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Used Car Loan Features
Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Minimal Documentation
Used Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our Used Car Loan.
Used Car Loan Eligibility
Used Car Loan Eligibility Calculator- Link to EMI Calculator
Used 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 680 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.
- Vehicle age: Within 15 years at the end of tenure.
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 Used Car Loan 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
Used 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 Used Car Loans
It's money you borrow to buy a used car and then repay in installments.
You get the loan, buy the car, and then pay back the loan with interest over time.
It's how long you have to repay the loan, often a few years.
Generally, yes, but lenders might have rules about car age and condition.
It's a part of the car's cost you pay upfront, and the rest is covered by the loan.
A good score helps, but some lenders might work with lower scores too.
Used car loans are for pre-owned cars, while new car loans are for brand-new cars.
Yes, you can usually pay it off sooner, but check if there are any extra fees.