Vehicle Loan FAQ
What is the best way to apply for a Vehicle Loan?
You can apply for a Vehicle Loan in any of the following ways:
- Visit our branch at your nearest location.
- Call us at 1860 3000 1555
- WhatsApp us at 9946086666
- Missed call us at 8067006162
What is the tenure for which I can avail a Vehicle Loan?
We offer you a flexible tenure ranging from 12 to 36 months according to the loan schemes.
What type or make of vehicles are financed?
We finance most vehicles manufactured by India’s leading automobile companies.
Do I need to pay any charges towards availing a Vehicle Loan?
Yes, minimum processing fee + Service Tax are applicable.
What are the documents required to process Vehicle Loan?
You would require submitting following documents.
- Loan application Form
- Identity and Address proof (KYC) of borrower and guarantor(s),
- Income Proofs of Borrower and Guarantor(s),
- EMI cheques and Security Cheque(s)
- Land Tax / Electricity Bill / Gas Bill
How should I pay the EMI?
You can pay your instalments through:
- The instalments or EMI will get debited automatically at the end of every cycle through NACH / ECS
- Through Post-dated cheques (PDC) or Cash. Make sure your account has sufficient funds to avoid check bounce.
Fixed rate of interest or floating rate of interest?
We are offering floating (Diminishing) rate of interest.
Can I make prepayment?
Yes, without having prepayment charges. Closing amount consists of principal amount and up to date interest.
Is it OK if I delay some of my instalments?
There is charges for delayed payments which compounds monthly.
What happens in case of default?
Notice will be issued to the defaulters. In case of continuous default, Company shall take appropriate legal steps for the recovery of the dues.
Do I need guarantor(s)?
Yes, you need a guarantor(s).
Can I reduce or change my EMI?
Once you have signed the agreement the EMI cannot be altered.
Can I sell my vehicle before I repay my loan?
- You cannot sell the car unless you repay the loan. An NOC is required, before you can sell the vehicle.