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What is a Car Loan ?


Cars today are a basic utility that everyone feels the need to own. You've been waiting patiently and saving for that purpose. Ruloans offers you the opportunity to own a car that you would not dream to own a decade ago. Ruloans offers tailor-made car loans with exclusive features both for salaried and self-employed persons. To get your car within your reach, talk to your Ruloans Team for constructive choices via phone, email, or chat, and apply for a Car Loan to get your Ruloans' Flexible Car Loans Advantage. Own a car you want with Ruloans team at your service!

Car Loan - Process

  • Select the Product
  • Fill Out Application
  • Receive Sanction Letter
  • Approval of Loan
  • Loan Amount Disbursal


Why Choose Us

Ruloans has the means and resources to make life comfortable and secure for you. You may command our interest in your assignment to procure a car to make life easy for you. We are interested in your goodwill. Our loan professionals understand and predict the nature of your financial liquidity. Being aware of your troubles and travails of availing car finance for the new car you have in mind, makes us less fussy, and more capable of assistance. However challenging your case, we will not turn our back on you. That's the reason why more than 150 well-known Banks and NBFCs have partnered with us. Our 24/7 digital resources are designed to serve your immediate and urgent computing needs, so that you can compute your car loan eligibility, EMIs, cost of loan, etc. With an eye on your wellbeing, we work for you. Trust us, you'll thank your stars that you're with us.

Ruloans has on offer the best features when you plan to avail a Car Loan:

  • High Value Loans

  • 90% to 100% Finance Available

  • Low Interest Rates

  • Flexible Loan Tenures

  • Friendly EMIs

  • Easy Documentation

  • Quick and Simple Process

  • Speedy Approval and Disbursal

  • Choice of Multiple Lender Offers

  • Top Up Loans Available


Car Loan - Benefits and Characteristics

  • Finance for purchasing of both new and used cars
  • 85% to 90% of on-road price available as finance. Some lenders also offer 100% finance depending on the vehicle on-road price
  • Loans tenures range from 1 year to 7 years
  • Loan value or loan amount up to three times your annual income also sanctioned
  • Instant finance also offered on select cars
  • Additional discounts and offers available on dealer or manufacturer-lender tieups
  • Purchased car acts as collateral until completion of loan repayment
  • Repayment structured on easy Equated Monthly Instalments
How To Apply

Avail Instant Car Finance With Ruloans Pain-Less Application Process

Online Application

Fill out your 'Basic Details'

Document Submission

After you receive your 'Loan Eligibility', choose your 'Financial Institution', and upload 'Required Documents'


The Institutions will 'Verify' your Car Loan application, and submitted documents


Your Car Loan will be 'Sanctioned'


Receive your 'Car Loan Amount' in your Bank Account - Simply Well-Organized!

EMI Calculator

What's a Car Loan EMI Calculator?

Ruloans strives to meet every individual needs keeping in mind your comfort. Finances are a readily available for that car you seek to own, and to make this an effortless process, Ruloans Digital Resources Platform has just the right tool for your convenience and accessibility for when you plan your car loan. Ruloans' EMI calculator will take you through the complicated time-taking process of calculating your EMIs, within moments without you having to worry about accuracy in your financial estimates. Whether you are a salaried person, or a self-employed person, with our EMI Calculator, you can purchase a car with the help of our tailor-made car loans. Using this calculator, you are in a position to estimate your EMI outgoings to suit your financial comfort levels until the maturity of your loan. Once done with your estimations, talk to Ruloans Team for answers to your queries via phone, email, or chat, and apply for a Used Car Loan to get your Ruloans' Flexible Car Loans Advantage.


How to Calculate Your EMI Using Our Car Loan Calculator?

Ruloans advises you to use the Ruloans Car Loan EMI Calculator to compute your Equated Monthly Instalments to make an informed decision. Our Partner Banks and NBFCs constantly update the data required for your decisions at the back end to make sure you have the utmost convenience when availing a car loan.

Like all other calculators, you don't have to enter or key in the value required, since the sliding method allows you to move the slider to the required numerical values based on the following parameters for accurate results.

  • Car Loan Amount or Value
  • Car Loan Rate of Interest or ROI
  • Car Loan Tenure or Period

Not to worry! Once done, you will find results displayed simultaneously as you move the sliders related to the parameters. Instant and accurate results are what you need for your fast moving daily life, and that's what you get when you use the Ruloans Car Loan EMI Calculator.

Calculate your EMI for Car Loan

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


  • Total Interest Payable


  • Total Amount Payable

    (Principal + Interest)



Car Loan Eligibility Criteria

Cars today are a status symbol, as well as a utility that serves day-to-day purposes. Essential to your comfort and to the demands of time, your aspirations to own a car are now within reach. We at Ruloans have collaborated with several well-known banks and NBFCs to offer you an array of car finance solutions for a comfortable living. Ruloans has on offer tailor-made car loans that differ in terms of individual abilities, and other factors. To own a car, talk to your Ruloans Team for beneficial alternatives via phone, email, or chat, and apply for a Car Loan to get your Ruloans' Flexible Car Loans Advantage. Eligibility criteria for car loans are as follows.

Salaried Individual

Resident Citizens of Indian

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

Self Employed Individual

Resident Citizens of Indian

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


Documents Required for a Car Loan

You will be required to submit documents prescribed by your lender to prove your eligibility and competence for a Car Loan. To begin with the loans process, keep the following documents nearby at hand to avail a Loan at the earliest.

List of Documents Required

Photo Identity Proof

  • Voter ID
  • Passport
  • Driving License
  • Aadhaar Card

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 Statements

Income Tax

  • Form 16

Employment Proof

  • Employers Letter
  • Identification Card


  • 3 Passport Size Photograph
Additional Documents

Additional Documents for Car Loans for Self-Employed, Non-Salaried, MSMEs, and SMEs

Self-Employed, Non-Salaried, and SMEs seeking funds as Used Car Loans will have to furnish additional documents listed below to start the loans process.

  • 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 Month Bank Statements
    • 3 Year Income Tax Returns
  • Income Tax
    • 3 Year Income Tax Returns or Assessment Orders
    • Advance Income Tax Paid
Balance Transfer & Top up

Top Up Loan on New Car Loan

A top up loan on your new car loan refers to a top up facility availed on your existing car loan. This means, that if you have availed a car loan from a lender, and you need additional funds for expenses of different kinds, you can take a top up loan on your existing car loan. This kind of facility offers instantly process your top up request for quick and instant approval, and disbursal of your additional funds. Some lenders offer you up to 150% of your car loan value, but this varies from lender to lender.

This kind of arrangement means, you don't have to transfer your existing car loan to a new lender who offers you a top up along with a balance transfer. This also means, you are saving on time and energy, since you don't have to make additional loan applications for new funds. This one-stop solution allows you access to funds in the form of a top up loan on your existing car loan without having to go shopping for a new lender. Talk to Ruloans for offers related to new car loans with top up facilities. Ruloans offers you a range of car loan solutions in collaboration with well-known banks and NBFCs. To avail your New Car Loan Top Up offers chat, email, or call 1800 2667576.

Top up Loan Eligibility

Eligibility Criteria for a New Car Loan Top Up

  • To qualify for a new car top up loan, you will require to have an existing car loan with the same lender.
  • Your current car loan lender will have prescribed you a period of repayment of a certain amount, and you can avail top up loan when you complete this condition.
  • The car loan lender will want your repayment record to be good, and that too without overdue EMIs, and without missed EMIs.
  • You must be a person with good income, and stable occupation in order to qualify for a new car loan top up.
  • Your credit score reflects your ability to repay your borrowings, and for this, you need to have a good credit score.

Documents Required for New Car Loan Top Up

  • Application Form
  • Registration Certificate of Vehicle
  • KYC Documents
Car Loan FAQs

Frequently Asked Questions

A car loan refers to an agreement between a borrower and a lender where the borrower requests the lender for a certain amount of money for the purchase of a car, and the lender agrees to approve and disburse that sum money. The borrower also agrees to return the borrowing with an interest agreed by both, as also in agreement with the terms and conditions of the loan.

Although most lender would not specify minimum salary, you salary must exceed a predetermined threshold as required by the lender.

You would generally apply for a car loan when you are interested in purchased a car. The same car acts as collateral to secure the loan. There are not additional collateral requirements for your car loan.

You don't need to provide additional security for a car loan, since your car acts as collateral for borrowing.

You do need to pay other charges when you avail a car loan, and some of them include processing fees, documentation charges, registration certificate, collection charges, stamp duty, etc.
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