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 "Excellent!" by 34851 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

    • IndusInd Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with IndusInd bank and the experience was good, the process was smooth and i received my loan amount on time. Customer service was good and they followed up on time. The rate of interest was nominal and the tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "GOOD SERVICE"
      0.5 5.0/5 "Blown Away!"
      I have applied for the card loan with the STATE BANK OF INDIA where the process is very good and simple to get the loan as well as the loan amount is sufficient from this bank added on that the rate of interest is nominal when compared to the others.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 16, 2018
    • SBI Car Loan
      "Good Car loan"
      0.5 5.0/5 "Blown Away!"
      I am not sure about the SBI customer care. I have gone through all the details with the dealer. I have got the loan within 10 days. I have received the car loan of Rs. 4 lakhs and they have provided the interest rate of 8.99% and I'm okay with it. I am paying the EMI of Rs. 14000 per month and i have chosen the tenure period for 3 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • HDFC Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I am holding my car loan with HDFC bank, the rate of interest they have charged me was up to 7.5% it was nominal for me, and even Emi they are taking in month nominal only and they have not charged any processing fee and loan amount was sufficient, overall service was good.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 16, 2018
    • Kotak Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been holding my car loan with KOTAK MAHINDRA BANK, there service was average, they have given me sufficient loan amount , the rate of interest they have charged me was nominal i donâ??t remember what was exact rate of interest percentage, and they did not charged any processing fee in this loan amount , so far experience was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • review Car Loan
      "Good Car loan services"
      0.5 4.5/5 "Excellent!"
      I don't have much interaction with the Chola mandalam customer care people or employees. They have provided the interest rate of 14.5%. I have purchased my car loan 3.5 years. I got the loan amount of Rs. 1.52 lakhs. I pay the EMI of Rs. 4895 and i have chosen the tenure period of 36 months and I'm going to close the loan in another 7 months.
      Was this review helpful? 0
      , gorakhpur
      Reviewed on Nov 16, 2018
    • Axis Bank Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with AXIS bank for car loan, the loan amount was based on my requirement and the rate of interest was nominal when compared to others. Customer service was good with AXIS bank and the tenure period for this loan is 5 years.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2018
    • ICICI Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience during my car loan has been good and the loan amount whcih they had provided has been sufficient as well. The interest rate whcih they had been charging had been nominal when compared. There has not been any sort of charges which they had made as well.
      Was this review helpful? 1
      , noida
      Reviewed on Nov 15, 2018
    • Tata Finance Car Loan
      "Very quick"
      0.5 4.0/5 "Great!"
      I have taken a car loan with Tata Finance one month ago. They have provided me 95% on road price. The customer service is good. I am satisfied with the rate of interest. I have purchased a TATA DICOR BUZZ. I just paid 34,000 rupees as a down payment and the rest of the amount converted into EMI for 5 years.
      Was this review helpful? 0
      , thane
      Reviewed on Nov 15, 2018
    • HDFC Bank Car Loan
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a used car loan with HDFC BANK and it was closed 3 to 5 years ago. I have purchased a Maruti Alto. My experience is good and the rate of interest was 14% which am satisfied. I have charged processing fee but it was nominal. The documentation process was lengthy and it was easy. I have to sign the documents multiple times.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • HDFC Bank Car Loan
      "Need to reduce ROI"
      0.5 3.5/5 "Pretty good"
      My experience was good with HDFC bank for car loan, the loan amount was based on my requirement and the rate of interest was little high when compared to others. Customer service was good and they responded on time. The tenure period for this loan is 4 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • IndusInd Bank Car Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have been using my car loan with Indusind bank a long back, i have took this loan from my native and there service was up to the mark and they have charged nominal rate of interest to me and through showroom only i got this car loan and there customer support team is good they are very co-operative with me and i have closed this loan .
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 15, 2018
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my car loan with Axis bank, i have taken celerio car they have given me sufficient loan amount and there rate of interest they have charged me 12% it is nominal for me and there processing fee they have charged me nominal only.
      Was this review helpful? 1
      , faridabad
      Reviewed on Nov 14, 2018
    • HDFC Bank Car Loan
      "Good card"
      0.5 5.0/5 "Blown Away!"
      My credit card was taken with HDFC BANK , i am holding this card for past 1month . I have not use this card so it is very early to comment . There is joining fee at the time of getting the card . The credit limit is good when compared to other cards. Overall experience was good .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 14, 2018
    • Axis Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using my car loan with Axis bank , the call amount they have given me sufficient and i have take my Nissan Renault car from this loan and there rate of interest they have charge me was nominal and the processing fee which they have given me is nominal, and the tenure period they have given me is up to 3 years.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Nov 14, 2018
    • SBI Car Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience i had with them where the loan amount whcih they had given has been sufficient and the loan has been arranged by the car dealer. The interest rate with them has been nominal when compared with the market rate and there has not been any charges which has been made by them.
      Was this review helpful? 3
      , pune
      Reviewed on Nov 14, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The experience i had with this Car Loan has been good and the loan amount which they had provided has been good as well. The interest rate with them has been nominal when compared with the market rate and there has not been any charges which they had been making so far.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • Bank Bazaar Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was quite a good experience i had with the services of them and i am using it for the last one year. It was quite good in comparing different rate of interests through their web portal, i had also been using their mobile application which has been convenient. Both has been having a good user interface.
      Was this review helpful? 2
      , chennai
      Reviewed on Nov 13, 2018
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had chosen to go with them since they had been providing a lower interest rate when compared with the market rate. The process has been convenient and they had even given some discounts. The loan amount has been sufficient and there has not been any extra charges made by them.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 13, 2018
    • ICICI Bank Car Loan
      "Good services from ICICI"
      0.5 5.0/5 "Blown Away!"
      They have provided me a 9.5% interest rate for my car loan. I have bought the car loan by last month. The process of the loan was easy and the same day itself they have approved the loan and sanctioned to the dealer. I have applied the car loan of Rs. 8 lakhs. I'm yet to pay the first month EMI and it will be deducted from my account.
      Was this review helpful? 3
      , ahmedabad
      Reviewed on Nov 13, 2018
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.