Easy Vehicle Loans For Your Dream Ride

Any eligible customer can avail of a vehicle loan with zero down payment. However, factors like credit score, type of vehicle, and lender policies may affect.

Get your vehicle loan with a minimum income typically starting from ₹10,000/month for two-wheeler loans and goes up to ₹25,000/month or more for car and super bike loans. For commercial vehicles, a minimum annual turnover of ₹2.5–₹3 lakhs is often required, while construction equipment loans may need at least ₹5–₹10 lakhs/year in income.

Self-employed individuals and businesses applying for a vehicle loan must submit documents such as PAN card, Aadhaar, business registration proof, GST certificate, ITRs for the last 2–3 years, and bank statements. Financial documents like audited profit & loss statements and balance sheets are also required. For businesses, additional documents like a certificate of incorporation, partnership deed, and board resolution may be needed.

NRIs and non-residents are eligible for applying for a vehicle loan in India. They must, however, fulfill the requirements setforth by the lenders. The loan type may be limited to car loans and super bike loans. It is advised to check with the lender before applying.

Apply through Urban Money and experience a seamless loan application process. Get your verification and documentation done without any hassle. Typically, the loans are processed in as little as 24 to 48 hours.

CIBIL scores comes under mandatory check-list for banks to assess a borrower. This score reassures the lender that a borrower is capable of paying back the loan.

Get your eligibility within minutes with Urban Money. Simply enter in a few details and get your eligibility report instantly. This process does not impact your credit score.

The maximum loan tenure for vehicle loans typically ranges from 5 to 7 years, depending on the type of vehicle and lender policy. For new car loans, most banks offer up to 84 months (7 years), while two-wheeler loans usually have a maximum tenure of 3 to 5 years. Commercial vehicle and construction equipment loans may extend up to 5 years.

Prepayment or foreclosure is allowed for customers. However, depending on the bank, borrower must agree to a lock-in period of 6 to 12 months. Also, some banks also charge a prepayment penalty for the same.

If you're buying a vehicle for personal use, you can’t claim any tax benefits on the interest you pay. But if the vehicle is used for business or professional work, you can claim the interest and depreciation as expenses and reduce your taxable income. Just make sure you have proper records to show that the vehicle is used for work purposes.

If the loan has already been disbursed but the vehicle hasn’t been delivered, your EMIs might still start, depending on the lender’s policy. Some lenders wait to release funds until delivery, but not always. It’s a good idea to stay in touch with both your dealer and the bank so you’re not stuck paying interest without a vehicle. Always double-check the disbursal terms before finalizing your loan.

Yes, you can cancel the loan, but only if the money hasn’t been disbursed yet. Once the amount hits the dealer’s account, it gets tricky. You’ll have to go through a foreclosure process and might lose some of the processing fee. So if you’re having second thoughts, talk to your lender right away before the funds are released.