
Friends, if you want to take any vehicle car, bike, auto tractor. But you don’t have enough money. So you can buy any vehicle by depositing a small amount (down payment). There are many such finance companies and banks in India today. Which easily provide Vehicle Loan to the citizens of India. Nowadays finance companies finance up to 80% of the cost of the vehicle. Meaning you have to deposit only 20% of the original price as down payment. You can deposit the rest in installments later.
If you also want to take a vehicle. But you don’t have enough money. So you can also get Vehicle Loan. How to get vehicle loan. How to get vehicle loan? (Vehicle loan In India) What to do to get vehicle loan, how to get vehicle loan, auto loan, how to get vehicle loan, and what documents will be required for this, you should read this post to get complete information.
What is Vehicle Loan?
Whenever a person wants to buy a vehicle. But he does not have enough money. So he can finance any vehicle . Means can take on loan. This is called Vahan Loan. Nowadays many companies finance vehicles in India. Now loan can be easily obtained in very less time. You just have to follow some simple process.
If you want to take a small vehicle like motorcycle, auto etc. So for this you do not need any property document. But if you want to take some big great like – tractor, car, bus. So for this you also have to give your property papers to the financing company or bank as security. Then you can get a loan for a large vehicle.
Finance companies and banks which providing Vehicle Loan in India
- Axis bank – Vehicle loan
- Bank of Baroda – Vehicle Loans
- Bank of India – Vehicle Loan
- Central Bank – Vehicle Loans
- Canara Bank Vehicle Loans
- HDFC Bank vehicle loan
- ICICI Bank Vehicle Loans
- Mahindra Finance – Vehicle Loans
- SBI vehicle loan
- Union bank vehicle loan
- Vijaya Bank – Vehicle Loans
Eligibility Criteria for Getting Vehicle Loan
You have to fulfill certain eligibility criteria to get a vehicle loan. With which you can easily get loan for any vehicle easily. The following eligibility criteria have to be met for a vehicle loan
The applicant’s age should be between 18 years to 65 years to avail both personal and commercial vehicle loans.
Gross income including income of spouse/parents for four wheelers (old/new)
Minimum Rs. 2,40,000/- per annum.
And for two wheelers Rs. 1,20,000/- per annum.
Also, if you file income tax return, then this is a plus point for you
Documents required for Vehicle Loan
You need a number of documents to get a vehicle loan. Along with this, every bank and finance company has its own terms and conditions. Therefore, there is a slight difference in the documents also. In general, you need the following documents to get Vehicle Loan
- Passport size photo
- Identity certificate
- Certificate of residence
- Bank account copy
- Bank cheque
- Documents related to the vehicle you wish to finance
- Documents of the property on which you wish to take the vehicle (only for heavy vehicles)
- Salary slip or business description
How long does it take to get Vehicle Loan
If you want to get vehicle loan from a private company. So you get Vehicle Loan in a very short time. But if you want to get vehicle loan from any bank. So it may take up to a week for this. There is a slight difference between the interest rate of private finance companies and the interest rate of banks.
How much will be the processing fee for vehicle loan / Processing Fee
You must know that for taking any type of loan, processing fee is also required to be paid. But it has often been seen that in the name of processing fee, more money is taken from the people by the agent. This is because they do not know the exact rate. You will have to pay the following processing fee to take a vehicle loan
Processing fee for two wheelers: 0.50% of the loan amount or Rs. 500/- whichever is higher.
Processing fee for four wheeler: 0.50% of the loan amount Minimum Rs. 2000/- and maximum Rs. 20,000/- up to Rs.
Vehicle loan repayment
Before taking a loan, it is also necessary to make sure that in how much time you will have to repay this loan. Vehicle loan installments have to be paid in equal monthly installments from the month of taking the loan to the next month i.e. from the second month. You can select the installments according to you, but the installment will be made only till the age of the borrower is 70 years
- Two wheeler – up to a maximum of 60 months
- Four wheeler (new) – up to a maximum of 84 months
- Four wheeler (old) up to 3 years old – up to 60 months
- And four wheeler (old) more than 3 years old – up to 48 months
- (New / Old) Two wheeler / Four wheeler with fixed interest rate option – up to maximum 36 months
- What are the charges that customers have to pay for a car loan?
For car loans, companies charge customers a processing fee and some other charges like prepayment or documentation in addition to the interest rate. That is, if you have thought that to take a car loan, then check the rates of companies beforehand. With this information you will be able to negotiate further.
Can I get a loan to buy a second hand car?
Due to lack of money, many people do not buy a new car and buy a second hand car. Through this, their dream of buying a car is also fulfilled and there is not much financial burden. Those who are not even able to buy a second hand car can also fulfill their dream by taking a car loan.
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