In terms of heavy commercial vehicle loans , the rates of interest vary depending upon factors like the loan amount, period of repayment and the borrower's ability to payment as determined by the loan providers. In addition to, the type of loans for a heavy commercial vehicle (HCV) include HCV finance for a new vehicle, used vehicle, refinance, balance transfer or top-up finance.

Talking of the major loan providers for heavy commercial vehicles , many 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 and many others like Tata Finance have made a foray in this segment of auto finance. Since financing for the heavy commercial vehicles is one of the more lucrative auto loans, the loan providers promote it with innovative schemes and provisions. Hence, the terms and conditions for the loan, EMIs and criterion vary.

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.

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 provide for the loan offerings of various ranges of Tata HCVs.

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