This bank is providing Second Hand Car Loan at the best Interest Rate Know cost of other banks
The market for second hand cars has grown rapidly. In such a situation, almost all the banks are providing Second Hand Car Loan. Let us know which bank is charging how much interest on this loan.
It is a dream of people to buy their own car. After the Corona epidemic, people have increased their attachment to their car. To save oneself from the congestion of public transport and avoid falling prey to illness, a car has become more of a necessity than a dream. However, the pandemic has worsened the economic condition of most people. In such a situation, the market of second hand car has gained momentum. At present, almost all the banks are offering the facility of loan (2nd hand car loan) on second hand car as well.
It is important to pay attention to these things while taking a second hand car loan
The most important thing in the process of taking any loan from the bank comes to the interest rate. If you are also looking to take one, then it is important to do research on the interest rate. We will tell you which bank is giving the cheapest loan on second hand car and how much interest other banks are charging. This can help you fulfill your dream of buying a car.
There are a few other things to keep in mind while taking a loan for a second hand car. Currently, most banks are providing loans up to Rs 5 lakh for second hand cars. Most banks’ loans are for three to five years. Some banks are giving you up to seven years to repay the loan.
Canara Bank is offering Cheapest Second Hand Car Loan
Public Sector Canara Bank is offering the most attractive offers in terms of interest rates. Here you can get a loan of up to five lakhs for a second hand car at 7.30 percent interest. You can take this loan from Bank of India at 7.45 percent interest.
Punjab National Bank is offering second hand car loan at 8.30 percent interest, whereas you can get this loan from SBI at 9.20 percent.
If you look at private banks, then ICICI Bank has the lowest interest rate. This bank is giving you a loan of up to five lakhs for a second hand car at an interest rate of 12 percent. Similarly, you can get a loan from HDFC Bank and Axis Bank at an interest rate of 13.75 percent and 14.55 percent respectively.
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It is important to check these things before taking a second hand car loan
How much interest the bank will charge from you on any loan depends on many factors. The most important factor is your credit score, that is, your loan repayment record so far. Apart from this, banks also charge bank fees and processing fees for loans. If you are also planning to take a loan for a second hand car, then you must first investigate with the concerned bank. This will give you an idea of what interest rate the bank will charge in your case.
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