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.
  • Shorten Loan Term: Opt for a shorter loan duration to pay off your car sooner.
  • Different Lender: 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 Approval - Steps to Get the Refinance Approved Faster

  • Check Credit Score
  • Compare Lenders
  • Gather Required Documents
  • Apply Online
  • Promptly Respond to Queries

Car Refinance Eligibility and Documents

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

Car refinance Eligibility

Eligibility Criteria 

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. 2,50,000 per year, including the income of the spouse/co-applicant.
  4. Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.

For Self Employed Individuals

  1. 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.
  2. Those who have been in business for at least two years.
  3. Should earn at least Rs. 2,50,000 per year
  4. Individuals who own a car and have paid at least 12 EMIs if there is an active loan on their car.

Car Refinance - Checklist to Follow While Applying for it

  • Assess Refinance Purpose
  • Check Current Loan Details
  • Review Credit Score
  • Research Lenders
  • Calculate Potential Savings
  • Gather Necessary Documents
  • Compare Interest Rates
  • Evaluate New Loan Terms
  • Check for Fees

Documentation for Car refinances

You will be asked to submit papers suggested by your lender to show your eligibility and competence for a Car refinance. To begin the refinance procedure, keep the following documents on hand to obtain a refinance 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)

EMI Calculator for Car refinance

Using a Car refinance EMI (Equated Monthly Installment) calculator can help you estimate your monthly refinance repayment amount. Follow these steps to use a Car refinance EMI calculator effectively:

  • Enter refinance amount, interest rate, tenure.
  • Click Calculate.
  • View EMI, total interest, repayment.
  • Adjust tenure if needed.
  • Consider extra costs.
  • Check budget compatibility.
  • Confirm with the lender before finalizing.

How is Car refinance EMI Calculated?

Car refinance EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:

EMI = [P * r * (1 + r)^n] / [(1 + r)^n - 1]


EMI = Equated Monthly Installment

P = refinance principal amount

r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)

n = refinance tenure in months

Fees and Charges for Car Refinance

The fees and charges of car refinance 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 refinance:

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


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.

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