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Vehicle Loan

Vehicle Loan

Considering buying a vehicle for yourself? With Finnable’s Vehicle loans, be it a two wheeler or four wheeler, you can purchase the vehicle of your choice.

With Finnable vehicle loan, you can buy a new or used vehicle of your choosing. Eyeing that hatchback or sedan you and your family need or that motorcycle, you’ve always wanted to own? A Vehicle loan will help you drive home the vehicle you need.

With attractive interest rates on auto loan, tenure of your choice, a high loan amount and no collateral, owning the right set of wheels is now easy and convenient with Finnable Vehicle loans.

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In earlier times owning a vehicle was considered a luxury and was used by people of higher status. But, in today’s time, even though it’s a necessity to commute to places daily, owning your vehicle is still considered a dream come true due to its high prices. Most of the time, you might have heard people fulfiling this dream with a bit of financial aid. This financial aid in other words is known as a vehicle loan and Finnable is here to help you avail of this aid in a simple and convenient manner.

In more official terms, a vehicle loan is a financial instrument that helps you acquire a vehicle, a two-wheeler, a four-wheeler, or any other motor vehicle for commercial or private use, against interest payments for the loan amount taken. You can now get the vehicle of your choice within a short period just by applying for the loan and then paying low interest every month known as equated monthly instalments, also known as EMI. The interests of repayment are set up keeping in mind the customer’s affordability. Based on the affordability and credibility the tenure for loan payment is set. A two-wheeler can be between 6 to 60 months and for a car, it can be from 1-7 years, depending on the customer dynamics and the loan amount.

We at Finnable get you vehicle loans for both second-hand and brand-new vehicles at the most attractive interest rates with top-notch financial services. You can fulfill your vehicle loan duties from anywhere at any time, the process is completely digital. No more hassles of coming down to the branch. We get you two-wheeler loans at high ceiling costs of up to 2 lakhs for two-wheelers, no bar for brand-new four-wheelers, and up to 10 lakhs for four-wheelers that are up to three years old. Make your dream of owning a car or a two-wheeler a reality, today only with Finnable.

Vehicle Loan EMI Calculator

INR
%
  • Loan EMI

    Rs. pm

  • Total Interest Payable

    Rs

  • Total Amount Payable

    Rs

A vehicle loan EMI calculator is a digital online tool that helps you know the amount of EMI that is left to pay off on your loan. It is highly accurate and it also helps you get the exact number of instalments to be paid on your loan with different amounts, terms, and rates of interest. It is highly recommended to use a vehicle loan EMI calculator when you apply for a vehicle loan, it is quick and convenient. The calculator tells you the exact EMI amount you need to pay when you deposit the balance amount in your registered bank account. This will not just encourage finance management, but also give you a monthly budget and monthly cash flow appropriation. 

The EMI amount is calculated on the vehicle loan EMI calculator using three parameters, the loan amount, the rate of interest, and the tenure of the loan. The EMI is calculated before checking the eligibility of the loan by entering these values in the relevant fields of the digital calculator online. It is as quick as our regular calculator and gives you the result within a snap of the fingers from when you enter the values.

Moreover, you can even modify the value you put in the calculator until and unless it matches the spending ability or your monthly budget.

Here’s how you can calculate the vehicle loan EMI

  • Firstly go to Finnable’s website and head to the page with the vehicle loan EMI calculator.
  • Once you are on the vehicle loan EMI calculator page, enter the values in the respective fields to get the exact amount.

 -First fill in the ‘Loan amount’ field with the desired amount of loan or the amount of the vehicle that you wish to purchase. Remember to exclude the down payment amount that you will make first. The maximum amount you can enter for two-wheelers is 2 lakh, there’s no bar for brand-new four-wheelers and 10 lakhs for four-wheelers that are up to three years old.

-Next, go to the ‘Interest Rate’ field and then fill in the amount of interest that you wish to pay every month. If you don’t have a fixed monthly amount set aside for your loan interests, you can play with the numbers until you get the alternative that suits your accountability the best. 

-Now the last step, is the ‘Tenure months’ field. In that fill in the months for which you will be paying the interests. You can select your desired repayment period from between 6 months to 60 months for two-wheelers and one year to 7 years for four-wheelers, depending on your convenience.

The vehicle loan EMI amount is solely calculated online by the calculator accurately. Only the amounts and values can be changed in the fields in accordance with the mutual agreement of Finnable and the loan.

Vehicle Loan Interest Rate

Our vehicle loan interest rates are different for both two-wheelers are four-wheelers. For two-wheelers, the rate ranges from 16% to 28% depending on the income, occupation, and the applicant’s credit history. It is highly advisable to use a vehicle loan interest rate calculator to derive the best-suited interest rate.

Now let’s talk about the bigger vehicles, four-wheelers. The vehicle loan interest rate for car loans varies from 16 to 28% again depending on the occupation, income, and credit history of the applicant. There are two types of interest rates- floating i.e. flexible interest rate and fixed interest rate. Generally, interest rates for car loans are fixed.

Remember to choose the interest rate wisely, so that you can make the payments on time without hampering the other necessary expenses. We at Finnable are the first financial players to present rewards to customers paying off their loans on time. So hurry and apply for a vehicle loan only from us!

How to apply for a vehicle loan online?

It all starts with choosing the vehicle that you wish to apply the loan for. Time to make your dream come true. Choose Finnable and check the eligibility criteria carefully. The next step is calculating the interest rate and tenure of the vehicle loan. Once the tenure and the interest rate are derived. All you need to do is go ahead and submit the documents required by your loan partner to grant the loan.

Did you get a favourable interest amount for the loan you want to apply for to get your desired vehicle home at the earliest? Here’s how you can apply for the vehicle loan online with Finnable-

  • Go to our website or the official Finnable loan app and download it.
  • Now you need to create an account and register it. For this, you require to fill in personal and financial details as per the fields given on the online form. You may also be asked to give permissions and declarations.
  • Once you make the profile, then comes the documentation. Fill that part and upload the documents as required. When you fill in all this the website or the app will display the eligibility for the loan, not just this it will also recommend the rate of interest that you can pay every month and the tenure of the month.
  • Now all you need to do is forward the form and the documents to us. Your amount for the vehicle loan will be credited as the loan application is verified.

Vehicle Loan Eligibility Criteria

Now that you know how to apply for a vehicle loan, let’s look at who can apply for a vehicle loan

  • Employees of a private/public company, self-employed professionals, agriculturalists, entrepreneurs, and other business entities.
  • To qualify for a loan you must have monthly earnings of up to at least 2.4 lakh p.a. 
  • Your age should be above 21 and below 60 years.
  • You should have a minimum work experience of six months, with three months of work under a single organization. 

All the earnings should be deposited in the bank account monthly.

Documents required to apply for a vehicle loan

Just like how you require documentation for any other financial service, there are a bunch of documents that you need to provide to get your vehicle loan granted. They are-

Identity proof

  • Aadhar Card
  • PAN Card
  • Driving License 
  • Passport
  • Voter ID
  • Ration Card
  • Utility Bill(electricity, water, telephone)
  • Life Insurance Policy

Address proof

  • Utility Bill( electricity, water, telephone, gas) or applicant’s ration card

Income proof

  • Salary slips for the last two months

Bank statements

  • Bank statements for the last three months

Vehicle Loan features

Finnable Happy Customers
4612 people have applied for loan in the last 24 hours
5/5
5000 people have rated this loan as the best product
Instant Personal Loan

Get Rewards

Timely EMI payments makes you eligible for a cashback of upto Rs. 200 per month. At Finnable we are the first in the industry to reward you to pay on time and improve your credit score.

Personal Loan Assistant

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 60 months.

Get rewards

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.

Get rewards

Get Rewards

Timely EMI payments makes you eligible for a cashback of upto Rs. 200 per month. At Finnable we are the first in the industry to reward you to pay on timwe and improve your credit score.

Instant Personal Loan

Get loans quickly

Apply for a personal loan in a few clicks by submitting only a few basic documents and get the loan money transferred in your account as quickly as 2 hours. The entire process is 100% digital.

High Loan Amount

High Loan Amount

Apply for personal loans with minimum documentation and get high loan amounts of upto Rs.10 Lakhs. The loan tenure can be anywhere between 6 and 60 months.
Personal Loan Assistant

Personal loan Assistant

Please write to your personal loan assistant at makeiteasy@finnable.com for any support. We aim to provide you a seamless and hassle-free experience.
Finnable Happy Customers
4612 people have applied for loan in the last 24 hour
5/5
Over 5000 customers have rated us 5 stars in Play store

Personal loans can be used for multiple purposes- to fulfil your desires or meet urgent financial needs. This is why we bring you a range of products to suit your needs and desires.

Learn with Finnable

FAQs About Vehicle Loan

A vehicle loan or simply an auto loan is a loan given to customers who are looking to buy a vehicle of their choice. The vehicle can be a two wheeler or a car of any type. The loan amount is decided on factors like age, employment and income, among others.

A vehicle loan works similar to how most other loans work. You purchase the vehicle using the funds received from the loan. This means you have agreed to repay the amount you have borrowed along with the interest that the vehicle loan rates may carry.

At Finnable, we offer up to 10 Lakhs of funding that you can avail in terms of a two-wheeler loan or four-wheeler loan.

The EMI amount will depend on the principal amount of the loan, the rate of interest applicable on the loan amount and the loan tenure selected by the customer. All these factors determine the actual amount of EMI that one needs to pay each month against the availed vehicle loan.

At Finnable the maximum loan repayment period for a vehicle loan is 60 months or 5 years.

To be eligible for an auto loan, the individual should:

  • Be a resident of India
  • Be employed full time in a private or government sector
  • Have minimum work experience of 6 months in total and more than 3 months in their current organization
  • Have a salary of more than Rs. 20,000/- per month if living in a tier 1 cities and Rs.15,000/- per month if living in tier 2 cities
  • Receive Salary in a bank account
  • Identity proof such as Aadhar Card and Pan Card
  • Income proof, which can be 3 months’ payslip and 3 months’ bank statement showing salary deposits

We provide two types of vehicle loans, two-wheeler & Car loan

Two Wheeler Loan:
Want to buy a two-wheeler and wondering about the funds? With Finnable’s ‘my Wheelz’
Vehicle loans, it's easy to buy the set of wheels you have set your sights on. 
Car Loan:
With Finnable car loans, owning your dream ride is now easy. Whether a hatchback, sedan,
SUV or MUV, go for it. Finnable’s car loans come with attractive interest rates along with
high loan amounts and flexible repayment options.

It's easy to apply for a vehicle loan online with Finnable. You can either do it on the website or
through the personal loan app. All you have to do is follow the steps below:
1. Set up your profile with Finnable by filling in the required details.  
2. Fill your application form. You will need to mention your basic details, including your
employment and financial details, and upload your KYC documents.
2. Select the amount required for the vehicle loan and the repayment tenure.
3. Your vehicle loan will be disbursed within 6 hours of approval.

Of course. If you are an individual between the age of 21 to 60 earning 2.4 lakhs per year and have a work experience of six months with three months of working with the current organization. You can be an employee of a private or a public company, a self-employed professional, an entrepreneur, an agriculturalist, or a part of other business entities.

We are known for data and financial security. The information you enter on the website or the app is securely transferred to the lenders through a safe and strong network connection. Hence, the website and the app, both are highly safe to apply for and receive your vehicle loan and other services. We are a registered NBFC licensed by RBI. No wonder we are amongst the top authentic sources for loaning and other financial services.

There are three determinants that influence and make up the amount, interest, and totality of a vehicle loan, namely-

Income

This is also an eligibility parameter to get your vehicle loan approved. Finnable requires applicants to have a minimum income of INR 20,000 per month to pass a loan, specifically if you live in a tier 1 city. In the case of applicants from tier 2 cities, a minimum income of INR 15,000 per month is required.

Employment dynamics

Even if the income of two individuals is similar, the interest rate may be different. Finnable grants vehicle loans to those who are employed in the private or government sector and have a minimum work experience of 6 months in total and 3 months in the current organization.

Credit history

This is the most important factor of a vehicle loan. If you have been able to pay off your dues on time and have a great credit score, then you are likely to get a lower rate of interest than those who have a low credit score. The effect of the other two factors is lesser than this one. We at Finnable can help you calculate your exact credit score and let you know if you are eligible for a vehicle loan and at what interest rate.

A vehicle loan is an unsecured loan. And as we all know unsecured loans hold a higher risk factor to the lenders than other secured loans. When you present the original or copy of original documents, it increases your dependability and authenticity that you will repay the loan within the tenure with timely interest payments. The main documents that we ask for at Finnable are- the aadhar card, PAN Card, Salary account bank statement, and 1 month’s salary slip.

If your dream vehicle is a brand-new car then why not. But if you are looking for a car that is up to 3 years old then we provide a loan of a maximum of 10 lakhs and for two-wheelers, we can grant you a loan of 10 lakhs. The loaning process with us is super easy. You can apply and get your loan granted with just a few clicks and the loan amount will be transferred into your bank account in no time.

Like how every bank or financial institution has its own work philosophy and benefits they provide with their vehicle loan services, Finnable’s vehicle loans have their own traits such as-

  • Reward eligibility
  • Grant time duration
  • No bar for car loans
  • High two-wheeler loan bar of up to 10 lakhs
  • Minimal documentation
  • Quick and convenient online processing

Yes, we provide lower rates of interest and convenient payment frequencies to help them clear their loan.; For further information, kindly contact us through our website or email us.

When you make a big down payment you are more likely to receive a lesser amount as your vehicle loan. Alternatively, you may also be able to get a lower interest rate as the loan will be cleared quickly.

Absolutely not. Whatever your dream vehicle you can get a loan for it. The loan amount, tenure, number of payments, and interest rate, all of these depend on the cost of the vehicle you want the loan for. Many times it depends on the lender too! Some charge high interest for luxury cars while others charge low interest for them as the amount is high.

Well, it can be both. A vehicle loan can be paid through a fixed as well as a floating rate of interest. It is ideal to go for a fixed rate if you wish to buy a car, as the amount is high and the tenure is longer as the rate of interest if fixed doesn’t tend to change until clearance. If you go for a flexible rate of interest the interest amount payable may change according to the change in the interest rates. Be careful with a flexible rate you may face risks and situations of higher interests.