Who it suits
- First car or two-wheeler
- Upgrading to a newer model
- Buying a commercial vehicle for business
- Financing a pre-owned vehicle
Drive home a new or used car, bike, or commercial vehicle.
A vehicle loan finances the purchase of a car, two-wheeler, or commercial vehicle, with the vehicle hypothecated to the lender until you repay in full.
- Finance for new and pre-owned vehicles
- The vehicle is the security
- Tenures commonly from 1 to 7 years
- Choose between car, bike, and commercial loans
Vehicle loan EMI estimate
Estimated EMI₹10,145
at 10% p.a. · 48 monthsPlanning estimate only. Excludes fees. Actual rates and eligibility depend on the lender.
Eligibility factors
- Regular income from salary or business
- Satisfactory credit history
- Down payment toward the on-road price
- Valid age and residence proof
Documents you may need
- KYC and address proof
- Income proof and bank statements
- Vehicle quotation or proforma invoice
- Passport-size photographs
Smart tips
- Compare the total cost, including insurance and processing fee.
- A larger down payment reduces EMI and interest.
- Avoid tenures longer than the useful life you expect from the vehicle.
Vehicle loan FAQs
Can I get a loan for a used vehicle?
Yes. Many lenders finance pre-owned vehicles, often with a shorter tenure and a different rate.
Who owns the vehicle during the loan?
It is registered in your name, with the lender's hypothecation noted until the loan is cleared.
Other loan types
GoForLoans.com is an informational planning site, not a lender. Figures shown are illustrative.