Used car loan rates in India

The importance of opting for a loan is that it decreases the burden on your budget and mostly end up in a profitable deal for the long term. There are plenty of sources like banks, private dealers and other financing sources from where you can avail a loan. Customers can now afford any dream used car for sale in mumbai  and model by breaking their loan repayments into comfortable and convenient patches. But it is always wise to make a loan that you are of repaying without much burden on your pockets. If you do not plan properly, you might end up making a loan that you can never repay. Do your homework on the offers available, interest rates and the condition of the car you are going to purchase. As per 2017, here are the best interest rates offered on financing for a used car.

Used Car in mumbai for sale

  • Andhra Bank : They have 10% fixed rate of interest. A maximum amount of 60% of the purchase value is given as a loan for a tenure of five years. You will have to pay Rs. 2125 EMI for every one lakh rupees.
  • Bank Of India : The rate of interest is 10.85 % (floating value). They will finance 70% of the market value of the car being purchased. For every one lakh rupees you have to pay an EMI of Rs.3267 for a tenure of three years.
  • Bank of Maharashtra : The rate of interest is a floating value (currently 10.45 %). The loan tenure will be five years where you have to pay an EMI of Rs.2147 for every one lakh rupees you borrow. They will fund 50% of the purchase value.
  • Central Bank Of India : They have 10.60 % floating rate of interest. A maximum amount of 75% of the market value of the car is given as a loan for a tenure of five years. You will have to pay Rs. 2154 EMI for every one lakh rupees.
  • Federal Bank : The rate of interest will be fixed between 11.15 % to 12.50 % depending on the car. They will finance 75% of the depreciated value of the car being purchased. For every one lakh rupees you have to pay an EMI of Rs.2182 for a tenure of five years.
  • Punjab National Bank : The rate of interest is a floating value which varies between 11.20% to 11.70%. The loan tenure will be five years where you have to pay an EMI of Rs.2184 for every one lakh rupees you borrow. They will fund 70% of the market value of the car.
  • State Bank Of India : They have a 13.05 %  rate of interest which is a floating value. A maximum amount of 85% of the on road price of the car is given as a loan for a tenure of seven years. You will have to pay Rs.1822 EMI for every one lakh rupees.

These are the latest offers available on loans for buying used cars. Hope this will help you to take a step ahead towards your dream car.

 

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