be availed by customers with diverse profiles. Self-employed individual can always apply for the purchase of new commercial vehicle, used commercial vehicle, refinance of commercial vehicle, repurchase of commercial vehicle and more.

Features & Benefits

Loan Amount:

Fullerton India’s commercial vehicle loan amount starts from INR 1 lakhs

Hassle-free loan application

We make sure your loan application process is as simple as possible with quick response time.

Wide Range of Schemes

Fullerton India understands your needs and caters to a large and varied sector of audience.

Quick Loan Disbursal

We make sure once your loan is processed, the amount is disbursed in the quickest time possible

Convenient Repayment

Fullerton India gives you the liberty to choose from a range of repayment options as per your need and convenience.

Timely Status Update

Be rest assured as Fullerton India makes sure you get a prompt update about your application as and when necessary

Apply for your commercial vehicles loan

in minutes!

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EMI Calculator

Intrest Rate Rationale

Fees & Charges

Documentation

%
 Years

EMI

25,375

Total (Principal+Interest) 45,64,200

The interest rate for Commercial Vehicle Loans ranges from 12% to 26% per annum.

Fullerton India Credit Company Limited

Policy for Determining Interest Rates, Processing & Other Charges

Reserve Bank of India ( RBI) had vide its Circular DNBS / PD / CC No. 95/ 03.05.002/ 2006-07 dated May 24, 2007 advised that Boards of Non-Banking Finance Companies(“NBFC”) to lay out appropriate internal principles and procedures in determining interest rates, processing and other charges. Further, vide circular DNBS (PD)C.C. No. 133 /03.10.001/ 2008-09 January 2, 2009, RBI advised the NBFCs to adopt appropriate interest rate models taking into account relevant factors and to disclose the rate of interest, gradations of risk and rationale for charging different rates of interest to different category of borrowers.

Keeping view of the RBI Guidelines as cited above, the following internal guiding principles and interest rate model are therefore laid out by the board of Fullerton India Credit Company Limited (the “Company”). This policy should always be read in conjunction with RBI guidelines, directives, circulars and instructions. The Company will apply best industry practices so long as such practice does not conflict with or violate RBI guidelines.

The policy of the Company for determining Interest Rates, Processing and Other Charges is as follows:
Interest Rate :

  • The interest rate and yield for each of the loan product would be decided by the Asset Liability Management Committee (Empowered Committee) from time to time.
  • The rate of interest shall be determined based on the cost of borrowed funds, matching tenor cost, market liquidity, refinance avenues, offerings by competition, tenure of customer relationship, cost of disbursements( Cost of Fund). In addition to the cost of fund, the rate of interest shall further be determined based on inherent credit and default risk in the products and customer per se arising from customer segment, profile of the customers, professional qualifications, stability in earning and employment and repayment ability, overall customer yield, risk premium, nature and value of primary and collateral securities, past repayment track record of the customers, external ratings of the customers , industry trends, etc.
  • The company may adopt an interest rate model whereby the rate of interest for same product and tenor availed during same period by customers would be different from customer to customer depending upon consideration of any or combination of a few or all factors listed out in point (b) above . Hence, the interest rate applied would be different from customer to customer and his/ her loans.
  • The annualized rate of interest would be intimated to the customer. The interest rates would be offered on fixed, floating, variable basis. The prime lending rate for the floating rates would be reviewed on quarterly intervals. In case of floating rate of interest, the interest rate would be reviewed and reset on quarterly basis. The interest rate would be computed on daily balances basis and charged on monthly rest or such other rest as the empowered committee decide in accordance with applicable rules and regulations.
  • Interest rates shall be intimated to the customers at the time of sanction/ availing of the loan and the equated installments apportionment towards interest and principal dues shall be made available to the customer.
  • Interest changes would be prospective in effect and intimation of change of interest, if any, or other charges would be communicated to customers.
  • In case deemed fit, the Company may consider necessary moratorium for interest payment and repayment of principal with proper built in pricing.
  • In case of staggered disbursements, the rate of interest would be subjected to review and the same may vary according to the prevailing rate at the time of disbursement or as may be decided by the Company.
  • The interest rate, benchmark prime lending rate and other charges applicable from time would be hosted on website and updated from time to time.

Penal Interest /Late payment charges

  • Besides normal interest, the Company may collect penal interest / late payment charges for any delay or default in making payments of any dues. These penal interest / late payment charges for different products or facilities would be decided by the Company from time to time.
  • The rate of interest shall be determined based on the cost of borrowed funds, matching tenor cost, market liquidity, refinance avenues, offerings by competition, tenure of customer relationship, cost of disbursements( Cost of Fund). In addition to the cost of fund, the rate of interest shall further be determined based on inherent credit and default risk in the products and customer per se arising from customer segment, profile of the customers, professional qualifications, stability in earning and employment and repayment ability, overall customer yield, risk premium, nature and value of primary and collateral securities, past repayment track record of the customers, external ratings of the customers , industry trends, etc.
  • No claims for refund or waiver of such charges/ penal interest / additional interest would normally be entertained by the company and it is the sole discretion of the company to deal with such requests if any.

Processing /documentation and other charges

All processing / documentation and other charges recovered are expressly stated in the Loan documents. They vary based on the loan product, exposure limit, customer segment, geographical location and generally represent the cost incurred in rendering the services to the customers. The practices followed by other competitors in the market would also be taken into consideration while deciding the charges.

Others

The interest rate models, benchmark prime lending rate (BPLR) and other charges applicable shall be reviewed by the Empowered Committee periodically and suitable recommendations will be made to the Board.

Fullerton India Credit Company Ltd offers competitive annualized interest rates across its range of products. The interest rates* for our loan products vary and are based on the following:

  • Profile of Customers
  • Tenure of the Loan
  • Geography of residence
  • Nature of Collateral (If provided)
  • Prior / existing relationship with Fullerton India.

*The interest rate would be computed on daily balances basis and changed on monthly rest at the rate as set out in the loan agreement. The interest rate range is indicative and the final rate is arrived at basis (a) Profile of Customers (b) Tenure of the Loan(c ) Geography of residence (d) Nature of Collateral (If provided (e) Prior / existing relationship with Fullerton India. Interest rates are subject to change at any point of time at the sole discretion of FICCL

Here’s a table of Fees and Charges to help you understand the same in detail,

Type of Fees

Charges applicable

Delayed EMI Payment Interest ( per month of delay, every month)

Additional Interest (applicable for payment defaults) An amount not exceeding 2 per cent per annum on the Principal amounts outstanding under the Loan payable from the relevant due date until the date of actual payment / rectification of default.

Cheque /ECS dishonoured Charges (per dishonour of cheque/ECS per presentation)

30

Swap Charges- for replacement of Post-dated cheques to ECS (per instance)

500

Swap Charges- for replacement of ECS to ECS (per instance)

500

Loan Cancellation charges (loan cancelled before first EMI)

Stamp Duty plus 1500 before encashment of the loan disbursement cheque. Else Loan prepayment charges apply.

Duplicate NOC/ NOC Revalidation

250

Processing Fees

Up to 2% of the Loan Amount

*Where ever notified Service Tax and other government levies, as applicable, would be charged additionally at the applicable rates

Foreclosure Charges
Within 6 months from the Agreement Date 4.00%
Within 7 months to 12 months from the Agreement Date 4.00%
Within 13 months to 24 months from the Agreement Date 3.00%
Within 25 months to 60 months from the Agreement Date 3.00%
Within 61 months to 84 months from the Agreement Date 3.00%
After 84 months from the Agreement Date Nill

Dear Applicant, do keep the digital copy* of following documents handy to avail full benefits of your online Personal Loan for Wedding application. You would be required to upload these documents later for completing your loan application. (* only .jpg, .jpeg, .pdf formats allowed)

  • Application form with a recent photograph
  • Proof of Identity (Passport Copy/ Voter ID card/ Driving License/ PAN Card)
  • Address Proof (Ration card/ Telephone Bill/ Electricity Bill/ Rental agreement / Passport copy/ Bank Passbook or Statement/Driving License)
  • Age proof (PAN Card, Passport, any other certificate from a statutory authority)
  • Proof of business existence
  • Bank Statements (Bank statement / Bank Passbook for last 6 months)
  • Profit and loss statement for last 3 years
  • Balance sheet for last 3 years
  • Income Tax Returns for last 3 years (for self and business) duly certified by a CA
  • Processing fee cheque

How To Apply

1

Fill up your
form online

2

Check your eligibility
in a minute

3

Upload documents
for Verification

4

Post verification, loan will be approved and disbursed in your account

FAQs

Are there any specific types of Commercial Vehicles for which finance is provided?

At Fullerton India, we finance all types of goods and passenger carrying vehicles, right from under 1 ton GVW vehicles to vehicles having a gross vehicle weight of over 40 Tons.

I have a working capital need for my business, can I take a loan on my loan- free commercial vehicle?

Yes, we provide re-finance on a pre-owned commercial vehicle.

Can I get a loan on a car that would be used with a commercial number plate (Yellow Number Plate)

No, unfortunately, we do not finance passenger cars having a commercial number plate.

My core business is not goods transportation, but I am looking to buy a vehicle which will help me reduce my dependency on a Transport Service provider.

Yes, we would be happy to extend our services to you. We would request you to please contact our nearest Fullerton branch or call centre and our executive will help you with further process.

What documents are required for financing my loan?

Please refer to our document checklist for the detailed list of document required for the loan sanctioning process.

What is the rate of interest that I would be charged?

The rate of interest depends on a lot of factors such as the number of vehicles owned, your turnover, your repayment Track record, etc. We would be able to confirm the rate of interest once we have studied your documents.

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