First of all, what are commercial vehicles? These are vehicles, like pick-up trucks, mini-vans, three-wheelers, etc., that are specially designed to transport cargo or paid passengers. These vehicles are engineered in such a way that they are able to take on both the smooth city roads and the tough rural terrain.
Alright, so what significance do these vehicles have for a country India? Well, our economy is booming, mostly due to small and medium scale businesses. These businesses have seen a tremendous increase in their supply needs, this requires them to have commercial vehicles. Usually, these businesses need to purchase more than one commercial vehicle, which puts a lot of financial pressure on them and to ease this pressure, commercial vehicle finance comes in.
There are a lot of private and nationalized financial establishments that provide commercial vehicle finance. Most of them would first try and understand the need of your business and would then tailor make their loan to best suit the growth of your business. These loans are applicable on almost all commercial vehicle brands and unlike other vehicle loans, are disbursed fairly quickly. Many financial establishments tend provide loan of about 75-100% of the price of the commercial vehicle, thus, letting business owners focus on the growth of their business and not on running around to gather funds. Interest rates too tend to be on lower side, typically ranging between 10-20%. Most establishments also require minimal documentation and provide you with various flexible repayment options.
Small and medium scale businesses are the backbone of our nation’s economy. Pick-up trucks play a major role for cargo needs, whereas mini-vans and other vehicles are used as a means to transport people. These businesses along with their commercial vehicles will play a vital role in the economic growth story of our nation. Commercial vehicle finance will simply help such businesses prosper.