Loan Products > Commercial Vehicle

Put your business in motion

The right commercial vehicle can give your business the capacity to take on more – more deliveries, more customers and more opportunities. MHPL provides financing for new and pre-owned commercial vehicles, helping you invest in the vehicle your operation needs to move forward. From carrying goods and serving customers to connecting markets and generating income, a commercial vehicle is a working asset. Our financing allows you to spread the cost through manageable instalments, with clear guidance on the requirements and applicable terms.

Loan at a glance

20%

Minimum Down Payment

8.75% - 10.99%

Starting Rate

60 Months

Max Tenure

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Brands

Interest Rates

The more you put down, the less you pay in interest

New Commercial Vehicle Rates
SEGMENT	DOWN PAYMENT	INTEREST RATE	TENURE
School Bus (ICE)	40%	8.75%	60 Months
School Bus (ICE)	30%	9.49%	60 Months
School Bus (ICE)	20%	10.99%	60 Months
LMD Model (ICE)	40%	8.99%	60 Months
LMD Model (ICE)	30%	9.99%	60 Months
HD Model (ICE)	20%	10.99%	60 Months
Night Bus (ICE)	30%	10.99%	60 Months
School Bus (EV)	40%	8.75%	60 Months
Foton / Sokon / TM1 EV	50%	8.99%	60 Months
Foton / Sokon / TM1 EV	40%	9.99%	60 Months

EMI Calculator

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Max: 50L

Annual Interest Rate

Min: 0%

Max: 11%

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A few documents and you're good to go.

FOR INDIVIDUAL CUSTOMER

Citizenship of both applicant and guarantor/s.

Recent passport size photo of both applicant and guarantor/s.

Address verifying documents (Lalpurja, latest utility bill)

CICL Report.

Existing income and business experience document ( Salary, Business, Rental, Pension, Remittance, etc.)

BUSINESS / PARTNERSHIP FIRM

Registration (with renewal)

PAN

Tax Clearance

Audit Report

Sales record/ Daybook (minimum last 3 months)

PARTNERSHIP FIRM / MULTIPLE SHAREHOLDERS

Company Registration

PAN

MOA/ AOA

Audit Report & Tax Clearance

Partnership Deed/ Latest Share Certificate

*Note: Required documents may vary depending on the nature of the business/ income. The above are the basic required documents.

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Frequently Asked Question

Which commercial vehicles do you finance?

New vehicles: trucks, tippers, tankers, buses, micro-buses, pick-ups, and delivery vans, from authorized dealers and sellers.

How do you assess my eligibility?

We look at your business cash flow, experience in transport, route or permit status, existing contracts, bank statements, and credit history. Expected income from the financed vehicle is also considered.

What documents do I need?

Citizenship certificate, PAN and business registration, route permit or license, bank statements for 6 months, tax clearance, proof of contracts or earnings, quotation for the vehicle, and driver’s license details. Additional documents may be requested at the time of the loan process if required for loan assessment.

Do you finance fleets or multiple vehicles?

Yes. Fleet operators and transport companies can apply for more than one vehicle under one proposal. Terms are set after reviewing the whole business/ loan proposal.

What insurance is required?

Comprehensive insurance for the full loan period, plus any third-party and passenger cover required by law for commercial operations. And auto plus for an EV vehicle.

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