Best Used Car Loan 2017




Looking for used car loans? Well you are on right way….


There are lots of reasons for buying a used car. Either the buyer wants to just learn driving or the buyer doesn’t have the budget for a new car. Reason can be anything but for your second-hand car, we are right here to help you out choose the best used car loan.


Car loan must be decided on car’s condition. Car model, its age, color, design and all other conditions should be verified for deciding the loan’s money.



We have 5 used car loans for the buyers to pick:


1. Bank of India(BOI): The BOI Car Loan Scheme is named as BOI star vehicle loan scheme in India. The repayment tenure for BOI’s used cars loans is 3 years. The maximum age limit for this loan is 65 years.  Salaried employees, Professionals, Self-employed, People engaged in trade/commerce/ business, Directors of Companies, Senior Citizens, Pensioners, Farmers, Staff Members, Retired employees these all can apply for BOI used car loans.


2. Central Bank Of India: Central Bank Of India uses the name Cent vehicle loan. The maximum age limit for this loan in CVL is 18 to 65 years. Central Bank of India used car loan provide loan for personal use only and the bank does not finance any vehicle purchased for hiring or for ferrying passengers.  Central Bank of India finances all used cars,that should not be older than 5 years and with an expected life of 10 years as per the valuation report provided.


3. State Bank Of India(SBI): As we all know SBI is a leading bank of India, it provides the best car loans for you to purchase a second-hand car. The maximum age limit for this loan is 21 to 65 years. Customers can enjoy the longest repayment period in the SBI used car loans–as long as 84 months.


4. Dena Bank(DB): Dena bank has a very comprehensive benefit for used car loans. The age limit for used car loan in DB is 18 to 70 years. Dena Bank was established in 1938. Borrowers are offered a repayment tenure of 36 months.


5. Bank of Maharashtra(BOM): Bank of Maharashtra uses the name Mahabank Vehicle Loan Scheme for the buyers for used cars. It is a term loan which is for salaried individuals, self-employed individuals, businessmen and agriculturists who are above 18 years of age.


Rate of Interests


  1. Bank of India(BOI)                               :           8.50%
  2. Central Bank of India                           :           1.50%
  3. State Bank of India                               :           9.25%
  4. Dena Bank                                              :           11.10%
  5. Bank of Maharashtra                           :           9.70%







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