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

• 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 amount goes up to 90-100 per cent of the car’s