Used Car Loan

Bank
Used Car LoanInterest Rates
Lowest EMI per lakh for Max 
Tenure
Maximum Loan Amount

HDFC Bank Car Loan

13.00%
Fixed

₹ 2,275 for 5 years

80% of
market value

SBI Car Loan

12.60%
Floating

₹ 1,798 for 7 years

85% of
on-road price

ICICI Bank Car Loan

10.50%
Fixed

₹ 2,149 for 5 years

80% of
market value

Kotak Bank

17.00%
Fixed

₹ 2,485 for 5 years

90% of
market value

PNB

11.20% Floating

₹ 2,184 for 5 years

70% of
market value

Union Bank of India

11.85%
Floating

₹ 2,217 for 5 years

50% of
market value

Central Bank of India

9.95%
Floating

₹ 2,122 for 5 years

75% of
market value

Andhra Bank

11.85% Fixed

₹ 2,217 for 5 years

60% of
market value

Federal Bank

11.15%
Fixed

₹ 2,182 for 5 years

75% of
depreciated value

Bank of India

8.90%
Floating

₹ 3,175 for 3 years

70% of
market value

Bank of Maharashtra

9.40% Floating

₹ 2,095 for 5 years

50% of
market value

Indian Bank

12.25%
Floating

₹ 2,237 for 5 years

60% of
market value

Bank of Baroda

10.45%
Floating

₹ 3,248 for 3 years

80%

OBC

10.90%
Floating

₹ 3,269 for 3 years

70% of
market value

Used automobile loans is accessible for purchase new automobile, a used car, associate degree SUV or associate degree MUV.SBI, ICICI, HDFC, Kotak, Bank of Baroda, Indian Bank, Bank of Asian nation and IndusInd Bank square measure among the numerous automobile loan choices accessible.Car loan schemes of every bank completely different in terms of interest rates and different factors like most loan quantity, loan tenure, EMI, process fees and defrayal fees.EMI themes accessible embrace zero interest scheme, advance EMI theme, reducing balance theme, mounted rate theme, floating rate theme and 0 interest schemes.So, compare the schemes as shown below then choose the one that suits you.

Used Car Loan Eligibility EMI

  • Loan quantity eligibility supported your financial gain and therefore the automobile or SUV or MUV model you’re reaching to buy?
  • EMI quantity and loan tenure per Rs. one 100000 loan amount?
  • Is the EMI collectable earlier or at finish of month?
  • What square measure the process charges payable?
  • Can you create defrayal of the automobile loan? If affirmative, square measure there square measure charges and restrictions on once and the way abundant you’ll pay?
  • You may be curious why we tend to haven’t listed automobile loan charge per unit within the on top of list of queries relating to automobile loan? That’s
  • because several banks and automobile finance corporations quote interest rates during a manner therefore
  • as to create them look low after they aren’t. they will quote flat rates or
  • advance EMI rates.
Used Car Loan Queries
  • Ex-showroom value is that the value of the automobile as well as excise duty however excluding native duties and statutory charges.
  • On road value is that the value you pay money for the automobile as well as the ex-showroom value and price of registration, insurance, octroi, municipal entry tax, road tax and any accessories. The on road value tends to be 12-28% over the ex-showroom value and will vary from town to town

Caution – Note that a automobile loan of eighty fifth of on road value is probably going to be over ninety fifth of ex panopticon value.

  • EMI behindhand theme –this is that the commonplace methodology of paying EMI wherever the interest for a month (and principal repayment) is collectable at or when the tip of the month
  • Advance EMI theme –you pay interest and EMI at the start of the month. So, each month, you pay interest on quantity that you just have already repaid to the bank at the start of the month.MI in advance, the EMI amount should be about 1% lower than that in case of EMI in arrears. For those interested in more precise figures, EMI per Rs. one lakh loan amount on a 60 month car loan at 10% rate of interest as per EMI in arrears method comes to Rs. 2,125 while that as per EMI in advance method comes to Rs. 2,107.

  • Caution – just in case your bank charges EMI earlier, the EMI quantity ought to be concerning I Chronicles below that just in case of EMI behindhand. For those inquisitive about a lot of precise figures, EMI per Rs. one 100000 loan quantity on a sixty month automobile loan at 100% rate of interest as per EMI behindhand methodology involves Rs. 2,125 whereas that as per EMI earlier methodology involves Rs. 2,107.

  • Zero interest automobile loan theme – this is often one amongst those free lunches that truly doesn’t exist. So, watch out for schemes that claim to supply zero interest. it’s doubtless that the company is giving a subvention theme whereby the interest is paid by it to the bank direct. Now, you’ll invariably raise the dealer for a similar quantity as a money discount. It’s like artifact up the value of the automobile for the interest quantity and selling it underneath a pleasant name..

  • Flat rate of interest automobile loan –during this methodology, you pay interest on the complete principal quantity of automobile loan until maturity. So, on a Rs. four 100000 automobile loan at 100% for five years, you’d got to pay back a complete of Rs. four lakhs and interest of Rs. 40,000 a year, that’s a summation of Rs. 60,000. The EMI during this case would be Rs. 8,498.
  • Reducing balance Used automobile loan schemein this methodology, you pay interest on the quantity outstanding monthly. With every EMI, the balance principal quantity keeps reducing. So, on a Rs. four 100000 loan at 100% for five years, you’d got to pay back a complete of Rs. four lakhs and interest on reducing basis that involves Rs. 1,9,928 or Rs. 5,9,928 as well as principal. The EMI during this case would be Rs. 8,498 an honest V-day but that for a flat rate theme.

Caution – ne’er get fooled with the low rate of interest offered on a flat rate theme. A flat rate of 100% is up to associate degree charge per unit of eighteen.7% on reducing rate basis on a 5 year automobile loan.

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