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Transportation loan process

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Rownne Singh
Rownne Singh

The document outlines the loan process for heavy commercial vehicles in India. It details the requirements including that the transport operator must have been in business for 3 years, documents needed such as address proof, identity proof, and business profile. The bank finances up to 75% of the vehicle cost and the process includes submitting an application, an interview, field investigation to verify documents, and checking the applicant's credit history before sanctioning and disbursing the loan.

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TRANSPORTATION LOAN PROCESS
Heavy vehicle loan overview Loans for purchase of heavy commercial vehicles in India are granted to transport operators. The vehicles purchased are hypothecated to the bank. The bank finances up to 75% of the cost of the vehicle. The customer has to bring in the margin amount from his own sources. This loan is then repaid on EMI basis. The Transport Operator in India should have been in business for the last 3 years.
DOCUMENTS The borrower and/or the guarantors have to provide the following documents to the banks or the lending institutions while submitting the Heavy Vehicle Loan Application.
Address Proof : Latest Electricity/Telephone Bill or Receipt of Maintenance Charges or Valid Passport or Voters Identity Card or Identity Proof : Valid Passport, PAN Card, Voters Card, Any other photo identification issued by Government Agencies. Business Proof : VAT/CST Registration No. Business Profile on Companys Letterhead. Partnership deed in case of partnership firms.
PROCESS The following are the sequence of steps taken by the banks on receipt of completed application forms. Application form is accepted and acknowledged. Personal interview /discussions is held with the customers by the banks officials. Bank's Field Investigation team visits the business place/work place of the applicant. (All the documents submitted are verified by the bank with the originals so as to ensure the authenticity of the same.) Bank verifies the track record of the applicant with the common information sharing bureau (CIBIL).
SANCTION AND DISBURSEMENT

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Transportation loan process

  • 2. Heavy vehicle loan overview Loans for purchase of heavy commercial vehicles in India are granted to transport operators. The vehicles purchased are hypothecated to the bank. The bank finances up to 75% of the cost of the vehicle. The customer has to bring in the margin amount from his own sources. This loan is then repaid on EMI basis. The Transport Operator in India should have been in business for the last 3 years.
  • 3. DOCUMENTS The borrower and/or the guarantors have to provide the following documents to the banks or the lending institutions while submitting the Heavy Vehicle Loan Application.
  • 4. Address Proof : Latest Electricity/Telephone Bill or Receipt of Maintenance Charges or Valid Passport or Voters Identity Card or Identity Proof : Valid Passport, PAN Card, Voters Card, Any other photo identification issued by Government Agencies. Business Proof : VAT/CST Registration No. Business Profile on Companys Letterhead. Partnership deed in case of partnership firms.
  • 5. PROCESS The following are the sequence of steps taken by the banks on receipt of completed application forms. Application form is accepted and acknowledged. Personal interview /discussions is held with the customers by the banks officials. Bank's Field Investigation team visits the business place/work place of the applicant. (All the documents submitted are verified by the bank with the originals so as to ensure the authenticity of the same.) Bank verifies the track record of the applicant with the common information sharing bureau (CIBIL).