Commercial Vehicle Loan: Eligibility and Documentation | IDFC FIRST Bank

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Commercial Vehicle Loan: Eligibility and Documentation

ELIGIBILITY

Indian Citizens
Proprietorships
Partnership firms
Companies (Pvt. Ltd. & Public Ltd.)
One Person Company
Limited Liability Partnership
Trusts
Societies
HUF – Hindu Undivided Family

Business Experience:

Business experience of 2 years or less in the relevant field

Age Criteria of applicants:

Applicable only for Indian Citizens
Minimum age of 18 years & maximum age of 66 years

DOCUMENTATION

KYC Proof: Valid ID & address proof, passport-sized photograph
Links: Individual (savings account KYC page) & non-individual (current account KYC page)
Experience Proof: Driving license, registration copy of commercial vehicle owned, current account statement etc., experience letter from employer
Income Proof: 6 months’ bank statement, ITR/audited financials for the last 2 years (if available)
Fleet List: List of vehicles owned & supporting documents for the same (if available)
Repayment Record: Past loan repayment record (if available)
Other: Any other document solely at the discretion of bank authorities (if required)

Proposed Asset Details:

Pro forma invoice/quotation (for new vehicle finance)
RC copy, insurance copy (for repurchase, refinance on pre-owned vehicles, balance transfer)