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Small Vehicle Loan

If you’re looking to start a new light cargo business or to expand your cargo transportation business with a larger fleet, then our Small & Light Commercial Vehicle Loans are perfect for you. Avail loans from us on a wide array of mini-trucks, pick-up trucks and vans.

All our loans are processed fast and effortlessly, and you’ll be able to move on and get your business on the road in no time at all!

We provide finance to all kinds of commercial customers such as:

  • Large, medium and small-size fleet owners
  • Individual buyers
  • First time buyers
  • Partnership firms
  • Proprietorship firms
  • Private and Public Limited Companies
  • Schools
  • Educational Institutes
  • Trusts
  • Tenures ranging up to 60 months
  • Financing for the entire range of vehicles
  • Finance for used vehicles
  • Top-up on existing vehicle loans
  • Customized financing solutions to meet individual requirements
  • Simple documentation and easy processing
  • Assistance for purchasing the vehicle
  • Fleet Upkeep Loans for maintenance of fleets
  • Flexible Payment Options
  • Up to 100% Flexible Finance*

*(T&C Apply)

  • Proof of Identity - KYC information as required
  • Address Proof - (Ration card /Driving License/ Voter's ID / Utility Bill (within last 3months) / Registered Rental Agreement / Passport)

1. Do you provide finance for all makes of commercial vehicles?

We provide finance only for vehicles manufactured by TML

2. Do you finance all makes of Vehicles?

We finance all makes of Tata including Jaguar & Land Rovers. This includes a wide range of hatch backs, Sedans, utility vehicles, luxury cars.

3. What is the maximum quantum of finance?

We extend up to 100% of financing on vehicles. The maximum quantum of finance varies from customer to customer and product to product at the sole discretion of TMFL.

4. Do you charge Processing/Documentation fees?

We charge nominal processing fees and collect actual stamp charges

5. What would be the Stamp charges required for an agreement?

The Stamp charges are applicable based on terms governed by applicable State laws.

6. What is the TAT for sanctioning a loan?

The average TAT for sanctioning a loan is around 2 working days after the submission of all necessary documents

7. Will you give me a copy of agreement duly filled in for my records?

Yes, a copy of the agreement will be provided to the applicant.

8. Do you require a guarantor in all cases?

Guarantor requirement depends upon the strength of the application

9. What should I do in the case of a change of address? Whom should I intimate?

One can contact the nearest branch with necessary document in original.

10. Apart from Credit documents, what else is required for processing a loan?

A proforma invoice from the dealer which mentions the cost of the vehicle would be required in all cases.

11. Is Insurance mandatory in all cases?

Yes, Insurance is mandatory in all cases.

12. Once the loan is disbursed, is there any other requirement post the disbursal document?

Yes, the RC copy also has to be submitted at any branch within 90 days

13. Is funding based on the Gross Invoice Value given by the dealer?

Funding is always provided on net of discount basis. If there is a discount on the vehicle, funding will be based on the discounted price.

14. When do I become eligible for a Fleet Upkeep Loan?

You become eligible for a Fleet Upkeep Loan after a minimum and satisfactory repayment track on 12 months

15. Who can get a Fleet Upkeep Loan?

Customers having completed a 12-month season loan and having an ‘Excellent’ or ‘Good’ track record are eligible for a Fleet Upkeep Loan.

16. To whom will the finance payment get released?

The finance amount will be released to the selling dealer/vendor.

17. What are the repayment modes?

NACH is the most preferred mode of payment.

18. Can a customer foreclose a loan?

A customer may foreclose his/her loan account by paying the remaining Principal Amount and other applicable charges.

19. What papers do I have to collect from TMFL once my contract is terminated?

Upon Termination, you can collect:

  • The Termination letter
  • The No-Objection letter addressed to the RTO
    Insurance Endorsement Cancellation letter

20. What should I do when my contract tenure gets over?

Once payment has been received for the entire contract amount along with additional dues if any, an NOC will be provided after terminating the contract and removal of hypothecation. The NOC will be sent to the nearest branch, from where it can be collected.

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