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People who cannot afford to buy a new car can go for used cars. There are various banks offering loan to purchase pre-owned or used cars in Bangalore.
However the interest charged on loan for used car is high and the loan tenure is also less. Banks do not give loan if the used car is more than a certain years old. For e.g. SBI gives loan on used car only if the car is not more than 5 years old. In case of HDFC bank the age of the car at loan maturity should not cross 10 years subject to maximum loan tenure of 60 months.
Personal Loan Bangalore has collaborated with major banks to provide pre-owned/used car loans to our customers in Bangalore. We provide convenient loan services to our customers and handle all the documentation procedure from start to end. Personal Loan Bangalore also offers advisory services to the car loan seekers as to our team has in depth knowledge of the various schemes offered by different banks.
| Banks | Rate of Interest | Processing fee | Prepayment charges | Loan amount | Tenure |
|---|---|---|---|---|---|
| HDFC Bank | 14.50% to 17.50% depending on the segment of vehicle | 2.25% of the loan amount+ Rs225/- or Rs. 5850/- whichever is lower | 6% of the principal outstanding within 1 year from 7th EMI 5% of principal outstanding for preclosure within 13-24 months from 1st EMI 3% of principal outstanding post 24 months from 1st EMI |
Up to 80% of the value of the car | 1 to 5 years max loan up to 50 lakhs |
| SBI | Up to 3 years 17.25% Above 3 years 17.50% |
0.51% of the loan amount | 2% of the outstanding loan | 85% of the on road price of the car | 7 years |
| ICICI Bank | 15.50% to 17.00% depending on the segment of the vehicle | 80% of the value of the car | up to 5 years |
