Can I prepay car loan with no penalty?


#1

Can I prepay car loan with no penalty?


#2

Hi,

For floating rate Car Loans, there are no prepayment penalties as per directives set by the RBI. So, one can prepay and migrate the loan to a bank that offers a lower rate of interest as compared to the existing loan. Most banks, however, do not permit prepayment during the first six months of the repayment tenure.

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Cheers,
Team BB


#3

in india i dont think you have that option. Pre closer charges will apply for car loans or used car loans.