401-4th Floor,K.C.Complex,
Opp. Daulat Bagh, Ajmer (Raj)

1800-180-6014
1800-123-2090

Mon - Sat 10.00 - 18.00
Sunday CLOSED

Overview

What exactly is Vehicle loan?

Vehicle loan is the loan (or the use of) a motor vehicle for a fixed period of time at an agreed amount of money. It is commonly by dealers as substitute to vehicle purchase but is widely used by businesses as a method of procuring (or having the use of) vehicles for business, without the usually needed cash outlay. The subject of vehicle loan constitutes the different financial products which allows someone to acquire a vehicle.Vehicle finance is needed by both private individuals and businesses. All types of finance products are available to either sector, however the market share by finance type for each sector differs, partly because business contract hire can provide tax and cashflow benefits to businesses.

Merits/Pros

Flexible contract terms, or length are available (ranging from 2-10 years)

A residual can be applied to the loan, reducing the monthly installments

Borrowers have a choice of fixed or variable interest rates

A deposit can be used (either cash or trade in) which reduces the size of the loan needed

A tax deduction may be applicable if the vehicle is to be used for business purposes

Lower interest rates are available as the loan is secured against the car

Documents Required

Proof of individual’s identity (We also require same KYC of co-applicant)

ID Proof, (if any)
  • PANcard compulsion
  • Aadhar Card
  • Voter ID
  • Driving License

Residential Proof (any of two)
  • Ration Card
  • Electricity Bill (latest)
  • Water Bill (latest)
  • Landline Bill (last three months)

(Relationship proof to be taken, in case of no separate residential proof available).

Income Documents
  • Latest 1 month salary slip
  • Last 1 year form-16
  • 4 months salary slips in case of variable salary

Banking Documents
  • Last 6 months banking showing salary credit.
  • Banking of other accounts from where EMI of loan are being repaid.

Compulsory Documents
  • Office addresses proof to be taken as per policy.
  • 2 Passport size photographs.

Note- Above mentioned terms & conditions may change from time to time as per company’s policy without notice.