Key features of a vehicle loan:

• Loan amount: The amount you can borrow depends on the value of the vehicle you want to purchase.
• Interest rate: The interest rate charged on a vehicle loan can vary depending on the lender, the type of vehicle, and your creditworthiness.
• Loan tenure: The loan tenure can range from a few months to several years, depending on the lender's policy and your repayment capacity.
• Repayment terms: You can choose to repay the loan in equal monthly installments (EMIs) or through other repayment schedules.
• Processing fees: The lender may charge processing fees to cover the costs of processing your loan application.
• Prepayment charges: Some lenders may impose prepayment charges if you repay the loan before the end of the agreed-upon tenure.
• Collateral: Vehicle loans are typically secured by the vehicle itself, meaning the lender has the right to repossess the vehicle if you fail to repay the loan.

Types of vehicle loans:

• New car loan: Used to finance the purchase of a brand-new vehicle.
• Used car loan: Used to finance the purchase of a pre-owned vehicle.
• Two-wheeler loan: Used to finance the purchase of a motorcycle, scooter, or other two-wheeler.
• Commercial vehicle loan: Used to finance the purchase of a commercial vehicle, such as a truck or van.