TWL Banks |
Interest Rate |
Loan Amount |
Processing Fees |
State Bank of India |
17.20% to 18.95% p.a. |
Rs.20,000 to Rs.25 lakh |
2.00% of the loan amount + GST (minimum of Rs.1,000) |
HDFC Bank |
14.50% p.a. onwards |
Contact the bank |
2.5% of the loan amount |
Punjab National Bank |
10.55% p.a. onwards |
Contact the bank |
0.5% of the loan amount subject to Rs.500 to Rs.1,000 |
Union Bank of India |
11.80% onwards |
Up to Rs.10 lakh |
Contact the bank |
Axis Bank |
11.00% p.a. onwards |
Rs.25,001 onwards |
2.5% of the loan amount |
Lenders have certain eligibility criteria they expect you to fulfil before they process your application. These may vary from one lender to another. Some of the general eligibility criteria are as follows:
Requirements |
Salaried Individuals |
Self-employed individuals |
Age |
Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure |
Minimum - 21 years at the time of application Maximum - 65 to 70 years at the end of the loan tenure |
Monthly income |
Rs.7,000 |
Rs.6,000 |
Credit score |
Above 750 |
Above 750 |
Loan amount |
Up to 100% of the value of the vehicle |
Up to 100% of the value of the vehicle |
Residential stability |
Must be staying at the current address for at least 1 year |
Must be staying at the current address for at least 1 year |
Work experience |
At least 1 year |
At least 1 year |
Note: These criteria may be different for different lenders. Check with the lender of your choice before applying.
Every lender requires you to submit certain documents while applying for a loan. Some of the general documents required are given below:
Particulars |
Salaried Individuals |
Self-employed individuals |
Identity Proof |
PAN card, voter's ID, passport, driving license |
PAN card, voter's ID, passport, driving license |
Address Proof |
Utility bills, passport, etc. |
Utility bills, passport, etc. |
Income Proof |
Salary slips, IT returns, bank statements |
Bank statements, IT returns, audited financial statements |
Note: The documents required may differ from one lender to another. Check with your lender for what they require you to submit.