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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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