Used Car Loan Rates Starting at 7.3%: Check out current offers from leading banks

That can assist you make knowledgeable choices, right here’s an inventory of the present rates of interest on used automobile loans being provided by 20 main banks within the nation.

Shopping for a automobile is an especially important monetary step for many of us. However it’s a big-ticket buy that wants correct planning, particularly in these instances of heightened uncertainties. One of the widespread methods to chop car-buying prices is to go for a pre-owned automobile as an alternative of a model new one. This might make sure you get the automobile and mannequin of your selection at a cheaper price. To make issues simpler, you may also avail of a used automobile mortgage which is obtainable by most lenders within the nation.

So, when you’re planning to take a used automobile mortgage, ensure that to check all of the mortgage gives to seek out the one with one of the best compensation phrases. Verify for issues like most mortgage quantity and tenure, relevant rate of interest, processing charge and pre-closure fees, EMI quantity, eligibility necessities, documentation necessities, and so forth.

Do observe, used automobile mortgage rates of interest could possibly be barely greater than new automobile mortgage charges in some circumstances. Additionally, the related phrases and situations could possibly be barely totally different. For instance, some lenders may supply these loans solely on vehicles which are lower than three-year outdated or with a most tenure of 5 years. Plus, many lenders would finance solely as much as 60% of the pre-owned automobile’s worth and the remaining quantity must be borne out of pocket. You’ll be well-advised to get full readability on these elements earlier than finalising your resolution, in response to BankBazaar.

You may additionally need to examine whether or not you’re eligible for any pre-approved financial institution gives or whether or not there are any concessions to be loved in your used automobile mortgage when you’re already servicing a house mortgage with a specific lender.

That can assist you make knowledgeable choices, right here’s an inventory of the present rates of interest on used automobile loans being provided by 20 main banks within the nation. We’ve additionally offered indicative EMIs for Rs 10 lakh used automobile mortgage taken for a tenure of 5 years for every of the banks talked about within the desk under.

Do observe we now have solely thought of the bottom marketed price for loans as much as Rs 10 lakh for every financial institution, haven’t included the processing charge or some other fees in our indicative EMI calculations and the rate of interest relevant to you might be greater based mostly in your mortgage quantity, credit score rating or any phrases and situations of your chosen lender.

Curiosity Charges and Indicative EMIs for Rs 10 lakh Used Automobile Loans (5-year Tenure)

Disclaimer: Rates of interest on used automobile loans for all listed (BSE) private and non-private banks have been thought of for information compilation. Banks for which information is just not out there on their web site haven’t been thought of. Information collected from respective financial institution’s web sites on June 8, 2021. Banks are listed in ascending order on the premise of lowest marketed rate of interest on used automobile loans. The bottom marketed rate of interest provided by the banks on used automobile loans of as much as Rs.10 lakh and tenure as much as 5 years have been proven within the desk. The indicative EMIs have been calculated on the premise of the bottom rate of interest talked about within the desk for Rs.10 lakh mortgage with tenure of 5 years (processing charge and different fees are assumed to be zero for EMI calculation). All rates of interest talked about within the desk are indicative and should differ relying on the financial institution’s T&Cs. *In response to HDFC Bank’s rack rate of interest.

Information compiled by BankBazaar.com, an internet market for loans, bank cards and extra.