There are a number of schemes for vehicle loans available at banks and NBFCs in the festive season of Diwali, which can make it easier for you to buy the vehicle you want. Two-wheeler, four-wheeler, SUV, these banks and NBFCs are giving you access to some excellent rates of interest as well as flexible options for repayment for the loan, along with added discounts to celebrate Diwali. We have compiled a simple guide to understanding these schemes and really making the most of your Diwali purchasing power.
1. Two-Wheeler Loan Offers
The two-wheeler loans are the perfect option for people who are looking for an opportunity to buy bikes or scooters for personal or commuting purposes. These loans are now generally unsecured, which means that you do not have to provide collateral, and the banks often provide the customers with quick approvals during the festive seasons.
Top Banks and NBFCs
| Bank/NBFC | Loan Amount | Interest Rate (p.a.) | Key Features | Eligibility |
| Bajaj Finserv | Up to ₹1.5 lakh | Starting at 9.99% | Up to 100% on-road price financing, minimal documents, flexible EMI options | Salaried/self-employed with stable income |
| HDFC Bank | Up to ₹2 lakh | Starting at 10.25% | Instant approval, quick disbursal | Salaried/self-employed with good credit score |
| ICICI Bank | Up to ₹2 lakh | Starting at 10.50% | Flexible tenure up to 84 months | Age 21–65, credit score above 700 |
| IDFC FIRST Bank | Up to ₹1.5 lakh | Starting at 10.75% | Online application, instant approval, zero processing fees | Indian nationals aged 21–65 |
| TVS Credit | Varies | Varies | Festive discounts, gifts, and cashback offers | Based on credit profile |
Explanation:
The banks like Bajaj Finserv and the HDFC Bank have offers which give fast approval and financing up to 100% of the on-road price. This means that you may not need any down payment. However, some lenders offer gifts or cashback during Diwali, which helps in making the purchase more affordable and economical.
Popular Bike Models with Offers:
- Hero Splendor Plus – Cashback up to INR 5,000
- TVS Raider – Discounts INR 4,000–INR 6,000
- Yamaha FZ-X – GST benefits for reduced price
2. Four-Wheeler Loan Offers
The four-wheeler loans help the borrowers in buying cars across various segments like economical cars, SUVS or vans. These loans can be secured or unsecured, and the banks, during the Diwali season, are providing Diwali-exclusive discounts and lower interest rates.
Top Banks and NBFCs
| Bank/NBFC | Loan Amount | Interest Rate (p.a.) | Key Features | Eligibility |
| ICICI Bank | Up to ₹1 crore | Starting at 9.10% | 100% financing, flexible tenure up to 84 months | Age 20–65, minimum income ₹30,000/month |
| SBI | Up to ₹1 crore | Starting at 8.75% | Lowest EMI, quick approval | Salaried/self-employed |
| HDFC Bank | Up to ₹1 crore | Starting at 9.25% | 100% on-road price financing, flexible repayment | Based on income and credit score |
| PNB Housing | Varies | Varies | Loans against property at lower rates | Own property, stable cash flow |
| Jeep India | Varies | Varies | Exchange schemes, loyalty benefits, festive discounts | Based on the credit profile |
Explanation:
The banks like ICICI Bank and SBI Bank are offering good, attractive and competitive interest rates in comparison to the other banks with quick approvals. This is making it easier for the customers, or let’s say the borrowers, to buy cars for Diwali. The loans can help cover the full on-road price in many cases, and the festive offers may also include exchange bonuses, discounts or loyalty benefits for repeat customers.
Popular Car Models with Offers:
- Volkswagen Tiguan R-Line – Up to INR 3,00,000 off
- Honda City – Low down payment and exchange bonuses
- Jeep Compass – Exchange schemes and loyalty rewards
3. Tips for Availing Vehicle Loans During Diwali
- Compare Multiple Offers – It is always advisable to check the interest rates, process the fees and the repayment options from different banks.
- Check Eligibility – Before applying for a loan, check the eligibility criteria like the age, income and the credit score, as it is necessary that it meets the bank’s requirements.
- Read Terms Carefully – Always make sure to read and understand the prepayment penalties, the late fees and the other charges before signing any document.
- Plan Repayments – Always choose the tenure and EMI option that is the perfect fit for your monthly budget and does not disturb your other expenses.
- Apply Early – The banks get busy during the festive seasons, especially during Diwali. So, it is advised to apply for a loan early in time for timely approval and funds.
- Check Special Offers – Apart from banks, NBFCs also offer festive discounts, gifts or cashbacks.
4. Important Dates & Bank Alerts
- Diwali 2025: October 20
- Bhai Dooj: October 23, 2025
- Chhath Puja: October 27 & 28, 2025
Note: The physical bank branches may be closed during the Diwali Holidays, but their online banking features, ATMs and UPI transactions remain operational.
5. Advantages of Diwali Vehicle Loans
- Lower Interest Rates: The banks are seen offering discounted rates during the Diwali season.
- Quick Approvals: The festive season loans are always given the top priority for faster disbursal.
- Flexible Repayment: Extended EMIs and flexible tenures are common. The banks also offer extended EMIs and flexible tenures for repayment of loans.
- Festive Discounts: The banks or even the NBFCs provide their customers with additional benefits like cashback, loyalty rewards and gifts.
Conclusion
The Diwali season is mostly considered the best time for buying your dream bike or car using the special vehicle loans. By comparing the interest rates of different banks, your eligibility criteria, etc, applying for the loan early will help you enjoy a seamless festive purchase while also managing the finances wisely.
So if you are looking for NBFCs that are providing two or four-wheeler loans at attractive interest rates, then contact GoFinance today.
