Here’s a look at the interest rates given
and for user cars.
State Bank Of India used car loan interest rate
The eligibility limit for SBI pre-owned vehicles is 16 to 67 years old. Keep in mind that the loan must be fully repaid before the borrower turns 70. A loan can be obtained for as little as Rs. 3 lakh or up to Rs 100 lakh.
The interest rates will range from 9.75% to 13.25%. Credit score-based rates will apply.
pnb used car loan interest rate
PNB finances used car/van/jeep/MUV/SUV, which is not more than three years old and without encumbrance (ie, not financed by other banks/financial institutions as on the date of loan).
Auto loans are linked to Repo Linked Lending Rate (RLLR) (RLLR+BSP). Note that BSP is the added risk premium based on the subscriber risk.
For a used car loan, the rates will be RLLR+BSP+1.00 for a credit score of 750 and above. The interest rates will be RLLR+BSP+0.30% for CIC score 700 and above and RLLR+BSP+0.65% for credit score below 700 and below 650.
icici bank auto loan interest rate
ICICI Bank pre-owned car loans have attractive interest rates and repayment tenure of up to 7 years. For used car loans, the interest rates are based on customer relationship, age and segment of the car, product type like purchase, top up, refinance, etc., as per the ICICI Bank website.
The interest rate on ICICI Used Car Loan ranges from 11% to 15.50% depending on the car segment.
According to the ICICI Bank website blog, here is a look at who can apply for a pre-owned car loan.
Both self-employed and salaried individuals can apply for a pre-owned car loan. The loan is available to resident Indians only. Let us go through some other pre-owned car loan eligibility criteria: