Drive Your Dream Vehicle Today
A Vehicle Loan is a secured loan that helps individuals purchase two-wheelers or four-wheelers, both new and used. The vehicle itself acts as collateral, which makes this loan type relatively easier to obtain, often with competitive interest rates. Loan tenures typically range from 1 to 7 years, offering flexibility in EMIs based on your repayment capacity. Most banks and NBFCs finance up to 90–100% of the on-road price of the vehicle, depending on your credit profile and the type of vehicle. Quick processing, minimal paperwork, and attractive offers from lenders make vehicle loans a popular choice for buyers. Some lenders also provide special deals for electric vehicles and offer lower interest rates for women applicants. Eligibility is generally based on income, age, employment stability, and CIBIL score.
Vehicle EMI Calculator
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Can I get a loan for a used vehicle?
Yes, many lenders offer loans for used cars or bikes, though at slightly higher interest rates.
What documents are required for a vehicle loan?
You typically need ID proof, address proof, income proof, and vehicle-related documents.
What is the typical interest rate?
Rates vary by lender but usually range from 7% to 15% depending on your credit profile and vehicle type.
Is it possible to prepay the loan?
Yes, but some lenders may charge a small prepayment or foreclosure fee.
How much funding can I get?
Lenders often fund up to 90–100% of the on-road price of the vehicle, based on eligibility.
