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  • Diwali Used Car Loan Offers 2018

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  • We found 15 Diwali Used Car Loan Offers 2018
    Bank Name
    Interest Rate Range/Lease rental range
    Processing Fee Range
    Loan Amount
    Tenure Range
    9.10% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    9.40% - 13.35% Fixed
    Up to ₹ 5,000 One time fee
    1L Min
    1-7 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.8K - 58.6K LEASE RENTAL RANGE/MTH
    No Processing fee
    - Flexi-Lease offer
    1-4 Years
    Car Lease
    What you'll love
    Documents
    Perks
    Think about
    Fees and Penalties
    Eligibility Criteria
    9.05% - 11.30% Fixed
    ₹3,500 - ₹5,500
    1L Min
    Up to 8 years
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% Fixed
    1,500 to ₹2,500 One time fee
    Up to 100% (ex-showroom price)
    Up to 7 years
    What you'll love
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    Perks
    Think about
    Good to Know
    Eligibility Criteria
    8.80% - 11.05% Floating
    0.50% (Max. ₹8696)
    Up to 3 times monthly income/salary
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.50% Floating
    ₹500
    Up to 100 L
    Up to 7 years
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.10% - 11.10% Fixed
    As applicable
    Up to 36 months salary/pension
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.00% - 9.65% Floating
    0.25% (₹1,000 - ₹5,000)
    Up to 90% of cars value
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    8.95% Floating
    ₹500 to ₹20 L
    75L Max
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.65% Fixed
    0.23% (Max. ₹10,236) One time fee
    Up to 200 L
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria
    9.00% - 9.70% Floating
    ₹1,000 - ₹1,500 (+ GST)
    Up to 48 times monthly income
    Up to 7 years
    What you'll love
    Documents
    Perks
    Think about
    Eligibility Criteria

    Pre-owned cars have become quite popular in the market. It’s not difficult to get a well-maintained car and a good model for a decent price. Used cars are known to be used for driving practice, but it’s also a very affordable option. This festive season, celebrate Diwali by driving home the car you always wanted. If you’ve had your heart set on buying a car, this season could be the best time to make that dream a reality. There are a number of banks offering car loans for pre-owned or used cars to help customers to buy a car of their choice .

    Top Providers for Used Car Loan

    Many banks and financial institutions provide used car loans to customers seeking finance to buy a pre-owned car. Some of the top providers have been listed below:

    • HDFC Bank
    • State Bank of India
    • TVS Credit Services
    • ICICI Bank
    • Indian Bank
    • Bank of Baroda
    • Kotak Mahindra
    • IndusInd Bank
    • AU Financiers
    • Bank of India
    • Capital First Limited

    Offers on Used Car Loans this Diwali – November 2018

    Capital First Limited

    Capital First Limited is a leading financial institution in India that provides loans to consumers and MSMEs in India. Capital First also offers car loans to individuals looking to purchase used or pre-owned cars. A few key features of the pre-owned car loan offered by Capital First are as follows:

    • Finance is provided for up to 125% of the car’s value.
    • Customers can apply for the pre-owned car loan online in a hassle-free manner.
    • Repayment of the loan amount can be done over a course of 84 months.
    • Customers are not required to provide any collateral to Capital First when applying for a pre-owned car loan.
    • The rate of interest for pre-owned car loans is fixed.
    • To avail a car loan, the concerned individual will have to be salaried or self-employed and over the age of 21 years. The applicant will also need to have a total work/business experience of over 1 year.
    • The age of the car should not exceed 10 years.

    ICICI Bank

    ICICI Bank is a leading private-sector bank in India that offers loans at attractive interest rates. The lender offers loans for both new cars and pre-owned cars. A few key features of the pre-owned car loan offered by ICICI Bank are as follows:

    • ICICI Bank provides financing for up to 80% of the valuation of the pre-owned car.
    • The lender offers loans for pre-owned cars at attractive interest rates.
    • Individuals can apply for pre-owned car loans online in a seamless manner.
    • Applicants can choose a maximum loan repayment tenure of 5 years.
    • Minimum documentation is required to apply for a pre-owned car loan from ICICI Bank.

    HDFC Bank

    HDFC Bank offers a very good deal on used car loans. You can get up to 100% on-road finance for a pre-owned car along with other benefits. To avail this loan, the age of the pre-owned car should not cross 10 years. Some of the important features of the pre-owned car loan from HDFC Bank are mentioned below:

    • HDFC Bank offers funds for up to 100% of the car’s on-road value.
    • Applicants can avail loans for up to a maximum of Rs.2.5 crore for used/pre-owned cars.
    • Without income proof, loan can be availed for up to 80% of the car’s value for a period of 3 years or 85% of the car’s value for a period of 5 years.
    • Repayment options range between 12 and 84 months.
    • The lender offers quick disbursal of the loan amount and affordable EMIs.
    • There are special privileges for HDFC Bank account holders.
    • Transparency in fees and charges.

    TVS Credit Services

    TVS Credit Services offers affordable loans to buy used cars. Choose a loan from their flexible car loan schemes. You will qualify for this loan if you select a car that is manufactured in India.

    • Maximum loan eligibility is 15 times your gross monthly income
    • Tenures range up to 48 months
    • Get a quick approval and disbursal of the loan
    • Documentation is hassle-free
    • No income document scheme is available

    Interest rate for Used Car Loans – November 2018

    Loan Provider Type of Interest Rate Interest Rate
    Capital First Limited Fixed 13% to 25%
    ICICI Bank Fixed 14.25%
    HDFC Bank Fixed (Monthly Reducing) 12% to 15.50%
    TVS Credit Services Fixed Up to 15%

    Disclaimer : Interest rates may vary from time to time

    Loan Offers from Different Providers in India

    Loan Provider Loan Quantum
    Capital First Limited Up to 125% of the car’s value
    ICICI Bank 80% of the on-road price
    HDFC Bank Up to 100% of the car’s on-road value
    TVS Credit Services 80% to 90% of the ex-showroom price of the car

    GST of 18% is applicable on all banking products and services from the 1st of July, 2017.

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    Customer Reviews

    • Toyota Finance Car Loan
      "Really cool loan"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Toyoto finance because the interest rate is very less and the process is very easy. They have provided the loan within two days. Interest rate was 9.99% and the processing fee was nil. I have chosen the tenure period of 5 years. I have made the down payment of Rs. 10 lakhs. Total cost of the car is Rs. 23 lakhs in that i got the loan amount of Rs. 13 lakhs. I'm paying the EMI amount of Rs. 28000.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 18, 2019
    • ICICI Bank
      ICICI Bank Car Loan
      "Very much happy"
      0.5 5.0/5 "Blown Away!"
      I have gone for a car loan in ICICI BANK, they have approved and sanctioned the loan within 24hours based on my savings account experience. So far, I have completed 9months and the total tenure is 3years. The interest rate is reasonable. They waived off the processing fee since a Privilege customer.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 15, 2019
    • Cholamandalam Finance Car Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan which was taken through cholamandalam finance .This was referred by car showroom dealer and the car model was Maruti Suzuki Swift.The rate of interest and the processing fee was nominal .The agent gave all the information about the loan process and within 4 days got the loan amount.
      Was this review helpful? 6
      , pune
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Fast approval loan"
      0.5 5.0/5 "Blown Away!"
      Taken my car loan 4 months back. I have bought the loan amount of Rs. 10 lakhs and they have sanctioned the loan immediately and the documentation process was simple and good. Within 1 day, they have processed the loan. They have provided me a interest rate of 8% and i have chosen the duration of 120 months.
      Was this review helpful? 6
      , hyderabad
      Reviewed on Nov 12, 2019
    • SBI Car Loan
      "Low Interest rates"
      0.5 5.0/5 "Blown Away!"
      Bought my car loan from State bank of India its because of less interest rate when i compared with others. I got the loan amount of Rs. 3 lakhs and i haven't paid any down payment. I have paid the EMI amount of Rs. 10000 per month. I have selected the tenure period of 3 years.
      Was this review helpful? 4
      , new delhi
      Reviewed on Nov 10, 2019
    • Kotak Car Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      My car loan was taken from Kotak Mahindra and i never had a chance to speak with their customer care because the amount is auto deducted from my account. Based on the eligibility, kotak mahindra bank has given me a car loan. The provided interest rate is nominal for me.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 10, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have state Bank Of India car loan,the rate of interest was very nominal .I have got the loan amount sanctioned on time without any delay .Each and every details was clearly shared by the agent .I have submitted the required documents and i am comfortable with the service.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 09, 2019
    • HDFC Bank Car Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken car loan directly through HDFC Bank .The rate of interest and the processing fee was nominal .Each and every details about this loan was clearly shared by the agent.I have got the loan amount on time without any hassle .This was a paperless approval and i am comfortable with the service so far.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Nov 09, 2019
    • IDBI Car Loan
      "Reliable and affordable"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from IDBI bank and from the day one , I didn't face any issue and they are very responsive. Earlier my friend used their services and he recommended me and i tried it then it work it out. Within 1 day, they have sanctioned the loan and the interest rate is affordable.
      Was this review helpful? 4
      , nellore
      Reviewed on Nov 07, 2019
    • Kotak Car Loan
      "Good bank to apply for a car loan "
      0.5 5.0/5 "Blown Away!"
      On 5 years before I was taken a car loan with KOTAK MAHINDRA BANK, I got a chance to apply through showroom. The amount which was provided 2L tenure period of 2 years. Rate of interest was nominal and processing fee of 3K. I use to get a remainder message on time. Now I closed the loan and received NOC letter as well. For an EMI paid for 7890 rupees.
      Was this review helpful? 6
      , chittoor
      Reviewed on Nov 04, 2019
    • Axis Bank Car Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I am using Axis Bank car loan which was directly taken through Bank.Still this loan is active,The card model was of 2019 and it was Maruti Wagon R,I have got this car loan on exact time frame .Each details about this loan process was clearly shared by the agent.The rate of interest was nominal and so far completed 6 EMI.
      Was this review helpful? 8
      , kochi
      Reviewed on Nov 04, 2019
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Recently, I availed a car loan from HDFC BANK because I like this bank and all transactions are done with them. They have given me so many options on the net banking for the pre approved loan which is good but this time, have approached the executive directly and I bought a MARUTI SWIFT new car. I have paid nearly 2L as down payment. The interest rate is 9.25%.
      Was this review helpful? 4
      , visakhapatnam
      Reviewed on Nov 03, 2019
    • IndusInd Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      One year before I have taken a car loan from INDUSIND BANK which was applied through showroom. The loan amount was sufficient and tenure period of 5 years. Once all verification done they have sanctioned the amount within one week. The rate of interest was nominal only. The car model which I bought is HYUNDAI.
      Was this review helpful? 4
      , coimbatore
      Reviewed on Oct 31, 2019
    • HDFC Bank Car Loan
      "Good bank"
      0.5 5.0/5 "Blown Away!"
      I had chosen my car loan from HDFC. When i was bought the car, my friend is working in HDFC so he only recommended me and the showroom people also had a tie up with HDFC only. One of my friend already took HDFC car loan so i took it from them. They have offered me a interest rate which is nominal. I pay the EMI amount of Rs. 8000.
      Was this review helpful? 3
      , bangalore
      Reviewed on Oct 30, 2019
    • HDFC Bank Car Loan
      "Interest rates can be reduced"
      0.5 5.0/5 "Blown Away!"
      HDFC people are transparent on the loan service and whatever they said, they have sanctioned the same. There is no hidden charges. They explained about the processing fee, interest rates everything at the initial stage very clearly. I did a little survey and i found that HDFC people are genuine so i got the car loan from HDFC. The process was well managed right from the day 1 and end of the loan. They were behaved very professionally.
      Was this review helpful? 4
      , pune
      Reviewed on Oct 29, 2019
    • SBI Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with SBI on 11 months before which was suggested by my friend who he is an agent. EMI paying for 11,600 rupees. They have given for 7 lakhs and 13 thousands tenure of 7 years. Within one week loan got sanctioned. The car model is TATA Nexon.
      Was this review helpful? 12
      , goalpara
      Reviewed on Oct 28, 2019
    • Axis Bank Car Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had a Pre-approved car loan with AXIS Bank, according to my salary I was eligible for Rs. 7 lakhs and rate of interest is 10% but I took only Rs.3.5 lakhs with the interest rate of 9.5% after insisting them to reduce. I took loan before 1 year and opted for the model Maruthi suzuki Celerio. The documents required was only 3 months salary slip and the Aadhar copy.
      Was this review helpful? 6
      , imphal
      Reviewed on Oct 26, 2019
    • SBI Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      From SBI taken a car loan on 2 months before, through showroom suggested for this loan. With interest of 9.5% nominal. They have given for 5 lakhs tenure period of 7 years. IDV of 5.5 lakhs with some discounts given for 5 lakhs. For a processing fee of 2 thousands.
      Was this review helpful? 11
      , hyderabad
      Reviewed on Oct 23, 2019
    • Sundaram Finance Car Loan
      "Good Loan Service"
      0.5 4.0/5 "Great!"
      Purchased the car loan from Sundaram Finance. In the year of 2016, i took this loan. Interest rates are nominal in Sundaram. I got the loan amount of Rs. 5 lakhs and i have done the down payment of Rs. 2 lakhs. I have already closed the loan because the tenure period is only 2 years.
      Was this review helpful? 8
      , hyderabad
      Reviewed on Oct 23, 2019
    • HDFC Bank Car Loan
      "Good Response from HDFC"
      0.5 5.0/5 "Blown Away!"
      HDFC car loan was actually referred by my friend. I purchased the loan amount of Rs. 6.5 lakhs in that i made a down payment of Rs. 2 lakhs. Processing fee was Rs. 2000 approximately. I have chosen the tenure period of 7 years. I have been paying the EMI amount of Rs. 10500 per month.
      Was this review helpful? 7
      , bangalore
      Reviewed on Oct 23, 2019
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