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Vehicle Loan


What is Vehicle finance?

Everyone has a dream of having “Khud ki Gaddi”. For fulfilling such dream, financial institutions fund the needs of such customers. This type of loan is known as “Vehicle Loan”

Benefits to avail Vehicle Loan:

  • Deduction of interest paid on loan under Income Tax Act, 1961 if vehicle purchased in name of business
  • No need to pay upfront the hefty price of vehicle
  • EMI option available

Documents required for Vehicle Loan:

For Salaried: For Self-Employed:

* Salary slip of last 6 months

* IT return of last 2 years

* Form 16 of latest Financial Year Banking of last 6 months

* Employment Certificate from current employer
* IT Return of last 2 years along with copy of Profit & Loss A/c and Balance Sheet

* GST Registration Certificate.

* Business Establishment Certificate.

* Banking of last 12 months

Other Documents:

  • Loan Application form duly filled and signed
  • Passport size photographs duly signed across
  • Signature proof

Financial Documents:

For Salaried: For Businesses:

* Salary slip of last 3 months.

* IT return of last 2 years.

* Form 16 of latest Financial Year.

* Banking of last 3 months.

* Employment Certificate from current employer

* IT Return of last 2 years along with copy of Profit & Loss A/c and Balance Sheet certified by CA.

* GST Registration.

* Certificate Business Establishment Certificate.
Banking of last 12 months.

* Partnership deed in case of partnership firm.

* MOA and Board Resolution authorising one director to execute the agreement in case of company

Eligibility Criteria for availing Vehicle Loan:

  • Minimum monthly income should be Rs. 15,000
  • Employment stability of atleast 1 year
  • Minimum age at the time of application should be 21 years

Interest rates and Charges:

  • Processing fees ranges between 0.75% to 1% of the loan amount
  • Interest rate ranges between 10.75% to 14%
  • Prepayment charges varies from financial institutions to financial institutions

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