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

    We found 8 Used Car Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.1% - 15% Floating
    0
    20K - 10L
    1-5 Years
    Response Time Within 30 minutes
    Ad Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.5% - 14.5% Floating
    2% One time fee
    1.5L - 25L
    1-7 Years
    Response Time Within 30 minutes
    100% financing on car value
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    11.15% Floating
    575 One time fee
    1L Min
    1-3 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.60% Floating
    ₹575 to ₹8050
    35K - 25L
    5 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 13% Fixed
    1% One time fee
    50K - 10L
    1-4 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.25% - 13.99% Fixed
    Up to ₹2,300 One time fee
    75K Min
    1-7 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12% - 14% Fixed
    2,500 One time fee
    1L Min
    1-3 Years Tenure
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
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  • Used Car Loan Reviews

    • Bank Bazaar Customer Support
      "Okay "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com have provided me the information related to my financial queries in a good way. I would like to say that the website of the Bankbazaar.com is easy to access and the customer service is good one with them till now.
      Was this review helpful? 1
      , chennai
      Reviewed on May 27, 2017
    • Oriental Bank of Commerce Car Loan
      "Satisfied"
      0.5 2.0/5 "Expected more"
      I did not get the car loan with the Oriental bank of commerce because of provident fund . Customer service is fine with the Oriental bank of commerce and the response is immediate one with them. I would like to go ahead with them in the near future.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Wonderful "
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good and its linked one and its very useful one. I would like to say that the website of the Bankbazaar.com is good one and the response is immediate one with them and am using it from the last six months of time.
      Was this review helpful? 0
      , tirupur
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      Due to my personal reason and some other issues, I did not went ahead with the HDFC bank and the customer service is good one with them and the response is an immediate one with them. In future, I would like to go ahead with them in future for my needs.
      Was this review helpful? 0
      , tirupur
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Best"
      0.5 4.0/5 "Great!"
      My experience with the Bankbazaar.com was really good and am with them from the last three years of time. Response was good one with the Bankbazaar.com and I got the call from them within fourteen hours of time. I am happy with the Bankbazaar.com.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • Axis Bank Car Loan
      "Satisfied"
      0.5 4.0/5 "Great!"
      I have already arranged the money through some other sources like its directly from the car manufacturer finance itself, so I have not taken the personal loan with the Axis bank. The services are really good with the Axis bank and the rate of interest was around 9%, which was not okay for me.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 27, 2017
    • HDFC Bank Car Loan
      "Convenient banking"
      0.5 5.0/5 "Blown Away!"
      The process for the car loan was also a smooth process and I had to difficulties in the documentation. HDFC Bank has always been providing the best of services and the deal on the interest rate and processing charges is affordable and the after loan process is smooth too.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 27, 2017
    • Kotak Car Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      There is no lacking on the service part of Kotak Mahindra. They came directly to my place and done the entire process without giving any inconvenient. I am happy about that, its been a year my loan is running. Being a self employed person they came least interest rate of 9.5% it is good.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • L&T Finance Car Loan
      "Service has to be changed"
      0.5 1.0/5 "Really Bad"
      L & T finance limited executives are not responding well. When I went to foreclosure my loan, they said I have many to late payment charges but I did not do that. Then I raised the complaint to their nodal officer to release my NOC letter,after several complain my issue was sorted out.
      Was this review helpful? 0
      , chennai
      Reviewed on May 27, 2017
    • ICICI Bank Car Loan
      "Hassle free process"
      0.5 4.5/5 "Excellent!"
      ICICI interest rate is high for my new car because it was launched newly at the time, but for other car interest rate was good. ICICI sanctioned 100% of loan at on road value. Post process of my loan is excellent, my ECS is getting debited automatically.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2017
    • Bank Bazaar Customer Support
      "Wonderful"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is good , where I can get information about every bank. I am using Bankbazaar.com from the last one year of time for my financial information. I would like to say that the response is good one with the Bankbazaar.com.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Good"
      0.5 4.0/5 "Great!"
      Due to some personal reason, I have not taken the car loan with the Axis bank and the customer service was fine one with the Axis bank and the response is also good one with them. In future, I would like to go ahead with the Axis for the car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Good"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com had helped me in a good way, I am using it from the last one year of time. I would like to say that the website of the Bankbazaar.com is easy to access and I want to say everything is fine with the Bankbazaar.com, also there are no hassle.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2017
    • Sundaram Finance Car Loan
      "Best"
      0.5 5.0/5 "Blown Away!"
      I had postponed the plan of getting the car loan for some other reason, so I did not go ahead with the Sundaram finance limited. Rate of interest and everything was okay for me and , I would like to go ahead with Sundaram finance limited.......
      Was this review helpful? 0
      , jaipur
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had made an inquiry with the HDFC bank to get the car loan and the rate of interest was good one with the HDFC bank, also the customer service worked in a better way. In future, I would like to go ahead with the HDFC bank , if I am in need of their assitance.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Better "
      0.5 5.0/5 "Blown Away!"
      Bankbazaar.com is needful for me also I came to know about it through online search. Customer service is good one with them and I got the call from them very next day itself, also the response that I received from bankbazaar.com is really great.
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Better "
      0.5 4.0/5 "Great!"
      I had not taken the car loan from the Axis bank because I had arranged the funds from my end. I got the rate of interest as around 9% and I was okay with that and the customer service was also fine one with them. There are no drawbacks with them absolutely..
      Was this review helpful? 0
      , chennai
      Reviewed on May 26, 2017
    • Bank Bazaar Customer Support
      "Very good and customer friendly"
      0.5 4.0/5 "Great!"
      Experience is good with the Bankbazaar.com and am with them from the last three months of time. Website of the Bankbazaar.com is easy to access and the response is very good one with them and I have not found any issues with them till now.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 26, 2017
    • Axis Bank Car Loan
      "Best"
      0.5 4.0/5 "Great!"
      I do have some other personal reason and that's why I have not taken the car loan with the Axis bank. Customer service and other things are perfect with them. Rate of interest was around 9.7% and the customer service was fine one with them.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 26, 2017
    • HDFC Bank Car Loan
      "Satisfactory"
      0.5 3.0/5 "Satisfactory"
      The rate of interest for the HDFC bank car loan is high like its around 13% The services are quite fine with them. My car loan .disbursement took 15 days of time documentation was really bad with them it was very lengthy process, It would be good if they reduces rate of interest for used car loans and documentation part.
      Was this review helpful? 0
      , jabalpur
      Reviewed on May 26, 2017
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    Used Car Loan is Rated as "Excellent!" by 26284 Users

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    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

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