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.