Karvy arm launches commercial vehicle loans

Hyderabad: Karvy Finance, a part of city-based Karvy Group, has introduced vehicle loans of up to Rs 10 lakh for small commercial vehicles (SCVs). The loans, with tenure of one to five years, carry attractive interest rates which will be offered to small size vendors, distributors and wholesalers for captive use and to small transport business owners who are looking to add new vehicles to their fleet or replace existing vehicles.

The product will also be offered to first time users, who are qualified drivers and looking to start their own transport business. The company will ensure that disbursements will be completed within three days of receiving application. “The SCV loan business is a key addition to our micro enterprise customer segment proposition. I am sure that this new loan offering will help many new entrepreneurs realize their dreams,” said Amit Saxena, CEO, Karvy Finance.

This facility is currently being offered in ten cities, including Hyderabad, Vijayawada, Visakhapatnam, Rajahmundry, Kakinada, Bhimavaram, Eluru, Mumbai, Pune, and Chennai. Under this offer, prospective customers can also benefit from flexible finance schemes with easy repayment options. Additionally, customers can avail the advantage of insurance cover at a special rate along with personalized service.