Apply for Vehicle Loans

Eligibility Requirements for Vehicle Loan

Minimum Age

The minimum age for applying the Vehicle Loan is 21 years.

Maximum Age

The maximum age is 60 at the time Loan Application.

Self-employed people

Both the salaried as well as the self-employed people can apply for the loan.

Minimum work experience

The minimum work experience for a salaried applicant is one year with a minimum salary as low as Rs. 12,000/ per month.


In the case of a self-employed, the applicant must be in the same business for at least two years.

Living in same address

The applicant must be living in the same address for at least one year.

Existing Loan commitments

The applicant should also declare their existing loan commitments, if any

Bank Statements

There should not be any check bounces in the last 12 months of the bank statement.

Credit Information Report (CIBIL/Equifax/CRIF Highmark / Experian)

There should not be any negative remarks on the Credit Report irrespective of whether closed earlier or active at the time of Loan Application.

Why should you Avail Vehicle Loan

Rakesh Credits Ltd offers many features and benefits that will suit all your financing requirements and help you purchase your dream vehicle

Loan Amount

Rakesh Credits Ltd provides up to 60%* financing on the present Market Value of the vehicle.

Quick disbursal

Rakesh Credits Ltd offers the fastest Vehicle Loan in India with the disbursal of the loan amount in just 12 hours after your loan gets approved.

Ease of applying

All you need to do is fill-up the Loan Application Form and give the copy of Vehicle records at the nearest Branch or you can Apply online and can upload necessary records and get your loan approval process started.

Minimal documentation

It involves a quick, easy and minimum documentation process.

Fulfil Your Need

You can get Loan up to 60%* of value as per valuation report for your vehicle opted to buy.

Competitive interest rates

With interest starting from 12% p.a., Rakesh Credits Ltd offers competitive interest rates in the pre-owned vehicle financing market.

Online access

From the time your loan application is approved, you can check all your transaction online on the Rakesh Credits Ltd's customer portal

Pre-Owned (Used) Vehicle Loan ( for Buy / Re-finance)

Buying Used Vehicle / Two Wheeler / Three Wheeler or Commercial Vehicle has never been this easy!

The Pre-Owned Vehicle Loan comes with holistic customer support to ensure your convenience throughout the process of buying a Vehicle from your dealer. Our fast and hassle-free Loan processing helps to buy your vehicle in no time!

Pre-Owned Vehicle Loan to buy all makes and models

Funding for up to 10 years old models

End-to-end customer support for transfer of ownership and RTO related procedures

Documents Required for Vehicle Loan Pre-Sanction

Identity Proof (Self-attested xerox Copies):
  • PAN Card
  • Voter ID Card
  • Driving License
  • Passport
  • Aadhaar Card
Address Proof(Self-attested xerox Copies):
  • Aadhaar card
  • Passport
  • Driving License
  • Ration Card
  • Voter ID
Other Documents:
  • Duly filled Loan Application 
  • Copy of RC Book, valid Insurance Policy, valid Fitness document, valid Road Tax document, valid Pollution Under Control Certificate (PUC)(RC Book and Insurance policy in the case of private vehicles)
  • Vehicle should be free from any Hypothecation / Hire Purchase Agreement at the time of Application. If the existing Hypothecation not cancelled with RT Office concerned, attach the copies of NOC and Form 35
  • Recent Passport size colour photographs
  • Copy of Pass Book or Bank Statement showing recent transactions.

Vehicle Loan Post-Sanction requirements

  • Originals of RC Book, valid Insurance Policy, valid Fitness document, valid Road Tax document, valid Pollution Under Control Certificate (PUC)(RC Book and Insurance policy in the case of private vehicles). If the existing Hypothecation not cancelled with RT Office concerned, Originals of NOC and Form 35 issued by the financial institution which is mentioned on the RC Book
  • Post Dated Cheques for repaying EMIs.
  • NACH Form to enable Automated EMI transfer
  • Copy of Latest Land Tax Receipt (LTR)
  • Copy of Title Deeds to support LTR
  • Signature Attestation from Bank  


1. How much Loan can I avail on a used Vehicle ?

We offer up to 60% funding on used Vehicles.

2. In how many instalments should I repay the used vehicle Loan?

You can repay the Used Vehicle Loan in a maximum of 36 instalments. Depending upon the Loan Amount and Model it may vary.

3. What is the rate of interest for Used Vehicle Loan?

Our Used Vehicle  Loan rate starts from 12.00% p.a.

4. How soon will my Used Vehicle Loan be sanctioned?

Our Used Vehicle Loan approvals are with in 12 hours, subject to satisfying credit norms.

5. What are the models that you provide Loan for?

We offer finance for up to 10-year-old model of all makes and models like Maruti, Honda, Hyundai, Mahindra, Ford, Toyota, Tata, Renault, Piagio, TVS, Hero etc

6. What should I do in case I wish to replace my PDCs?

Make the request at your nearest branch or click here

7. What are the various payment options available?

You can pay via Post Dated Cheques (PDCs)/ NACH / UPI / Net Banking / NEFT/RTGS . 

8. Can I remit the instalment in any branch?

Yes. You can remit your car Loan instalment in any of our branches. click here to view list of our branches.

9. What should I do in case of address change/mobile number change?

Initiate the request by logging into our customer portal/app. You may also intimate the branch that you usually deal with.

10. What is the procedure, should I wish to foreclose my account?

You can foreclose you Loan at any time. Upon specific request, we can agree for the same subject to payment of pre-payment penalty amount as per the agreement.

11. Can I make bulk Loan payments to reduce the finance quantum?

Yes, bulk Loan payments are subject to terms and conditions.

12. What should I do when my Loan contract tenure gets over?

You have to close the Loan Account on the expiry date of the Agreement and any other dues as per the agreement, the termination papers including the RTO related papers will be issued from Branches.

13. What papers do I have to collect on Vehicle Loan termination?

The No-objection letter(NOC) along with Form 35 addressed to the RTO and NOC to the Insurance Company to cancel the Insurance Endorsement on the Policy, if any.

Offers for Existing Customers

As our existing customer, we understand you and your work. You can now enjoy special RCL benefits such as Top-up Loans, Refinance to meet your expenses in the current scenario.

Refinance on existing Vehicle Loan - cash Loan to meet any personal expenses for medical emergencies, household purchases and renovation, educational and wedding expenses.

Loan Amount will Depending on your present asset value and Loan balance as on date.

  • Attractive interest rate
  • Simple and hassle-free documentation
  • Affordable monthly payment
  • Timely availability of credit
  • Personalised service for smooth day-to-day operations
  • With all these, you can enjoy our best customer service as always!

Features of Vehicle Loan


Easy loan


You deserve a better business loan

We usually follow 4 steps to get a better business loans.


Apply in 10 minutes

Please provide your personal information along with vehicle and insurance details


Hear from us in 1 hour

Once you have submitted, we will check the data and call you back


A decision in 12 hours

We will verify the documents and approve your application within 12 hrs


Your loan is funded

Once approved, fund will transfer to seller account by NEFT/RTGS

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