Vehicle Loan

At RIFS, we understand the importance of owning a vehicle, whether for personal use or business purposes. Our Vehicle Loan service is designed to provide you with the financial support you need to purchase a new or used vehicle. With flexible repayment options and competitive interest rates, RIFS ensures that your journey to owning a vehicle is as smooth as possible. Whether you’re looking for a car, bike, or commercial vehicle, we offer tailored loan solutions to suit your needs. Our team of experts will guide you through the entire loan process, making it simple and hassle-free. Trust RIFS to help you achieve your vehicle ownership goals with ease and confidence.

Eligibility Criteria

To qualify for a vehicle loan from RIFS, you must meet the following basic criteria:

• Age: Applicants should be between 21 and 65 years of age.
• Income: Stable monthly income from employment or self-employment, with a minimum income requirement (which may vary based on the loan amount and type).
• Employment Status: Salaried employees, self-employed individuals, and business owners are eligible.
• Credit History: A positive credit score is preferred, although a good explanation for any credit issues may still allow for loan approval.
• Vehicle Type: Eligibility may differ based on whether the loan is for a personal or commercial vehicle.
• Residence: Applicants should be residents of India.

Documents required

• Proof of Identity & Address Proof – (Passport / Voter’s ID / Driving License/PAN Card*/Aadhar Card or Proof of possession of Aadhaar number(on Voluntary basis))
• Driving License/ Voter’s ID / Utility Bill (anyone (anyone which is not more than two months old of any service provider – electricity, telephone, post-paid mobile phone, piped gas, water bill) / Registered Rental Agreement/Letter of allotment of accommodation from employer/ leave and license agreements with employers allotting official accommodation/ Passport)
• Driving license, in case of First time users
• Land holding proof, in case of Farmers
• Income Tax (ITR) and financial statements for the last two years, complete with schedules and P&L account.
• Documents to prove relevant experience, in case of First time users
• Bank statements Latest bank passbook (updated within 90 days)
• Fleet list details
• Proprietorship declaration, partnership deed, memorandum/association of article (MOA/AOA), board resolution, as applicable