Rates for banks are likely to be lower than NBFCs. Many banks and NBFCs offer loans for pre-owned cars.Your car segment, model, manufacturer may affect your loan eligibility.Or the maximum eligible age of the car as mentioned on the website may only be for select models. For instance, banks may have various unwritten rules about the age of the car. Your actual experience may be way different. Banks typically promise the world on their websites.Self-employed applicant must be an income tax assessee.įor detailed terms and conditions, you can go to SBI website. Minimum annual income of Rs 3 lacs for salaried employee and Rs 4 lacs for self-employed.Interest rate is 4.65% above 1 year MCLR.
Processing fee: 0.51% of the loan amount.Loan offered for vehicle NOT more than 5 years old.Margin of Rs 25,000 for registration, insurance and cost of accessories. You get loan for up to 85% of the on-road price.You can find more about pre-owned car loans on HDFC Bank website. And yes, have a landline phone at office. You must be in business for at least 3 years have an annual income of Rs 60,000. For self-employed, age must be between 25 and 65.And you must have work experience of two years and at least 1 year with the current company. Salaried employee includes salaried doctors, CAs and employees of select public and private companies. And you must have a telephone at your residence. For salaried employees, age must be between 21 and 60.Interest rate varies from 14.5% to 17.5% depending upon the segment and age of the vehicle.įor instance, if the car that you are planning to purchase is 7 years old, the maximum loan tenor will only be 36 months (and not 60 months).Pre-payment penalty ranges from 3%-6% of the outstanding principal.Age of car at the time of loan maturity should not exceed 10 years.Clearly the loan eligibility of the 2014 model of the car will be much higher than 2011 model of the car. Do note this is depreciated value of the car. You can borrow up to 80% of the value of the car.In this post, I will consider such loan plans from two prominent banks (HDFC Bank and SBI) and discuss various terms and conditions. You can get loan for a second-hand or a pre-owned car too. You are not sure if you can get a bank loan for a pre-owned car.
You know that you can take a loan to purchase a new car. Even when you can afford a new car, avoid buying a depreciating asset to boost your ego or social status, if a pre-owned car could address your functional needs. Affordability is always a criterion.Įditor’s Note: Given that a new car has massive upfront depreciation, buying a slightly used car almost always makes financial sense. You may be buying for business purpose and a pre-owned car fits the bill and is a much cheaper alternative. By the way, your lack of confidence in your driving skills is not the only reason to go for a second hand car. You decide to go for a pre-owned or a second hand car. And it hurts to even see a minor dent on a new car. But you are still not sure of your driving skills. It does not store any personal data.You recently learnt driving in a driving school and want to purchase a car. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance".
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