Kurakula’s Offering a Commercial Vehicle Loan

Key Features of Kurakula’s Commercial Vehicle Loans: 

• Loan Amount:

•  Commercial Vehicle Loans: Loans are typically offered for a percentage of the vehicle’s value, often up to 80-90% of the total cost, depending on the borrower’s creditworthiness and the lender’s policies.

Interest Rates:

• Interest rates can be fixed or variable, depending on the loan agreement. Rates may vary based on the borrower’s credit score, loan tenure, and the type of vehicle being financed.

Loan Tenure:

• The repayment period can range from 1 year to 7 years or more, depending on the loan amount and the borrower’s ability to repay.

Eligibility Criteria:

• Age: Typically, borrowers must be between 21 and 65 years old.

• Income: Minimum income requirements may apply, often verified through salary slips or bank statements.

• Credit Score: A good credit score is usually required to secure favorable loan terms.

• Employment Status: Stable employment or a steady source of income is often necessary.

Documentation Required:

• Proof of identity (e.g., passport, driver’s license, national ID)

• Proof of address (e.g., utility bills, rental agreement)

• Proof of income (e.g., salary slips, bank statements)

• Vehicle details (e.g., invoice, registration documents)

Types of Vehicles Covered:

• New and used cars

• Motorcycles

• Commercial vehicles (e.g., trucks, vans)

• Electric vehicles (EVs)

Repayment Options:

• Monthly installments (EMIs)

• Flexible repayment schedules

• Prepayment options (may include fees)

Insurance:

• Comprehensive insurance is often required as part of the loan agreement to protect the vehicle against damage or theft.

Processing Fees:

• A one-time processing fee may be charged, usually a percentage of the loan amount.

Loan Approval Time:

• The approval process can take anywhere from a few hours to a few days, depending on the completeness of the documentation and the lender’s internal processes.