Being one-third the size of the United States, India is known to be the second most populous nation in the world; after the People's Republic of China. Comprising of twenty-eight states and seven union territories, India is also one of the emerging economies in the world. However, a large segment of the population belongs to the middle class and many; sadly live below the poverty line. Public transport is thus extremely important in this country for all strata's of the society, i.e. the importance of commercial vehicles in the country is extremely vital for the economy of the nation.
So, what are commercial vehicles or in other words which automobiles can actually be included in this segment? Every mode of public transport; be it bus, taxicabs, vans, light or heavy commercial vehicles, semi-truck, box trucks, vans, coaches and trains are all included in this segment. Besides this, various vehicles that are used for farming purposes such as plough, tractor’s and harvesters are also included in this segment.
India is known for being the world's largest three-wheeler, third-largest light commercial vehicles, second-largest two-wheeler and heavy commercial vehicles. So, financing these vehicles is of utmost importance in the country. There are a large number of leading finance companies (Banks and Non-Banking Financial Companies -NBFCs) in India where one can get commercial vehicle loans for an entire variety of these vehicles.
Most of these financiers have a Pan-India presence and offer their services online for people to read about the financing option, eligibility and even avail online for the same. Some of the providers include banks such as HDFC Bank, ICICI Bank, State Bank of India, Citibank Kotak Mahindra Prime Limited (KMPL), etc. There are also many public sector banks offering these financing options such as Union Bank of India, Dena Bank and Indian bank. Some of the popular NBFCs include Magma Fincorp, Mahindra Finance etc.
These may include finance for auto rickshaws, three wheelers, multi utility vehicles, pick-up trucks, light, medium and heavy commercial vehicles, container trucks, buses which include both passenger and school buses, and trailers.
One of the most important factors that need to be paid attention to when availing these loans is the interest rates that are charged. In today’s time and age, where these financial options can easily be applied for online, there are competitive rates in the loan segment for commercial vehicles. Magma car loans are offered at interest rates that range from 12% to 16%; depending on a variety of factors. Many banks offer interest rates that range from 10 % to 20% (depending on the type of car it is – new or used).
So, what are commercial vehicles or in other words which automobiles can actually be included in this segment? Every mode of public transport; be it bus, taxicabs, vans, light or heavy commercial vehicles, semi-truck, box trucks, vans, coaches and trains are all included in this segment. Besides this, various vehicles that are used for farming purposes such as plough, tractor’s and harvesters are also included in this segment.
India is known for being the world's largest three-wheeler, third-largest light commercial vehicles, second-largest two-wheeler and heavy commercial vehicles. So, financing these vehicles is of utmost importance in the country. There are a large number of leading finance companies (Banks and Non-Banking Financial Companies -NBFCs) in India where one can get commercial vehicle loans for an entire variety of these vehicles.
Most of these financiers have a Pan-India presence and offer their services online for people to read about the financing option, eligibility and even avail online for the same. Some of the providers include banks such as HDFC Bank, ICICI Bank, State Bank of India, Citibank Kotak Mahindra Prime Limited (KMPL), etc. There are also many public sector banks offering these financing options such as Union Bank of India, Dena Bank and Indian bank. Some of the popular NBFCs include Magma Fincorp, Mahindra Finance etc.
These may include finance for auto rickshaws, three wheelers, multi utility vehicles, pick-up trucks, light, medium and heavy commercial vehicles, container trucks, buses which include both passenger and school buses, and trailers.
One of the most important factors that need to be paid attention to when availing these loans is the interest rates that are charged. In today’s time and age, where these financial options can easily be applied for online, there are competitive rates in the loan segment for commercial vehicles. Magma car loans are offered at interest rates that range from 12% to 16%; depending on a variety of factors. Many banks offer interest rates that range from 10 % to 20% (depending on the type of car it is – new or used).
