Used Car Loan Rates
Used Car Loan Rates
Couldn't able to afford new car? Lenders offer used car loans also at competitive interest rates. You can borrow up to 90% of the car's value.

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.