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Commercial vehicle loans are loans offered to borrowers, usually self-employed individuals, trusts, partnership firms, organisations, etc., for the purchase of vehicles for commercial or business purposes. These Car loans are availed by those who are involved in the transportation business.
Commercial Vehicle Vs Car Loan
A commercial vehicle loan provides funds to borrowers to purchase a vehicle to individuals and organizations for commercial use. It is similar to a car loan; however, car loans are specifically catered towards private vehicles. A commercial vehicle loan finances the purchase of commercial vehicles. A commercial vehicle loan EMI calculator can be used to plan the repayment for this type of loan.