Pre-Owned Car Loans
Pre-Owned (Used Car) Loan
ICICI Bank also offers pre-owned car loans. With faster processing, ICICI Bank Car Loan makes it possible to own wide range of certified/pre-owned cars quite conveniently.
Pre-Owned Car Loan Features:
- Loan up to 80% of the valuation of the car
- Loan tenure up to 5 years
- Attractive rate of interest
- Easy documentation
Bank Provide the Used Car Loans:
Top Lenders Offering Pre-Owned Car Loans
| Name of the Bank | Interest Rate (p.a.) | Processing Fees | Maximum Loan Amount | Repayment Period |
|---|---|---|---|---|
| ICICI Bank | 14.25% | 2% of the loan amount | Up to 80% of the valuation of the car | Up to 5 years |
| State Bank of India | 11% to 12.00% | Rs.1,000 to Rs.1,500 | Up to 80% – 85% of the on-road price of the car | Up to 7 years |
| Axis Bank | 14.80% to 16.80% | 1% of the loan amount or Rs.6,000 | Up to 85% for the car’s valuation | Up to 5 years |
| Tata Capital | 12.5% onwards | – | Up to Rs.50 lakh | Up to 5 years |
| Bajaj FinServ | – | Up to 4% of the loan amount (inclusive of taxes) | Up to Rs.20 lakh | Up to 5 years |
| HDFC Bank | 13.75% to 16% | Rs.2,500 to Rs.5,000 | Up to 100% funding | Up to 7 years |
| Mahindra Finance | – | – | Depends on the age of the vehicle | Up to 5 years |
| United Bank of India | 9.80% | Rs.600 to Rs.11,800 | Up to Rs.40 lakh | Up to 5 years |
| Indiabulls Dhani | 11.99% onwards | Up to 5% of the loan amount | Up to Rs.15 lakh | Up to 3 years |
Used Car Loans – Features and Benefits
With the used car segment in India poised to become the world’s third largest market by the year 2021, the demand for pre-owned car loans is also expected to grow. Hence, many car financing companies, banks, and lending institutions are now offering used car loans that boast of the below-mentioned features and benefits:
- Used car loans have made owning luxury cars affordable since pre-owned cars are much cheaper when compared to their new counterparts.
- The interest rates on pre-owned car finance are competitive as compared to new car loans and range between 9.80% and 17.00%.
- Flexible repayment tenures ranging from 1 year to 5 years are available.
- Most pre-owned car loans are instantly approved.
- Finance of up to 90% of the valuation of the car can be availed for purchasing second-hand cars.
- The application process is simple and easy.
- EMIs for used car loans can be paid online, through cheques, Electronic Clearing Service (ECS), etc.
