A Vehicle Loan is a type of loan specifically designed to finance the purchase of a vehicle, such as a car, bike, or commercial vehicle. It allows you to buy your desired vehicle immediately and pay for it overtime through fixed monthly installments.

• Application and Documentation: You apply to a bank or financial institution and provide necessary documents like identity proof, address proof, income proof, and vehicle details.
• Loan Approval: The lender assesses your creditworthiness, income, and the value of the vehicle.
• Loan Disbursement: Once approved, the loan amount is disbursed directly to the vehicle dealer or to you.
• Repayment: You repay the loan in fixed monthly installments over a specified tenure.

Key Features of Vehicle Loans

• Quick Disbursal: Loans are often disbursed quickly, allowing you to drive your vehicle sooner.
• Minimal Documentation: The process involves minimal paperwork.
• Flexible Repayment Terms: You can choose a repayment tenure that suits your budget.
• Competitive Interest Rates: Lenders offer competitive interest rates to attract customers.
• Additional Benefits: Some lenders offer additional benefits like insurance coverage, roadside assistance, and maintenance packages.

Types of Vehicle Loans

• Car Vehicle: For purchasing cars, SUVs, and other four-wheelers.
• Commercial New Vehicle: For purchasing trucks, buses, and other commercial vehicles.
• Old Commercial Vehicle: Rate of Interest start from 10.00% To 11.50%.
• New Two/Three Wheeler's: For purchasing bikes and scooters.

• Documents Required for New Vehicle Loan  ☞ Click Here
• Documents Required for Old Vehicle Loan  ☞ Click Here