Just enter the loan amount of truck you want to get financed and rate of interest. Vicky.in EMI Calculator automatically calculates the installment on reducing balance and it does not have any other processing fee.
Also see : Truck Loan Emi Calculator
Finance Tips
Now-a-days, to meet the demand for trucks that has been increasing due to its usage in carrying loads for construction purposes, pioneers in truck dealers like Ashok Leyland, Bajaj, Mahindra, Piaggo and Tata are releasing different models of trucks ranging from small to customized ,every year. For transportation agents and individuals ,those who don't have sufficient purchasing power, truck loan serves as a powerful tool ,in getting the truck they dreamt of.Loan definition:
An arrangement in which a lender gives money to a borrower, and the borrower agrees to repay the money, usually along with interest, at some future point(s) in time.Eligibility for getting loan:
If a person is applying for the loan, his loan will get sanctioned only if his eligibility criteria gets satisfied. The reason for checking the eligibility criteria is mainly for assessing a person whether he has the repaying capacity to make the full payment. Each bank has its own eligibility criteria. For example, eligibility criteria of ICICI bank are as follows- Any individual/partnership firm/company with more than two years of business experience.
- Existing owner of at least two commercial vehicles.
- Captive customers and transporters.
Documents Required:
Some of the documents are required for getting quicker approval for truck loan, assessing the repaying capacity. The requirements in case of documentation differs with each bank.For example , If you consider the documentation requirements of IndudInd Bank, the following are the requirements:- Proof of residence - ration card or passport copy or Voter's ID
- Contract copies for special purpose vehicles/ vehicles deployed against specific contracts
- Statement of earlier loans taken
- Copy of property deed for immovable property owned
- RC book photocopies for vehicles owned
- Copy of income tax and wealth tax returns for past two years
- Details of your guarantor - his business, net-worth, IT returns and wealth tax term copies
For Partnership Firms:
- Partnership deed and authorization letter for partnership firms
- Profit and Loss account and Balance Sheet for past 2 years
- Registration certificate
- Contract copies for special purpose vehicles/vehicles deployed against specific contracts
- Statement of earlier loans taken
- Copy of property deed for immovable property owned
- RC book photocopies for vehicles owned
- Details of your guarantor - his business, net-worth, IT returns and wealth tax term copies
Loan schemes:
The procedures and offerings for loan differs with banks according to each bank's terms and conditions. Even the interest rate and the processing fee and differs with each bank. For example, ICICI bank provides- Interest rate: 12%-15%
- Processing fee-0.50% of gross loan amount
- Documentation charges-Rs350/-
- Interest rate: Base rate+0.45% presently 10.65% p.a. at monthly rests
- Processing charges/Handling charges:
| Upto Rs 25,000 | One time Rs1000 |
|---|---|
| Above Rs25,000-Rs25lacs | One time @1% of loan amount Min.Rs.2000/- and Max.Rs.10,000/- |
| Above Rs25lacs | One time flat Rs.15000/- |