Car Loan
SHIVAM ENTERPRISES A Vehicle Loan is a loan that allows you to purchase two and four wheelers for personal use. Typically, the lender loans the money (making a direct payment to the dealer on the buyer’s behalf) while the buyer must repay the loan in Equated Monthly Instalments (EMIs) over a specific tenure at a specific interest rate. The EMI comprises a portion of the principal amount and the interest component. Once you repay the loan in full, the lender transfers the vehicle registration in your name. You can also apply for a Vehicle Loan to buy these vehicles to transport goods or company personnel. Common examples of commercial vehicles include buses, trucks, tractors, tippers, cabs, etc. Your eligibility for a Vehicle Loan depends on your credit score and net (in hand) monthly income. Most lenders offer 75% to 100% of the vehicle's on-road price, based on its type and price. You can also get a loan to buy pre-owned cars and other previously used vehicles.