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A Personal Loan is a form of unsecured loan availed by individuals on the basis of specific criteria, such as level of income, employment history, credit score, and scope for repayment.
The loan is usually taken for the fulfillment of personal needs from a banking institution or a non-banking financial company (NBFC). Borrowers can use online tools available at neutral financial websites, such as the Personal Loan EMI Calculator, to assess the interest payout throughout the tenure before applying for a personal loan.
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.
|State Bank of India (SBI)||
|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%|
Be Alert Be Safe - Some fraudsters, imposing as Bank officials are making hoax calls to people and asking for their confidential information such as ATM Card no. /ATM PIN/CVV no. This information is solely used to cheat the customers in the name of ATM card expiry renewal, Loan Offers, data validation, job offers, prize, lottery winning and for other illicit purpose. We advise that We NEVER makes phone calls, sends e-mails/SMS asking customers to disclose their personal or security information such as username, password, one time SMS password(OTP), Card/PIN/CVV no.
Disclaimer* - Information is sourced from respective Banks websites. We don't provide Loans on our own but ensures your information is sent to bank which you have opted for and we do not charge any fee from our customers. Moneyonrent has no sales team on its own and we just help you to compare loans. We do not provide any dsa of Banks. All loans are on discretion of the associated Banks