The demand for used cars is growing in India. Many first-time car buyers prefer used cars because these are cheaper, can be financed, and are widely available.
Most banks and lending institutions provide financing for new as well as used cars for tenures up to seven years. Many leading banks want the car to be under the age of three years. If you are planning to buy a used car, take a look at the interest rates offered by some of India’s top banks and the equated monthly instalment you will have to pay for per lakh rupees borrowed for a four-year term.
|Interest Rates On Used Car Loans|
|Bank||Interest Rate||Per Lakh EMI For 4-Year Loan|
|SBI*||9.50 – 10.50%||₹2,512 – ₹2,560|
|HDFC||9.75 – 16.95%||₹2,524 – ₹2,883|
|PNB*||7.40 – 7.65%||₹2,413 – ₹2,425|
|Canara Bank||7.30 – 9.90%||₹2,409 – ₹2,531|
|Axis Bank||14.80 – 16.80%||₹2,773 – ₹2,875|
|Bank of India||7.35 – 7.95%||₹2,411 – ₹2,439|
|Union Bank||10.40 – 10.50%||₹2,556 – ₹2,560|
|* Concessions available to home loan customers. Data as on the bank websites on July 2, 2020. Rates from leading banks advertising their rates. The list is not exhaustive. Some leading banks not advertising their rates have been excluded. Interest rates are subject to changes at the bank’s discretion. Compiled by BankBazaar.com|
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