Truck Loan & Finance
Explore financing options for eligible trucks and commercial transport vehicles through Mehar Advisory's network of banks, NBFCs, and lending partners.
Lorry Finance Quote
Submit payload needs to compare custom bank schemes.
Quick Truck Finance Details
*Important: The final rates and funding limits depend on the selected lender, applicant profile, vehicle valuation, and condition.
Truck Loan Interest Rate
Commercial truck finance rates for new vehicles start from 8.75% p.a. for prime profiles. However, the final interest rate can vary significantly based on the chosen lender, your applicant profile, the truck value/condition, loan amount, and tenure.
Mehar Advisory acts as a financing intermediary to help you compare these available lender options so you can find terms that suit your cargo operations.
Used Truck Finance
Mehar Advisory facilitates credit evaluations for used trucks. According to current lending guidelines, pre-owned commercial trucks up to 5 to 7 years old are generally financeable.
Used commercial truck loan rates typically start from 11.00% p.a. The final lender assessment and loan-to-value ratio are decided based on a physical asset health valuation conducted by authorized surveyors. Rates for used trucks generally differ from new truck financing.
Down Payment & Funding
The required customer contribution (down payment) depends on the lender, vehicle valuation, vehicle condition, and the applicant's credit profile.
Lenders assess the chassis value and, where applicable, cabin fabrication quotes to determine the final approved loan amount. A higher down payment reduces the principal borrowed and can positively influence the interest rate offered.
Truck Loan EMI
Your EMI depends on the financed amount, final interest rate, and repayment tenure. Use this illustrative calculator to estimate your payments.
Commercial Vehicle Eligibility
Age: Minimum 21 years at execution; up to 65 years at loan maturity.
Operational Experience: Minimum 2 years of active logistics, route driving, or transport brokerage.
Driving License: Mandatory Commercial HMV license for self-employed driver-owners (SRTOs).
CIBIL / Credit: 650+ preferred. Clean tracks of existing business loans improve eligibility.
Permits: Active route/cargo permits and load agreements strengthen approval terms.
Truck Finance Requirements
Identity KYC: Aadhaar Card, PAN Card, Voter ID, or Utility Bills.
Business Stability: GST Registration, Shop Act, RTO permits, partnership deeds.
Bank Vintage: Last 6 to 12 months business bank statements.
Contracts: Active work orders, cargo load details, or broker transit logs.
Vehicle Quote: Official proforma invoice from the truck dealer and body fabricator.
Documents generally required may include the above. Additional lender-specific documents may be requested based on the loan profile.
How the Truck Loan Process Works
Apply and provide initial profile details.
Basic eligibility review by our advisory team.
Vehicle details submitted and technical valuation completed (for used trucks).
Complete documentation and KYC collection.
Lender assessment and final credit sanction.
Disbursement of funds directly to the dealer or seller.
What Affects Rate and Approval?
Two applicants for the same truck model can receive different terms. The lender's policy assesses:
- Credit History: Past vehicle or business loans paid on time.
- Fleet Size & Income: Income stability and existing logistics operations.
- Vehicle Condition: New vehicles generally secure better rates than older trucks.
- Contracts: Predictable revenue from dedicated freight contracts improves approval confidence.
Why Choose Mehar Advisory?
Mehar Advisory helps connect applicants with available lender options; the final loan decision is made by the selected lender. We offer doorstep document support across Jaipur, Bikaner, Bagru, Merta, Sri Ganganagar, Hanumangarh, and Lunkaransar.
