Buying customized products always holds a lot of attraction and utility for buyers. So whether it’s a specially engraved pen or a customized car one can get it if they so desire and can afford to pay for it. If customized vehicles can be bought then getting a customized loan for it should also be possible. Yes, it is! Today each seller is trying new and innovative methods to lure and retain customers; the financial world is also sailing in the same boat. Thus they are offering customized products to their customers and customized commercial loans are one such product being offered to borrowers to make it convenient for them to buy these vehicles..
What is a Commercial Vehicle Loan?
Commercial vehicle loans are availed by individuals, proprietorship and partnership firms, trusts, societies, HUFs, private or public limited companies in order to meet the financial requirements for running and owning commercial vehicles.
Borrowers may choose to take these loans for various kinds of vehicles ranging from buses, trucks, tankers, tippers, transit mixers, tempos etc of all types. Just like care loan interest rate varies from lender to lender, rates for these loans may also vary. However for these loans the customer segment (self employed/corporate/businessmen etc) and the vehicle segment (truck/bus/temp etc) also impact the interest rates apart from the lender policies. The loans are available subject to the applicant fulfilling various eligibility criteria as laid down by the lender.
A Loan the Suits Your Needs:
Depending on the kind of vehicle you need you could get a customized loan to suit the variety of purposes and vehicles. Thus a borrower could opt for one of the three types of loan:
Depending on the borrower’s requirement they could choose the type of loan they want. Lenders are also willing to offer customized loans that suit the individual needs of the borrower. They offer flexibility in repayment options that are in line with borrower’s requirements.
Lenders not only offer customization on the type of loan and repayment they also offer flexibility in loan tenures, the asset to value ratio and accelerated vehicle delivery. A lot of the customization will depend on the borrower’s relationship with the lender and also his credit profile. So ensure that you have a good credit rating, you can now get a free credit report from any credit rating agency and assess your credit health before applying for a loan. Some may allow pre payment after a specified time frame but usually a fee is levied for the prepayment.
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