Motor/Vehicle Loan is a type of financing designed to help individuals purchase a new or used vehicle without paying the entire cost upfront. The loan amount is typically based on the vehicle's value, and borrowers repay it through equated monthly installments (EMIs) over a predetermined tenure. Lenders often finance up to 80-100% of the vehicle's on-road price, depending on the borrower's eligibility and credit profile. Interest rates for motor loans may vary based on factors like loan tenure, borrower creditworthiness, and type of vehicle (car, two-wheeler, or commercial vehicle). This loan offers the convenience of vehicle ownership while spreading the cost over time.