Auto Loan

What is an Auto Loan?

An Auto Loan also known as a Car Loan is a secured loan offered by banks and NBFCs to help individuals finance the purchase of a new or used vehicle. The loan covers a significant portion (up to 90–100%) of the on road price of the car, which you repay in fixed EMIs over a period of time. The vehicle itself acts as collateral until the loan is fully repaid. Auto loans make owning a car or two wheeler more affordable and instantly accessible, without the burden of upfront lump sum payment.

Uses of an Auto Loan

Auto loans are ideal for:

• New Car Purchase: Hatchbacks, sedans, SUVs, or luxury vehicles
• Two-Wheelers: Scooters, bikes, electric vehicles
• Used/Pre-owned Vehicles: Finance available for select certified cars
• Commercial Vehicles: For logistics, transport, and goods movement (subject to separate loan category)

Key Features of Auto Loans

With Loan Bridges wide network of lenders, you can access competitive auto loan options with:

• Loan Amount: Up to 100% of ex showroom price (for new vehicles)
• Tenure: 12 to 84 months (flexible options based on EMI capacity)
• Interest Rate: Starting from 8.75% p.a. (fixed or floating)
• Loan Type:
1. New Car Loan
2. Used Car Loan
3. Top Up on Existing Auto Loan
• Processing Time: Sanctions typically within 24-48 hours
• Prepayment Option: Available with nominal or zero charges

Eligibility Criteria

Whether you're salaried or self employed, you may be eligible for an auto loan if you meet the following:

• Age: 21 to 65 years
• Income: Minimum monthly income of ₹15,000 - ₹25,000 (varies by lender)
• Employment Type: Salaried or self employed with at least 12 years of job/business continuity
• CIBIL Score: 650+ preferred for faster approval and better interest rates
• Vehicle Type: Must be new or certified used, purchased from authorized dealers

Documents Required

• KYC Documents: PAN, Aadhaar, Passport size photo
• Income Proof:
1. Salaried Salary slips, Form 16
2. Self employed ITR, business registration, bank statements
• Bank Statements: Last 36 months
• Vehicle Details/Proforma Invoice: Quotation from dealer
• Additional Documents: Address proof, ownership history (for used vehicles)

Why Choose an Auto Loan via Loan Bridge?

• High Loan to Value Ratio: Get up to 100% financing on road
• Quick Approval & Disbursal: Drive home faster with minimal processing
• Flexible EMI Options: Choose tenure that suits your cash flow
• Attractive Interest Rates: From top lenders across India
• Used Car Loan Options: Verified & certified vehicles eligible
• No Guarantor Required: Vehicle is the security

Let Loan Bridges Fuel Your Journey

At Loan Bridges, we simplify the vehicle loan process. From comparing rates and documentation to final disbursal we ensure a smooth, transparent, and fast experience so that you can focus on what matters: the joy of driving your new vehicle.