HomeFinancePersonal FinanceUsed Car Loan Rates Starting at 7.3%: Check out existing gives from...

Used Car Loan Rates Starting at 7.3%: Check out existing gives from leading banks

To assistance you make informed choices, here’s a list of the existing interest prices on utilized auto loans becoming provided by 20 major banks in the nation.

Buying a auto is an very considerable monetary step for most of us. But it is a significant-ticket obtain that requires correct arranging, specially in these instances of heightened uncertainties. One of the most preferred techniques to reduce auto-getting expenses is to go for a pre-owned auto alternatively of a brand new one. This could guarantee you get the car and model of your decision at a decrease cost. To make items less difficult, you can also avail of a utilized auto loan which is provided by most lenders in the nation.

So, if you are arranging to take a utilized auto loan, make sure to evaluate all the loan gives to obtain the one with the finest repayment terms. Check for items like maximum loan quantity and tenure, applicable interest price, processing charge and pre-closure charges, EMI quantity, eligibility needs, documentation needs, and so forth.



Do note, utilized auto loan interest prices could be slightly greater than new auto loan prices in some circumstances. Also, the linked terms and situations could be slightly various. For instance, some lenders may offer you these loans only on vehicles that are much less than 3-year old or with a maximum tenure of 5 years. Plus, several lenders would finance only up to 60% of the pre-owned car’s worth and the remaining quantity requires to be borne out of pocket. You’ll be nicely-advised to get full clarity on these aspects ahead of finalising your choice, according to BankBazaar.



You may also want to verify regardless of whether you are eligible for any pre-authorized bank gives or regardless of whether there are any concessions to be enjoyed on your utilized auto loan if you are currently servicing a home loan with a unique lender.

To assistance you make informed choices, here’s a list of the existing interest prices on utilized auto loans becoming provided by 20 major banks in the nation. We’ve also supplied indicative EMIs for Rs 10 lakh utilized auto loan taken for a tenure of 5 years for every of the banks talked about in the table under.

Do note we have only viewed as the lowest advertised price for loans up to Rs 10 lakh for every bank, have not integrated the processing charge or any other charges in our indicative EMI calculations and the interest price applicable to you could be greater based on your loan quantity, credit score or any terms and situations of your selected lender.

Interest Rates and Indicative EMIs for Rs 10 lakh Used Car Loans (5-year Tenure)

Disclaimer: Interest prices on utilized auto loans for all listed (BSE) public and private banks have been viewed as for information compilation. Banks for which information is not readily available on their web page have not been viewed as. Data collected from respective bank’s web sites on June 8, 2021. Banks are listed in ascending order on the basis of lowest advertised interest price on utilized auto loans. The lowest advertised interest price provided by the banks on utilized auto loans of up to Rs.10 lakh and tenure up to 5 years have been shown in the table. The indicative EMIs have been calculated on the basis of the lowest interest price talked about in the table for Rs.10 lakh loan with tenure of 5 years (processing charge and other charges are assumed to be zero for EMI calculation). All interest prices talked about in the table are indicative and might differ based on the bank’s T&ampCs. *According to HDFC Bank’s rack interest price.

Data compiled by BankBazaar.com, an on the internet marketplace for loans, credit cards and more.



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