Seeking suggestions - Personal loan for preowned car purchase

[kunal89]

I’m planning to buy a pre owned car. Need 6-7L loan for that. I heard car loan for used car attracts heavy interest which is more than personal loan interest. In that case please suggest which loan is suitable and from which banks.
I already have home loan from HDFC
Cibil 801 ( checked Today)
No salary account.
Have credit cards from almost all the banks
No other loan taken.
Looking for lowest rates. Fees not that important.

 

[helloworld]

Currently PL offering at 11% interest rate (can be negotiable upto 10.9%) depends on ur profile which need ur income/expenses. CIBIL is not the only factor when it comes to unsecured loans, income and expenses important.

Since, u have home loan take that expense into consideration and which impact the tenure requirement.

--- Check for top-up loan for house (might comes with +0.2% to current home loan interest rate).

Fees not that important.

think twice and check this one before going for this statement..

Thread 'Loan APR Annual Percentage Rate: Your actual true interest rate on loan'

Apr 21, 2025

It is also important to understand the Loan APR concept before considering bank offered interest.

Banks charge more than just the interest rate on loans including processing fees, GST and documentation charges etc.

The loan APR factors these one-time costs, represents the true cost of your loan after taking into loan interest, fees & charges that you pay when getting a loan.

It is a more complete measure that reflects the net effective cost of your loan on a yearly basis. And it's a more accurate way to compare loan offers than just looking at interest rates.

Ex:

If you pay ₹6,025/-...

• helloworld
• Replies: 0
• Forum: Loan

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[oshan]

better go for loan on cc, split it across 2-3 cc, close them one by one as you get funds

 

[kunal89]

better go for loan on cc, split it across 2-3 cc, close them one by one as you get funds

What will be the interest on average?