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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:
Bank Provide the Used 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|
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:
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