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  • Used Car Loan Interest Rates Offered by Different Banks this Diwali 2016

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  • We found 15 Used Car Loan Interest Rates Offered by Different Banks this Diwali 2016
    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
    Documents
    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

    Used Car Loans in India

    Loans are offered by banks and financial institutions to help customers buy pre-owned vehicles. Used car loans are available to purchase cars, SUVs, MUVs and jeeps. Banks have different terms and conditions, eligibility criteria and interest rates offered on their loans. Comparing loans will help you determine the best pre-owned vehicle loan. Banks will determine if you qualify for a loan based on the age and model of the car you wish to buy, the condition of the vehicle, the market value, your income, age and work experience.

    Offers on Used Car Loans this Diwali – October 2016

    Loan Provider Loan Quantum Interest Rate Type of Interest Rate
    TVS Credit Service Up to 85% of valuation Up to 15% Floating
    HDFC Bank 80% of market value 14.50% to 17.50% Fixed
    Andhra Bank 60% of the on-road price 10.25% Fixed
    Au Financiers Rs.50,000 to Rs.15 lakhs 17.00% to 23.00% Floating
    Federal Bank 75% of depreciated value 11.25% to 12.50% Fixed
    Bank of Baroda 80% of on-road price 10.50% Floating
    Central Bank of India 75% 10.60% Floating
    Bank of Maharashtra 50% 10.35% Floating
    Indian Bank 60% of market value 12.90% Floating
    Bank of India 70% of market value 10.95% Floating
    State Bank of India 85% 13.05% Floating
    ICICI Bank 80% of on-road price 15.50% Fixed
    Oriental Bank of Commerce 70% of market value 12.55% Floating
    Tamilnad Mercantile Bank 70% of market value 11.75% to 12.00% Floating
    Karnataka Bank 60% 14.45% Floating
    Punjab National Bank 70% of market value 11.20% to 11.70% Floating
    Kotak Bank 85% 17.00% to 20.00% Fixed
    Union Bank of India 50% 12.90% Floating

    Top Pre-Owned Car Loan Providers

    Get a pre-owned vehicle this Diwali with a suitable used car loan. Find the best deal for you on BankBazaar with custom quotes from top providers in the country. Use the EMI calculator to find out whether the loan is affordable and convenient.

    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.

    Customer Reviews

    • 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? 2
      , pune
      Reviewed on Nov 12, 2019
    • SBI
      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? 2
      , 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? 3
      , 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? 6
      , 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
    • HDFC Bank Car Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have availed HDFC Bank car loan directly through Bank .The card model was Maruti Ignis and got all the required details about the loan process very clearly through the agent.I have got the loan amount on time and the loan amount was sufficient as well .The rate of interest was very high since had requirement availed this loan .
      Was this review helpful? 7
      , hyderabad
      Reviewed on Oct 21, 2019
    • SBI Car Loan
      "Average Loan"
      0.5 4.0/5 "Great!"
      3 years back, i have taken the car loan from State bank of India. I called the customer care service of SBI, but they don't have a access to check the auto loan details when i ask the outstanding balance and asked me to check in the net banking or need to visit the branch.
      Was this review helpful? 12
      , bangalore
      Reviewed on Oct 20, 2019
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