Vehicle Loan
Vehicle loans are usually secured loans that help you finance your dream vehicle like a car or bike . The concerned vehicle works as collateral against your loan.
If you’re planning to purchase a car, you can opt for car loans. Lenders could offer up to 85% of the car’s ex-showroom price as a loan as per their terms and conditions. That said, car loans could further be classified as new car loans and used car loans.
You can opt for two-wheeler loans to purchase a motorcycle or a scooter of your choice. You can get up to 85% financing of the on-road value of the two-wheeler as a loan, wherein the vehicle would be pledged as collateral.
Eligibity Criteria for NBFC Vehicle Loan
Documents Required for Bike/Two-Wheeler Loan
Eligibity Criteria for NBFC Vehicle Loan
- Fixed interest rates : are usually much higher than variable rates but remain consistent even when market rates change.
- Variable interest rates: on the other hand, fluctuate according to market conditions. Rates connected to the Marginal Cost of Funds-based Lending Rate (MCLR) fluctuate whenever the RBI changes the repo rate. As a result, the interest rate may increase or decrease over time. Nonetheless, variable interest rates are typically cheaper than fixed interest rates.
Documents Required for Bike/Two-Wheeler Loan
- Identification Proof: PAN Card, Aadhar Card, Voter I.D. card, Passport, and Driving Licence are all acceptable forms of identification.
- Address Proof: Ration Card, Electricity Bill, Telephone Bill, Driving Licence, Passport, Voter I.D. Card and the Last 2 Months’ Bank Statement are all acceptable forms of address proof.
- Income Proof documents: Form 16, most recent salary slips, and income tax return documents.
- Documents for Date of Birth Proof: Class 10 Mark sheet, Passport, Birth Certificate, Voter I.D. Card.