Planning to take pre-owned car loan? 7 points that you should keep in mind

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

Since interest rates on these loans are high, borrowers can even explore options like personal or top-up home loan

• Interest rates on used car loans vary widely—from 8.8 per cent to 16.65 per cent 
• On a Rs 5 lakh loan taken for five years at the lowest rate (8.8 per cent) , the EMI would be Rs 10,331 and the total interest payable over the loan tenure would be Rs 1,19,843
• On a similar loan taken at the highest rate of 16.65 per cent, the EMI would be Rs 12,332 and the total interest payable would be double at Rs 2,39,943
• Do compare interest