• Vehicle Loan interest rate : New Car Loan: This type of loan is used to finance the purchase of a brand-new vehicle directly from a dealership. Used Car Loan: This loan helps finance the purchase of a pre-owned or used car. Two-Wheeler Loan: Specifically designed for financing the purchase of two-wheelers like motorcycles or scooters. Commercial Vehicle Loan: This type of loan is for purchasing commercial vehicles like trucks, vans, or other heavy-duty vehicles. Tractor Loan: A specific type of loan for purchasing tractors and other farm equipment.

Benefits of a car loan Immediate ownership: Get a car sooner than you might be able to save for it Flexible payments: Negotiate loan terms to suit your cash flow Build credit: Repaying a loan responsibly can improve your credit score Access to better cars: Get access to newer models

Immediate ownership. For many, buying a car outright would take years of saving, and having access to a loan eliminates this delay. ... Flexible payment terms. ... Builds credit history. ... Lower upfront costs. ... Access to better cars. ... Interest charges. ... Quick depreciation. ... Long-term financial commitment.

To apply for a car loan in India, research lenders, check eligibility criteria, gather necessary documents (identity, income, address proof, bank statements), and apply online or in person, ensuring you understand the terms and conditions of the loan.

A car loan, or auto loan, is a loan taken from a bank or financial institution to purchase a car, where the car serves as collateral. You repay the loan amount, plus interest, in monthly installments (EMIs) over a set period, and the lender will register the car in your name once the loan is fully paid.