InvestorQ : what is the % of vehicle loan?
hareram sahani made post

what is the % of vehicle loan?

Answer
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Arusha Ray answered.
1 year ago


Interest rate of vehicle loan differs from bank to bank offering loan and person to person applying for the loan. The bank check applicant’s credit-worthiness, which is checked by the credit score generated at current income received, and willingness of the applicant. A credit score is generated your past payment record history which gives a picture of your willingness and ability to repay the loan. CIBIL score is a popular way in India to check credit-worthiness. So the interest rate of the same bank will differ from person to person depending upon the applicant's CIBIL score.

Additional, every bank offer different interest rate for a vehicle loan. Below are the rate as per a few banks:
Source: paisabazaar.com

If you are looking for a commercial vehicle loan, then the interest rate can be availed from respective banks like ICICI or Non-Banking Financial Companies like India Infoline.