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  • Diwali Used Car Loans Offers 2016

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  • Pre-owned cars have become quite popular in the market. It’s not difficult to get a well-maintained car and a good model for a decent price. Used cars are known to be used for driving practice, but it’s also a very affordable option. Celebrate Diwali by driving home the car you always wanted. If you’ve had your heart set on buying a car, this season could be the best time to make that dream a reality. There are a number of banks offering car loans for customers to buy the car of their choice.


    Top Providers for Used Car Loan

    Many banks and financial institutions provide used car loans to customers seeking finance to buy a pre-owned car. Some of the top providers have been listed below:

    • HDFC Bank
    • State Bank of India
    • TVS Credit Services
    • ICICI Bank
    • Indian Bank
    • Bank of Baroda
    • Kotak Mahindra
    • IndusInd Bank
    • AU Financiers
    • Bank of India

    Diwali Offers on Used Car Loans

    State Bank of India

    State Bank of India offers one of the best car loan schemes to buy a pre-owned vehicle. You can opt for this loan if you choose a car that is not older than 5 years old. Some of the features and benefits of this loan have been listed below:

    • Low EMIs
    • Low interest rates
    • Long repayment tenures stretching up to 7 years
    • 85% of the on-road price
    • Interest is calculated on a daily reducing balance
    • Pay the EMI any time during the month
    • Prepay the loan at a low fee of 2%
    • Processing fees are low at just 0.51% of the loan amount
    • There is an option of SBI life cover on this loan

    HDFC Bank

    HDFC Bank offers a very good deal on used car loans. You can get up to 100% funding on your vehicle along with other benefits. To avail this loan, you need to choose a car that is manufactured in India. The age of the car should not cross 10 years. Some of the important features have been mentioned below:

    • Fixed interest rates
    • Transparency in fees and charges
    • Finance for up to 80% of the value of the car, upto Rs.50 lakhs
    • Repayment options range between 12 and 60 months
    • Loan granted on the basis of ID and address proof
    • Down payment required is low
    • There is a scheme for no income documents required
    • There are special privileges for HDFC Bank account holders

    TVS Credit Services

    TVS Credit Services offers affordable loans to buy used cars. Choose a loan from their flexible car loan schemes. You can qualify for this loan if you select a car that is manufactured in India.

    • Loan quantums touch 15 times the gross monthly income
    • Tenures range up to 48 months
    • Get a quick approval and disbursal of the loan
    • Documentation is hassle-free
    • No income document scheme is available
    • Get funding for up to 85% of the valuation

    Interest rate for Used Car Loans – October 2016

    Loan Provider Type of Interest Rate Interest Rate
    Kotak Bank Fixed 17.00% to 20.00%
    Federal Bank Fixed 11.25% to 12.50%
    HDFC Bank Fixed 14.50% to 17.50%
    Andhra Bank Fixed 10.25%
    ICICI Bank Fixed 15.50%
    TVS Credit Service Floating Up to 15%
    Au Financiers Floating 17.00% to 23.00%
    Bank of Baroda Floating 10.50%
    Central Bank of India Floating 10.60%
    Bank of Maharashtra Floating 10.35%
    Indian Bank Floating 12.90%
    Bank of India Floating 10.95%
    State Bank of India Floating 13.05%
    Oriental Bank of Commerce Floating 12.55%
    Tamilnad Mercantile Bank Floating 11.75% to 12.00%
    Karnataka Bank Floating 14.45%
    Punjab National Bank Floating 11.20% to 11.70%
    Union Bank of India Floating 12.90%

    Loan Offers from Different Providers in India

    Loan Provider Loan Quantum
    State Bank of India 85%
    TVS Credit Service Up to 85% of valuation
    Kotak Bank 85%
    HDFC Bank 80% of market value
    Bank of Baroda 80% of on-road price
    ICICI Bank 80% of on-road price
    Federal Bank 75% of depreciated value
    Central Bank of India 75%
    Oriental Bank of Commerce 70% of market value
    Tamilnad Mercantile Bank 70% of market value
    Punjab National Bank 70% of market value
    Bank of India 70% of market value
    Andhra Bank 60% of the on-road price
    Karnataka Bank 60%
    Indian Bank 60% of market value
    Bank of Maharashtra 50%
    Union Bank of India 50%
    Au Financiers Rs.50,000 to Rs.15 lakhs

    This Diwali, make it special by driving home in your own car, or buying the car for a loved one. The want of finance is no longer a problem with affordable loans on the market. Make an informed choice by comparing different offers from banks and financial institutions on BankBazaar.

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