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

    Loans for used cars are offered by several establishments today. When buying a used car, it is important to check whether it is in good condition and if it has a clean history. Used car loans are a boon to buyers as these have low interest rates.
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    We found 5 Used Car Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    13.50% - 14.50% 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
    11.50% 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
    16% Floating
    1% One time fee
    50K - 15L
    1-4 Years
    Response Time : Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    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
    12.75% - 15.50% Fixed
    Up to ₹5,310 One time fee
    75K Min
    1-7 Years
    Response Time : Within 30 minutes
    100% PAPERLESS APPROVAL
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Used Car Loan is Rated as "Excellent!" by 35554 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Car Loan BYTES FROM OUR KITCHEN
    Used car loan

    Used cars, second-hand cars or pre-owned cars have become popular amongst consumers nowadays. This is mainly due to the establishment of several organised used car dealerships across the country. These reliable car dealerships ensure that the second-hand cars are certified and well-maintained. When purchasing a used car from a private dealer, there is a worry of whether the car is a stolen property or if it is in working condition. You can do without this sort of stress when dealing with a reputable auto dealership.

    The adage ‘old is sold’, 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.

    Apart 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.

    Used Car Loan - Features and Benefits

    • Immensely Pocket Friendly- Explained in simple associative terms, a second-hand car will cost less, thus, the pre-owned car loan financing 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 are lesser compared to a new car.

    Used Car Loan with Bankbazaar?

    On Bankbazaar.com, you can 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 can be accessed in one single platform.

    • 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 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?

    Used car loans are repaid through Equated Monthly Installments (EMIs). You can use the online car loan EMI calculator that is available on the bank website to find out how much your used car loan will cost you on a monthly basis. The tool is easy and simple to use. It can be used any number of times for free. You can enter varying combinations of the loan amount, interest rate, and loan tenure to get revised loan repayment schedules. The tool will display instant and accurate results in the form of an amortisation table which represents the periodic loan repayment schedule of your used car loan.

    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:

    • Proof of Age, Residence, Identification and Signature (Passport/Voter’s ID/PAN Card).
    • Proof of Income (Salary slips/Form 16/ITR with income computation).
    • Copies of the pre-owned car’s RC Book and Insurance records.
    • Bank statement. Usually statements for the past 6 months will be required.
    • Passport sized photographs (Minimum 2 nos.)
    • 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)

    Latest 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 2019
    HDFC Bank
    • 13.75% to 16% based on the age and segment of the vehicle (Rack Interest Rate)
    State Bank of India (SBI)
    • Loyalty Car Loan Scheme: (Certified Pre-Owned Car Loan Scheme) Men – 10.80% per annum; Women – 10.75% per annum
    • Certified Pre-Owned Car Loan Scheme – 11.05% to 12.05%
    ICICI Bank 14.25%
    Bank of India (BOI) 1 Year MCLR + 0.85%
    Federal Bank 15%
    Axis Bank Up to 36 months repayment tenure – 15% to 17% Repayment tenure exceeding 36 months – 15% to 17%

    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 2019

    HDFC Bank- One of India’s premier banking organizations, HDFC Bank is highly 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 up to 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 up to 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.

    FAQs - Used Car Loan

    1. 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.

    2. 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.

    3. 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.

    4. 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.

    5. 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 up to 80%- 85% of the car’s valuation amount.

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    Used Car Loan Reviews

    • Kotak Car Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the car loan with the KOTAK MAHINDRA BANK where the documentation process was simple and i got the loan on time. I have used the loan for 5 years and the ,loan amount was satisfactory and also the rate of interest was nominal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 20, 2019
    • SBI Car Loan
      "Good Experience"
      0.5 4.0/5 "Great!"
      I closed SBI car loan, I taken it through the dealer. I got the car delivery at the stipulated time because my paper work was simple. It was a good experience even I could close it earlier there was no foreclosure fee. I purchased Honda vehicle with the help of SBI car loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 20, 2019
    • Axis Bank Car Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      When applied for the Car Loan the rate of interest and the processing fee was high .The loan got sanctioned on time ,it was sufficient .I have applied for 3lakhs for the tenure of 3years .The Car model was Maruti Swift .I have closed the loan and applied the loan through the agent .The agent gave all the required details of the loan clearly .
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2019
    • Sundaram Finance Car Loan
      "Hassle free experience"
      0.5 5.0/5 "Blown Away!"
      I purchased Mahindra balero car through Sundaram Finance, the customer support is very great and the charges are very minimal. When I took car loan second time they taken few documents rather going for same procedure because I am an existing customer.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 20, 2019
    • Sundaram Finance Car Loan
      "Very Good Experience"
      0.5 5.0/5 "Blown Away!"
      Last year I closed my car loan from Sundaram Finance, my experience was good. The process was flawless, they just taken below 10 days of time to complete the entire car loan process. I took the amount of Rs. 5 lakhs to purchase the Mahindra balero car.
      Was this review helpful? 0
      , kadapa
      Reviewed on Apr 20, 2019
    • IndusInd Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got auto loan with INDUSIND BANK , i completed this loan . I am very happy with the services because i paid on time so that they refund my last EMI this was the best part . Their interest rate was also nominal and i got fair loan amount whatever i needed .
      Was this review helpful? 0
      , noida
      Reviewed on Apr 19, 2019
    • ICICI Bank Car Loan
      "GOOD"
      0.5 4.5/5 "Excellent!"
      I have taken the car loan with the ICICI BANK they have given th car loan with minimal documentation process also the rate of interest was 8.54% which was nominal than others. The duration for repaying 6the loan is for 5 years. The customer service is good.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2019
    • SBI Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I had taken a Car loan from STATE BANK OF INDIA almost four years back where it was closed a while back. The overall experience i had with the loan was pretty good where they had not made any sort of extra charges. The interest rate which they had offered was also pretty decent and their executives had been helpful.
      Was this review helpful? 1
      , bangalore
      Reviewed on Apr 19, 2019
    • Axis Bank Car Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I was holding Axis bank car loan previously, the loan amount was sufficient they have given me loan on based on the vehicle price, the rate of interest they have charged me up to 8.75% which was nominal, they had charged me low processing fee , now i have closed this loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2019
    • SBI Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I took a car loan from the STATE BANK OF INDIA . The whole application process was easy and hassle free. Their customer support and their response has been good and has been helpful as well.Rate of interest is very nominal . It has been quite good and the process went smooth.
      Was this review helpful? 0
      , kochi
      Reviewed on Apr 19, 2019
    • HDFC Bank Car Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I took my car loan with HDFC bank. The loan amount which they have provided to me was sufficient, it was based on my requirement. The rate of interest and the processing fee, they have charged me was nominal. Overall their service was good and satisfactory.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 19, 2019
    • SBI Car Loan
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have taken a four wheeler loan from state bank of India. Three years back I bought a maruti suzuki ertiga 2016 model. My loan amount is 6.15L and EMI amount is 10K and rate of interested is 9.25% ,tenure is 7years. Their overall service is good ,but if I want statement they have not provided quickly and it took some more time.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 19, 2019
    • Corporation Bank Car Loan
      "Easy to bank with"
      0.5 5.0/5 "Blown Away!"
      Corporation Bank is also excellent in the car loan. The customer support is fine and there are no hassles in the process. The rate of interest and processing charges is nominal and the bank has always been supportive to me. The after loan services is also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 17, 2019
    • HDFC Bank Car Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      It has been a very good experience i had in getting my Car loan from them where there was no delay in the process and the disbursement was one time. The loan amount has been sufficient and the interest rate was similar to the market rate. But the repayment charges which they had made has been pretty high.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 17, 2019
    • ICICI Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken my car loan with ICICI BANK . There is no hidden charges. It was a super fast loan experience. Overall it was a very good loan experience e with the ICICI bank . The loan amount is sufficient whatever i needed they given me the same so i am happy with the services .
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 17, 2019
    • HDFC Bank Car Loan
      "Not Satisfied with the services"
      0.5 1.0/5 "Really Bad"
      I had taken a Car loan from HDFC BANK a long time back and the experience had not been that good. While i was closing the loan they had made additional charges for the repayment and for four days late payment they had made almost 1000 rupees which cannot be acceptable. Their customer support response has also not been good where they could have been more professional.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 17, 2019
    • SBI Car Loan
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      State Bank of India has offered me a car loan and the process was very smooth and easy for me. I got the car loan in one day. The rate of interest and processing charges is normal. The documentation process was also simple and easy. In all I had no difficulties.
      Was this review helpful? 1
      , thalassery
      Reviewed on Apr 17, 2019
    • ICICI Bank Car Loan
      "Experience is good"
      0.5 5.0/5 "Blown Away!"
      I also had a car loan with ICICI Bank. I have purchased a Chevrolet Beat. The bank processed 80% of the loan for me. The customer support and response is good. The process of documentation is also nominal. The loan was disbursed on time and the after loan services are good.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 17, 2019
    • HDFC Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan from HDFC Bank. The process was pretty quick to get the loan. The paper work is nominal and there are no hassles in the process. The rate of interest and processing charges was also of a good deal. The after loan services are smooth as well.
      Was this review helpful? 0
      , secunderabad
      Reviewed on Apr 17, 2019
    • Reliance Commercial Finance Car Loan
      "Easy loan"
      0.5 3.0/5 "Satisfactory"
      I have taken a car loan from RELIANCE,the loan amount was Rs. 2,05,000. The rate of interest is very high 16% need to reduce the interest,emi i am paying monthly Rs. 6562. I received the loan amount within 1 day. I asked for 36 months tenure,they given 44 months. I purchased a MARUTHI RATZ MODEL Car.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 16, 2019
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