<aside> <img src="/icons/forward_red.svg" alt="/icons/forward_red.svg" width="40px" /> HDFC Bank is at the forefront of private sector banks in India when it comes to offering commercial vehicle loans, thanks to its competitive interest rates.
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https://www.bankbazaar.com/car-loan/commercial-vehicle-loan.html
| Name of the Bank | Interest Rate | Other Charges |
|---|---|---|
| ICICI Bank | Will depend on the customer's profile, tenure of loan, etc. | Additional documentation charges - Rs.350 |
| HDFC Bank | 7.75% to 16.70% p.a. IRR | • Processing Fees: Up to 1.50% of the loan amount. |
| • Foreclosure/Prepayment Charges: Within 1 year from 1st EMI - 4% of Principal Outstanding. After 1 year from 1st EMI - 2% of Principal Outstanding | ||
| Kotak Mahindra Bank | Minimum: Reference Rate or Prevailing MCLR Maximum: 24% | • Processing Fee: Up to 2% of loan amount |
| • Documentation Charges: Up to Rs.5,000 | ||
| • Prepayment/Foreclosure Charges: 5% of Principal Outstanding based on reducing balance repayment date | ||
| Axis Bank | 9.00% to 14.50% p.a. | • Processing Fee: Rs.5,000 |
| • Foreclosure Charges: Up to 6 months from disbursement date - 10% of the Principal Outstanding. | ||
| • Part-Prepayment Charges: After 6 months from the disbursement date - 5% of the part payment amount. Up to 6 months from the disbursement date - 10% of the part payment amount |