If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
    Close

    Compare Car Loan Offers from Top Banks. Apply Online and Get e-Approved Instantly.

    Used Car Loan Reviews

    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 5.0/5 "Blown Away!"
      My experience of availing car loan from HDFC Bank was really good. I got the loan on time and the since I bank with them already I did not have go through much of documentation work. The interest rate and charges was normal and reasonable and it was a hassle free service in all.
      Was this review helpful? 1
      , nagpur
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      Bankbazaar.com services are very good one and anyone can easily get the information from them. Website of the Bankbazaar.com is very easy to access, also its comfortable too. Response is also very good with the Bankbazaar.com and this is my first experience as well.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.5/5 "Pretty good"
      Due to personal reasons I postponed the car loan plan with Axis bank. I am treated very well by Axis Bank executive as I have got the best service and response from them pertaining to the car loan application which is being submitted.The rates applied was 9% and the loan amount I tried to opt is 4 lakhs.
      Was this review helpful? 1
      , pune
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I got a very good response from Bank Bazaar, when I reached them for the car loan, the response provided by them was very prompt, I had been using their service, it is really excellent. I am using Bank Bazaar mobile app and application it is very easy to check all the financial information on this site.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan got postponed. Interest for the car loan was around 9% with the HDFC bank and the loan amount was about 8 lakhs,
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The response is very good from hdfc bank and the executive called me on regular basic to know the application status of the car loan, but my plan was postponed. Interest for the car loan was around 9% with the HDFC bank. And the loan mount was eight lakhs.
      Was this review helpful? 0
      , agra
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The bank bazaar web site helps me to compare and choose the products in the market. The bank bazaar web site is easy to use and user friendly. The bank bazaar customer service really helped me in concern to my car loan application. Overall I can say, bank bazaar gave a satisfied service
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      Due to my personal reason, I have not taken the car loan with the Axis bank. Interest rate with the Axis bank haven't discussed about this. Customer service with the Axis bank and they have done the follow on timely basis, also they have done the things in good manner.I have applied for three to five lakh loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The services Bankbazaar has been very much satisfactory and the response has been really good too. This was very first experience in bank bazaar. and I came to know about bank bazaar via goggle. The website is good and overall I can say it I had no difficulties to get details of the banks and their deals.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2017
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Due to personal reasons I could not proceed with Axis bank for the car loan. I got a proper response and follow up from the bank checking about my requirement. The loan amount I have applied for 4.5 lakh In all it was a smooth experience.No hassle faced.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      It was a tremendous approach by state bank of India with respect to my car loan application. It is an very fast and quick response from SBI end. State bank of India has good transparency with their service, and everything was clear and keen in their service. They just took twelve hours to disburse my car loan. The rate of interest is very competitive with SBI as it was around 8.75%
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 4.5/5 "Excellent!"
      My loan application was addressed in a proper way. I submitted the loan on their website immediately when I received calls from their end and they inquired the information from me and forwarded my application to the bank. I received proper service from bankbazaar.com and this was not first experience I have already availed credit card from bank bazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Oriental Bank of Commerce Car Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I had applied for a car loan with Oriental Bank of Commerce. The team contacted me once and collected all my details the reason I did not go with Oriental bank of Commerce for the car loan because the rate of interest was high 10% and I have asked they to reduce it they straight away they cannot do that.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Kotak Car Loan
      "Its Good"
      0.5 4.0/5 "Great!"
      Six years back, I had taken car loan from Kotak Mahindra, it got completed. I purchased Hyundai I 10 car worth Rs.3.5 lakhs, Kotak Mahindra approved the requested amount with an interest rate of 11.5% but it was higher side at the time. Now it got closed successfully.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I had taken a commercial car loan from HDFC Bank earlier and at that moment I received a good deal on the interest rate and charges. It was a smooth process and I got the loan on time as well. The customer services and response was good and all the paper works were collected on time.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar is good in providing proper information in regards to the loan. I did not face any challenges with bankbazaar at any point of time. The website is so simple to access and it is very informative. It is easy to choose the bank for the loan service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2017
    • HDFC Bank Car Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      Once I submitted my application, they have responded.Once when the application was submitted It was not a good experience they had offered 10.25% as rate of interest which was bit high.compare to other banks. I had idea of applying five lakh rupees. I was over all not satisfied with the rate of interest so dropped the plan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 23, 2017
    • SBI Car Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      To start off, I had taken my car loan from State Bank of India , I had to go over to the bank to submit my paper work. I also had to visit the branch often for any queries. The charges and interest rate is normal. There is no much of difference when compared to the other private banks too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Proper Service"
      0.5 4.0/5 "Great!"
      My loan application was addressed in a proper way. I submitted the loan on their website immediately I received calls from their end and they inquired the information from me and forwarded my application to the bank. I received proper service from bankbazaar.com.
      Was this review helpful? 1
      , agra
      Reviewed on Jun 22, 2017
    • HDFC Bank Car Loan
      "Delayed Response"
      0.5 4.0/5 "Great!"
      I did not receive that much good response from HDFC bank for the car loan service. Actually I got delayed response from the bank. Also initially I was planning for the second hand car later I afford new car so I did not continue the loan process with HDFC bank.
      Was this review helpful? 1
      , agra
      Reviewed on Jun 22, 2017
    Common Loader Icon

    Used Car Loan is Rated as "Great!" by 27518 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Car Loan BYTES FROM OUR KITCHEN

    Introduction to Used Car Loans

    The latest avatar of an age old adage is ‘old is sold’, and the rule applies to almost all our material possessions that are deemed aged, redundant and replaceable. A used car loan helps you procure an otherwise costly item that in mint condition would cost you a lot higher than its current ‘pre-owned’ state. Thus, allowing people with lower budgets to elevate themselves to the status of car owners. Aside from being a very comfortable option to purchase a ‘new’ car, a used car loan offers a dimension of simplicity, transparency and hassle free experience that is at par, and at times significantly higher than the corresponding car loan procedure for a new automobile. Want to own a car but are not willing to spend too much into the experience? What you seek is a well-maintained, reliable and springy used car that has aged gracefully, and consequently a second hand car loan to purchase it.

    Features & benefits of Used Car Loans

      Used car loan
    • Immensely Pocket Friendly- Explained in simple associative terms, a second-hand car will cost less, thus, the pre-owned car loan financing it will also be a lesser number compared to its new-car alternative. Meaning, smaller monthly instalments to contend with.

    • Less Hassle, More Features- While most banks feature used car finance as an important component in their arsenal of products, the demand for it is naturally second to a new car loan. Thus, these products are customized to appear as customer friendly as possible. Meaning, lots of features and rebates at half the usual hassle associated with a new car loan.

    • Used Cars Are a Lot More Fun- When it comes to a pre-owned car, the choice of models isn’t dependent on its current on-road price. What would seem like a hefty investment for a new car of a particular model, seems very reasonable in the case of a second-hand car of the same make. Plus, the prospect of depreciation in pre-owned cars is considerably less when compared to new cars, thus retaining its original value when you intend to resell it at a future date. Importantly, the insurance costs of a pre-owned car is lesser compared to a new car.

    How to Apply for a Used Car Loan on Bankbazaar.com?

    On Bankbazaar.com, get a comprehensive glimpse of the various features, interest rates, eligibility criteria and required documentation for a second hand car loan as offered by an assortment of banks and financial institutions across India. All the information you want, in one complete package.

    • Calculate the applicable EMI and other essential loan details by using a variety of financial tools provided on the website.
    • A comprehensive listing of loaning banks- choose the one that meets your specific expectations.
    • Instant online loan application, followed by immediate approval based on the submitted information.
    • Robust customer support division to help you with concerns and queries.

    Applying for a used car loan on Bankbazaar.com is a simple and intuitive 3-step process:

    Step 1- On Bankbazaar.com’s homepage, access the navigational menu that is located at the top of the page and select the LOANS menu item. Next, select the USED CAR LOAN option off the various loan types listed. The resultant page helps you get an instant quote in terms of a plethora of used car loan options, as offered by various banks. Complete the simple requisite information and click on the ‘Get a Quote’ button. Now, spread before you are the various loan options. It’s time to choose!

    Step 2- You must compare between the various second hand car loan options before you and select the one that most appeals to your requirements and budget.

    Step 3- After the submission of the online application, you will receive an instant e-approval from Bankbazaar.com. This application is next transferred to your chosen bank from wherein a customer support executive will get in touch with you within a short duration of time. Meanwhile, you can track your application through SMS alerts and email.

    How to Calculate Used Car Loan EMI on Bankbazaar.com?

    The friendly financial tools available on our website make the whole EMI calculation process, as applicable to your old car loan, a simple and interactive effort. Essentially, follow these steps-

    1. Access the ‘Used Car Loan EMI Calculator’ tool.
    2. Note the two scales presented before you? One is marked ‘Loan Amount’ and the other, ‘Tenure’.
    3. Select the loan amount and the tenure applicable to you on these scales.
    4. Next, insert the applicable interest rate on your pre-owned car loan in the field marked ‘Interest Rate in %’, similarly insert the applicable processing fee in the field marked ‘Processing Fee (% of loan amount)’. Note that default values are already populated here- change them accordingly.
    5. Click on the ‘Calculate’ button to complete the process.
    6. Displayed before you is the complete breakup of the total interest due, monthly EMI and other relevant details. If you scroll down the page further, you will find a graphical representation titled ‘Your Amortization Details (Yearly/Monthly)’ that details the amortization information pertaining to your second hand car loan.

    Documents Expected When Applying for a Used Car Loan

    Based on individual banks, all or some of these documents will be requested to be produced at the time of the loan application,

    1. Proof of Age, Residence, Identification and Signature (Passport/Voter’s ID/PAN Card).
    2. Proof of Income (Salary slips/Form 16/ITR with income computation).
    3. Copies of the pre-owned car’s RC Book and Insurance records.
    4. Bank statement. Usually statements for the past 6 months will be required.
    5. Passport sized photographs (Minimum 2 nos.)
    6. Documentation or deed that establishes the credentials of a proprietorship or partnership firm.

    Eligibility Criteria for Used Car Loans

    The following list is a generalised view on the commonly expected requirements that form the basic eligibility criteria for second hand car loans. Banks, at their own discretion, may require additional proof and/or documentation to establish your eligibility for the said loan.

    • The applicant must be aged no lesser than 21 years nor be older than 65 years.
    • Must be a salaried individual, self-employed person, a proprietorship or partnership firm, a public sector undertaking, a private company, person currently employed in the agriculture sector or dependent industries.
    • In order to qualify for an old car loan, and if the applicant is a salaried individual, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.3,00,000*.
    • If the applicant is a self-employed individual, proprietorship or partnership firm, then the net profit or total taxable income of said applicant and/or co-applicant together should not be lesser than Rs.4,00,000* per annum.
    • If the applicant is an agriculturist, the net annual income of the said applicant and/or co-applicant together should not be lesser than Rs.4,00,000* per annum.

    (* Numbers may vary for different banks)

    Applicable Interest Rates for Used Car Finance

    The situation with used car loan interest rates, as perceived by the loaning banks, can be summed up as ‘great risks, greater rewards’. The banks are funding an old car, thus the funds offered are lesser as compared to a new car loan. Also, most second hand car loans offer the option of pre-payment with a very nominal penalty- a situation that is a likely scenario in cases wherein the old car may suffer a functional meltdown through the tenure period, and the car owner might decide to repay the loan at one go. Thus, understandably, the interest rates on used car loans is greater when compared to new car loans. In terms of the popular reducing balance model, the interest rates offered by some popular Indian banks are as follows.

    Banks

    Interest Rates

    HDFC Bank
    • 15.25% to 17.75% (60 months)
    • 15.25% to 17.75% (48 months)
    • 15.25% to 17.75% (36 months)
    • 15.75% to 18.25% (24 months
    • 15.75% to 18.25% (Upto 12 months)
    • Corporate Rates 13.50% to 14.25%.
    State Bank of India (SBI)
    • 17.25% (Upto 36 Months)
    • 17.50% (Above 36 months).
    ICICI Bank 13.75% to 17%
    Bank of India (BOI) 11.45% (Upto 3yrs)
    Federal Bank 15.45% to 15.95%
    Axis Bank 16.50% to 18%
    Kotak Mahindra Bank 17% to 20%

    Refinance car loans

    Automobile refinancing is done by paying off an existing loan with a new loan. Refinancing a car loan is done for a number of reasons like reducing interest rates, lower the payments that have to be made every month or for other personal reasons. Most of the time people would want to lower the amount that they pay on a monthly basis towards a loan. This is done by either lowering the interest rates, by extending the loan payment period or by doing both.

    Sometimes a car loan borrower will want to add someone or remove their names from the car loan. Refinancing is an easy way to add or remove a cosigner to the loan.

    Top Used Car Loan Providers in India

    HDFC Bank- One of India’s premier banking organizations, the HDFC Bank is also massively preferred when it comes to used car loans. The bank has strategic tie-ups with a number of authorized pre-owned car dealers in India, and highlights its offerings with a commitment towards faster loan approval and convenient doorstep service. Some of the basic features and benefits of HDFC Used Car Loan are listed below-

    • Easy documentation- Loan is based on just an ID and address proof. No income documents needed.
    • Great Value- Assured funding of up to 100%.
    • Customer Centric- Transparent functioning and fixed interest rates. Very nominal down payment. EMI repayment not affected by fluctuation in the financial market.

    SBI Bank- India’s largest public sector bank is also a key player when it comes to used car finance. This loan applies for the purchase of a used vehicle that isn’t older than 5 years and may either be a passenger car, Multi Utility Vehicle (MUV) or Sports Utility Vehicle (SUV). The repayment tenure on offer is the longest in the Indian context, stretching upto 84 months. A listing of the features and benefits of SBI Used Car Loan are as follows-

    • Zero Advance EMI alongside the lowest EMI option in its class.
    • Long repayment tenure of 84 months/ 7 years.
    • Very nominal interest rates and processing fee (0.51% of loan amount).
    • Up to 85% funding depending on the on-road price of the car.
    • Pay EMI anytime through the applicable month.
    • Just 2% pre-payment penalty if you decide to finish the loan before the end of tenure.
    • Interest is calculated on the daily reducing balance model.
    • Provision for optional SBI Life Cover.

    ICICI Bank- One of India’s premier private sector bank, ICICI, is also a leading lender of used car loans. The loans on offer are highly customer centric and loaded with an attractive array of features and benefits that will appeal to the most discerning potential customer. The highlights of an ICICI Bank second hand car loan are as follows-

    • Loan up to 80% of the overall ex-showroom price.
    • Enjoy loan tenure of up to 5 years.
    • Very attractive rate of interest.
    • Easy documentation and hassle free loan approval process.
    • Availability of insurance cover for loan liability, repayable alongside the EMI.

    IndusInd Bank- An active player in the sphere of used car finance, IndusInd Bank offers comprehensive loan options when it comes to the purchase of a used car for personal or commercial use. The loan is offered for all makes and types of cars available in India. The salient features of this loan are as follows-

    • Attractive loan terms and efficient turn-around time.
    • Hassle free documentation and easy, fast track loan processing.
    • Transparent process with zero hidden costs.
    • Repayment tenure extends up to 60 months to suit the customer’s requirements.

    Capital First Used Car Loan - Capital First is a Non-Banking Financial Corporation that offers a wide variety of financial services to customers from different income groups with varying financial needs. One of its most popular products is the used car loan scheme called Used Car Elite Program, which offers finance for purchase of used cars at a low rate of interest. Customers can avail an LTV of 100% under this scheme. Some of the main features and benefits of Capital First Used Car Loan are as follows:

    • Quick and easy documentation - With minimal documentation and verification procedures, the loan will be processed by the company.
    • Low interest rate - Capital First offers an attractively lower rate of interest on their used car loan scheme, compared to other lenders.
    • Repayment - There is flexibility in the repayment options provided by the company and the borrower can choose an option that is best suited to his financial profile.

    TVS Credit Services Limited- The loans on offer here are very affordable, with the availability of a wide range of flexible pre-owned car loan schemes. The company also boasts of a quick turnaround time, robust customer service and adherence to a transparent and customer friendly loan approval and disbursement process. The salient features of TVS Credit Used Car Loans are as follows-

    • Funding to purchase any pre-owned car, manufactured in India and not older than a specified limit.
    • Hassle free, customer centric documentation and loan approval procedures.
    • Loan repayment tenures of upto 48 months.
    • Basic loan eligibility amounts to 15 times of the customer’s monthly income.
    • Open to salaried individuals, self-employed people, proprietorship or partnership firms, private and public limited companies.

    Popular FAQ Concerning Old Car Loans

    • How to procure a used car loan?

      The ideal choice is to compare the various pre-owned car loan options available online and apply instantly through the same medium. The contacted bank will reach out to you at a later date to finalize and confirm upon the associated documentation and other details.

    • When applying for used car loans, do I need a guarantor?

      No, most banks do not require a guarantor but may ask you to involve your parent/spouse/ offspring as a co-applicant if your income doesn’t meet the set eligibility criteria.

    • What car models can I purchase with my allotted used car finance?

      Any automobile available in the market. Some banks may finance vehicles that are only manufactured by an Indian company, but usually there are no restrictions in terms of the type and brand of vehicle available on the menu.

    • How much old car loan will likely be granted to me?

      Usually, the loans on offer fund anywhere from 80%-100% of the used car’s on-road price.

    • Can I borrow an additional loan over my allotted second-hand car loan?

      This activity is known as ‘refinancing’ and it is a possibility with many banks. The value of the car can be encashed to meet your immediate monetary requirements, even while you actively continue to use the car. Ideally, you can avail upto 80%- 85% of the car’s valuation amount.

    Read Used Car Loan news or Enjoy it on the go Google Play

    • Used Car Market Gets New Addition

      India’s car market has witnessed a huge boom over the last decade, with the number of vehicle sales increasing every year. Apart from the new car segment, used cars have found considerable favour among the population, with trusted brands establishing pre-owned car dealerships to cash in on this demand. After Maruti Suzuki, Hyundai and Mahindra, Renault India has jumped onto the bandwagon, establishing “Renault Selection”, a flagship facility dealing in pre-owned cars.

      The first showroom of Renault Selection was recently launched in Whitefield, Bangalore, with the French carmaker hoping to start similar showrooms in Nagpur, Chandigarh and Jaipur. These showrooms will help prospective car buyers find a car which suits their needs, with the company offering a 1 year/20,000 km warranty on cars, ensuring buyers do not face any issues later. Apart from the warranty, Renault will provide additional services like roadside assistance, insurance and finance. The current facility has been established as a partnership with Trident Auto and can house over 100 cars, each of which going through an exhaustive 199 point check-up to ensure there are no hidden niggles.

      The Indian used car market is currently one of the biggest in the world, 3 times larger than western nations. Renault’s entry into this segment is bound to heat competition, heralding good news for car enthusiasts.

      13th June 2016

    strong
    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.