Finance Your New Car Easily with Our Car Loan Options

Secure a Car Loan Option with the Lower Interest Rates in the Market, designed to help you finance your new car purchase affordably.

Overview

Used Car loan in Mumbai

Mumbai, also known as Bombay generates a little over 6% of the Gross Domestic Product (GDP) of India. The city has the eighth-highest number of billionaires of any other city in the world, and the highest number of millionaires and billionaires in India. Business opportunities attract migrants to Mumbai, the financial, commercial, and entertainment capital of India. On the automotive front, vehicles older than 15 years cannot be used but can be transferred to a new state. Maharashtra accounted for 12 percent of the Indian used car market with Mumbai dominating the scene. Demand for luxury used cars remained high, and maximum demand was seen for Mahindra, Hyundai, Honda, Renault, Tata, and Volkswagen. The pre-owned car market has been outdoing the demand for new cars.

Several mobile aspiring Indians are opting to own cars to travel comfortably every day. Gone are those days when one had to save and wait to buy a car whether new or pre-owned. Ruloans, a one-stop shop for hassle-free Used Car Loans in Mumbai has taken the initiative to bring your car aims within your reach. Distinguished banks and NBFCs associated with Ruloans offer you Used Car Loans up to 100% of the on-road car price at reasonable interest rates, for tenures extending from 1 year to 7 years, and add-on benefits. Accelerate home easy in your own car; Ruloans will get you a hassle-free Used Car Loan in Mumbai.

What makes Home Loan a Perfect Choice!

Features and Benefits of a Used Car Loan in Mumbai

A Used Car Loan at Ruloans involves only a modest application with relaxed eligibility and negligible paperwork. You may avail of numerous Used Car Loan features and benefits ranging from low-interest rates to flexible repayment tenures, balance transfers, top-up loans, and more. A Used Car Loan in Mumbai at Ruloans can pay for your own car.

High-Value Auto Finance

Our partner banks and NBFCs have the best on offer in terms of car finance. At Ruloans you have the power to avail a high-value Used Car Loan of up to 100% of the On-Road Car Price. Your travel comforts dreams are highly valued at Ruloans

Cost-effective Interest Rates

Interest rates presented by our partner banks and NBFCs on Used Car Loans are the lowest rates offered by financial organizations. Our Used Car Loan bargains are amazingly cost-effective funds, which help regulate the cost of your car loan.

Elastic Repayment Tenure

Our partner banks and NBFCs are the finest who offer the best in terms of money’s worth in the face of harsh and unstable financial market conditions. This allows you the opportunity to profit from the flexible repayment periods that vary from 1 year to 7 years.

Top Up Loan

Should you require more funds over and above your current Used Car Loan, Ruloans has offers that give you the option to get extra funds. The amount of course will depend on your creditworthiness, and other criteria decided by your lender.

Rapid Disbursal

Ruloans’ 24/7 Digital Resources make the car loan process stress-free and simple for a loan seeker. Our Used Car Loan process with relaxed eligibility and negligible documentation will astound you. With your car loan approved and disbursed quickly, you’ll be travelling in your own car earlier than you imagined.

Eligibility Criteria for a Used Car Loan in Mumbai

Eligibility criteria refer to the factors that govern your qualification for a loan. Used Car Loan eligibility depends on several factors that outline your claim for a Used Car Loan. The factors are common to most banks and NBFCs, but a few may vary according to specific lender requirements. Eligibility standards play a significant role in determining the rate of interest, tenure, etc. Eligibility criteria for a Used Car Loan in Mumbai are listed below.

Age

Your age should be minimum of 21 years, and a maximum of 68 years at Loan Maturity

Nationality

You should be a Resident Citizen of India without having defaulted on any previous loans and without any Criminal Record

Credit Score

Your credit score should be 650 or higher

Eligible Entities

If you’re a salaried individual, you should be working with a Private Limited Company, or a Public Limited Company. As a self-employed person, you should be a Proprietor, Partner, or Director. Partnership or Private Limited Companies engaged in manufacturing, servicing, or trading are eligible for a Used Car Loan

Income

As a salaried person, you should have a salary of Rs.25,000. As a self-employed individual, your gross annual income should be a minimum of Rs.3 lakh. A firm or a company requires an annual turnover of a minimum of Rs. 10 lakh

Work Experience or Business Vintage

You should have a minimum of 1-year of experience with your current employer as a salaried person. If you are a self-employed person, you should be in the same business for the last 3 years. As Professional CA, CS, or Doctor, you need a minimum of 1-year practice. A firm or a company needs business stability or a vintage of a minimum of 3 years in the same business.

Note: The above eligibility criteria are for indicative purposes only, and can vary from lender to lender.


 

What are the Documents Required for a Used Car Loan in Mumbai

We at Ruloans are excited about making your Used Car Loan process a smooth and suitable affair. Documents vital for a Used Car Loan are minimal. We request you provide precise facts and credentials so that your Used Car Loan request can be handled in the shortest possible time. Documents required for a Used Car Loan in Mumbai are listed below.

Documents Required

For salaried person
  • Identity Proof (Like Aadhar card, pan card, etc.)
  • Address proof such as electricity bill, passport, aadhaar card, etc.
  • Latest 1 year Bank Statement of Savings Account
  • Last 3 months Salary Slip
  • Last 2 Year Form 16
  • RC and Insurance Copy
For self-employed person (PROPRIETORSHIP)
  • Identity Proof (Like Aadhar card, pan card, etc.)
  • Address proof such as electricity bill, passport, aadhaar card, etc.
  • Latest 1 year Bank Statement of Current Account and Savings Account
  • GST certificate
  • Latest two-year ITR Full Set
For a self-employed individuals (Partnership Firms)
  • Pan Card of Partnership Company
  • Address Proof of Office (Latest Light Bill or Registered Rent Agreement with Owner Name Light Bill)
  • Pan Card and Aadhaar Card of all Partners
  • Partnership Deed
  • Current Residence Address Proof of all Partners (Aadhaar Card Mandate)
  • GST Certificate (Complete 3 Pages)
  • Last 2 years ITR Full Set of the Company with the Audit Report, and 3CB and 3CD
  • Last 2 years ITR Full Set of Partners
  • Latest 1 year Bank Statement of all Current Accounts and OD Account if any
  • Latest 1 year Bank Statement of all Partners
  • All Loan Sanction Letters with Repayment Schedules
  • RC and Insurance Copy
  • Statement of Account (If Car on Loan then Statement of Account required)
For Self-Employed Individuals (Private Limited Companies)
  • Pan Card of Company
  • Address Proof of Office (Latest Light Bill or Registered Rent Agreement with Owner Name Light Bill)
  • Pan Card of all Directors
  • Current Residence Address Proof of all Directors (Aadhaar Card Mandate)
  • MOA and AOA of Company
  • CA Attested List of Documents and Shareholding Pattern
  • GST Certificate (Complete 3 Pages)
  • Last 2 years ITR Full Set of Company with Audit Report, and 3CB and 3CD
  • Last 2 years ITR Full Set of Directors
  • Latest 1 year Bank Statement of all Current Accounts and OD Account if any
  • Latest 1 year Bank Statement of all Directors
  • All Loan Sanction Letters with Repayment Schedules
  • Statement of Account (If Car on Loan then Statement of Account required)

Note: The above documentation requirements are for indicative purposes only, and can vary from lender to lender.

Get Car Loan in no time with these easy steps!

How to Apply for a Used Car Loan in Mumbai ?

1

Online Application

Fill out your ‘Basic Details’

2

Document Submission

After you receive your 'Used Car Loan Eligibility', choose your 'Financial Institution', and upload 'Required Documents'

3

Verification

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

4

Approval

Your Used Car Loan will be 'Sanctioned'

5

Disbursal

Receive your 'Used Car Loan Amount' in your Bank Account - Simply Efficient!

scroll to top