Whether you’re interested in a new car, a pre-owned vehicle, or require a parallel loan, LoanPe offers flexible vehicle loan solutions with fast processing, competitive interest rates, and customer-focused terms. LoanPe makes financing your vehicle easy and affordable, delivering a seamless experience from application to disbursement.
Why Choose LoanPe for Your Vehicle Loan?
- New Car Loan: Finance up to 100% of the on-road price for your new car with LoanPe’s low-interest rates and minimal documentation.
- Used Car Loan: Obtain affordable financing for pre-owned vehicles, ensuring quick approvals and favorable terms.
- Parallel Loan Option: Need to finance another vehicle? LoanPe offers a parallel loan option, allowing eligible customers to secure multiple loans for additional cars or two-wheelers.
Key Features of LoanPe’s Vehicle Loan Solutions
- Flexible Repayment Terms: Select a repayment tenure from 1 to 7 years to suit your budget and financial goals.
- Quick Approvals: Most applications are processed and approved within 48 hours, ensuring prompt disbursement.
- Competitive Interest Rates: Interest rates starting from 7%, offering manageable monthly EMIs.
- Minimal Documentation: A streamlined application process makes the journey hassle-free from start to finish.
Eligibility Criteria for Vehicle Loans with LoanPe
LoanPe ensures flexible eligibility requirements for all its vehicle loan options, including new car, used car, and parallel loans:
- Age Requirement: Applicants should be between 21 and 65 years.
- Income: Minimum monthly income of ₹15,000.
- Credit Score: A credit score of 650 or above is recommended for swift approval.
- Employment Stability: Steady income from salaried or self-employed sources is preferred.
Required Documentation for a Vehicle Loan Application
LoanPe makes the documentation process simple and efficient. Here’s what you’ll need:
- KYC Documents: Valid Aadhar, PAN card, or passport for identity verification.
- Income Proof: Salary slips, recent bank statements, or income tax returns.
- Vehicle Invoice: Proforma invoice for new and used vehicles.
- Employment Verification: Business registration for self-employed applicants.
Fees & Charges
- Processing Fee: Between 0.5% and 1.5% of the loan amount.
- Prepayment Charges: Typically 2% to 3% if you opt for early loan closure.
- Late Payment Penalty: Applicable for any overdue EMIs.
Vehicle Loan FAQs
Can I apply for a LoanPe vehicle loan online?
Yes, LoanPe offers an easy, fully online application for vehicle loans.
Is there an option to finance a second vehicle?
Absolutely, LoanPe’s parallel loan feature allows financing for multiple vehicles.
Are used cars eligible for financing?
Yes, LoanPe provides financing for both new and pre-owned vehicles.
