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Used-car loan: A longer tenure will mean lower EMI but higher interest cost

Here's how the used car loans offered by various banks stack up

Bindisha Sarang 

Salaried individuals and self-employed professionals can apply for used car loans. Some lenders offer flexi EMI car loans that allow you to repay your loan according to convenience. The rate of interest on this loan varies from 8.55-16.75 per cent. You can get a loan tenure of up to five years, or in some cases, even seven years.

Longer the tenure, more affordable the EMI, but that also means higher total cost of the loan. Most banks don't charge a part-prepayment penalty. Some charge up to 5 per cent of the outstanding loan amount. The loan ...

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First Published: Fri, March 20 2020. 08:25 IST
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