Commercial Car Loan – Singroha Associates
Affordable Financing for Commercial Cars in Panipat
Table of Contents
Introduction
A Commercial Car Loan is a financing solution for purchasing new or used cars with commercial registration (e.g., taxis, cabs, or fleet vehicles) for business purposes. Singroha Associates, a trusted name in Panipat since 2020, offers tailored Commercial Car Loan options to support transportation businesses and individual operators. With over 5,000 successful cases, we provide quick approvals, competitive rates, and a transparent process to empower Panipat’s commercial vehicle owners.
Key Features
Our Commercial Car Loans are designed to support businesses with the following benefits:
- Competitive Interest Rates: Starting at 8% p.a., tailored for commercial vehicles.
- Flexible Loan Amounts: From ₹1 lakh to ₹25 lakh, based on vehicle value and business needs.
- Flexible Tenure: Repayment periods from 1 to 5 years, aligned with business cash flows.
- Quick Processing: Loan disbursal within 3-7 working days with minimal documentation.
- High Loan-to-Value Ratio: Up to 90% financing on the vehicle’s market value.
- Collateral Options: The car itself as primary collateral; no additional security required.
Types of Commercial Car Loans
We offer a range of loan options to meet diverse business needs:
- New Commercial Car Loan: For purchasing new cars for commercial use (e.g., taxis, fleet vehicles).
- Used Commercial Car Loan: For pre-owned cars up to 7 years old, with up to 90% financing.
- Refinance Loan: Refinance existing commercial car loans for better rates or terms.
- Top-Up Loan: Additional funding for existing loan borrowers.
- Balance Transfer Loan: Transfer existing loans to lower interest rates.
Our Commercial Car Loan Providers
We partner with leading banks and NBFCs to offer the best financing options for commercial cars:
| Provider | Loan Amount | Interest Rate | Tenure | Collateral |
|---|---|---|---|---|
| HDFC Bank | ₹1 lakh – ₹25 lakh | 8% – 14% | 1-5 years | Car |
| ICICI Bank | ₹1 lakh – ₹20 lakh | 8.5% – 15% | 1-5 years | Car |
| Axis Bank | ₹1 lakh – ₹20 lakh | 9% – 15.5% | 1-5 years | Car |
| Bank of Baroda | ₹1 lakh – ₹25 lakh | 8% – 14% | 1-5 years | Car |
| State Bank of India | ₹1 lakh – ₹20 lakh | 8.5% – 14.5% | 1-5 years | Car |
| Mahindra Finance | ₹1 lakh – ₹15 lakh | 9% – 16% | 1-5 years | Car |
Note: Terms are subject to change based on lender policies and applicant eligibility.
Eligibility Criteria
To apply for a Commercial Car Loan, you must meet the following requirements:
- Nationality: Resident citizen of India.
- Age: 21-65 years at the time of loan maturity.
- Business Type: Individuals, proprietorships, partnership firms, or companies operating in transportation or commercial services.
- Experience: Minimum 1 year in transportation or related business.
- Credit Score: Preferably 650+ CIBIL score; some lenders accept lower scores.
- Documents: KYC (Aadhaar, PAN), business proof (GST returns, ITR, permits), bank statements, vehicle quotation, and valuation report (for used cars).
Application Process
Our streamlined application process ensures quick access to funds:
- Visit our Panipat office to fill out the loan application form.
- Submit KYC, business proof, bank statements, vehicle quotation, and valuation report (if applicable).
- Our team coordinates with lenders for document verification and vehicle valuation.
- Receive loan approval and disbursal within 3-7 working days.
Benefits of Choosing Us
Singroha Associates is your trusted partner for Commercial Car Loans:
- Expert Guidance: Over 10 years of experience with 5,000+ successful cases.
- Fast Processing: Hassle-free applications with minimal paperwork.
- Customized Solutions: Loans tailored to your business needs.
- Transparency: No hidden fees, clear terms, and RBI-compliant processes.
- Strong Network: Partnerships with top lenders like SBI, HDFC, and Mahindra Finance.
Why Panipat Businesses Trust Us
Singroha Associates is a preferred choice for Panipat’s business community:
- Local Expertise: Deep understanding of Panipat’s transportation and commercial needs.
- Client-Centric Service: Personalized support for every customer.
- Proven Success: Empowered thousands of local clients since 2020.
- Community Ties: Strong relationships with Panipat’s businesses and operators.
- Ethical Practices: Adherence to RBI guidelines and transparent dealings.
Frequently Asked Questions
1. What is a Commercial Car Loan?
A Commercial Car Loan is a financing option for purchasing new or used cars with commercial registration for business purposes, such as taxis or fleet operations.
2. Who can apply for a Commercial Car Loan?
Individuals, proprietorships, partnership firms, or companies aged 21-65 with at least 1 year of experience in transportation or commercial services.
3. What documents are required?
KYC (Aadhaar, PAN), business proof (GST returns, ITR, permits), bank statements, vehicle quotation, and valuation report (for used cars).
4. How long does loan approval take?
Loan approval typically takes 3-7 working days, depending on documentation and vehicle valuation.
5. What is the maximum loan amount for a Commercial Car Loan?
Up to ₹25 lakh, depending on the vehicle’s market value, condition, and applicant’s eligibility.
6. Can I prepay or foreclose the loan?
Yes, most lenders allow prepayment or foreclosure with minimal or no charges after 6-12 months.
7. What happens if I miss an EMI?
Missing an EMI may incur penalties and affect your credit score. Contact your lender immediately to discuss solutions.