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Is it easy to get commercial vehicle loans?

The ease of getting a commercial vehicle loan depends on various factors such as your credit score, income stability, the profitability of the business, and the lender's specific criteria.

What is the minimum credit score required for a commercial vehicle loan?

The minimum credit score required for a commercial vehicle loan varies among lenders. However, a score of 650 or higher is generally considered favourable.

Can I get a commercial vehicle loan with a 620 credit score?

Yes, you can get a commercial vehicle loan with a 620 credit score, especially from lenders like Shriram Finance which consider other financial factors beyond just credit score.

How to check credit scores for commercial vehicle loans?

You can check the credit score for a commercial vehicle loan online using Shriram Finance website or through certain banks and financial institutions that offer this service.

How much credit score is required to get a commercial vehicle loan?

A credit score of 650 or higher is typically considered good for obtaining a commercial vehicle loan. However, specific requirements can vary among lenders.

Why do NBFCs check credit scores before approving commercial vehicle loans?

NBFCs check credit scores before approving a commercial vehicle loan to assess the risk associated with lending. A good credit score indicates that the borrower is likely to repay the loan on time.

How to get a commercial vehicle loan with a low credit score?

To get a commercial vehicle loan with a low credit score, consider selecting a lender that doesn't weigh credit scores heavily, demonstrate your income stability, or consider having a co-applicant or guarantor with a good credit score.

Does credit score affect commercial vehicle loan eligibility?

Yes, a credit score affects commercial vehicle loan eligibility. A higher score can make it easier to secure a loan, get better interest rates, and negotiate favourable loan terms.

How to get a commercial vehicle loan without a credit score?

To get a commercial vehicle loan without a credit score, you may be required to show other aspects of financial stability, such as consistent income or business profitability. As an alternative, you can also consider using a co-signer or guarantor with a good credit score.