Looking for a Business Loan for purchasing Commercial Vehicles from Kotak Mahindra Bank?

Get all the information you need on the Commercial Vehicle Loan from Kotak Mahindra Bank below.

Kotak Mahindra Bank Commercial Vehicle Loan

This loan helps businesses in the Transportation sector buy brand new or pre-owned commercial vehicles in the Heavy Commercial Vehicle (HCV), Medium Commercial Vehicle (MCV), Light Commercial Vehicle (LCV) and small vehicles for business use. The interest rate, repayment period, etc. are decided by the bank on a case-to-case basis.

Features of Kotak Mahindra Bank Commercial Vehicle Financing

Why this Loan?

  • The Kotak Mahindra Bank Commercial Vehicle Loan is meant for Transport Operators to help them acquire funds for purchasing new commercial vehicles for their business
  • Businesses that have been in the transportation sector for a minimum of 2 years are eligible for this loan
  • This is a collateral-free loan

Loan Amount

  • The minimum loan amount sanctioned under this loan scheme is Rs. 3 lakh and the maximum loan amount sanctioned under this loan scheme is Rs. 75 lakh

Interest

  • As of April 2020, the interest rate charged by the bank for this loan is not mentioned on the bank’s website. They have only mentioned that the rate of interest is in the range of prevailing Marginal Cost of Funds-Based Lending Rate (MCLR) and 24.00% for this loan. Please check the Kotak Mahindra Bank website here for more details. We suggest getting in touch with a bank representative before applying for this loan

Repayment

  • This loan must be repaid within 5 years
  • As of April 2020, the moratorium period for this loan is not mentioned on the bank’s website. We suggest checking with the bank before applying for the loan

Security Needed

  • The bank may ask for hypothecation of assets created under this loan as security

Eligibility

  • Sole proprietors, partnership firms, Limited Liability Partnerships (LLPs), Society (Educational Institute), Public Limited Companies and Private Limited Companies are eligible for this loan

Borrower’s Contribution to Total Cost (Margin Money)

  • As of September 2020, this information is not available on the bank’s website. Please check with the bank for these details

Processing Charges

  • The bank charges up to 2% of the total loan amount as processing charges for this business loan

Documents Needed for Individuals

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card/ PAN Card Issue Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof: Last 6 months Bank Account Statement of applicant and co-applicant, Loan Statement of Running Loans, Latest Closed Loan NOC, Net Worth of the applicant and co-applicant
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • For term loans: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security (as applicable): Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Partnership’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • For Term Loans Only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Documents Needed for Private Limited and Public Limited Companies

  • Application Form duly filled and signed
  • Company ID Proof: Company’s PAN Card
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Business Proof: AOA and MOA, Company Incorporation Certificate, Business Commencement Certificate, Board Resolution, CA/CS verified Share Holding Pattern, ROC Annual Return, DIN Certificate, List of Directors on Company Letter Head, GST Number, Form 32 in case of Director Change
  • Income Proof: CMA Data and Project Report, Last 3 Years ITR Acknowledgement copy of Company and all Directors, Last 3 Years Annual Credit Report or Tax Audit Report with Article 3CB, Article 2D, Article 3CD, TDS Certificate/Form 16A, Net Worth Certificate
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
  • Security: Margin Money, Previous and Current Sales Deed, Plant and Machinery list, Plant and Machinery Current Valuation Report, Property Photographs, Previous Property Search and Valuation Report
  • Other Relevant Documents: Company’s Business Profile, Promoter/Guarantor’s Profile, Corporate Brochure, Business Experience Supporting Documents, Business References
  • For term loans only: Project report with details on product choice, market survey, projection of production and sales, infrastructural needs, etc.; projected cash and fund flow statement for the repayment period; and copies of all licenses and permits wherever applicable

Reference Facts:

  • Kotak Mahindra Bank Website: www.kotak.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 1860 266 2666