Used Car Loan Features
Loan of up to ₹ 47 Lakh
3 Unique Variants
Tenure of up to 72 months
Minimal Documentation
Features and Benefits of our Used Car Loan
- Seize Opportunity: Own a quality used car without waiting to save up the full amount.
- Budget-Friendly: We lend you the funds required to purchase the used car, repaid in manageable monthly installments.
- Flexible Options: Choose from various used car models that suit your preferences.
- Immediate Ownership: Drive your desired used car without the delay of saving for years.
- Great Value: Get a reliable used car with excellent value and features.
- Build Credit: Consistent payments can help enhance your credit history.
Used Car Loan Approval - Steps to Get the Loan Approved Faster
- Check Credit Score
- Compare Lenders
- Organize Documents
- Apply Online
- Prompt Communication
Used Car Loan Eligibility and Documents
Read on to know the criteria required to apply for our Used Car Loan.
Used Car Loan Eligibility
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:
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Credit Score
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Income Level
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Employment Stability
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Debt-to-Income Ratio
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Age of Car
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Loan Amount Requested
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Down Payment Amount
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Loan Tenure
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Credit History
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Existing Financial Obligations
Documentation for used Car Loans
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
- 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
- Registration Certificate of the Car
How to use used Car Loan EMI 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:
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Enter Loan amount, interest rate, tenure.
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Click Calculate.
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View EMI, total interest, repayment.
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Adjust tenure if needed.
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Consider extra costs.
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Check budget compatibility.
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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]
Where:
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 Used Car Loan
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:
Particulars
Charges
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
Used Car Loan Reviews
4/5
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.
SHIVANSH BHAGDE
4/5
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.
SHREYANSH BAKLIWAL
4/5
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.
RONIT RANE
4/5
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
DISHA SHINDE
FAQs on Used Car Loans
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.
