| Lender | Interest Rate | Repayment Tenure |
|---|---|---|
| ICICI Bank | 10.20% - 17.51% | 5 years |
| State Bank of India | 9.90% - 10.90% (CIC based rates will be applicable) | 5 years |
| Tata Capital | Starts from 15% | 5 years |
| HDFC Bank | 13.75% - 16.00% (Rack Interest) | 7 years |
| Punjab National Bank | Starts from 7.80% | 5 years |
| Bajaj FinServ | Contact the bank | 5 years |
| Axis Bank | 14.80% - 16.80% | 5 years |
| Kotak Mahindra Bank | Contact the bank | 5 years |
| Mahindra Finance | Contact the bank | 5 years |
Published On : 2020-09-23
The main benefits and features of a used car loan are mentioned below:
Things to Keep in Mind While Applying for a Used Car Loan
Given below are some of the important points that must be considered when availing a used car loan:
Eligibility Criteria
The eligibility criteria that must be met for salaried employees and self-employed individuals will vary and are mentioned below:
Salaried Employees
Self-employed Individuals
Documents Required
The list of documents that must be submitted when applying for a used car loan is mentioned below:
Some of the important things that you must do when you buy a used car are mentioned below:
Certain lenders require a down payment to be made when you avail a used car loan.
No, security or collateral need not be provided when you avail a used car loan. The car acts as security.
In case of a low credit score, the application form will be rejected, or the interest rates will be high.
Yes, you can avail a used car loan with a co-applicant.
Yes, many lenders charge a penalty in case of foreclosure.
Japanese automaker Honda has recently launched the Exclusive Editions of the Honda Amaze and Honda WR-V is India. The former has been priced at Rs.7.96 lakh while the latter starts at Rs.9.70 lakh. Both prices are for the base models (ex-showroom, Delhi).
The cars will be available in both petrol and diesel variants. The petrol trim is powered by a 1.2-litre petrol engine which churns out 90 hp of max power and 110 Nm of peak torque. The diesel variant, on the other hand, is powered by a 1.5-litre which produces 100 hp of max power and 200 Nm of peak torque. The diesel variant also comes in an automatic transmission version and produces about 80 hp of max power and 160 Nm of peak torque. The auto transmission version is available in CVT variant. The Exclusive Edition of the cars come with added chrome detailing and a host of other cosmetic addtions.
3 November 2020
The Reserve Bank of India made an announcement on Monday, asserting the exemption of incremental MSME loans, car loans and home loans from maintaining Cash Reserve Ratio. According to the announcement, these loans need not maintain CRR for a period of 5 years or the loan tenure, whichever is lower. What this basically means is that the costs for banks will be lower and liquidity can improve. At the monetary policy committee meeting, the central bank had announced that home loans, MSME loans and car loans will be subtracted from the overall amount of deposits at the time of calculating Cash Reserve Ratio. Majority of the bankers are satisfied with the new announcement as a lower exemption time period would have meant that the prices would have to be different.
26 April 2019
According to a press release, auto-tech giant, CarDekho.com mentioned that they have reached the Rs.100 crore milestone for a run rate of their used car loans. The vertical of the company which deals in used car loans have processed a cumulative volume of Rs.1,500 crore until December 2019. The company has also become the largest fintech automobile website in the country.
The used car loan business of the company has grown by 180% in the past year. The business closed at Rs.107 crore in December 2019 and the growth was majorly led by the Tier-1 cities.
The country has one of the largest used car markets globally but in the last year, the penetration of loan was low in India. The CEO and co-founder, Amit Jain, the used car loan business has seen a growth rate of phenomenal proportions of 180% in 2019. An integral part of the used car industry is the discovery of the loan and processing part of it. Hence, the company is in the process of getting a license as an NBFC which will help them further better the consumer experience in the used car loan.
10 February 2020
South Korean car manufacturer Hyundai has launched an all-new subcompact sedan Aura in India. The price of the Hyundai Aura will range between Rs.5.80 lakh and Rs.9.22 lakh (ex-showroom price) and will be based on the Hyundai Grand i10 Nios. The Aura can be called the new-gen model avatar of the Xcent and will co-exist with Xcent like the old-gen Grand i10 and Grand i10 Nios. The Aura will be offered in 6 color options and 5 main variants. The Aura will compete with the likes of the Honda Amaze and Maruti Suzuki DZire. The Hyundai will come with 2 engine options – petrol and diesel under the hood and both the engines will be BS6 compliant. 82 bhp of power will be produced by the 1.2-litre naturally aspirated petrol engine while the maximum torque produced will be 114 Nm. On the other hand, the 1.2-litre diesel engine of the Hyundai Aura will churn out 74 bhp of power and peak torque of 190 Nm. Both the engines will be mated to a 5-speed manual and an optional AMT transmission.
22 January 2020
Capital infusion for Public Sector Banks (PSUs) is unlikely to be announced by the government in the upcoming Budget. The government will encourage PSUs to raise money from the market and recover bad loans faster.
According to various sources, banks may sell their non-core businesses in order to raise funds. The second budget of the Modi 2.0 government is expected to be presented by the Finance Minister Nirmala Sitharaman on 1 February 2020. According to various sources, banks will have a robust pipeline in order to recover from both NCLT and non-NCLT resolution cases this year. A headroom will also be provided in order to raise capital from the market. In the case of assets that are non-performing, according to various sources, 100% provisions have been done by banks. The sources further added that recovery from such accounts will be part of the bottom line immediately. State Bank of India (SBI) has already started the process of diluting its stake in UTI Mutual Fund and SBI Cards and Payment Services Ltd. Similarly, various state-owned lenders have also started this process in order to raise capital. Oriental Bank of Commerce and the United Bank of India will merge with Punjab National Bank to become the second largest bank in India. Similarly, Syndicate bank will merge with Canara Bank and Allahabad Bank will merge with Indian Bank. Corporation Bank and Andhra Bank will merge with Union Bank of India.
8 January 2020
Toyota Motor Corporation and Suzuki Motor Corporation, two of the biggest Japanese carmakers have recently signed an agreement in regard to their capital alliance. The agreement will establish a long-term alliance and promote collaboration in new sectors of the industry such as autonomous driving.
As per the terms of the alliance, the 2 automakers will be acquiring each other’s shares. Toyota will be owning around 4.94% of the shares of common stock in Suzuki. Similarly, Suzuki is planning to acquire some market shares of Toyota worth JPY 48 billion. The two companies have begun considering business partnership on 12 October 2016. Ever since, they have considered specific details. On 20 March this year, the companies announced that they would be taking specific considerations in order to engage in the joint product collaboration and development, mutual supply of products, and so on. The partnership has already launched the Toyota Glanza which is basically a rebadged Maruti Suzuki Baleno. Reports suggest that the Vitara Brezza, the Ertiga, and the Ciaz will also be supplied by Maruti Suzuki to Toyota. Both the automakers will be pushing hard for hybrid electric vehicles in the country. Toyota will be supplying its hybrid system to Suzuki for the same. In addition to that, the companies will also tie up to introduce a new Toyota C-segment MPV which will be supplied to Suzuki as well.
10 September 2019
Three new models will be launched by Tata Motors based on their design philosophy, Impact 2.0. The Nexon, Tigor, and Tiago will also get facelifts based on Impact 2.0. The current design philosophy is already a hit and Impact 2.0 will be its successor.
The first product to come with the new design philosophy was the Tata Harrier. Due to the success of the Harrier, Tata Motors is planning to launch three new models by 2020. The Altroz, which was shown at the 2019 Geneva Motor Show, is a premium hatchback and is likely to be launched during the festive season. Another car that is likely to be launched in the first three months of 2020 is the Buzzard or H7X. The car is similar to the Harrier but is a seven-seater and has been spotted testing in India several times. The Hornbill or H2X is a subcompact SUV that is expected to be launched by the end of 2020. The H2X will be the youngest of all cars to come with the Impact 2.0 design philosophy. However, the car is still in its concept stage and is expected to hit markets only by 2021. The facelift versions of the Tigor and Tiago are expected to be launched this year, while the Nexon facelift will be launched next year.
31 July 2019
For those who wish to buy the new Hyundai Santro, the car manufacturer has now hiked the prices of their base model to Rs. 4.15 lakh. With the roll out of the new Hyundai Santro, the Era and the D-Lite variants are now discontinued. Previously, the Hyundai Santro costed Rs.3.90 lakh. The new Hyundai Santro will be rolled out with features such as colored bumpers, AC vents for the front and back, ower windows, airbags for the passengers as well, and a multi-function steering wheel. Under the bonnet, the petrol variant of the Hyundai Santro will be powered by 68 bhp with a 1.1 litre three-cylinder engibe, while the CNG model of the Hyundai Santro will be powered by 58 bhp. Having sold 4,000 units every month across the country, the new Hyundai Santro which will be launched later this year in October will be competing with the Maruti Suzuki Wagon R and the Tata Tiago.
30 July 2019
When it comes to buying pre-owned vehicles, there are a number of startups in India which are offering the facility. At present, the price difference between a used car and a new car, especially the bigger cars are likely to attract more people. Essentially, this means that people have easier access to cars which are as good as new at a much lower premium.
Some of the top startups which are offering this facility in India are Droom, CarDekho, Cars24, and Carwale. Droom is the pioneer in this sector. It is the first mobile marketplace in India to start the buying and selling of new and pre-owned vehicles. It is also the 3rd largest e-commerce company in the nation. CarsDekho is a car searching platform which helps people to understand and purchase the perfect vehicle for themselves. Cars24 and Carwake also offer an easy and fast experience, when it comes to finding out the perfect car.
24 July 2019
22 July 2019
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