Want to buy a used car on loan? Check loans offered by banks

For months, country-men were confined to their homes last year due to the pandemic-necessitated lockdowns. But ever since normalcy has now started returning, social restrictions have been eased.

So, if your plan to buy a car was put on hold last year due to the lockdowns, you can now go ahead and fulfil your ambition.

However, the economy is yet to recover from the pandemic setbacks and many continue to remain uncertain about their financial future. In such a situation, conserving as much cash as possible by cutting expenses could be a good strategy to fortify our finances against future uncertainties.

Now, one of the most cost-effective ways to purchase a vehicle would be to buy a used car instead of a brand new one especially if you could also get them on loan that is offered by most lenders in the country.

If you’re looking to buy a used car on loan, you’ll be well-advised to check the current loan offers of all the banks and choose the one that best meets your requirements.

Check for things like the interest rate offered, processing fee, pre-payment charges, maximum loan amount and tenure, etc. Also keep in mind that some lenders offer such loans only on used cars that are less than three-year-old. Often the maximum tenure permitted is 5 years although a few lenders do offer such loans for tenures up to 7 years.

Also, check whether you’re eligible for any pre-approved loan offer for faster disbursal or whether you can enjoy any special offers if you’re also servicing a home loan with your chosen lender.

So, check the the interest rates currently being offered by 20 banks in the country and go in to buy a car.

The banks are Canara Bank, Bank of India, Punjab National Bank, Indian Overseas Bank, Central Bank, Uco Bank, State Bank of India, Punjab and Sind Bank among many others.