Karvy Finance has introduced vehicle loans of up to Rs 10 lakh for small commercial vehicles.

The loans with tenure of 1 to 5 years will be offered to small-size vendors, distributors & wholesalers for captive use and to small transport business owners who are looking to add new vehicles to their fleet or replace the existing vehicles, the company said in a press statement.

The product will also be offered to first time users, who are qualified drivers and looking to start their own transport business.

"Karvy Finance will ensure that disbursements will be completed within three days of loan request submission," the statement added.

This facility is currently being offered in 10 cities – Mumbai, Pune, Hyderabad, Vijaywada, Vizag, Rajmundry, Kakinada, Bhimavaram, Eluru and Chennai.

Under this offer, prospective customers can also benefit from flexible finance schemes with easy repayment options. Additionally, customers can avail themselves of the advantage of insurance cover at a special rate along with personalised service, according to Karvy Finance.

Amit Saxena, CEO, Karvy Finance, said, “The SCV loan business is a key addition to our micro enterprise customer segment proposition."

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