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Vechicle Loan
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Two wheeler Loan
Owning a two-wheeler is a matter of convenience and travelling via public transport can be cumbersome at times. Purchasing your own two-wheeler would not only solve your commuting woes, but also make your day-to-day journey faster and comfortable. At PURVAJA, we understand how much this matters to you, and offer easy two wheeler loans to help you realise your dream.
With PURVAJA’s two-wheeler loan, you can be the proud owner of your very own bike and travel comfortably to work every day.
Our quick digital application process is designed to make your experience as comfortable as possible. We offer bike loans with maximum loan to value – in some cases, even upto 100% at attractive interest rates and flexible repayment tenures upto 36 months to ensure that your monthly EMI payments are well within your budget.
How to Apply for a Two Wheeler Loan?
You can take the following steps to apply for a two-wheeler loan:
- Online Application: Log into our website and make a request for a bike loan by filling in the application form and submitting it online. You will receive a call from the relevant department to discuss the various possible options that you could opt for. Your application will be forwarded for processing based on your requirements.
- Documentation: You are required to submit the basic minimum documents to help the lending institution verify your eligibility for the loan.
- Verification: The documents submitted are verified as a part of the loan application process.
- Approval: Post verification of the documents, if the loan is approved, the funds will be disbursed.
You can also get in touch with us via email, contact us on our toll-free number or walk into the nearest PURVAJA branch to apply for a bike loan.
The eligibility criteria to be able to apply for a bike loan is as follows:
- You should be at least 18 years of age while applying for a bike loan and not more than 65 years on the maturity of the loan.
- You must be an Indian resident residing at the same residential address for a minimum of 1 year.
- Salaried employees should have a minimum work experience of at least1 year and should fulfil the conditions per PURVAJA’s policy at the time of loan application.
Two Wheeler Loan Eligibility & Documents
The basic documents required to verify your bike loan eligibility include:
- Government employees are required to submit a copy of the previous three months’ salary slips. Private company employees are required to submit salary slips/certificates stating the deductions.
- A copy of the Form 16.
- Self-employed persons are required to submit a copy of their Income Tax returns.
- KYC documents that include – Proof of identity (such as Aadhar Card, Drivers’ Licence, PAN Card etc) and Proof of address (Electricity bill, Bank passbook, Aadhar Card, Drivers’ Licence etc), passport sized photographs and a copy of the filed in application form.
How to apply?
The interest rate plays a very important role in debts. A lower interest rate yields low EMI. Hence, interest rate is the major consideration when applying for any type loan. At PURVAJA, we offer a competitive two-wheeler interest rate best suited to your profile.
| PURVAJA Bike Loan Interest Rates – Jan 2023 | |
|---|---|
| Bike Loan Interest Rabsp;te | 8%- 28% |
| Processing Fee | Up to 5% of the loan amount |
| Loan Tenure | Up to 36 months |
Two-wheeler loan interest rate varies between 8% and 28%* per annum and depends on several factors such as: Profile of the Customer, Tenure of the Loan, City of Residence, Type of Vehicle Purchased, Prior Relationship with PURVAJA
Loan against property allows you to use the value locked up in a property to meet any expenses you may have. While the loan amount depends on the total value of your property, you are free to use the funds as you see fit. Your property acts as collateral for the loan, but you can continue to use it as before.
At PURVAJA India, we provide customized property loan depending on your requirement. Thus, you may be salaried, self-employed or an SME – rest assured, we have a product for you. Our streamlined process with minimal documentation ensures a hassle-free experience for every customer.
You can reach out to our support team for answers to any queries you may have or information you need via phone, email, or chat. Apply for a Loan Against Property today, and make the most of a host of advantages as our valued client.
Features of Commercial Vehicle Loan
A commercial vehicle loan is a bespoke loan offering for individuals and businesses to help improve their operational and logistical capabilities by purchasing new or used commercial vehicles from major manufacturers.
PURVAJA offers quick and hassle-free commercial vehicle loans starting from Rs 100,000 that can be further customised to suit your commercial vehicle needs. With up to 100% financing, PURVAJA’s commercial vehicle loans offer greater flexibility and are available at competitive interest rates ranging between 12% to 26% per annum.
You get the freedom to choose your repayment tenure from a range of options as per your need and convenience.
Advantages of Commercial Vehicle Loan
Advantages of a commercial vehicle loan include:
Multiple Vehicle Financing:
With commercial vehicle loans, you can finance the purchase of a single vehicle or a fleet that includes multiple varieties across manufacturers in India. This can also be a combination of small and light commercial vehicles that can drive your business.
Easy Processing:
Processing a commercial vehicle loan from PURVAJA is easy, fast and convenient. Generally, after submission of the required documents and final loan approval, it takes approximately 72 hours for the funds to come through.
Flexible Repayment Tenure:
Repayment tenures come with flexible repayment tenures that can range anywhere between 12 to 60 months with easy monthly instalments
Eligibility Criteria for Vehicle Finance
Commercial vehicle loan eligibility for new commercial vehicles includes:
- 2 years of stable employment for salaried individuals and 2 years of business experience for self-employed individuals
- Salaried individuals must be employed in either private/limited companies, partnership firms, societies, trusts and associations that must have been in existence for a minimum period of 2 years
- Private/Limited companies, partnership firms, trusts & societies Companies need to provide 2 years of audited financials
- In case individual borrowers, first-time buyers and fleet operators/owners, internal/external guarantors may be required
- Applicants must be residing at their present address for a minimum period of 2 years
- Existing fleet operators and vehicle owners must show proof of ownership of one or more commercial vehicles between 1 and 3 years
Commercial vehicle loan eligibility for old commercial vehicles includes:
- Prospective borrowers need to have relevant experience between 2 to 5 years
- A minimum of one year of ownership of at least 2 vehicles
- A minimum of one year repayment track of commercial vehicles
Please note that this is just an indicative list of criteria. Actual eligibility for a commercial vehicle will depend on many factors including our PURVAJA policy at the time of loan application.
Required Documents for Commercial Vehicle Loan
Commercial vehicle loan requirements include checking the minimum eligibility with PURVAJA. Additionally, you need to submit the following commercial vehicle loan documents:
- Duly filled application form with attached photograph
- 2 passport-size photographs
- A cheque for processing fee
- All KYC documents for ID, address, and age proof
- First-time buyers may need to provide relevant experience proof with the help of valid documents
- SPDC
Income proof for salaried individuals can be provided in the form of:
- The last 6 months bank statements
- Income tax returns for the last 3 years
- Profit and Loss statements & Balance Sheet for the last 3 years (for self employed)
- Application form with a latest photograph
- Proof of business existence
- Processing fee cheque
- SPDC
Other documents include:
- Existing vehicle ownership proof
- Vehicle details & valuation report
- Insurance and RC copy of the vehicle
- Fleet list details (In case of small, medium, and large fleet operators/owners)
- Trade references (In case of first-time buyers, fleet operators/owners & experienced borrowers)
- Property ownership proof (In the case of farmers)
- Proprietorship declaration, partnership deed, (MOA/AOA), board resolution & 2 years of audited financials (In case of Private/Limited companies, partnership firms, trusts & societies)
- Loan repayment track (if any)
Please note that this is just an indicative list. The actual list of documents may vary as per our policy at the time of loan application. Please contact PURVAJA CUSTOMER CARE
Other Services
Frequent Questions
Loan amounts generally depend on the value of the vehicle and your creditworthiness. They can range from a few thousand dollars to tens of thousands.
Interest rates vary based on loan term, credit score, down payment, and lender. Generally, better credit scores and larger down payments result in lower rates.
Lenders consider your credit score, income, debt-to-income ratio, employment history, and down payment amount.
Any Questions? Let’s talk
We aim to serve customers who are in need of immediate funds as well good return on their investments.