VEHICLE LOAN

Effortless Financing for Your Dream Drive.

A vehicle loan helps you finance the purchase of your dream car or bike with ease, offering affordable EMIs and flexible repayment options. It enables you to own a vehicle without the burden of upfront costs.

  • Get the vehicle you want with a manageable monthly payment.
  • Benefit from lower interest rates due to vehicle-secured financing.
  • Typically, only a 10%-20% down payment required.
  • Choose a repayment period that fits your budget, ranging from 1 to 7 years.
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Key Benefits of Vehicle Loan -

"Build Your Credit"

 Make regular payments to improve your credit score.

"Full Ownership"

Own your vehicle outright once the loan is paid off—no lease terms to worry about.

"Wide Range of Vehicles"

 Available for both new and used vehicles.

"Tax Benefits"

 Possible tax deductions on interest for business-related vehicle loans.

Quickly Calculate Your Monthly Car Loan Payment

Personalized Loans for All Types of Vehicles

Two-Wheeler Loans

For motorcycles, scooters, and mopeds

  • Target Audience: Ideal for individuals looking for affordable personal transportation.
  • Key Features:
    • Low loan amounts (up to 90%-100% of the vehicle’s cost).
    • Shorter loan tenures (1 to 3 years).
    • Affordable EMIs with competitive interest rates.
  • Eligibility:
    • Low-income thresholds to qualify.
    • Faster approval with minimal documentation.

For cars and SUVs

  • Target Audience: For families and individuals seeking personal or business use vehicles.
  • Key Features:
    • Covers new or used cars (with specific limits for used cars).
    • Loan tenure of up to 7 years.
    • Flexible repayment options.
    • Tax benefits for business-related car loans.
  • Eligibility:
    • Requires a moderate income threshold.
    • Better interest rates for borrowers with good credit scores.

For trucks, buses, and commercial vehicles

  • Target Audience: Entrepreneurs, transport companies, and logistics businesses.
  • Key Features:
    • Loans for purchasing new or used heavy commercial vehicles.
    • Higher loan amounts (depending on vehicle type and cost).
    • Flexible repayment tenure (up to 5-8 years).
    • Customizable loans for single or fleet purchases.
  • Eligibility:
    • Business registration proof required.
    • Documents to validate a steady income or cash flow (e.g., transport contracts).

Vehicle Loan Eligibility

  1. Age:

    • Minimum: 18 to 21 years (varies by lender).
    • Maximum: 60 to 65 years (at the end of the loan tenure).

  2. Income:

    • Salaried individuals must meet a minimum monthly income requirement (varies by lender).
    • Self-employed individuals should demonstrate a stable income source.

  3. Employment:

    • Salaried individuals should have at least 1 year of employment history (6 months with the current employer).
    • Self-employed individuals or business owners must have a stable business operational for at least 2-3 years.

  4. Credit Score:

    • A credit score of 650 or higher is preferred by most lenders.
    • A higher credit score often leads to better interest rates.

  5. Residential Stability:

    • Proof of stable residence is required (rented or owned). Lenders may ask for a minimum residential period.

  6. Vehicle Type:

    • Loans are available for both new and used vehicles, but the age and condition of the vehicle may affect eligibility.

Interest Rate

STARTING FROM

9.75%*

on Loan for purchase of non-residential property (NRP)

Note: The mentioned Interest rates are Floating Rates
 

Discover with Clear Classification

💼 Self-Employed Professional
- Doctor [MBBS, BDA],
- Lawyer [High Court, Supreme Court],
- Chartered Accountant,
- Architect Engineer.
🏬 Self Employed Non-Professional
- Service Provider,
- Trader,
- Manufacturing,
- Retailer.
💻 Salaried Category
- IT Professional,
- Government Employee,
- Corporate Employee,
- Teacher,
- Accountant.

Documents Categorized for your convenience

Loan Disbursement

> Disbursement will be made after the property has been technically appraised and all legal documentation has been completed.

> For purchase of house/ flat from an individual on resale, the loan amount will be paid in lump-sum to the seller at the time of transfer after confirming that the customer has paid his own contribution.

> For commercial property under construction, the loan amount will be disbursed in stages based on the progress of construction.

> A customer has to invest his proportionate share of the cost, prior to disbursement of loan. The loan can be disbursed either in lump sum or installments according to the requirement of the development authority/ society/ private builder.

Loan Repayment 

Loan repayment is in Equated Monthly Installments [EMI] comprising of principal and interest through Post Dated Cheques or Electronic Clearance System over a maximum period of 15 years.

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