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Finance Your New Car Easily with Our Car Loan Options (Car Refinance)
Secure a Car Loan Option with Lower Interest Rates in the Market, designed to help you finance your new car purchase affordably.
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.
Max Funding : Get Up to 250% Market Valuation Funding
Shorten Loan Term : Opt for a shorter loan duration to pay off your car sooner.
Different Lende : 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 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
Documentation for Car Refinance
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 (for self-employed individuals)
- Salary Slip (latest 3 months)
- Salary account statement (latest 6 months)
- Signature Verification Proof
- Registration Certificate of the Car
- Loan track (if there is an active loan on the car)
- Car Insurance
Fees and Charges
Particulars
Charges
Processing Fees
1.5% to 4% of loan amount
Valuation Charges
500 onwards
Stamp Duty
As Per State Government Rates
RTO Charges
As Per State Government Rates
Car Refinance Reviews
4/5
I was looking for an instant business loan to meet my business needs but after searching in the market, it was too expensive. But after meeting Ruloans, I came to know that I can mortgage my car just as any other asset and get 100% of the existing car value as the loan amount, but there shouldn't be any ongoing loan on the same car. With the help of Ruloans, I applied for a Car Refinance and got my loan disbursed within a span of four days with the lowest rate possible in the market.
Neeraj Singh
4/5
Cars are always called as a liability, but the right person can help you turn that liability into an asset. Such a person was Praveen from Ruloans, who guided me about Car Refinance and also helped me secure a loan against my existing car.
Mayuresh Waghmare
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.