If you are looking for a Commercial Vehicle Loan or Construction Equipment Loan for your business needs, then you’ve come to the right place. Axis Bank offers the most competitive interest rates for commercial vehicle and construction equipment loans to give you the maximum benefits. There are some nominal charges associated with the Commercial Vehicle Loan and Construction Equipment Loan, which are easy to understand and completely upfront. You can find the interest rates for commercial vehicle and construction equipment loan below.
Interest Rates and Charges
For Loans with tenure up to 36 months
| 1 Yr MCLR |
Spread over MCLR |
Effective ROI |
Reset |
| 8.90% |
1.35%- 6.10% |
10.25% - 15.00% |
No Reset |
For Loans with tenure more than 36 months
| Effective ROI |
|---|
| 10.25% - 15% |
| Type and Charges |
|---|
| Sr. No. |
Type |
Charges |
| 1 |
Cheque Bounce / Instrument Return Charges |
Rs. 500 per instance |
| 2 |
Cheque / Instrument Swap Charges |
Rs. 500 per instance |
| 3 |
Duplicate Statement Issuance Charges |
Rs. 500 per instance |
| 4 |
Duplicate Repayment Schedule Issuance Charges |
Rs. 500 per instance |
| 5 |
Duplicate No Dues Certificate / NOC |
Rs. 500 per instance |
| 6 |
Penal Interest |
2% per month |
| 7 |
Foreclosure Charges |
5% of the Principal Outstanding |
| 8 |
Part Prepayments Charges |
5% of the Part Payment amount |
| 9 |
Stamp Duty |
At Actuals |
| 10 |
Issuance of Credit Report |
Rs. 50 per instance |
| 11 |
Processing Fee |
CV: Rs 5000/- per instance
CE: Rs 0.30% of the loan amount or Rs 10,000/- whichever is less |
| 12 |
Loan cancellation/Re booking charges |
Rs 2500/- per instance |
| 13 |
Documentation charge |
Rs 500/- per instance |
| 14 |
RC Collection charge |
Rs 200/- per instance |
| 15 |
ROC charge creation fee (Only for company cases) |
Rs 2500/- per instance |
| *Goods and Services Tax (GST) will be charged extra as per the applicable rates, on all the charges and fees (wherever GST is applicable) |
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