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Overview

Car Refinance

Car refinance enables you to avail credit against your car. Car refinancing allows you to raise quick funds by pledging your car as collateral. Thus you can avail upto 200% loan amount of your car value.

Before you finalize your Car Refinance, check the following:

  • Prepayment Charges
  • Car Value Depreciation
  • Lender Reliability
  • Additional Charges
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Eligibility

Car Refinance Loan Eligibility Criteria

The Car Refinance Loan is offered according to individual capacities, automobile valuations, and a few other factors.

  • Resident Citizens of India
  • Minimum Age: 21 years
  • Maximum Age: 60 years at Loan Maturity
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Employment: Minimum 2 years, and 1 year with Current Employer
  • Healthy savings history and professional stability
  • Resident Citizens of India
  • Minimum Age: 21 years
  • Maximum Age: 65 years at Loan Maturity
  • Income Requirement: Minimum Rs. 2,50,000 p.a.
  • Business: Minimum 2 years in Current Profession
  • Minimum 1 year Business Vintage
EMI Calculator

Car Refinance EMI Calculator

Car Refinance EMI Calculator empowers you to plan your finances with a view to your future wellness. It automatically provides you with an insight into how your EMIs will look based on inputs given by you. You can plan your Equated Monthly Instalment in relation to the principal loan amount, interest rate, and loan tenure with accuracy and ease.

Calculate your EMI for Car Refinance

50,000 40,00,000
10.5 21
1 5
  • Monthly EMI

    50,541

  • Total Interest Payable

    3,19,473

  • Total Amount Payable

    (Principal + Interest)

    18,19,473

This Car Refinance Calculator will toss up results simultaneously as once as you move the slider on the presented parameters, on our proprietary, Loan EMI Calculator.

Documentation

Documents Required for a Car Refinance

List of Documents Required for Car Refinance Loan

Photo Identity Proof

  • Voter ID
  • Passport
  • Aadhaar Card
  • Driving License

Age Proof

  • Voter ID
  • Passport
  • Driving License
  • Aadhaar Card
  • Birth Certificate
  • Secondary School Leaving Certificate
  • Pension Payment Order or Receipt
  • LIC Policy

Address Proof

  • Rent Agreement
  • Bank Statement
  • Ration card
  • Passport
  • Driving License
  • Electricity Bill
  • Property Tax Receipt
  • Water Bill
  • Telephone Bill
  • Credit Card Bill

Income Proof

  • 3 Months Salary Statement
  • 6 Months Bank Statement

Income Tax

  • Form 16

Employment Proof

  • Employers Letter
  • Identification Card

Valuation / Cost Estimation Report from Evaluator Approved by the NBFC or Bank

Car Ownership Papers

Additional Documents

Car Refinance for Self-Employed, Non-Salaried, MSMEs, and SMEs

  • Proof of Business
    • PAN
    • GST Registration Certificate
    • Trade License Partnership Deed
    • Article of Association
    • Memorandum of Association
    • Import Export Code
    • Registration Certificate
    • Professional Practice License for Doctors, Consultants, etc
    • Registration Certificate of Establishment for Shops, Factories, and Other Establishments
    • Business Address Proof
  • Income Proof - Financial Statement Audited by CA
    • Profit and Loss Account Statement
    • Balance Sheet
    • 6 Months Bank Statements
    • 3 year Income Tax Returns
  • Income Tax
    • 3 year Income Tax Returns or Assessment Orders
    • Advance Income Tax Paid

Things to Keep in Mind While Applying for Car Refinance

There are a few things that you need to keep in mind while applying for Car Refinance are as follows

  • Type of Car
  • Availability of Finance
  • Valuation of Car
  • Right Loan Amount
  • Rate of Interest
  • Tenure of Loan
  • Check all Required Documentation
    • Registration Certificate (RC)
    • Insurance
    • No Objection Certificate (NOC)
    • Pollution Under Control certificate (PUC)
  • Loan Repayment Structure
Top up

Top Up on Car Refinance Loan

A top up refer to availing extra funds over and above your existing car loan. A car refinance with a top up includes the benefits of both refinances, and top up benefits. Top up loans are multi-purpose funds that can be used for different purposes. Availing such funds would otherwise be a multiple application process.

Multiple debt requests are a time consuming process, but when your lender offers you a top up with your existing car loan, you save time and money. Lenders offer you the benefits of both these types of funds without much delay. A top up thus allows you the luxury of extra funds while availing car refinance. Select your top up loan on car refinance option offered by Ruloans in association with well-known partner banks and NBFCs, and chat, email, or call 1800 2667576 to apply for a Car Refinance Top Up.

Top up Loan Eligibility

Eligibility Criteria for a Car Refinance Top Up

  • For qualification to a car refinance loan top up, you are required to have an existing outstanding car loan.
  • Your present car loan must complete your lender-prescribed period after having repaid a certain amount.
  • Your credit report must reflect a good repayment record without overdue EMIs, and no missed EMIs.
  • With regards your income, you a qualified for a car refinance top up if your income standard are stable.
  • Your credit score must be good, since a credit score calculated from the entries in your credit report determines your creditworthiness.
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Documents

Documents Required for Car Refinance Top Up

Car refinance top up can be availed with bare to minimum documentation, and this varies from lender to lender. Keeping these documents in hand, makes sure your top up request gets quick approval. Find below a list common documents required for a car refinance top up.

List of Documents Required for Car Refinance Top Up

Duly filled Application

Passport Size Photographs

Identity Proof

  • Aadhaar Card
  • PAN
  • Voter ID
  • Passport
  • Driving License

Residence or Address Proof

  • Rent Agreement
  • Utility Bills
  • Passport, etc.

Business Proof

  • Registration Certificate
  • GST Details, etc.

Income Proof

  • Bank Statements, etc.
  • Salary Slips, etc.
Car Refinance FAQs

Frequently Asked Questions

You don't need a guarantor for a car loan in. Your car stands as security against default.

Anybody who owns a car can avail a loan against a car; provided you fulfil all eligibility criteria laid down by your lender.

Car loan tenures range from 1 year to 5 years.

For a car loan, verification and valuation are part of the procedure.

Hatchbacks and Sedans excluding some models that have run out of production can be financed. Commercial or yellow number plate vehicles cannot be financed.
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