Apply for Used Car Loan
Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Used Car Loan Eligibility Calculator
Refer to calculator
Used Car Loan Eligibility Criteria for Top Banks:
Used Car Loan Eligibility for Salaried Individuals/Self-Employed Individuals
Factors affecting Used Car Loan Eligibility:
Age of Car
Loan Amount Requested
Down Payment Amount
Existing Financial Obligations
You will be asked to submit papers suggested by your lender to show your eligibility and competence for a used 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
An EMI calculator is a useful tool that can help you estimate the monthly installments you will have to pay towards your used Car Loan within a specific period. By using the RuLoans EMI calculator, you can calculate your EMI beforehand, which can help you plan your finances better. Additionally, you can check your eligibility and compare different Loan options using RuLoans used Car Loan calculator.
Using a used Car Loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly Loan repayment amount. Follow these steps to use a used Car Loan EMI calculator effectively:
Enter Loan amount, interest rate, tenure.
View EMI, total interest, repayment.
Adjust tenure if needed.
Consider extra costs.
Check budget compatibility.
Confirm with the lender before finalizing.
How is used Car Loan EMI Calculated?
used 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 used 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 used 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
It's money you borrow to buy a used car and then repay in installments.
You get the loan, buy the car, and then pay back the loan with interest over time.
It's how long you have to repay the loan, often a few years.
Generally, yes, but lenders might have rules about car age and condition.
It's a part of the car's cost you pay upfront, and the rest is covered by the loan.
A good score helps, but some lenders might work with lower scores too.
Used car loans are for pre-owned cars, while new car loans are for brand-new cars.
Yes, you can usually pay it off sooner, but check if there are any extra fees.