Vehicle Loans for Non-Salaried? Is It Possible?

Ever wondered if you are eligible to avail a vehicle loan just because you are non-salaried? This blog should clear all doubts for non-salaried personal regarding commercial vehicle loans or personal vehicle loans.

Who are the Non-Salaried?

A salaried employee will receive fixed monthly salary for the work performed in a month. A non-salaried person receives payment only for the work done. Self-employed personal (freelancers, entrepreneurs) and daily wage workers fall under the non-salaried slab.

Loans Approval Requirements For Non-Salaried:

Your income proof serves as the most important consideration to get loan approval. If you meet the eligibility criteria and you have an income proof, these may serve as the deciding factors for loan approval.

Apart from your income proof, the lender will require KYC (know your customer) documents, which include identity and address proofs.


From an auto driver to a fleet owner – T. Kumaraesan

In 1989 I began my career as an auto driver. I love driving and being on the road and I chose this profession because this is what I wanted to do. In 2007, the school where I used to drop the children, asked me if I was interested in taking up the van service for their schools. At that time, I did not have sufficient vans to take the contract when the madam of that school suggested that I should consider hiring extra vehicles. I was in a confused state not knowing what to do when I came across CHOLA AD in the newspaper that said, “Pay 30,000 and take home a Vehicle.”

Immediately I contacted Chola professionals who offered me complete support. I got the loan and bought my first vehicle and later through subsequent loans and refinancing today I own 8 vehicles.

The applicant should be an Indian Resident. Minimum age is 24 and applicant should be less than 65 years at the time of loan maturity. Minimum annual income should be 1 lakh INR.

Income Proofs#:

  • Income Certificate: This certificate from a charted accountant confirms the source of income and amount earned in the past financial year (not less than 3 months before the date of application).
  • Income from property (commercial or residential)
  • Bank passbook with photo attested and latest statement (last 3-6 months)

Apart from these additional income proofs which are accepted by financial institutions can also be submitted.

Repayment capacity#

Repayment capacity is one’s ability to repay the loan timely. Financial institutions will check whether you will be able to pay the loan EMIs without any delays. Age, income and expenditure are considered to calculate the repayment capacity both for short term and long term. Also, if you have a good credit score, it will prove your repayment capacity. Read more on CIBIL score here

In short, commercial vehicle loan approval for non-salaried personal is possible. You just need to meet the eligibility criteria, show proof for your income and prove your repayment capacity.

Chola offers loans for new vehicles, used vehicles and commercial vehicles (small trucks, light trucks, medium trucks and heavy trucks [both new and old vehicles]). We finance up to 100%* of asset cost with assistance at doorstep through a Relationship Managers for commercial vehicles.

Click here for the detailed list of identity and address proofs which are required along with the application form.

*Terms & Conditions Apply.

#Eligibility criteria, income proof and repayment capacity vary from financial institution to financial institution. The above is a generic requirement.

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