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Used Car Loan in Bangalore


Traffic seems to be one big worry today for the people in Bangalore. Apart from this, local transport is not in any situation to handle the bustling crowd that plies to work day and night. Many working class people wish that they could reach work on time but die to the never ending wait for local transport; they get late which affects their income. One solution for this is to buy a new car as this allows you to travel as per your wish and not as per a timetable of the local transport. Another effective solution for this is a “Used Car Loan” in Bangalore. These two solutions can help the customer in solving their travel worries. Where a new car needs more funds for purchasing, a second hand car will cost less as it has already been used earlier and now is again put up for resale. Costing is the main reason why people have begun to opt for used car loans in Bangalore. The reason of second hand cars being lower priced than new cars is due to the usage. Their price is derived from the on road condition, market price, insurance and many more. After this value is derived, any person can get around 60-85%* as used car loan amount for a maximum period of 7 years* in Bangalore. Because of such reasons, there has been a considerable amount of growth in the second hand car loan segment in Bangalore. Because of the car ownership papers being kept as collateral with the Bank/NBFC, this makes a used car loan in Bangalore as a secured type of a loan. Interest rate in a secured loan is less as compared to unsecured loans.

Why should you take a Used Car Loan in Bangalore?


Bangalore is the third largest city in India as is also known as the “Silicon Valley” of India. This state is well known for its influence on engineers and has been the best IT hub in India. Apart from having so much space, the transport is a cause of concern. There is so much of traffic that many people just get stuck for hours at long while going to work. Hence it seems like a wise choice to avail a used car loan in Bangalore to solve travel worries. Mostly people prefer opting for a used car loan primarily because they cannot arrange the higher funds that are needed for a new vehicle. Hence a second hand car helps them solve the issue of traveling and also save money. Here are few highlighted reasons why you should take a used car loan in Bangalore;

Suitable For Low Budget

People have slowly shed their inhibitions and have begun considering a second hand car as a vehicle which is in good working condition and not a bad vehicle. This is because in time people have understood the importance of savings and budgeting. The value of a new car and a second hand car is such that taking a loan for either is mandatory. But with the option of a used car loan, you can opt for better models.

Freedom To Choose Desired Model:

Now for all you car lovers, finding the best model is more important than many things in life. Hence when it comes to freedom to choose your desired model, it is very limited in cases of a new car as new vehicles are usually very costly. But when you compare it with a used car, the prices have a significant drop. Thus you can opt for the vehicle of your choice and take a used car loan in Bangalore against it.

Easy Availability of Loan:

With the rise of people demanding more local transport options, a surge for used car vehicles also gained momentum. Hence capitalizing on this, Banks and NBFC’s came ahead and made the used car loan easily available all throughout Bangalore. Now, any customer can apply at the nearest Bank for a used car loan against the choice of their car.

What are the Eligibility Criteria to avail a Used Car Loan in Bangalore?


A used car loan is now easily available all throughout Bangalore. Any salaried or self employed business man can apply for this loan with ease. But this is just the beginning. In order to get the used car loan in a city like Bangalore, there are certain eligibility criteria set by the Bank and NBFCs. These are related to your personal profile, your job profile and your financial history. Basically, this list is so that the Bank and NBFC can do their research in understanding if you will be able to repay the loan amount without defaulting or no. They also can derive at an interest rate which they can provide to the person on the basis of his eligibility. There are many Banks and NBFCs in Bangalore. All of these have different criteria and hence it might get confusing for the customer to

  • The individual must be a citizen of India.
  • The individual’s age must be between 21 years minimum and 60 years at maximum.
  • The individual must have a decent income history along with job stability.

These requirements are mandatory and hence the individual must fulfill this at any cost. But these are not just the only requirements. There are many more such criteria set by the Banks & NBFCs for both classes: Salaried and Self-Employed.

  • Salaried Individuals:
  • Any individual who has or is an employee of a private limited company, public sector unit or a government employee can be termed as “salaried employee”.
  • Any individual that has a 2 year work history AND today has also been working with their employer since the past 12 months can be termed as salaried employee.
  • Any individual with Rs. 2,50,000 per year income can be termed as salaried individual.
  • Self Employed Individuals and Professionals:
  • Any individual who as a professional is serving in the field of Engineering, Trading, Accountancy, Architecture, Doctor, etc can be termed as self employed professional.
  • Any individual that has been conducting business or has been in their profession since the past 2 years can be described as self employed professional.
  • Any individual that has been diligently filing and repaying IT Returns regularly can be termed as self employed professional.

What are the Documents Required to get a Used Car Loan in Bangalore?


Apart from eligibility, Banks and NBFCs also request a lot of documents from the customer so they can complete the used car loan process in Bangalore. The customer would need to get all the required documents which will help the lender in determining the credibility from the customer. Every Bank has their own list of documents which are required and hence it might get confusing for customers to keep all the documents ready. Hence we have made a generic list of documents. This list will have those documents that are surely needed by each Bank. In this way we want the customer to be ready with most of their documents.

  • Passport-size photographs as per the Bank’s requirement.
  • Used car loan application form must be duly filled with all details as required.
  • Address Proof – You will have to provide one of the following documents; Passport, Driving License, Voter ID, Ration card, Bank statement, telephone/electricity/ bill etc.
  • Age, Identity and signature Proof – You will have to provide one of the following documents in order to fulfill your age, identity and signature proof: Aadhar and PAN Card, Birth certificate, Voter ID card and Driving License.
  • You will also have to submit a cheque which will cover costs in the used car loan application in Bangalore like administrative costs or processing fees.
  • You will have to provide copies of all your current and previous loans.
  • As a salaried employee, you will have to provide Salary slips since 3 months right from the date of used car loan application in Bangalore.
  • You will also have to submit Banking statements since the last 6 months.
  • As a salaried employee, you will have to provide a copy of your Income Tax Assessment of the past 3 years.
  • Self employed professionals will have to furnish registration of their business documents.

Why Choose Ruloans To Apply For Used Car Loan in Bangalore?


Ruloans is India’s leading loan distributor with touch base in more than 500 cities within India. We recently have expanded our operations in Dubai too. Our experience since the past 2 decades has allowed us to help many customers along the way. Our motto all these years is to provide an environment to the customer and provide them services which are much more than money. We also help you borrow right always 365 days of the year.

Hassle free process

Who in Bangalore would like the used car loan process to be long and tedious? Shouldn’t this be a time saving affair? Keeping this in mind, we have created a hassle free process so you can do all the thinking and we will help you in the running around.

Benefits of applying with us

There are many benefits of applying with us as we use our experience in the loan field and follow the trends. We can help you get loans when they need it the most.

Compare your loan options

The major USP of our web portal is that you can compare loan deals on one page. This means that you don’t have to visit many pages and check individually for deals. All you have to do is log on to Ruloans page and accordingly choose the best deal.

Free expert guidance and advice

We have helped our customers borrow right using our experience. This guidance is provided without charging anything from the customer. Yes, we provide these services free of cost.

Privacy policy

The digital world has witnessed a lot of ups and downs with terms of privacy and data theft. With Ruloans we ensure that none of such theft takes place. All of your information and application is stored with us safely and is not hampered with.

How to Apply For a Used Car Loan in Bangalore on Ruloans?


  • You can apply for a used car loan in Bangalore by following these steps;
  • Step 1:Visit 'Car Loan' menu on our website and click on Used Car Loan in Bangalore option. There click on 'Apply Now' box.
  • Step 2:Then please fill your personal and financial information. After you are done, use our “used car loan calculator” which helps you in understanding your eligibility.
  • Step 3:Our used car loan calculator helps you in understanding the most ideal rate of interest for you. Post this, you will find a list of our partnered banks that you qualify for as per your eligibility criteria. This list will include the name of the lender and the overall deal.
  • Step 4:After checking the list, you only have to choose the best deal and the lender of your choice.
  • Step 5:Finally when you make your choice, we will send your application to the bank for processing.

Frequently Ask Questions


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