Vehicle Loan: Making Dreams of Driving Come True
A vehicle loan is a type of loan taken to purchase a car, bike, or commercial vehicle. It is also a secured loan, where the vehicle itself serves as collateral. Vehicle loans are generally offered for a shorter tenure compared to home loans.
Key Features of Vehicle Loans:
Loan Amount: Up to 90% of the on-road price of the vehicle.
Tenure: Ranges from 1 to 7 years.
Interest Rate: Slightly higher than home loans due to shorter tenure and faster depreciation.
Types: Loans for new and used vehicles, including two-wheelers and four-wheelers.
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