New Car Loan Features

Loan of up to ₹ 47 Lakh

3 Unique Variants

Tenure of up to 72 months

Minimal Documentation

Features and Benefits of New Car Loan

  • Quick Car Ownership: Get your dream new car without waiting to save up all the money.
  • Flexible Financing: We lend you the funds needed to buy the car, and you pay us back in smaller, manageable installments.
  • Enjoy the Newness: Experience the excitement of a brand-new car with all its latest features.
  • Options Galore: Choose from a wide range of new car models that suit your taste and needs.
  • Building Credit: Making regular payments can help improve your credit score over time.
  • Warranty Coverage: Many new cars come with warranties that provide peace of mind.

New Car Loan Approval - Steps to Get the Loan Approved Faster

  • Check Credit: Ensure a good credit score.
  • Research Lenders: Compare rates and terms.
  • Organize Documents: Gather required paperwork.
  • Apply Online: Use online application options.
  • Responsive Communication: Promptly provide info and respond to queries.
  • Promptly Respond to Queries

New Car Loan Eligibility and Documents

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

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.

For Self Employed Individuals

  1. Individuals who are at least 25 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 three years.

  3. Should earn at least Rs. 2,50,000 per year

Used Car Loan Eligibility Calculator

Refer to calculator

Used Car Loan Eligibility Criteria for Top Banks:

  • Age: Generally 21-65 years.
  • Income: Minimum monthly or yearly earnings.
  • Employment: Stable job with experience (1-2 years).
  • Credit Score: Good score, often 650 or higher.
  • Down Payment: Certain percentage of car's cost.
  • Documentation: ID, address, income proofs, car papers.
  • Loan Amount: Based on income and repayment ability.
  • Debt-to-Income Ratio: Consideration of existing debts.

Used Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals

Factors Affecting Used Car Loan Eligibility:

  • Credit Score

  • Income Level

  • Employment Stability

  • Debt-to-Income Ratio

  • Age of Car

  • Loan Amount Requested

  • Down Payment Amount

  • Loan Tenure

  • Credit History

  • Existing Financial Obligations

Documentation for New Car Loans

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

 List of Documents Required

  • 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
  • Performa Invoice of the Car

How to use New Car Loan EMI Calculator

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

  • Enter Loan 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 New Car Loan EMI Calculated?

New Car Loan 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 = Loan principal amount

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

n = Loan tenure in months

Fees and Charges for New Car Loan

The fees and charges of new 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 new 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

New 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 New Car Loans

A new car loan is money you borrow to buy a brand-new car, which you repay in installments.

You get money from a lender to buy a new car, and then you pay back the lender in smaller amounts over time

A down payment is a part of the car's price you pay upfront, and the rest is covered by the loan.

The interest rate is the extra money you pay on top of the loan amount, like a borrowing fee.

New car loans can last a few years, usually 3 to 7 years.

Yes, you can often choose a monthly payment that fits your budget.

Yes, owning the car lets you customize it as you like.

A loan term is how long you have to repay the loan, and it affects your monthly payments.

Yes, you can often pay off the loan sooner, but some lenders might charge extra.

You apply with a lender, they check your finances, and if approved, you can get the money to buy the new car.

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