Manappuram Asset Finance

New Vehicle Loan

Get Behind the Wheel of Your Dream Vehicle

Buying a new vehicle is an exciting milestone, and Manappuram Asset Finance Limited is here to make it easier for you. Our new vehicle loan offers at attractive interest rates, flexible repayment options, and a hassle-free sanction process. With quick approvals and minimal documentation, you can drive away in your dream car sooner than you think.

Features & Benefits:

Attractive Interest Rates: Enjoy attractive interest rates that make owning a new car more affordable.
Flexible Repayment Options: Choose from 12 to 84 months of repayment tenures that suit your financial situation.
Quick and Easy Processing: Benefit from a streamlined application process with quick approvals and minimal documentation.
High Loan Amount: Get up to 100% financing of the ex-showroom price of your new vehicle.
No Hidden Charges: Transparent processing with no hidden charges.

Used Vehicle Loan

Reliable Financing for Pre-Owned Vehicles

A used vehicle can be a smart and economical choice, and with Manappuram Asset Finance Limited’s used vehicle loan, you can purchase your desired pre-owned car with ease. Our used vehicle loans offer favourable terms and conditions, ensuring you get the best deal possible.

Features & Benefits:

Attractive Interest Rates: Avail loans at attractive interest rates tailored for used vehicles.
Flexible Tenure: Choose repayment terms that fit your budget, ranging from 12 to 60 months.
Quick Approval: Fast and efficient loan processing to get you on the road without delay.
High Loan to Value Ratio: Finance up to 80% of the vehicle's valuation.
Wide Range of Vehicles Covered: Loans available for a broad spectrum of used cars.

Eligibility Criteria

Age: Applicants must be between 21 and 60 years of age.
Income: Stable income source required, whether salaried or self-employed.
Credit Score: A good credit score enhances loan approval chances.
Documentation: Basic KYC documents, income proof, and vehicle-related documents.

Why Choose Manappuram Asset Finance Limited?

Trusted Brand: With years of experience in the financial sector, Manappuram is a name you can trust.
Customer-Centric Approach: Our loan solutions are designed with the customer’s needs in mind.
Expert Guidance: Our team of experts are always ready to assist you in choosing the best loan option.
Transparency: We maintain complete transparency in our processes and charges.

Apply Now

Ready to take the next step? Applying for a vehicle loan with Manappuram Asset Finance Limited is easy and convenient. Visit our nearest branch, call our customer service, or apply online through our website.

Charges

Interest Rate:
- 18 to 23.9% per annum
Processing Fee:
- 1.75% (In case of DSA, additional 1%)
Penal Charge:
- 18% per annum

Foreclosure Charges:
- Closure up to 6 months from the date of disbursement: 6 months' interest + GST
- Loan settled between 6 months and 1 year: 4% of the principal outstanding + GST
- Other premature settlement cases: 3% of the principal outstanding + GST

Frequently Asked Question

General Information Eligibility and Requirements Loan Details Repayment and Charges Repayment and Charges

Manappuram Asset Finance Limited offers loans for both new and used vehicles

Yes, Manappuram Asset Finance Limited also offers loans for commercial vehicles. The eligibility criteria and documentation might vary slightly.

Manappuram occasionally runs special offers and schemes. It is advisable to check with the nearest branch or their official website for any ongoing promotions.

Individuals who are salaried, self-employed, or professionals with a stable income source are eligible. Applicants must meet the age and income criteria set by the company.

The following documents are typically required:

Identity proof (Aadhar card, Passport, etc.)
Address proof (utility bills, rental agreement, etc.)
Income proof (salary slips, bank statements, ITR, etc.)
Employment proof (employment letter, business registration, etc.)

The loan amount depends on the type of vehicle and the applicant's eligibility. Typically, Manappuram finances up to 90% of the vehicle's on-road price for new vehicles and a significant portion of the value for used vehicles.

The loan tenure can range up to 84 months, depending on the loan amount, type of vehicle, and borrower’s preference.

Interest rates vary based on the type of vehicle, loan amount, tenure, and applicant’s credit profile. It is best to contact Manappuram Asset Finance Limited directly for the most accurate and competitive rates.

You can apply for a vehicle loan by visiting the nearest Manappuram Asset Finance Limited branch, through their official website, or by contacting their customer service.

Loan approval time can vary but typically ranges from a few hours to a few days, depending on the completeness of the documentation and the verification process.

Once the loan is approved, the amount is disbursed directly to the vehicle dealer or seller, as per the agreed terms.

The loan is repaid through Equated Monthly Installments (EMIs). Borrowers can choose to pay via post-dated cheques, electronic clearing service (ECS), or direct debit from their bank account.

Yes, Manappuram allows prepayment and foreclosure of vehicle loans. However, there might be some charges applicable as per the loan agreement terms.

Missing an EMI payment can result in late fees, impact your credit score, and might lead to legal action if not resolved. It is important to inform the lender and work out an arrangement if you anticipate any payment difficulties.

VEHICLE LOAN