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 .
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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Through showroom got suggestion to take a car loan from AXIS bank. I taken this loan on 3 years back. I got the loan amount of 4L with tenure period of 4 years. The rate of interest was okay. I done the down payment of around 1.5L. EMI need to pay of 10,500 rupees. The car model is Swift Dzire. I taken for commercial purpose based on amount which I get on monthly doing the EMI payment.
I have taken car loan directly through Kotak Mahindra Bank. The car is secondhand and the model was INNOVA 2015 and the loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal and they given a good service.
I have taken car loan directly through HDFC bank.The car model was TATA Nixon and still this loan is active. The rate of interest and the processing fee are medium it was 10.99% and this loan was sanctioned immediately within 2 to 3 days got the loan. Everything was fine so far until this loan was sanctioned .
I have chosen car loan from HDFC Bank on 3 years back. I made the down payment of Rs. 1.50L and the loan amount was Rs. 4.80L. The rate of interest was normal and i am paying EMI amount of Rs. 12,157 and i have purchased Swift BSI. I given my documents to the showroom itself without any difficulty.
I have taken car loan through Tata Capital Ltd directly .The vehicle name is Hyundai Eon and this loan was sanctioned on proper time frame .This loan is still active and paid the premium on Emi basis.Customer service was good to me so far .The rate of interest and the processing fee was medium.
I have taken car loan directly through Tamilnad Mercantile Bank.The rate of interest was very high, it was 14%.This loan was sanctioned on time without any delay .The car model was Maruti Suzuki Alto k10 vxi and there was no difficulties faced so far .This loan is still active and everything was good.
From ICICI Bank, i applied a car loan and the loan amount was Rs. 3.50L. I made a down payment of Rs. 90k and the rate of interest was normal. I have given my documents to the showroom and am planning to close the loan with in 2-3 months. I have purchased a Maruthi car.
I chosen ICICI car loan offer through showroom. I taken this loan on 2 years back for the amount of 8L which is sufficient with tenure period of 5 years. On that time rate of interest was lower when compared to other bank. The processing fee is less. The car model is TATA Nexon. I done the down payment of 2.8L. EMI need to pay of 17K. For pre closure is applicable with huge charge. So I didn't go for that option.
My car loan journey started with Axis bank which was availed directly.The vehicle name is Maruti Ertiga and this loan is still active .The rate of interest and the processing fee was nominal .This loan was sanctioned on time without anydelay .I am paying the premium on EMI basis and there is no delay charges .
Maruti showroom suggested to take car loan from HDFC on few months back. They have sanctioned the loan within one week.The amount got 6L with tenure period of 7 years. An interest rate of 9%. I done down payment of 1L. EMI need to pay of 9637 rupees. The car model is Maruti new swift. Their service is good.
I have availed car loan through YES bank directly.still this loan is active .The car model was Hyundai Creta and the rate of interest was quite nominal it was 9.60%and processing fee was very high. This loan was sanctioned on faster basis ,the loan process was clearly shared by the agent . I am paying the premium on EMI basis which will be done on time.
I have taken car loan directly through ICICI bank .The rate of interest and the processing fee are pretty nominal and the car name is Maruti Suzuki Swift. I am paying the premium on EMI basis and need to pay the amount of 10,000.The loan was sanctioned on time without any drawbacks.
My car loan is going to be completed in this November. My salary goes into HDFC bank hence the guy keep on calling me to take the loan hence I have selected the car loan from same bank. In 2013, I have purchased the car loan by paying the down payment of Rs. 3.5L. Took the loan amount of Rs. 3.8L. I pay EMI amount of Rs. 6948 every month.
I chosen car loan from ICICI on 4 years back. I bought this loan because one of my friends was working as a bank manager. I made the down payment of Rs. 2.5L and I bought the loan amount of Rs. 4.5L. I have no idea about the interest rate. I was paying EMI amount of Rs. 7,000 when I purchase the card and it keeps on in ascending order just because of my increment amount I can close at early.
My car loan was taken from Kotak Mahindra bank because an interest rate is less. I have taken the loan amount of Rs. 7L and I made the down payment of Rs. 5L. I have selected the duration of 5 years. I have been paying EMI amount of Rs. 14,000 per month. Documentation process was hassle free.
I have taken car loan through ICICI bank directly .The vehicle name is Hyundai Creta and this model was of 2018 this loan was a joint loan with my wife and still this loan is active ,premium on emi basis and there is no ppenalty for delay emi and the loan process was clearly shared by the agent .without any hassle got the loan .
I have purchased my car loan with HDFC bank which i have taken in the month of December. There is no interest rate on fast approval so that reason i have availed this loan. I have taken the loan amount of Rs. 12.34 lakhs and i made the down payment of Rs. 50000. They have sanctioned my loan in 1 day.
I have taken car loan directly through Bank Of India .The car model was 2018 and the name is Mahindra XUV and this loan is still active and paying the premium on EMI basis .The rate of interest and the processing fee was nominal .This was a joint loan with my father.
From INDUSIND Bank, i have taken a car loan and the loan amount was Rs. 4.50L and i made down payment Rs. 1.80L. Pre closure is there and the rate interest was normal , emi of Rs.9600 i am paying for the tenure of 5 years. Recently done a top up on this loan for personal use.
I got car loan offer from SBI which showroom suggested to apply. The rate of interest is 9.7% is fine. I taken this loan on 3.5 years back. The amount was sanctioned of 6L was sufficient with tenure period of 5 years. The car model Mahindra E2O. I have not any down payment. There are pre closure and part payment are applicable.
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