Overview of Vehicle Loan in Mahendragarh
Vehicle loans in Mahendragarh provide financing for two-wheelers, cars, and commercial vehicles, catering to the district’s semi-urban and rural population of ~921,680. In 2025, these loans offer up to ₹50 lakh with interest rates starting at 7.5% p.a. and tenures up to 7 years. With a rural area of 963.70 km² and growing transport needs in areas like Narnaul, Loanpao connects borrowers with lenders like HDFC Bank, SBI, and Bajaj Finance for quick approvals and disbursals within 1–3 days.
Eligibility Criteria for Vehicle Loan in Mahendragarh
| Criteria | Details |
|---|---|
| Applicant Type | Salaried, self-employed, or business owners |
| Age | 21–65 years |
| Income | Minimum ₹15,000/month (salaried) or ₹2 lakh p.a. (self-employed) |
| Residence | Resident of Mahendragarh or nearby areas |
| Credit Score | 650+ preferred; lower scores may qualify with higher rates |
| Vehicle Type | Two-wheelers, cars, or commercial vehicles (new/used) |
Documents Required for Vehicle Loan in Mahendragarh
- Identity Proof: Aadhaar, PAN Card, or Voter ID.
- Address Proof: Utility bill, Aadhaar, or rental agreement for Mahendragarh address.
- Income Proof: Salary slips (3 months), ITR (2 years), or bank statements.
- Photograph: Recent passport-size photo (digital upload).
- Bank Details: Account details for fund disbursal with e-KYC verification.
- Vehicle Documents: Proforma invoice or quotation from the dealer.
Benefits of Vehicle Loan in Mahendragarh
- Competitive interest rates starting at 7.5% p.a. in 2025.
- Loan amounts up to ₹50 lakh for various vehicle types.
- Quick disbursal within 1–3 days via Loanpao.
- Flexible tenures up to 7 years for affordable EMIs.
- Financing for both new and used vehicles in Mahendragarh.
Factors Affecting Vehicle Loan in Mahendragarh
Interest Rate
Rates range from 7.5% to 12% p.a., based on credit score, income, and vehicle type.
Loan-to-Value (LTV) Ratio
Up to 90% of the vehicle’s ex-showroom price for new vehicles; 70% for used.
Credit Score
Higher scores (650+) secure lower rates; lower scores may increase costs.
Vehicle Type
Commercial vehicles may have higher rates; two-wheelers often have lower LTV.
How to Apply for a Vehicle Loan in Mahendragarh
Follow these steps to apply for a vehicle loan in Mahendragarh through Loanpao:
- Visit loanpao.in and select "Vehicle Loan in Mahendragarh."
- Complete the online application with personal and vehicle details.
- Upload required documents (Aadhaar, PAN, income proof).
- Choose a lender (e.g., HDFC Bank, SBI) and vehicle type.
- Receive approval and funds within 1–3 days after verification.
Loan Eligibility for Vehicle Loan in Mahendragarh
Check your eligibility for a vehicle loan in Mahendragarh with Loanpao’s tool:
- Enter personal details (age, income, Mahendragarh address).
- Provide vehicle details (type, cost, new/used).
- Submit for instant eligibility results based on lender criteria.
Loanpao matches you with the best vehicle loan offers in Mahendragarh.
Check Eligibility NowTrack Your Vehicle Loan Application in Mahendragarh
Loanpao offers a seamless tracker for your vehicle loan application:
- Enter your application ID on the Loanpao Tracker page.
- Receive real-time updates on status (e.g., document verification, approved, disbursed).
- Get notifications for fund disbursal in Mahendragarh.
- Contact Loanpao support for assistance with delays in Mahendragarh.
Vehicle Loan Comparison in Mahendragarh
Compare vehicle loan offers from top lenders in Mahendragarh:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| HDFC Bank | 7.5% p.a. | Up to ₹50 lakh | Up to 7 years | Up to 1% of loan amount |
| SBI | 7.8% p.a. | Up to ₹40 lakh | Up to 7 years | 0.5%–0.75% of loan amount |
| Bajaj Finance | 8% p.a. | Up to ₹35 lakh | Up to 5 years | Up to 1.5% of loan amount |
Frequently Asked Questions
You can finance two-wheelers, cars, and commercial vehicles (new or used) with a vehicle loan.
Vehicle loan approvals typically take 1–3 days in Mahendragarh, post-document verification.
Loan amounts can go up to ₹50 lakh, based on the vehicle’s value and your eligibility.
Yes, but lower credit scores (below 650) may result in higher interest rates or additional conditions.
Yes, most lenders allow prepayment with minimal or no charges, subject to their policies.
In case of default, the lender may repossess the vehicle to recover the loan amount, per RBI guidelines.