Overview of Vehicle Loan in Sonipat

Vehicle loans in Sonipat provide financing for purchasing cars, bikes, or commercial vehicles, catering to personal and business needs with competitive rates and flexible tenures.

Eligibility Criteria

Criteria Details
Applicant Type Salaried, self-employed, or businesses
Age 21–65 years
Income ₹2.5 lakh p.a. (salaried), ₹3 lakh p.a. (self-employed)
Credit Score 700+
Vehicle Type Cars, bikes, commercial vehicles
Collateral Vehicle itself (hypothecation)

Documents Required

  • Identity Proof: Aadhaar, PAN Card
  • Address Proof: Utility bill, Aadhaar
  • Income Proof: Salary slips (3 months), ITR (2 years)
  • Bank Statements: Last 6 months
  • Vehicle Quotation: From dealer
  • Photographs: 2 passport-size

Benefits of Vehicle Loan in Sonipat

  • Loans up to ₹50 lakh for various vehicles
  • Competitive rates starting at 7.5% p.a.
  • Flexible tenures up to 7 years
  • Up to 90% financing of vehicle cost
  • Quick disbursal within 2–7 days

Compare Vehicle Loan Lenders in Sonipat

Lender Interest Rate Loan Amount Tenure Processing Fee
HDFC Bank 7.5% p.a. Up to ₹50 lakh 7 years 0.5%
SBI 8% p.a. Up to ₹40 lakh 6 years 0.75%
ICICI Bank 8.5% p.a. Up to ₹35 lakh 5 years 1%

Frequently Asked Questions

What vehicles can be financed with a vehicle loan in Sonipat?

Cars, two-wheelers, and commercial vehicles like trucks or taxis.

Can I get a loan for a used vehicle?

Yes, many lenders offer loans for used vehicles up to 5–7 years old.

How long does it take to get a vehicle loan approved?

Typically 2–7 days, depending on documentation and lender.

Is a down payment required?

Yes, usually 10–20% of the vehicle’s cost.

Can I prepay my vehicle loan?

Yes, with minimal or no prepayment charges after 6–12 months.

What happens if I default on a vehicle loan?

The lender may repossess the vehicle; credit score will be impacted.

Promotional Offers for 2025

  • Interest rates starting at 7.5% p.a. for vehicle loans in Sonipat
  • Zero processing fees for applications before 31st May 2025
  • Free vehicle loan eligibility check via Loanpao
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