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Vehicle Loan

A vehicle loan is pretty much what you think it is: It is a personal loan, the proceeds of which are used to purchase an automobile. More specifically, a lender loans the borrower (you) the cash it takes to purchase a vehicle. In return, the borrower agrees to pay back the lender the amount of the loan plus interest, usually in monthly payments, until the amount owed is fully paid off. Pretty simple, so far.

Vehicle  Loan

Vehicle Loan Eligibility:

  • * Resident Indian citizen and Non-Resident Indians (NRIs) holding valid license.
  • * Minimum age - 18 years and maximum age - 70 years.
  • * Individual, either singly or jointly with other family members viz. father, mother, son, spouse or daughter as co-applicants.
  • * Companies / Firms for purchase of vehicle for usage by their Directors / employees

Repayment Tenure:

  • * Repayment period - Maximum repayment tenure
  • * New 4-wheeler - 7 years
  • * Old 4-wheelers (not older than 3 years) - 5 years
  • * New 2-wheeler - 3 years

Factors of Vehicle Loan:

  • 1. Loan Cost
    There are two basic parts to the cost of a car loan: the principal and the interest. The principal is the negotiated cost of the vehicle itself. The interest refers to the total amount of the costs accrued over the life of the loan based on the principal amount and the stated interest rate.
  • 2. Interest Rate
    An interest rate is a basic rate charged to the borrower for the money loaned. The interest rate is normally expressed as a percentage for a one-year period and known as the annual percentage rate (APR).
  • 2. Down Payment
    The down payment is an upfront amount of cash paid by the borrower at the time of the purchase of the vehicle. It is usually expressed in terms of a percentage of the total price. It is not a legal requirement when taking out a car loan, but is almost always required by the lender.
  • 2. Terms and Conditions
    This refers to all of the other items that make up a car loan, including the term of the loan, normally stated in a number of months or years; insurance and registration requirements; loan payoff and resale terms; maintenance requirements; conditions regarding theft or accident; and conditions of loan default and repossession. There are many other such conditions, and a borrower is well advised to read them over carefully and have a clear understanding of what they mean before signing on.