Used Car Loan
Check EMI, Eligibility, Offers from State Bank of India, HDFC, Axis Bank, Bank of Baroda, Union Bank, Canara Bank, Uco Bank, DHFL, PNB, Dena Bank, Kotak Bank, Bank Of India, United Bank of India, Bajaj Finserv, Indiabulls, Vijaya Bank and More.
When people think about driving first car, most of them go for the used car or second-hand vehicles. It is considered as less risky than driving a new vehicle when you obtain license. Many people prefer that owning a used car and practice on it before managing a new vehicle. Buying a second-hand vehicle is not a problem now. Many financial institutions and banks offer used car loans. However, it is important to check the availability and precautions to be taken while applying for a car loan.
Name of the bank | Maximum Loan amount | Repayment option | Interest Rate | Finance available | Eligibility |
---|---|---|---|---|---|
HDFC Bank | 3 – 6 times of your annual income | 12 to 60 months | 10.50% – 13.77% | up to 100% of the value of the car | Earn at least an income of Rs. 100000 annually |
Bank of India | ₹ 25 lacs for Indian vehicles and Rs-75 lacs for imported vehicles | 3 Years | 9.35% | up to 70% of the value of the carr | Minimum take home Salary – 1.8 lac p.a |
Kotak Mahindra Bank | Up to 15lacs | 5 years | N.A | 85% of the car’s proposed value | Minimum Salary Required -2.4 Lac p.a |
State bank of India | 2.5 times of the net annual income of the individual | 7 years | 13.05% | 85% of the On road price of the car. | Minimum Salary Required 3 lac for Salaried, 4 Lac for Others |
Current Experience | 2 years | 3 years | |||
TVS Credit Finance | Salaried – Loan eligibility up to 15 times of gross monthly income Self Employed Person-Loan eligibility upto 4 times of Gross annual income |
5 years | 14.00% – 18.00% | upto 85% on valuation report | Salaried – Earn Gross salary of 1.20 lacs annually Self Employed – Minimum income should be 1 Lac p.a. |
Union Bank Of India | Loan eligibility up to 7 times of gross monthly income | 3 years | 12.80% | upto 70% on-road cost | N.A. |
ICICI Bank | N.A. | 3 years | 15.50% | upto 70% on-road cost | N.A. |