Overview
A car or vehicle loan helps you purchase a new or pre-owned vehicle. The vehicle typically serves as collateral for the loan.
Who Can Apply
- Salaried or self-employed individuals
- Minimum age: 21 years
- Stable income source
- Acceptable credit history
Key Benefits
- Up to 100% on-road price financing
- Competitive interest rates
- Quick approval process
- Flexible tenure options
Required Documents
- Identity proof (Aadhaar, PAN)
- Address proof
- Income proof (salary slips / ITR)
- Bank statements (last 3–6 months)
- Quotation/proforma invoice from dealer
- Photograph
Application Process
- Check your eligibility online
- Get matched with suitable lenders
- Submit required documents
- Application reviewed by lender
- Receive sanction letter from lender
- Complete agreement formalities
- Disbursement by lender
Frequently Asked Questions
Yes, many lenders offer financing for pre-owned vehicles subject to the vehicle's age, condition, and valuation.
Down payment requirements vary by lender and may range from 0% to 20% or more of the vehicle's on-road price.
The vehicle's Registration Certificate (RC) will reflect the lender's hypothecation until the loan is fully repaid.
Prepayment terms vary by lender. Please check the specific loan agreement for prepayment conditions and charges.