Talking of the major financiers for the heavy commercial vehicles , most of the leading Indian banks, both the public and private sector ones, such as the State Bank of India (SBI), ICICI Bank, HDFC Bank, Union Bank, Times Bank and many others have made intense foray in this segment of auto finance. Since financing for the heavy commercial vehicles fall under the commercial vehicle division, the terms and conditions for the finance, EMIs and criterion vary.
In terms of loans, the rates of interest keep on changing from period to period. Further, the loan amount, period of repayment and the borrower's ability to payment are the other factors that too are considered while allocating fiancé for buying a HCV. In addition to, the types of finance include HCV finance for a new vehicle, used vehicle, refinance, balance transfer or top-up finance.
Most of the banks and financial institutions in the field of heavy commercial vehicle finance provide for financing of HCVs belonging to the Tata Motors, Ashok Leyland, Swaraj Mazda, Volvo and Eicher. Here too, the Tata Finance being one of the financing arms of Tata Motors account for a substantial chunk of HCV market as it arranges for the financial support for Tata HCVs.
Further, in some of the cases, even 100% financing is provided that is really very helpful since financing of an HCV is quite expensive. Some of the major advantages that a consumer gets out of the HCV financing includes simple documentation, quicker processing of finance, customized EMI structure depending upon the customer's convenience and ability to pay.
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