Loan Overview
Who can apply
Salaried employees, self-employed individuals, business owners aged 21–65 years
Minimum income
₹15,000/month (salaried) · ₹2,00,000/year (self-employed)
Credit score required
650 and above (CIBIL). Higher score qualifies for lower interest rate.
Eligibility — location
Available across India. Applicant must be a resident Indian citizen.
Features & Benefits
Key Features
- Interest rate
- Loan amount
Additional Benefits
- Starting from 7.5% p.a. Fixed and floating rate options available.
- ₹50
Eligibility Criteria
Age
21 to 65 years at the time of loan maturity
Employment type
Salaried, self-employed, business owner, or NRI
Minimum income
₹15,000/month (salaried) · ₹2,00,000/year (self-employed)
Interest Rates
Based on credit score and tenure 7.5% – 12% p.a
Interest rate (floating)
Linked to repo rate, revised quarterly 7.25% – 11.5% p.a
Frequently Asked Questions
What is the maximum loan amount I can get?
You can get up to 90% of the on-road price of a new vehicle. For used vehicles (up to 5 years old), financing is available up to 80% of the vehicle's current market value. The maximum loan amount is ₹50,00,000.
Can I apply for a vehicle loan without a salary slip?
Yes. Self-employed individuals and business owners can apply using their Income Tax Returns (ITR) for the last 2 years and bank statements for the last 6 months as income proof in place of salary slips.
Is a guarantor required for a vehicle loan?
A guarantor is generally not required. However, if your credit score is below 650 or your income does not meet eligibility criteria, a co-applicant or guarantor may be requested to strengthen the application.
How to Apply
Check eligibility
Use the online EMI calculator to enter your income, desired loan amount, and tenure. Confirm you meet age and income criteria before starting the application.
Fill in the application form
Complete the online or branch application with personal details, employment information, vehicle details (make, model, on-road price), and loan amount required.
Upload documents
Submit KYC documents (Aadhaar, PAN), income proof (salary slips / ITR), bank statements (last 6 months), vehicle proforma invoice, and address proof.
Verification and credit check
Our team verifies documents and runs a credit score check. A field executive may contact you for physical KYC verification if needed.