For offering Commercial Vehicle Financing to customers you will need an application that can handle the various types of individuals and the variations in norms and documentation like handling the income documents of the salaried individuals, Self Employed Non Professionals and Corporates.
What is Commercial Vehicle Loans?
Commercial Vehicle Loans is a credit facility extended by Banks and NBFC's to individuals and corporates for the purchase of vehicles like passenger (car, mini vans and busses) and good carriers (tempos, tippers, tankers and lorries). These loans are extended to
- Self Employed Non Professionals like fleet owners
- Propreitorship firms
- Partnership firms
- Public Limited Companies
- Private Limited Companies
- Trusts and Societies
- Educational Institutions
The tenure of this loan can be between 12 months to 60 months. The quantum of Financing can include the cost of the vehicle plus accessories plus the taxes, registration charges etc.
AnyBank Suite and Commercial Vehicle Loans
The AB Suite can handle financial products targeteted at different types of customers. Parameters are defined for a product and for the Customer Constitution. This allows us to handle Commercial Vehicle loans of varying tenures. It also allows us to handle variations in the quantum of loan funded - the amount disbursed could included the base cost of the vehicle plus the taxes plus registration fees plus Insurance plus stamp duty plus extended varranty plus the annual maintenance contract. The product configuration can include structured fees and levies that are not limited to Processing, Documentation and Advance EMI's. Documents are specific to the customer constitution and can include among others the
- Employment Proof
- Identity Proof
- Proof of Residence
- Income Proof (Salary Slip, IT Returns)
- Bank Statement
In case of Commercial Vehicle Loans being availed by Corporates the application is intelligent to prompt for docuemnts specific to corporates lie
- Memorundum and Artciles of Association
- Partnership Deed or Propreitorship
- Board Resolution
- Audited Financials
Computation of Eligibility Norms and Credit Norms is automatic. We also offer interfaces to credit bureaus to fetch the credit report automatically. Periodic reminders for post disbursal actions like endorsing the RC Book is triggered. Interest computation on Loan accounts is automatic and can be based on an amortization schedule or Daily reducing balance method. We offer ACH, PDC's and on field collections as repayment methods. We also offer payment by several payment gateways.
Delinquencies flow into the delinquent module called AB CAPE and cases are allocated based on an allocation logic. Telecalling and field visits are recorded before cases are escalated and moved to various buckets as DPD increases. Case documentation and Case filing is also supported with readymade templates. AB CAPE also offers a method to securitize loans.