A Vehicle Loan is a secured loan that allows an individual to purchase a new vehicle. It is repaid through monthly instalments with attractive interest rates. It can be used to buy cars, vans or dual cabs. The loan can be obtained from a bank subject to an individual’s borrowing limits, based on their eligibility and credit rating. It can also be rolled over for another 5 years after the initial 3 year period.
Minimum Monthly Instalments
A vehicle loan, as the name suggests, allows one to borrow funds to purchase a new or used vehicle. Attractive interest rates are paired with reasonable monthly instalments to ensure affordability. Getting a car or motorbike loan isn’t as difficult as you might think. Whether you’re an individual looking to get behind the wheel or are in a corporate with fleet needs, our experts will help you find the best loan for your needs. The most important step is choosing the right lender to suit your needs.
A Vehicle Loan is a good way to finance the purchase of a brand new car. The best part is that you don’t have to break the bank in order to get a vehicle loan. It’s not unusual for a lender to lend up to 70% of the cost of the car. The loan is repaid over monthly instalments. The interest rates and terms vary according to the lender. You might also need to make a down payment and provide a guarantor.
To qualify for a Vehicle Loan in Sri Lanka, applicants should fill up a physical form and provide the necessary documents. Bank details, copies of income tax returns for the past two years, and a copy of the bank statement are some of the required documents. Moreover, KYC documents such as identity and address proof are also necessary. Self-employed individuals must submit a business registration license along with the proforma invoice that shows the price of the car. The loan amount is decided on the basis of the value of the car. Individuals in commissioned ranks of the Tri-Forces or Police are eligible for a Vehicle Loan as a security. This loan is provided for a period of 18 to 60 months with fixed and variable interest rates.