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.