Buying second-hand car? Check lowest interest rates on used vehicle loans here
Zee News
A few state-owned banks, including Canara Bank, Bank of India and Union Bank, are offering lower interest rates on pre-owned cars.
New Delhi: In India, several banks and lending companies offer loans on cars, both new and second-hand. However, the difference in the interest rates of new and second-hand car loans is sometimes so huge that it becomes a differentiating factor. In the case of Axis Bank, the private lender is offering an interest rate of 8.65%-10.9% for a new car while there’s a 14.4%-16.4% on loans on second-hand cars. The difference, in this case, is over 5%. However, a few state-owned banks, including Canara Bank, Bank of India and Union Bank, are offering lower interest rates on pre-owned cars. The interest rates offered by these banks are quite attractive in comparison to other private and public sector banks. Also Read: 3 banks are offering unlimited free ATM transactions across India, check detailsMore Related News