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