Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Car Refinance Approval - Steps to Get the Refinance Approved Faster
For salaried individuals
For Self Employed Individuals
Car Refinance - Checklist to Follow While Applying for it
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
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:
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
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:
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
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.