Apply for Car Loan

EMI Calculator

Your desired loan amount

Rate of Interest in Percent

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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 Car Loan

  • Access to Immediate Funds
  • Flexible Loan Tenures
  • Fixed Interest Rates
  • Customized Loan Amounts
  • Convenient Monthly Repayments
  • Potential Tax Benefits
  • Option for New and Used Cars
  • Ownership from Day One
  • No Need for Full Upfront Payment
  • Improve Credit Score through Timely Payments

Car Loan Eligibility and Documents

Read on to know the criteria required to apply for our Car Loan.

Car Loan Eligibility

Car loan eligibility is about whether you can get a loan to buy a car. It depends on things like how much you earn, your credit score, and if you have other debts. Lenders use these details to decide if you can repay the loan. If you meet their criteria, you're eligible for the loan; if not, you might need to wait or improve your financial situation before getting a car loan.

Car Loan Eligibility Calculator

Refer to the Calculator

Car Loan Eligibility Criteria for Top Banks

Car loan eligibility criteria vary from one bank to another, but generally include factors such as your age (usually 21 to 65 years), minimum income (often around INR 20,000 per month), and stable employment. A good credit score, usually 650 or above, is important. Some banks might require you to be a salaried employee or self-employed, while others could need you to have a certain work experience or business vintage. Banks also consider your existing debts and liabilities to ensure you can manage the loan. Checking with each bank directly or using their online eligibility calculators can provide precise criteria tailored to their policies.

Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals

For Salaried Individuals

  1. 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

  2. Individuals who have worked for at least two years, with at least one year with the current employer

  3. Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.

For Self Employed Individuals

  1. Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure.

  2. Those who have been in business for at least two years.

  3. Should earn at least Rs. 3,000,000 per year

Documents Required to Apply for Car Loan

  • 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

EMI Calculator for Car Loan

An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your Car loan within a specific period. By using the Ruloans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different loan options using Ruloans Car Loan calculator.

Fees and Charges for Car Loan

The fees and charges of car loans 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 loans:

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


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.



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.



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.



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



A car loan is a financial arrangement where a lender provides funds to help you purchase a vehicle. You repay the loan in installments, often with interest, until the loan is fully paid off.

You apply for a car loan from a lender, and if approved, you receive the funds to buy the car. You then repay the loan in monthly installments over a predetermined period, typically 2-7 years, until the loan is paid off.

The interest rate is the cost of borrowing, while the Annual Percentage Rate (APR) includes both the interest rate and any additional fees, providing a more comprehensive view of the loan's total cost.

Factors include your credit score, income, employment history, existing debts, down payment, and the chosen car's value.

A down payment is the initial amount you pay upfront. A larger down payment can lower your loan amount, monthly payments, and overall interest cost.

A fixed interest rate remains constant throughout the loan term, while a variable rate can change based on market conditions, affecting your monthly payments.

Yes, many car loans allow prepayment. However, some lenders might charge prepayment penalties, so it's crucial to review the terms before making extra payments.

New car loans are for purchasing brand-new vehicles, often offering lower interest rates. Used car loans apply to pre-owned vehicles and might have slightly higher rates due to the car's depreciation.

If you miss payments, it can negatively impact your credit score, and the lender might repossess the car. Contact your lender immediately if you're facing financial difficulties.

Yes, pre-approval provides you with an estimated loan amount and interest rate, helping you shop for a car within your budget and potentially negotiate better terms.

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