Vehicle Loan in Sri Lanka

How much money do you need?
$ 500 $ 10.000
For how many days?
62 days 365 days

Amount $

Days

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Loan Amount
Rs.10000-40000
Term
10-30 days
% Rate
1,86% per day
Conditions
  • Between 21 to 50 years old;
  • Only ID number
Apply

What a car loan is, how to choose a bank, and where it is better to apply for a profitable vehicle loan in Sri Lanka, at what percentage and for how long one can take it out, how to repay it correctly, as well as other important nuances and conditions of car loans, a person can learn from this article. The material provided will try to shed light on all the rules of the procedure for buying a car on credit: from what age banks give loans for a car and what documents need to be prepared in order to obtain the vehicle loan in India.

What is Vehicle Loan?

A vehicle loan is a kind of personal loan. The essence of the loanable agreement is exactly the same as any other process of lending. A person applies to a lender (a bank, online creditors) to get a sufficient amount of money to purchase the automobile. In its turn, the creditor provides the needed sum but implies the borrower to return not only the actual funding that has been lent but, also, the interest. Otherwise, it wouldn’t be profitable for them to give people money on debt. It has to be added that interest rates for a vehicle loan in India, usually, are variable. Typically, the vehicle loan is secured by the auto which is going to be bought. It means that if one does not succeed to repay the borrowed amounts on time, a creditor will confiscate the car as compensation for the unpaid debt.

How to Get a Car Loan in Sri Lanka?

Normally, to obtain the vehicle loan in Sri Lanka an individual has to meet the requirements. Basically, they do not differ crucially from a lender to a lender. Here, they are:

  • Age of 18-75 years;
  • The stable monthly income of Rs 30,000, at least;
  • Permanent employment that can be proved by the corresponding documents(at least 1 year).

Apply for Vehicle Loan

To request a vehicle loan in India, a person has to send an application form. There, one has to specify all the necessary details of their social data, employment condition, the amount of monthly income, phone numbers, email address, the type of a car and its price. Also, banks might ask a potential borrower for a private meeting to discuss the features of the future deal and to check/clarify thoroughly the personal information or do other important key steps for obtaining the vehicle loan.

Vehicle Loan Interest Rates

On average, APR on vehicle loans in Sri Lanka is approximately 9%. When choosing a lending option and a suitable lender, remember, that the longer the loanable term, the more interest a person will overpay. The higher the percentage for using financing, the more one will pay as a monthly payment. Here are the best vehicle loans in India options:

Name of a financial entityAnnual Interest Rates (APR), %Period of repaymentAmount to lend
HDFC Bank9,1012 – 84 monthsUp to Rs. 3 Crore
ICICI Bank9.3 – 12.851-5 yearsup to 90% of a car price
SBI9.00Up to 7 yearsup to 90% of an auto price
Axis Bank9.05Up to 8 yearsup to 90% of a vehicle price
Canara Bank8.90Up to 84 months90% of a car price

FAQs

Is vehicle loan safe?

A vehicle loan is as much safe as any other type of lending. What does it mean? It is absolutely safe and legal while one commits their obligations and pays regularly the required monthly amount of money.

What is the best place to get a car loan?

The best place to get a vehicle loan in Sri Lanka mainly depends on the person’s monthly income and the value of the desired car. The main thing is to choose the auto not just according to the moment of weakness but the sober appreciation of the current financial condition. There are many financial institutions that provide great terms for vehicle loans such as Canara Bank, SBI, and ICICI Bank. If one longs for the luxury car, it’s better to apply to HDFC Bank, which provides big amounts in debt for the autos of the extra class.

What are the requirements for a vehicle loan?

The basic requirements to take out the vehicle loan do not differ much from the common things creditors demand from the borrowers:

  • age of 18-75 years (differs for each loan provider);
  • To be employed is a must (it has to be proved with the documents);
  • To have a sufficient monthly income level (varies for each lender ≈ Rs 20,000).

Is vehicle loan safe?

A vehicle loan is as much safe as any other type of lending. What does it mean? It is absolutely safe and legal while one commits their obligations and pays regularly the required monthly amount of money.

What is the best place to get a car loan?

The best place to get a vehicle loan in Sri Lanka mainly depends on the person’s monthly income and the value of the desired car. The main thing is to choose the auto not just according to the moment of weakness but the sober appreciation of the current financial condition. There are many financial institutions that provide great terms for vehicle loans such as Canara Bank, SBI, and ICICI Bank. If one longs for the luxury car, it’s better to apply to HDFC Bank, which provides big amounts in debt for the autos of the extra class.

What are the requirements for a vehicle loan?

The basic requirements to take out the vehicle loan do not differ much from the common things creditors demand from the borrowers:

  • age of 18-75 years (differs for each loan provider);
  • To be employed is a must (it has to be proved with the documents);
  • To have a sufficient monthly income level (varies for each lender ≈ Rs 20,000).