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Used Car Loan

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Applicable Interest Rates for Used Car Finance*

The situation with used car loan interest rates, as perceived by the loaning banks, can be summed up as great risks, greater rewards. The banks are funding an old car, thus the funds offered are lesser as compared to a new car loan. Also, most second hand car loans offer the option of pre-payment with a very nominal penalty- a situation that is a likely scenario in cases wherein the old car may suffer a functional meltdown through the tenure period, and the car owner might decide to repay the loan at one go. Thus, understandably, the interest rates on used car loans is greater when compared to new car loans.

Banks Interest Rates
  • 15.25% to 17.75% (60 months)
  • 15.25% to 17.75% (48 months)
  • 15.25% to 17.75% (36 months)
  • 15.75% to 18.25% (24 months
  • 15.75% to 18.25% (Upto 12 months)
  • Corporate Rates 13.50% to 14.25%.
State Bank of India (SBI)
  • 17.25% (Upto 36 Months)
  • 17.50% (Above 36 months).
ICICI Bank 13.75% to 17%
Bank of India (BOI) 11.45% (Upto 3yrs)
Federal Bank 15.45% to 15.95%
Axis Bank 16.50% to 18%
Kotak Mahindra Bank 17% to 20%

Please Note*: The figures provided in the table above are indicative only and are subject to change from time to time.

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