If you really think about it, it's easier getting a loan for a car than a loan for bus fare!
  • Loading your search...

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

  • Karnataka Bank Used Car Loan is Rated as "Blown Away!" by 12 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service



    Karnataka Bank Used Car Loan

    Karnataka Bank Used Car Loan

    Karnataka Bank provides Used Car Loan for the purchase of second hand vehicle not older than 3 years from the date of its registration. Karnataka Bank Limited is a scheduled commercial Bank which provides a wide range of banking and financial services for Corporate Banking as well as Personal Banking. It grew in strength through the conglomeration of Sringeri Sharada Bank Ltd., Chitradurga Bank Ltd. and Bank of Karnataka and now has presence with a network of 655 branches in 20 states and 2 Union Territories.

    Features and Benefits of Karnataka Bank Used Car Loan

    • Customers are liable to avail up to 85% of the invoice value as loan amount.
    • Maximum loan amount that would be provided for the purchase of a second hand / used vehicle is Rs.15 lakh.
    • Loan tenure of maximum 34 months is applicable for second hand vehicle.
    • For security, the Hypothecation of vehicle to be purchased has to be provided.
    • The Bank stipulates third party co-obligation or a guarantor in the case of individual application for car loan.

    Karnataka Bank Eligibility Criteria for Used Car Loan

    • The applicant has to be an income tax assessee.
    • Company / firm/ trust/ association/societies can avail the car loan in its name or in the name of its executive/ managing director/ managing partner/ managing trustee/ president/ secretary.
    • NRIs can also avail this loan.

    Karnataka Bank Used Car Loan Interest Rates

    Karnataka Bank’s Car Finance product can be utilised to purchase a pre-owned car, with this loan coming at competitive interest rates. Interest on this product is computed based on MCLR (for new customers) or Base Rate (for existing customers).

    Karnataka Bank Marginal Cost of Funds Based Lending Rate (MCLR) (For new borrowers)

    Operational MCLR benchmark rates at Karnataka Bank are mentioned in the table below. These rates are a reflection of current fiscal trends, taking a number of factors into account.

    MCLR Benchmark Tenure (Period) Benchmark Rates (MCLR)
    Overnight 8.95%
    1 month 9.05%
    3 months 9.10%
    6 months 9.15%
    1 year 9.20%

    Used car loan interest rates (2018)

    Karnataka Bank charges an interest equivalent to 14.45% of the loan amount on its used car loan. This rate is indicative of a 1 year MCLR.

    Karnataka Bank Base and Prime Lending Rates (For existing borrowers)

    Base Rate 10.25% per annum, effective 05/10/2015
    Prime Lending Rate 15.75% per annum, effective August 3, 2011

    Karnataka Bank interest rate for used cars (Based on Base Rate)

    Individuals who have purchased a pre-owned car financed by Karnataka Bank will have to pay an interest of 14.50% per annum. They can, however, migrate to the MCLR platform, depending on their convenience.

    Note: Interest rates mentioned here are valid as of Jan, 2018. These rates are subject to change at the sole discretion of Karnataka Bank, without prior intimation. Applicants should check prevailing rates while applying for a used car loan.

    EMI Calculation for Karnataka Bank Used Car Loan

    Select car loan scheme as “KBL car finance for second hand vehicle”, then select loan amount and loan tenure in years ranging from 1 year to 3 years. Once these values are entered, interest rate is automatically filled in. Click on the option to “calculate EMI ” which is available at the end of the form and based on the information that has been entered, the EMI field is automatically filled in with the amount. The final repayment value provided are indicative figures and may be subject to change.

    Karnataka Bank Used Car Loan Reviews

    • Karnataka Bank Car Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the car loan from the Karnataka bank and they have disbursed the loan amount within a day time and they have approved Rs,7,50,000 within a day time. The customer support service and the response part is good with the Karnataka bank. The rate of interest and the charges are average with the Karnataka bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 28, 2018
    • Karnataka Bank Car Loan
      "Very Good bank"
      0.5 5.0/5 "Blown Away!"
      I have closed the car loan with the Karnataka bank limited and the customer service is very good one. I would like to say that the online banking services are really an excellent one with the Karnataka bank limited.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 23, 2017
    • Karnataka Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      I had closed my car loan with Karnataka Bank before 2 to 3 years. It was a good experience. The interest rate was normal and the processing charges is nominal. Documentation process is easy. I have a purchased a new vehicle. I have taken 80% of loan.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2017
    • Karnataka Bank Car Loan
      "Smooth process"
      0.5 5.0/5 "Blown Away!"
      I have taken a car loan with Karnataka bank and has been a good experience till ate and will be closed by the year 2018. It has been a smooth process with them during the loan term. I have an interest rate of 11% on my loan which is nominal. Its a best bank to bank with.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 11, 2017
    • Karnataka Bank Car Loan
      "Postivness overloaded"
      0.5 5.0/5 "Blown Away!"
      I have been having a long standing relationship with this bank, owing which I asked them for a Rs.6 Lakh worth a car loan. To my surprise the loan got approved immediately and the cash reached the account by next day. Which is something extraordinary. I have been given interest rate of 9% which is pretty decent too.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 13, 2017
    • Karnataka Bank Car Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I directly met the Karnataka bank branch manager and spoke about the car loan. They have disbursed my car loan within 8 days of time. The required loan amount has been approved by Karnataka bank. The rate of interest of interest is nominal with Karnataka.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2017
    • Karnataka Bank Car Loan
      "Excellent services"
      0.5 4.5/5 "Excellent!"
      Karnataka bank is very much beneficial also they have offered me a car loan with a good deal. The interest rate and charges was nominal and they were quick in the process also. The after loan features are also good and I had no hassles with the bank in this process.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2017
    • Karnataka Bank Car Loan
      0.5 5.0/5 "Blown Away!"
      I have an OD account with Karnataka bank through which I had recently taken a car loan. The documentation process very fast and my loan was disbursed within 3 days of time. They offered me an interest rate of 10.25% and they didn't charge me any processing at all. It was overall a fantastic experience.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 21, 2014
    • Karnataka Bank Car Loan
      "Normal banking service"
      0.5 5.0/5 "Blown Away!"
      My friend was working with KARNATAKA BANK that is the only reason I have took this CAR LOAN with them. He is working as the branch maanger . Interest rates also floating same as other bank. I could not feel any particular feature with this bank. What other bank providing the same service provided by them also . No suggestions
      Was this review helpful? 1
      , bellary
      Reviewed on Aug 21, 2014
    • Karnataka Bank Car Loan
      "Good service!"
      0.5 5.0/5 "Blown Away!"
      I have recently availed a car loan from Karnataka Bank. I personally approached the bank for applying the loan. I am very much satisfied with their services and the rate of interest was very good comparatively to other private banks in the market.
      Was this review helpful? 2
      , belgaum
      Reviewed on May 27, 2014
    • Karnataka Bank Car Loan
      "Satisfied with Service"
      0.5 5.0/5 "Blown Away!"
      Karnataka bank CL overall satisfied with service approval process took in just 2 days interest rate was also good customer service and response from them was perfect no suggestion and disadvantages overall it was perfect I am satisfied with services.
      Was this review helpful? 11
      , bangalore
      Reviewed on May 17, 2014
    • Karnataka Bank Car Loan
      "fantastic job"
      0.5 4.0/5 "Great!"
      Karnataka bank gives a very ggod customer service swith regards to Car Loan.There is no processing charges. No hidden charges.The bank will not charge if we pre-close the loan. They are very transparent in what ever they say. However if there were more branches of Karnataka Bank then it would had been much better.
      Was this review helpful? 7
      , chandigarh
      Reviewed on May 02, 2014
    Common Loader Icon
  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.