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Car Refinance Features
Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Minimal Documentation
Features and Benefits of our Car Refinance
- Lower Payments: Get a new loan with a lower interest rate, reducing your monthly payments.
- Shorten Loan Term: Opt for a shorter loan duration to pay off your car sooner.
- Different Lender: Switch to a new lender for potentially better terms.
- Adjustable Terms: Tailor the loan terms to better match your current financial situation.
- Pay Off Sooner: Shorter loan terms help you become debt-free faster.
- Improved Financial Situation: Adjusting terms can align your loan with your current circumstances
Car Refinance Approval - Steps to Get the Refinance Approved Faster
- Check Credit Score
- Compare Lenders
- Gather Required Documents
- Apply Online
- Promptly Respond to Queries
Car Refinance Eligibility and Documents
Read on to know the criteria required to apply for our Car refinance.
Car Refinance Eligibility
Car Refinance Eligibility Calculator- Link to EMI Calculator
Car Refinance Eligibility Criteria for Top Banks :
- Age: Generally 21-65 years.
- Income: Minimum monthly or yearly earnings.
- Employment: Stable job with experience (1-2 years).
- Credit Score: Good score, often 680 or higher.
- Documentation: ID, address, income proofs, car papers.
- Loan Amount: Based on income and repayment ability.
- Debt-to-Income Ratio: Consideration of existing debts.
- Paid EMIs: Car owners who have paid at least 12 EMIs on an active car loan.
For Salaried Individuals
- Individuals who are at least 21 years old at the time of loan application and no older than 60 at the end of the loan tenure
- Individuals who have worked for at least two years, with at least one year with the current employer
- Individuals with a minimum earning of Rs. 2,50,000 per year, including the income of the spouse/co-applicant.
- Individuals who own a car have paid at least 12 EMIs if there is an active loan.
For Self-Employed Individuals
- Individuals who are at least 25 years old at the time of application and no older than 60 at the end of the loan tenure.
- Those who have been in business for at least two years.
- Should earn at least Rs. 2,50,000 per year
- Individuals who own a car have paid at least 12 EMIs if there is an active loan.
Factors Affecting Car Refinance Eligibility :
- Credit Score
- Income Level
- Employment Stability
- Debt-to-Income Ratio
- Age of Car
- Loan Amount Requested
- Down Payment Amount
- Loan Tenure
- Credit History
- Existing Financial Obligations
Fees and Charges for Car Refinance
The fees and charges of car refinance usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to car refinance:
Particulars
Charges
Loan Processing Fees
0.5% to 4% of loan amount
Loan Cancellation
Usually around Rs 3,000
Stamp Duty Charges
As per actuals
Legal Fees
As per actuals
Penal Charges
Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce
Around Rs 400 per bounce
Car Loan Reviews
4/5
I wanted to buy a car to travel daily from office to work but was not having enough money to make the down payment due to less savings but thanks to RULOANS they got me a car loan for 90% of the car value with the best interest rate going on in the market.
SHIVANSH BHAGDE
4/5
I had taken a personal loan with the help of RULOANS by which I was very impressed. Now I was planning to buy a car from sometime so as it was finalised, I very much knew whom to contact for applying my loan as they are the experts in the loan industry and be it any loan they get the work done for you.
SHREYANSH BAKLIWAL
4/5
During my business loan I was not aware of RULOANS and hence a normal part time agent handled all my loan procedure. He made that procedure so much complicated that I got fedup dealing with him and also he charged me a hefty amount for getting the loan disbursed, but at the time of my car loan I read about RULOANS and approached them. The loan not only got disbursed in a 4 days but also I wasn’t charged a penny from them.
RONIT RANE
4/5
Getting a used car loan can be daunting task because of the never-ending documents required by the lender but thanks to the checklist provided by RULOANS on their website I was able to arrange all the documents so quickly and submit it to the lender
DISHA SHINDE
FAQs on Car Refinancing
Car refinancing means getting a new loan to replace your existing car loan.
To get better loan terms, like lower interest rates or monthly payments.
Generally, yes, but some lenders might have restrictions.
If your financial situation has improved or if you find better loan options.
Equity is the difference between your car's value and what you owe. Positive equity is important for refinancing.
Applying for refinancing might have a slight impact on your credit score.
Yes, a better credit score can help you get a lower interest rate.
Yes, there might be application or processing fees.
Yes, you can often choose a term that suits you.
You apply with a new lender, and if approved, they pay off your old loan and you start with them.