Used Car Loan Rates
Used Car Loan Rates
If an individual wants to get a used or second-hand car rates and does not have the fund so can take a used car loan. The individual can avail up to Rs. 10 lakhs at an attractive rate of interest @9.90% with the longest repayment tenure. Many banks offer loans up to 100% of the value of a car.
Several banks, financial institutions, or Non-Banking Financial Companies (NBFCs). Salary employees and self-employed individuals can get a used car loan.
Top banks provide used car loans
Bank Name Interest Rate
Axis Bank Ltd. 14.80%
Kotak Mahindra Bank 11.20%
HDFC Bank Ltd. 13.75%
ICICI Bank Ltd. 10.20%
Tata Capital Financial Services Limited15.00%
State Bank of India 9.90%
Features and Benefis of used car loan
- A used car loan helps the borrower to buy a car if they do not fund for it.
- Many used car loans rates will finance on-road price.
- Minimum documentation needed to be submitted.
- The whole procedure of used car loan is easy and simple.
- It has a longer repayment period.
- The cost of insurance and depreciation rates are less as compared to a new car.
- Many cars loan provide in India are secured loans.
- It has quick approval speedy disbursal.
