Key Highlights of Vehicle Loan
- Attractive interest rates starting from 7.5% per annum
- Finance up to 90% of vehicle's on-road price
- Flexible repayment tenure from 12 to 84 months
- Covers new and used cars, two-wheelers, and commercial vehicles
- Minimal documentation with quick processing
- Online application with instant approval
- Comprehensive insurance options available
Best Banks & NBFCs Offering Vehicle Loan
| Bank/NBFC | Loan Amount | Interest Rate | Processing Fee | Max Tenure |
|---|---|---|---|---|
| HDFC Bank | ₹1L - ₹1Cr | 7.5% - 13.75% | Up to ₹5,500 + GST | 84 months |
| ICICI Bank | ₹1L - ₹1Cr | 7.75% - 14% | Up to ₹5,000 + GST | 84 months |
| Axis Bank | ₹1L - ₹75L | 8% - 15% | Up to ₹7,500 + GST | 84 months |
| Mahindra Finance | ₹50k - ₹50L | 8.5% - 18% | Up to 2% + GST | 84 months |
| Tata Motors Finance | ₹1L - ₹35L | 9% - 16% | Up to 3% + GST | 72 months |
Features & Benefits of Vehicle Loan
Interest Rate
Competitive rates starting from 7.5% p.a. for new vehiclesLoan Amount
Finance up to 90% of vehicle cost with flexible down payment optionsLoan Tenure
Repayment period up to 84 months for comfortable EMIsVehicle Coverage
Covers cars, two-wheelers, commercial vehicles, and construction equipmentInsurance Benefits
Comprehensive insurance options with easy claim settlementPrepayment Options
Part-payment and foreclosure facilities with minimal chargesTypes of Vehicle Loan
Eligibility & Documents
Eligibility Criteria
| Age | 21 to 65 years at loan maturity |
| Income | ₹15,000 per month minimum |
| Employment | Salaried/Self-employed with stable income proof |
| Credit Score | 650 and above preferred |
| Documents | Standard KYC and income documents required |
How to Apply for Vehicle Loan
1
Select your preferred vehicle and dealer
2
Check loan eligibility and required documents
3
Submit application with necessary paperwork
4
Vehicle valuation and document verification
5
Loan approval and sanction letter
1
Select your preferred vehicle and dealer
2
Check loan eligibility and required documents
3
Submit application with necessary paperwork
4
Vehicle valuation and document verification
5
Loan approval and sanction letter
EMI Calculator
₹50,000₹1,00,00,000
6 months360 months
8%30%
In Total:
₹5,64,882Principal: ₹5,00,000
Interest: ₹64,882
EMI: ₹23,537