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Finance Your New Car Easily with Our Car Loan Options (Used Car Loan)
Secure a Car Loan Option with Lower Interest Rates in the Market, designed to help you finance your new car purchase affordably.
Used 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 Used Car Loan
Seize Opportunity : Own a quality used car without waiting to save up the full amount (up to 100% of Market valuation)
Budget-Friendly : We lend you the funds required to purchase the used car, repaid in manageable monthly installments or OD Facilities.
Flexible Options : Choose from various used car models that suit your preferences.
Immediate Ownership : Drive your desired used car without the delay of saving for years.
Great Value : Get a reliable used car with excellent value and features.
Build Credit : Consistent payments can help enhance your credit histor
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
Documentation for Used Car Loans
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a Used 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
- Registration Certificate of 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
Used Car Loan Reviews
4/5
I was looking to buy a used car for my daily commute from home to work, but I didn't have enough savings to cover the down payment. Thanks to Ruloans, I was able to secure a car loan for 90% of the car's value for the best interest rate on the market.
Abhishek Shinde
4/5
I had previously taken a personal loan through Ruloans, and I was thoroughly impressed with their service. So, when I decided to buy a car, I knew exactly whom to contact for my used car loan application. Ruloans is the expert in the loan industry, and no matter the type of loan, they get the job done efficiently.
Anjali Shah
4/5
Getting a used car loan can often feel overwhelming due to the mountain of paperwork required by the lender. But thanks to the detailed checklist provided by Ruloans on their website, I was able to gather all the necessary documents quickly and submit them without any hassle. Ruloans truly made the process smooth and stress-free for me.
Rahul Verma
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.