If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Loading your search...
    Close

    Compare Car Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

  • Used Car Loans in Bengaluru is Rated as "Great!" by 34483 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Used Car Loans in Bengaluru

    Bengaluru is a happening city in India with multiple job opportunities in various fields, quality educational institutions, abundant society apartments, well-maintained parks, 5-star hotels, and pubs. The capital city of Karnataka has a diverse population with people from all over the country settling down here for high-paying jobs. Given the hustle-bustle of the city, the cost of living is unsurprisingly higher than most cities in the country.

    Owning a Car in Bengaluru

    Traveling in the city can be a bit arduous owing to a large population and heavy traffic. Majority of the residents own a four-wheeler or a two-wheeler of some kind to get around the city for work, school or shopping. The remaining opt for public transport like metro trains and buses. There is no doubt that cars are a convenient mode of transportation, except when stuck in a heavy city traffic. However, you can use the same car to leave behind the heavy city traffic and to go on long road trips on the weekend.

    Auto Finance for a Car of Your Choice

    If you are in the market for a car but don’t have sufficient funds to buy one, you can opt for a car loan from the bank. As the auto manufacturers around the world are launching new car models every month, the consumers are overwhelmed by the options and the lack of funds. Furthermore, carmakers are hiking prices on certain models of cars this month. This makes it harder to afford a car of your dreams.

    There is an alternative to purchasing a brand new car of your choice. The price of used/pre-owned cars is lower than new cars. With the help of used car loans, you can purchase a good-condition used car of the same model (less than 5 years old). What’s more, if you are someone who changes cars every few years, you can save money by purchasing used cars rather than new cars.

    Used Cars Loans

    Banks and Non-Banking Financial Companies (NBFCs) offer used car loans for the purchase of a pre-owned or used car. Although the price of a used car is lower than a new car, used car loans have a higher interest rate and lower loan tenure compared to new car loans due to the age of the car. Banks offer used car loans up to 80-85% of the ex-showroom/on-road price of the car at 12-18% for a loan tenure of 1 to 5 years. Used car loans are paid in Equated Monthly Installments (EMIs) over a specified period of time called the loan tenure.

    Here is a list of the top banks and NBFCs providing used car loans in India:

    Bank Loan amount Loan tenure Rate of Interest Processing fee Prepayment charges
    HDFC Bank Up to 100% funding (100% value of the used car or 3-6 times your yearly income) 1 to 7 years (age of the car at loan maturity shouldn't cross 10 years, subject to a maximum loan tenure of 5 years) 11.50-17.50 p.a. based on the segment and age of the car Rs.5,000 or 2% of the car loan amount, whichever is lower
    • 5% of the part-payment amount for prepayment within 13-24 months from 1st EMI
    • 3% of the part-payment amount for prepayment post 24 months from 1st EMI
    State Bank of India Up to 2.5 times your net annual income 1 to 5 years (also, the age of the car should not be more than 5 years at the time of taking the car loan) 12.60% p.a. 0.50% of the loan amount + GST, subject to minimum Rs.450 + GST and maximum Rs.9,100 + GST 2% of the prepayment amount
    Sundaram Finance Up to 85% of the purchase price of the car or Valuation Report by SF Panel surveyor, whichever is lower 1 to 3 years (age of the vehicle by the end of loan tenure should not exceed more than 8-10 years, depending on the make of the car) 12-14% p.a. Rs.2,500
    • Prepayment not allowed
    • Preclosure fee - 3% of principal outstanding
    ICICI Bank Up to 80% of the price of the car 24 to 35 months 10-17.65% p.a. Rs.6,000 or 2% of the car loan amount, whichever is lower
    • 6% of the part-payment amount for prepayment within 7-12 months from 1st EMI
    • 5% of the part-payment amount for prepayment within 13-24 months from 1st EMI
    • 3% of the part-payment amount for prepayment post 24 months from 1st EMI
    TVS Credit Services Up to 85% of the price of the car 1 to 5 years 13.1-15% p.a. Rs.999 + GST
    • Prepayment not allowed
    • Preclosure fee - 5% for remaining EMIs more than 24 months, 4% for remaining EMIs for 24 months, and 3% 5% for remaining EMIs for 12 months

    How to Apply for a Used Car Loan Online?

    Compare various used car loan offers across the top lenders on a reliable third-party website and choose one with a low interest rate, suitable loan tenure, and flexible repayment options. To apply for a used car loan online, download the application form from the bank website. Submit the duly-filled and signed application form along with the necessary identity proof, income proof, age proof, and address proof at the nearest bank branch. Or, you can choose to upload the application form and the relevant documents to the bank website.

    What is Used Car Loan Eligibility?

    Before applying for a used car loan, it is wise to check your car loan eligibility so as to avoid loan rejection. Multiple loan rejections can have a negative impact on your credit score. A bad credit score can hurt your future loan prospects. The eligibility criteria for a used car loan is as follows:

    • The applicant must be 21 to 65 years of age.
    • He or she must have a minimum annual income of Rs.2-4 lakh.
    • The applicant must be a salaried or self-employed person with minimum 2 years of work experience in the same field.

    Your car acts as collateral for a car loan. However, some banks may ask for a co-applicant signature for used car loans.

    How to Calculate Used Car Loan EMI?

    Use the free car loan EMI calculator available on the bank website or a reliable third-party website to find out how much your used car loan will cost you monthly. The tool is simple and easy to use. All you have to do is enter the loan amount, loan tenure, interest rate, and processing fee of your car loan into the tool. Click on the ‘Calculate’ button. You will get instant and accurate results. Manual EMI calculation is prone to human errors.

    The results of your EMI calculation will be represented in the form of an amortisation table, a pie chart, and a bar graph. You will get a complete breakdown of your used car loan. The amortisation table is a representation of your periodic used car loan schedule. It consists of EMI payments, interest payments, the outstanding due after each payment, etc. One main advantage of an online car loan EMI calculator is that you can input varying combinations of loan amounts, interest rates, and loan tenures to get revised repayment schedules. Depending on the results, you can choose a suitable loan tenure and loan amount in order to save up on the overall interest payments on your used car loan.

    Useful Tips to Obtain and Repay Used Car Loans

    • It is advisable to maintain a low debt-to-income ratio wherein your EMI payments must not exceed more than 50% of your income. A high debt-to-income ratio can lead to delayed or missed EMI payments. Defaulting on car loans can have a negative impact on your credit report. It will serve as a red flag to future lenders who check your credit report for car loan eligibility.
    • Make regular and timely car loan EMI payments to improve your credit score. A credit score of 750 and above will improve your chances of car loan approval.
    • Don’t preclose your car loan, instead opt for part prepayment and reduce the loan tenure to save up on interest payments. Banks allow borrowers to part or full-prepay car loan after 12 successful EMI payments. They also charge prepayment and preclosure penalty fees. It is a certain percentage of the prepayment/preclosure amount.
    • Choose a car loan with low interest rate and processing fee. Some banks waive off the processing fee.
    • Existing customers can get better deals on their used car loans from a bank that you have been banking with for a long time. A long-standing relationship with a bank comes with perks such as minimum paperwork and instant car loan approval.
    • Be thorough when filling the car loan application form and furnish valid documents for identity, age, income, and address proofs.
    • Compare various car loan offers across the top lenders in the country so that you don’t miss out on a good deal.
    • Use the car loan EMI calculator to find out how much your used car loan will cost you monthly. Based on the results, you can create a budget in order to maintain a low debt-to-income ratio.
    • Check your car loan eligibility online before applying for a used car loan. Check your credit score. Ensure you meet the eligibility criteria set by the bank so as to avoid a loan rejection.

    Explore the city of Bengaluru in a car of your own. From hatchbacks to luxury sedans, banks offer used car loans for most makes and models of cars on the market. However, the age of the car should not exceed 5 years. This is mainly due to the depreciation rate and motor insurance costs of used cars. Due to the high maintenance cost and the difficulty in obtaining spare parts for a used car, the insurance cost of a used car is higher than a new car.

    Customer Reviews

    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting the loan had been smooth and easy and the loan has been disbursed in one single day. The loan amount which they had provided had been satisfactory and the interest rate has been less when compared with the other banks which are offering. Their customer support also had been very good and they had been responsive as well.
      Was this review helpful? 3
      , hyderabad
      Reviewed on Jul 20, 2018
    • HDFC Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a car loan from the HDFC bank for the car loan for an amount of 4 lakhs, I got the loan with in 2 days, I got the amount credited to the account. The interest rate was also normal. The whole application and the documentation was easy and it was hassle free too.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 20, 2018
    • ICICI Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with ICICI bank and my loan experience was good, the loan amount was for Rs 2.5 lakhs with nominal interest rate when compared to others. I have taken ALTO and my loan was approved based on ex-showroom price. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 20, 2018
    • TVS Credit Services Car Loan
      "Need to improve the customer care"
      0.5 5.0/5 "Blown Away!"
      I have got the loan after that there is no contact with them. I'm unable to contact the customer care. Whenever i call to the customer care, the busy tone is coming otherwise it says the number does not exist. I'm satisfied with the customer care. After that i'm not interest to call the customer care. Processing fees is nominal only. I'm not aware of the interest rate and its okay for me. Loan process is very fast service. They did not delayed in sanctioning the loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Nothing Greater to say about HDFC"
      0.5 5.0/5 "Blown Away!"
      Processing fee was good in HDFC. I never spoke with the customer care service of HDFC. From the dealer end i have applied for the car loan. If you give all the documents properly, then i can get the loan easily. I have received the loan on time. They have provided me a interest rate of 9%. I have applied the loan amount of Rs. 5 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • HDFC Bank Car Loan
      "Tension free card"
      0.5 5.0/5 "Blown Away!"
      I have purchased this card long time back around 15 years back. I have never called the customer care service as of now since i don't need to call them. There is no hidden charges for the card. Whenever it is necessary, i will use the card. I won't use the card often. They are not charging for the annual fee for the credit card. I never face any issue with the card so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 19, 2018
    • Indian Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Indian bank , where the rate of interest is high of promising one They took few days for approval and documentation. Where i use to pay monthly through ECS for 5 years . They issued the Demand draft after that only they asked for sign for the approval . And there are no processing fees.Overall, I am satisfied with CAR loan from Indian bank.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 18, 2018
    • SBI Car Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting the loan had been very good and the loan amount which they had provided had been satisfactory as well. The payments tenures has been for seven years and i had taken a loan amount of 5L. The rate of interest has been okay with them where it has been kept floating and it has been changing according to the market rate.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      Got my car loan from Hdfc bank , they did quick for documentation and approval . Rate of interest is nominal as that time it was OK when comparing to other banks .they gave tenure period of 7 years with processing fees . I paid Emi through Ecs , and there customer service and response is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      Got my car loan from Hdfc bank , where the rate of interest is average based on market price . They did instant process for approval and documentation and sanction the loan based on on road price of the card. Where i use to pay monthly through ecs for 50 months . And there is no processing fees.Overall am satisfied with car from hdfc.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 17, 2018
    • IndusInd Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Indusind bank , their rate of interest is nominal one based on the market price and am satisfied with it For documentation and approval their customer service took 10-15 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 30 months .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • HDFC Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I got car loan from Hdfc bank , their rate of interest is average and am satisfied with it For documentation and approval their customer service took 4-5 days for whole thing. Making the payments through ecs and there is no charges for transaction. I have chosen tenure period of 5 years. They sanctioned the loan based on ex showroom price.
      Was this review helpful? 0
      , vadodara
      Reviewed on Jul 17, 2018
    • Union Bank of India Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken car loan from Union bank of India . Am not satisfied with the rate of interest which is high They did quick documentation process and approval Their customer service is as there is proper response from them. They provided the tenure period of 7 years but i have pre closed the loan one year .
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 17, 2018
    • ICICI Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It has been a moderate experience i had from them, and the process in getting this loan had been very simple and has been easy. The loan amount which they had provided had been satisfactory and the interest rate with them had been nominal. There has not been any hassles faced with the banking services of them.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was very good with HDFC bank, the loan amount was for Rs 5 lakhs with nominal interest rate when compared to other banks. My loan was approved on the on-road price and it was a new car. Customer service was good and the tenure for this loan is 4 years.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 13, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The process in getting this car loan had been very easy and simple and the loan amount which they had provided had been satisfied. The rate of interest which they where offering had been nominal compared with the market rate. Their customer support and the staff responses had been very helpful at times.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Best Service"
      0.5 4.5/5 "Excellent!"
      I have taken a car loan with SBI and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. My loan was approved on Ex-showroom price and it was a new car. There are no charges on preclosure and i have completed 50% of the tenure period. I have to pay an EMI for 4 years for this loan.
      Was this review helpful? 2
      , mumbai
      Reviewed on Jul 13, 2018
    • SBI Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My car loan experience was good with SBI, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to others. My loan was approved on ex-showroom price and the customer service was good. There are no foreclosure charges and there is no particular tenure period for this loan as the loan can be closed anytime.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 13, 2018
    • Kotak Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I took a card loan from the Kotak Mahindra Bank for 6 lacs, I got the loan with in 3 days. The interest rate was 8% nominal rate. I am paying monthly 12400 as EMI for this loan. The whole application process was easy and hassle free and I got the loan loan amount with out any hassle.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jul 12, 2018
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It had been a very good experience i had with them for getting this car loan. The process was very simple and easy where it took very less time in getting the loan. The loan amount which they had provided me had been satisfactory and the interest rate also had been nominal and there has not been any extra charges which had been taken for the process or anything so far.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 12, 2018
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.