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What is a Used Car Loan ?


A used car loan enables you to buy a pre-owned car at tempting interest rates. With zero hassle and quick sanction, a used car loan can be availed in no time as soon as the verification is done. With a maximum tenure of 7 years, many Banks & NBFCs provide a loan of 100% value of the pre-owned car.

Used Car Loan - Process

  • Select the Product
  • Fill Out Application
  • Get Loan Sanction
  • Get Approval
  • Receive Loan Amount


Why Choose Us

Dedicated to making life easy and comfortable for you, Ruloans has an ardent interest in your mission to lead a 'Fulfilled Life'. Our unfussy, capable, and professional Used Car Loans process makes us elite as we grasp and foresee your need for better financial liquidity.

Here are a host of reasons you must choose Ruloans for online or offline Used Car Loans:

  • Easy Availability

    Ruloans along with significant 100+ partner Banks across India spread over 1000+ locations extend Used Car Loan to all eligible individuals across India.

  • High-Speed Process

    At Ruloans, Adhaar based e-KYC speeds up the documentation process by eliminating physical paperwork. You can obtain a Used Car Loan as soon as the verification is done and approved.

  • Ruloans Digital Resources Advantage

    You can think about loan costs, offers, and online services on our digital platform. Our online resources will direct you to settle on the right decision, and pick the right bank for your advance according to your financial plan and assumptions.

  • Professional Guidance and Advice

    Experts at Ruloans know the ins and outs of the business. Our committed group of individual specialists will guide you to pick the right lender.

  • Profit from Best Offers

    We esteem our clients and are consistently on our toes to give them advantages of our abilities. Applying for Used Car Loans through us gives you an opportunity to benefit from the best offers and agreements our Partner Banks and NBFCs have on offer


Used Car Loan Characteristics

Affordable Finance

Ruloans has well-known Banks and NBFCs as partners in the quest to offer you affordable finance as a used car loan. Some of our partners even offer you 100% finance.

Low EMIs

Availing a used car loan means availing finance lesser than what's required for a new car loan, and this makes for low monthly EMIs.

Flexible Loan Tenure

Used Car Loan offers you longer loan tenure of maximum 7 years for repayment.

Hassle-Free Quick Loan

With easy eligibility and minimum documentation, your used car loan gets approval extremely fast.

How To Apply

Avail Instant Used Car Finance With Ruloans Easy Application Process

Eligibility Calculation

Based on your given details your loan eligibility will be ascertained

Online Application

Fill out your 'Basic Details' in the application form


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

Approval & Disbursal

Your Used Car Loan will be 'Sanctioned' and disbursed in your Bank Account - Simply Well-Organized!


Used Car Loan Eligibility Criteria

One needs to meet the eligibility standards set by the lenders to avail a Used Car Loan. Depending upon individual capacities and automobile valuations, eligibility criteria for used car finance are as follows:

  • Resident Citizens of India
  • 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
  • Resident Citizens of India
  • 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
EMI Calculator

Used Car Loan EMI Calculator

A Used Car Loan Calculator enables you to calculate EMI payable for the period of your loan in relation to the principal loan amount and the loan tenure. Using the EMI calculator, you are in a position to estimate a comfortable sum you are liable to repay until the maturity of your loan.

Calculate your EMI for Used Car Loan

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


  • Total Interest Payable


  • Total Amount Payable

    (Principal + Interest)


How to calculate your EMI using Used Cars Loan Calculator

Simple to use, a Used Car Loan Calculator helps you to calculate your Used Car Loan EMIs payable to make an educated decision with constantly simplified data made available by our Partner Banks and NBFCs.

There's no need to manually enter or key in values; Move the slider to indicate your chosen numerical values based on the following parameters.

  • Pre-owned Car Amount or Value
  • Rate of Interest or ROI on Used Car Loan
  • Used Car Loan Tenure or Period

The Used Car Loan Calculator will produce results concurrently as you move the slider on the presented parameters. These calculations and results are instant and immediate on our proprietary, Loan EMI Calculator.

Interest Rate

Used Car Loan Interest Rate

Used Car Loan offered by Ruloans in association with reputed Partner Banks and NBFCs are loans that can be tailor-made according to your needs and discretion. You may decide from a collection of loan alternatives that tender varying interest rates based on the value of your loan, and the tenure of your loan. Your lender decides interest rates after taking into consideration

  • Your eligibility for a used car loan,
  • Your income,
  • Your credit score, and other such criteria.

Documents Required for a Used Car Loan

List of Documents Required for a Used Car Loan

Photo Identity Proof

  • Voter ID
  • Passport
  • Aadhaar Card
  • Driving License

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 Statement

Income Tax

  • Form 16

Employment Proof

  • Employers Letter
  • Identification Card

Automobile Related

  • Valuation / Cost Estimation Report from Evaluator Approved by the NBFC or Bank
  • Car Ownership Papers
Additional Documents
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 Months Bank Statements
    • 3 year Income Tax Returns
  • Income Tax
    • 3 year Income Tax Returns or Assessment Orders
    • Advance Income Tax Paid
Top up

Top Up on Used Car Loan

A used car loan top up refers to a facility that allows you to access extra funds over and above your already existing used car loan. These funds are available a low rates of interest, for longer tenures, may be availed to finance your multi-purpose needs.

Availing funds for multiple needs requires you to go through the process of multiple loan applications. As an alternative to multiple debt requests, you have the option to access extra funds in the form of a used car loan top, which saves money and time, and energy. Such loans requests are easily processed for quick disbursal. Ruloans in association with reputed partner banks and NBFCs offers you hassle-free top ups. To apply now, chat, email, or call 1800 2667576 to apply for a Used Car Loan Top Up.

Top up Loan Eligibility

Eligibility Criteria for a Used Car Loan Top Up

  • You are eligible to avail a used car loan top up only if you have an existing outstanding car loan.
  • Your existing outstanding car loan should have completed a certain period prescribed by your lender.
  • The record of current loan should reflect a good repayment record, and this has to be without overdue EMIs, and without missed EMIs.
  • To qualify for a top up, your lender has to be satisfied with your income qualifications, which must be stable.
  • A good credit score recognizes your creditworthiness based on your credit repayment records; this calls for a good credit score.

Documents Required for Used Car Loan Top Up

Varying from lender to lender, you will find that documentation for a used car loan top up happens to be at bare minimum. Experts recommend your keep all the required documents handy for instant approval. The documents required are listed below.

List of Documents Required for Used Car Loan Top Up

Duly filled Application

Passport Size Photographs

Identity Proof

  • Aadhaar Card
  • PAN
  • Voter ID
  • Passport
  • Driving License

Residence or Address Proof

  • Rent Agreement
  • Utility Bills
  • Passport, etc.

Business Proof

  • Registration Certificate
  • GST Details, etc.

Income Proof

  • Bank Statements, etc.
  • Salary Slips, etc.
Getting Started

Frequently Asked Questions

Following are the benefits of a Used Car Loan

  • Suitable For Low Budget
  • Choice of Desired Model
  • Easy Loan Availability
  • High Value Loan
  • Flexible Terms
  • Minimum Paperwork

You may buy a car with the help of a used car loan on attractive rates of interest and repayment tenures. This however depends on your lender and appraisal of your car, your eligibility to a used car loan.

Car Loan Application Process

  • Application
  • Document verification
  • Loan Approval
  • Loan Disbursal

You may decide to prepay or pre-close a car loan when you have extra inflow of cash and don't want to pay EMIs, thereby saving up on interest payable. This however, depends on your lender, for you be charged penalty fees or pre-closure charges in accordance with your agreement.

Co-application criteria vary from lender to lender, and many quickly approve your car loan if you co-applicant happens to be closely related.

You are not required to put up a guarantor when you apply for a used car loan. However, if you fail to fulfil eligibility criteria, depending on your lender you may be asked for a guarantor.

Most lenders offer you a used car loan for a period of 12 to 60 months. Some lenders even offer you a loan for up to 7 years.

Characteristically a secured loan, a car loan does involve collateral. Your vehicle becomes the collateral for such a loan.

You don't need to make any down payment for a car loan. Most lenders offer to finance the entire value of your car.

1 to 2 days are required on an average to get approval for a car loan. Some lenders depending on your eligibility approve your finance a little earlier.
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