|Lender||Interest Rate||Repayment Tenure|
|ICICI Bank||12.00% - 14.40%||5 years|
|Tata Capital||Starts from 15%||5 years|
|Punjab National Bank||Starts from 8.30%||5 years|
|Axis Bank||14.25% - 16.25%||5 years|
|Mahindra Finance||Contact the bank||5 years|
|State Bank of India||9.50% - 10.50% (CIC based rates will be applicable)||5 years|
|HDFC Bank||13.75% - 16.00% (Rack Interest)||7 years|
|Bajaj FinServ||Contact the bank||5 years|
|Kotak Mahindra Bank||Contact the bank||5 years|
Some of the main factors that affect the used car loan interest rates in India are mentioned below:
If you wish to calculate the monthly payments, you can use the car loan EMI calculator offered by BankBazaar. Apart from being easy to use, the calculator helps in saving time as well. Details such as the rate of interest, loan amount, processing fee, and repayment tenure must be entered to calculate the EMI. The details will be displayed almost immediately.
No, it is not mandatory to provide a guarantor when you apply for a used car loan. However, if you do not meet the credit criteria, the lender may ask for a guarantor to be provided.
Yes, lenders usually charge a certain amount if you prepay the used car loan. Depending on the bank, the charges will vary.
The below-mentioned individuals can avail a used car loan:
No, you need not provide collateral or security when you avail a used car loan. The car acts as security.
The different methods by which the loan can be repaid are mentioned below:
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