Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Income Tax Benefits on Car Loans Taken to Purchase Electric Vehicles:
One of the primary income tax benefits for EV buyers is the deduction on the interest paid on the car loan. This deduction can help reduce your taxable income, resulting in lower income tax liability. Additionally, businesses or individuals using EVs for business purposes might enjoy accelerated depreciation benefits. This means you can write off a larger portion of the EV's value over a shorter period, which can further decrease your taxable income.
Another notable advantage is the reduced Goods and Services Tax (GST) rates on EVs. Governments often subject electric vehicles to lower GST rates, making the overall purchase cost more affordable. This indirectly contributes to your tax savings.
But like every good thing, this too comes with conditions, such as the beneficiary has to be an individual taxpayer, this option is available only for a limited time i.e. 1st April 2019 to 31st March 2023 (Ev should be purchased within this period). Additionally, tax regulations can change over time, so it's essential to stay updated on the latest rules.
Car loan eligibility is about whether you can get a loan to buy a car. It depends on things like how much you earn, your credit score, and if you have other debts. Lenders use these details to decide if you can repay the loan. If you meet their criteria, you're eligible for the loan; if not, you might need to wait or improve your financial situation before getting a car loan.
Car Loan Eligibility Calculator
Refer to the Calculator
Car Loan Eligibility Criteria for Top Banks
Car loan eligibility criteria vary from one bank to another, but generally include factors such as your age (usually 21 to 65 years), minimum income (often around INR 20,000 per month), and stable employment. A good credit score, usually 650 or above, is important. Some banks might require you to be a salaried employee or self-employed, while others could need you to have a certain work experience or business vintage. Banks also consider your existing debts and liabilities to ensure you can manage the loan. Checking with each bank directly or using their online eligibility calculators can provide precise criteria tailored to their policies.
Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
For salaried individuals
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
Individuals who have worked for at least two years, with at least one year with the current employer
Individuals with a minimum earning of Rs. 3,00,000 per year, including the income of the spouse/co-applicant.
For Self Employed Individuals
Individuals who are at least 21 years old at the time of application and no older than 65 at the end of the loan tenure.
Those who have been in business for at least two years.
Should earn at least Rs. 3,000,000 per year
Factors affecting Car Loan Eligibility
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a 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
Using a Car loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount. Follow these steps to use a Car loan EMI calculator effectively:
How is Car Loan EMI Calculated?
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
The fees and charges of 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 car loans:
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
A car loan is a financial arrangement where a lender provides funds to help you purchase a vehicle. You repay the loan in installments, often with interest, until the loan is fully paid off.
You apply for a car loan from a lender, and if approved, you receive the funds to buy the car. You then repay the loan in monthly installments over a predetermined period, typically 2-7 years, until the loan is paid off.
The interest rate is the cost of borrowing, while the Annual Percentage Rate (APR) includes both the interest rate and any additional fees, providing a more comprehensive view of the loan's total cost.
Factors include your credit score, income, employment history, existing debts, down payment, and the chosen car's value.
A down payment is the initial amount you pay upfront. A larger down payment can lower your loan amount, monthly payments, and overall interest cost.
A fixed interest rate remains constant throughout the loan term, while a variable rate can change based on market conditions, affecting your monthly payments.
Yes, many car loans allow prepayment. However, some lenders might charge prepayment penalties, so it's crucial to review the terms before making extra payments.
New car loans are for purchasing brand-new vehicles, often offering lower interest rates. Used car loans apply to pre-owned vehicles and might have slightly higher rates due to the car's depreciation.
If you miss payments, it can negatively impact your credit score, and the lender might repossess the car. Contact your lender immediately if you're facing financial difficulties.
Yes, pre-approval provides you with an estimated loan amount and interest rate, helping you shop for a car within your budget and potentially negotiate better terms.