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Finance Your New Car Easily with Our Car Loan Options (New Car Loan)
Secure a Car Loan Option with Lower Interest Rates in the Market, designed to help you finance your new car purchase affordably.
New Car Loan Features
Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Minimal Documentation
Features and Benefits of our New Car Loan
Quick Car Ownership : Get your dream new car without waiting to save up all the money (Avail up to 100% of On Road Cost)
Flexible Financing : We lend you the funds needed to buy the car, and you pay us back in smaller, manageable installments or OD facilities.
Enjoy the Newness : Experience the excitement of a brand-new car with all its latest features.
Options Galore : Choose from a wide range of new car models that suit your taste and needs.
Building Credit : Making regular payments can help improve your credit score over time.
Warranty Coverage : Many new cars come with warranties that provide peace of mind.
New Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our New Car Loan.
New Car Loan Eligibility
New Car Loan Eligibility Calculator- Link to EMI Calculator
New Car Loan 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 700 or higher.
- Down Payment: A certain percentage of the car's cost
- Documentation: ID, address, income proofs, car papers.
- Loan Amount: Based on income and repayment ability.
- Debt-to-Income Ratio: Consideration of existing debts.
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.
For Self Employed Individuals
- Individuals who are at least 25 years old at the time of application and no older than 65 at the end of the loan tenure.
- Those who have been in business for at least three years.
- Should earn at least Rs. 2,50,000 per year
Factors Affecting New Car Loan Eligibility :
- Credit Score
- Income Level
- Employment Stability
- Debt-to-Income Ratio
- Loan Amount Requested
- Down Payment Amount
- Loan Tenure
- Credit History
- Existing Financial Obligations
Documentation for New Car Loans
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a New Car Loan. To begin the Loan procedure, keep the following documents on hand to obtain a Loan as soon as possible.
List of Documents Required
- KYC documents (Valid Photo ID Proofs)
- PAN Card
- Last 2 years’ ITR as proof of income
- Salary Slip (latest 3 months)
- Salary account statement (latest 6 months)
- Signature Verification Proof
- Proforma Invoice of the Car
Fees and Charges
Particulars
Charges
Processing Fees
Starting from 6200 onwards
Stamp Duty
As Per State Government Rates
New Car Loan Reviews
4/5
I was worried about hidden charges and high fees when applying for a new car loan, but Ruloans was completely transparent from the start. They offered me an affordable loan with no hidden costs or unnecessary extras. What you see is what you get with them, and I appreciated how upfront they were about everything. It made the whole process stress-free, and I'm happy with the outcome.
Umesh Bhagde
4/5
I was dreading the paperwork and complicated procedures of applying for a new car loan, but Ruloans made everything smooth and convenient. They handled all the heavy lifting, and I barely had to worry about anything. Their team was organized, and the loan was approved quicker than I expected. I highly recommend Ruloans for new car loans."
Akshay Sharma
4/5
What I loved most about Ruloans is their flexibility. I was worried that my budget wouldn't allow me to get the car I wanted, but they worked out a loan plan that fit perfectly into my financial situation. The repayment terms were easy to manage, and the interest rate was better than what I found elsewhere. Ruloans understands the needs of their customers and offers options that work.
Shraddha Salunke
FAQs on New Car Loans
A new car loan is money you borrow to buy a brand-new car, which you repay in installments.
You get money from a lender to buy a new car, and then you pay back the lender in smaller amounts over time
A down payment is a part of the car's price you pay upfront, and the rest is covered by the loan.
The interest rate is the extra money you pay on top of the loan amount, like a borrowing fee.
New car loans can last a few years, usually 3 to 7 years.
Yes, you can often choose a monthly payment that fits your budget.
Yes, owning the car lets you customize it as you like.
A loan term is how long you have to repay the loan, and it affects your monthly payments.
Yes, you can often pay off the loan sooner, but some lenders might charge extra.
You apply with a lender, they check your finances, and if approved, you can get the money to buy the new car.