What Is Vehicle Loan?
Vehicle loan is the loan that borrower borrow for buy vehicle like car, bike, truck and other vehicles. Vehicle loan also called car loan, bike loan etc.
Who Provide Vehicle Loan
Banks and other moneylenders provide vehicle loan. You can directly reach out to them by online or offline.
Types Of Vehicle Loan
New Vehicle Loan – New vehicle loan can be used to purchase new vehicle like car, bike, truck etc.
Used Vehicle Loan – Banks and NBFCs also offer used vehicle loan at the interest rate of 12%-18%.
Loan Against Vehicle – If someone need money for any purpose, they can opt for loan against vehicle by pledge their vehicle as collateral.
Vehicle Loan can be classified as car loan, bike loan etc.
Documents required for vehicle loan
Income proof – Salary slip/ form 16/bank statement
Identity proof – Pan Card, Aadhaar card
Address proof – passport, voter id, driving licence etc.
Sign verification proof – Pan Card/ banker’s verification
How to apply for car Loan, bike loan or vehicle loan – You can apply online or directly, visit the bank or moneylenders office. You need all the basic documents to avail car loan and bike loan.
Benefits of Car Loan, Bike Loan or Vehicle Loan –
Vehicle loan Make easy to buy car or bike.
Bank offer vehicle loan tenure up to 7 years.
Many banks offer loan to buy old vehicle or car or bike.
You do not need to put any collateral for car or bike loan.