Eligibility

Government, Public sector, Ltd company, Financial Institution, employees can apply for vehicle loan, Then self employed people, Business people, Professionals are eligible for vehicle loan.

Financial Background

This is the most important parameter that determines if you are eligible for a vehicle loan and also the quantum of vehicle loan you are eligible for. It will help the bank understand how well you can pay back your loan. Every bank will have a minimum level of income to be eligible for a vehicle loan.

Credit History

Banker will see the credit history of an applicant whether he/she has any default in previous payment by another loan or credit card and so on.

Interest Rate

The interest rate is normal for vehicle loan. The interest rate offered by the lenders on vehicle loans in India may actually vary from the one advertised either in the newspaper or any other media. Unlike other loan products, the interest rate for auto loan varies highly depending on various factors like credit score of the borrower, make and the age of the vehicle and quantum of vehicle loan sought by the borrower.

Vehicle Loan EMI Calculator

You can know your EMI (Equated Monthly Instalment) which will be payable every month towards repayment of your loan. The Loan Amount for your vehicle Loan is simply the Total Cost of the vehicle less the initial down-payment. As you increase the down-payment, your loan amount reduces. For a given rate of interest, a reduced loan amount reduces the EMI you have to shell out every month.

For more information please contact us.