The festive season is about to start. During this time many people buy new and used cars according to their budget . If you are also planning to buy a used car this festive season then there is good news for you.
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Many banks in the country are providing loans at cheap interest to buy new as well as used cars. However, for this it is necessary that you must do research before taking a loan from any bank. It will help you to get loan at low interest. We are telling you from which bank you can take the cheapest loan for a second hand car.
| Bank | Rate of interest (%) | loan tenure |
| SB I | 9.50%-10.50% | 5 year |
| ICICI Bank | 12%-14.40% | 5 year |
| HDFC bank | 13.75% – 16.00% | 7 years |
| Punjab National Bank | 8.30% | 5 years |
| Axis Bank | 14.25%-16.25% | 5 year |
| Tata Capital | 15% | 5 years |
Pay attention to loan offers
If you are thinking of taking a loan from a bank for a used car, then first of all do research about the offers offered by the banks. Before taking a loan from any bank, get thorough information about the loan interest rate, processing fee and other charges. Generally, the bank decides the rate of interest on your loan installments based on your ability to pay the down payment.
Along with this, he also does a thorough investigation about your credit score. Therefore, you can get a good deal by comparing on online mediums somewhere. Banks often keep loan rates on used cars 3 to 7 per cent higher than those on new cars, because they involve more risk.
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