Vehicle Loans
Loans

Vehicle Loans

Who can applySalaried employees, self-employed individuals, business owners aged 21–65 yearsMinimum income₹15,000/month (salaried) · ₹2,00,000/year (self-employed)Credit score required650 and above (CIBIL). Higher score qualifies for lower interest rate.Eligibility — locationAvailable across India. Applicant must be a resident I...

Product 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.

Eligibility

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 & Charges

Interest rate (fixed)

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

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.

Product FAQs


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.

Need help choosing?

Share your requirement and a Banyan Business Zone advisor will contact you.

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