Fixed interest rates for used car loans in India begin from 10.50% and 8.90% for floating rates. The maximum tenure of loan for used vehicles may range up to 5 years. Get a used car loan at a floating and fixed interest rate. Make use of exciting offers by applying for a used car loan through Bankbazaar.com.
|Bank||Rate of Interest||Lowest EMI Per Lakh||Maximum Loan Quantum|
|HDFC Bank||Fixed – 13.00%||Rs.2,275 for a tenure of 5 years||80% of total market value|
|SBI Car Loan||Floating – 12.60%||Rs.1,798 for a tenure of 7 years||85% of the total on-road price|
|Kotak Bank||Fixed – 17.00%||Rs.2,485 for a tenure of 5 years||90% of the total market value|
|ICICI Bank||Fixed – 10.50%||Rs.2,149 for a tenure of 5 years||80% of the total market value|
|Union Bank of India||Floating – 11.85%||Rs.2,217 for a tenure of 5 years||50% of the total market value|
|Punjab National Bank||Floating – 11.20%||Rs.2,184 for a tenure of 5 years||70% of the total market value|
|Central Bank of India||Floating – 9.95%||Rs.2,122 for a tenure of 5 years||75% of the total market value|
|Andhra Bank||Fixed – 11.85%||Rs.2,217 for a tenure of 5 years||60% of the total market value|
|Federal Bank||Fixed – 11.15%||Rs.2,182 for a tenure of 5 years||75% of the depreciated value|
|Bank of Maharashtra||Floating – 9.40%||Rs.2,095 for a tenure of 5 years||50% of the total market value|
|Bank of India||Floating – 8.90%||Rs.3,175 for a tenure of 3 years||70% of the total market value|
|Bank of Baroda||Floating – 10.45%||Rs.3,248 for a tenure of 3 years||80%|
|Indian Bank||Floating – 12.25%||Rs.2,237 for a tenure of 5 years||60% of the total market value|
|OBC||Floating – 10.90%||Rs.3,269 for a tenure of 3 years||70% of the total market value|
The following benefits and features can be enjoyed if you are availing a used car loan in India:
The following factors significantly affect the interest rates of used car loans in India:
No, the EMI is fixed for the entire loan tenure.
The lending rates offered by lenders in India are dependent on a wide range of factors such as customer credentials, tenor, asset, geography, and discounts that are currently ongoing in the market.
Yes. Credit reports shed light on the applicants’ financial status and their ability to pay back a loan.
Hypothecation of the used car being financed will be the only security required.
The applicant’s spouse or any other close relative residing in the same house can be co-applicants to the loan.
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