Before availing of a used car loan, one must search the market for the best deals, and a Car Loan EMI Calculator helps in comparing the interest rates and monthly EMI that has to be paid. Further, we have listed a few major banks that are offering the best deals on used car loans.
HDFC bank:
HDFC bank is one of the lenders in the market that offers much more than just credit.
Important features:
It provides end-to-end advisory that starts from research to the title transfer.
One can avail personalized help in order to choose a car that will meet one's specific needs.
The customers of HDFC bank enjoy preferential pricing.
They make use of their in-house site in ord
er to compare and get hold of good quality cars.
Loan amount allowed:
An individual can avail of a loan of up to INR 2.5 crore on various ranges of used cars and multi-utility vehicles. It offers the eligibility to avail between 3 to 6 times one's yearly income and allows one to borrow a loan up to 100% of the value of a used car, as long as the car's age during loan maturity does not cross ten years. Also, it subjects to a maximum loan tenure of 60 months.
Loan without income documents:
An individual is eligible to avail 80% of the car's value as the loan amount for a time of 3 years without any income proof.
One can avail up to 85% of the value of the car as a loan amount for a time period of 5 years without any income proof.
Eligibility:
Salaried individuals willing to avail of an HDFC used car loan need to have had a job for a minimum time period of 2 years with a minimum of 1 year with the current employer. The minimum income criteria for these individuals is INR 2,50,000.
Self-employed individuals who are engaged in sole proprietorship businesses require to be in business for a minimum time period of 3 years and should be earning at least INR 2.5 lakh per annum.
Self-employed individuals who are in partnership firms or private limited companies should be having a minimum income of INR 2.5 lakh in a year in order to qualify for the loan.
Interest rates and other charges:
Interest rates range from 13.75% to 1%, which depends on the age and segment of the vehicle.
Processing fee charges are 1.50% of the loan amount that ranges from INR 2,500 to INR 5,000.
Lastly, no foreclosure is allowed within a time period of months from the date of the loan availed.
SBI bank:
Loan amount allowed:
In SBI Bank Car Loan, a minimum loan amount of INR 3 lakh and a maximum of INR 10 lakh is allowed under a pre-owned car loan scheme.
Eligibility criteria:
For salaried employees, a total annual income of INR 2. Lakh is required to avail of this loan
In the case of self-employed individuals, professionals and others, a net annual income of 3 lakh is required
And for individuals who are engaged in agricultural activities, a net annual income of INR 4 lakh is mandatory.
Interest rates:
A rate of interest begins from 11.05% to a maximum of 12.05%, depending upon the individual's credit score.
Tenure of the loan:
To calculate the maximum allowed tenure, the age of the vehicle is subtracted from 8 years, and the tenure that is arrived cannot exceed more than five years.
Documentation:
One will need the following documents for applying for a pre-owned car loan in SBI bank:
Proforma Invoice
Copy of Seller's RC book
Copy of Seller's Motor Insurance
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