Best Vehicle loan apps in india 2024 | Top Car and Bike loans in india
A vehicle loan is a financial tool provided by banks and financial institutions enabling individuals to acquire vehicles. Borrowers receive funds to purchase cars, motorcycles, or other vehicles, repaying them gradually with interest. Loan terms usually entail interest rates, tenure, down payment prerequisites, and eligibility criteria.
Requirements to apply for Vehicle loan loan.
- Good Credit Score: It requires a good credit score of 650 or higher.
Click here to check your credit score for free - Proof of Income: Employment or a stable income source to ensure repayment capability.
- Personal Identification: Valid ID, Adhaar Card, a driver's license or passport.
- PAN card
- 6 month bank statements or last 2 ITR (Income tax return)
- Residential Proof: Verification of current address through utility bills or lease agreements.
- Collateral (for secured loans): Assets such as a home or vehicle may be required for secured loans.(Only required when loan amount is high)
- You will also need a miniumum downpayment which depends upon your credit score and loan amount.
There are the best 5 vehicle loan application in india currently.
1. HDFC Vehicle loan
HDFC Bank is one of the leading private sector banks in India and provides vehicle loans with attractive interest rates and flexible repayment options.
HDFC Bank offers low home loan interest rates starting from 9.99*% p.a to 24.53% p.a. The interest rate majorly depends upon the credit score of applicant and the loan amount, so it can very form person to person.
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2. ICICI Bank Vehicle loan
ICICI Bank offers vehicle loans with competitive interest rates, quick processing, and flexible repayment options. They also have a strong presence across India.
ICICI Bank home loan comes with a competitive interest rate at 9.75%* p.a. to 28.0% p.a.
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3. Axis bank vehicle loan
Axis Bank provides vehicle loans with competitive interest rates and features such as quick processing, doorstep service, and customized repayment options.
The interest rate is 9.25% p.a. onwards .The interest rate for the customer shall depend on their credit assessment.
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4. Bank of Baroda (BOB) Vehicle loan
BOB offers vehicle loans at competitive interest rates and flexible repayment options. They also have a wide network of branches and customer service centers.
Home Loan Interest Rates 13.65% p.a. onnwards.
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5. SBI Vehicle loan
SBI is one of the largest public sector banks in India and offers competitive interest rates on vehicle loans. They also have a wide network of branches across the country.
Home Loan Interest Rates 7.25% p.a. onnwards.
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