Commercial and Construction Vehicle Loan
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Vehicle Loan
A Vehicle Loan is a type of loan provided by banks, non-banking financial companies (NBFCs), or other financial institutions to help individuals purchase a new or used vehicle. The loan amount is usually a percentage of the vehicle’s on-road price, and the borrower repays it in fixed monthly installments (EMIs) over an agreed period.
Vehicle Loan Eligibility
Required documents for Vehicle Loan
Vehicle Loan Eligibility Criteria for Leading Banks
Eligibility criteria differ across banks, but generally include factors such as your age (typically between 21 and 65 years), a stable source of income, and steady employment. A good credit score, usually 650 or higher, is essential. Some lenders may require you to be either salaried or self-employed, while others may also ask for specific work experience or business tenure. Existing debts and liabilities are also considered to ensure you can manage the loan repayment. For accurate details, it’s best to check with individual banks or use their online eligibility tools.
Vehicle Loan Eligibility for Salaried and Self-Employed Individuals
For Salaried Individuals:
Must be at least 21 years old at the time of application and not older than 60 at the loan’s completion.
Should have at least two years of work experience, including at least one year with the current employer.
Should earn a minimum of ₹3,00,000 annually, including income from a spouse or co-applicant.
For Self-Employed Individuals:
Must be at least 21 years old when applying and not older than 65 at the end of the loan tenure.
Should have been in business for a minimum of two years.
Should earn at least ₹30,00,000 annually.
- Aadhar Card
- PAN Card
- Last 2 years’ ITR as proof of income
- Salary Slip, latest 3 months (for salaried)
- Account statement(latest 6 months)
- Business proof
- Electricity bill latest
- Vehicle Registration Certificate(for used Vehicle)
- Vehicle Insurance(for used Vehicle)
- Cheques
- Heavy Driving Licence
- Guarantour Document (if applicable)
- Fitness and Permit
- Road Tax Receipt
- Quotation(if a New vehicle)
- Etc.
Fees and Charges for Vehicle Loan
The costs and fees for Vehicle loans usually differ based on the lender and specific situations. The table above offers a helpful summary of the charges you might encounter.