used car loan in Chennai


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Used Car Loan


Chennai has been developing at a rapid pace and hence many industries have been moving down to the Southern region of India. With this, many people have relocated and attempt to use the local transport in order to ply to and fro from their workplace. But local transport is not available post late evenings which then becomes a cause of concern. Also, all the beaches, shopping, restaurants are not scattered well and hence for one to travel to all these places becomes a hassle. In such cases there is an effective solution that can help the people in Chennai i.e. Used Car Loan. With a Used Car Loan, an individual can solve all of their traveling worries instantly. The best part about this loan is that you can get a good vehicle at a cheaper cot as compared to the same car model being bought fresh from the showroom! Hence the fine line between a new car loan and a used car loan is drawn towards costing. It’s general knowledge that a second hand car loan is cheaper because any used car’s value drops considerably. The lenders will derive the price of the loan amount on the basis of the car’s current condition, their maintenance, insurance etc. Also, on the basis of this report, you can get around 60-85%* of the used car value as the loan amount in Chennai. Since this is a secured type of a loan, the rate of interest is always lower. The security of this loan is with the ownership of the used car. Until you repay the whole used car loan amount in Chennai, the Bank will continue to hold the ownership papers. Once the loan amount has been repaid, you will officially be the owner of the car.

Why should you take a Used Car Loan in Chennai?


Chennai is the fourth most populous city in India. It houses Asia’s largest IT Park and also has a lot of historical significance since the 16th century. The state has exported a lot of IT talent and continues to be one of the major contributors to the country’s GDP. With so much happening around the state, there is a lot of infrastructure but the means to use it is limited. Hence with a used car loan, people in Chennai can roam around freely and explore their whole state. One major reason people in Chennai would prefer for a used car loan is because the low costing helps them to not only own the car but also maintain it and save more money than they could if they opted for a new car. Below mentioned are some highlighted reasons on why a used car loan in Chennai is a good choice;

Suitable For Low Budget

With a used car loan in Chennai, your worry for arranging funds is very less. This is because second hand car loans are cheaper when compared to new car loans in Chennai. A used car is for every common man living in Chennai who dreams of owning a car which they can call as their own. Managing a budget gets easier with a used car loan and hence the people in Chennai can not only buy a used car but also save money for various other costs associated with handling the vehicle.

Freedom To Choose Desired Model:

One of the major obstacles that a car lover faces is to get his desired model at the price he wishes. Unfortunately it does not match and hence the person cannot buy his choice of car. He ends up settling for something according to his budget. But in a used car loan in Chennai, not only can you look at many models, you have the whole freedom to choose a model of your choice as the pricing would be very low as compared to new vehicles.

Easy Availability of Loan:

The demand for used car loans has been witnessing a huge spike since the past decade all over the country. Hence even in Chennai, people have shown a lot of interest in owning second hand cars. Seeing this kind of interest, Banks and NBFC’s in Chennai have increased the availability of used car loans all over the state so that every salaried and self employed professional can apply for it.

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


Like every other loan, used car loan in Chennai has eligibility criteria which every salaried or self employed person has to fulfill. This criteria has many parameters which deals with personal and financial information of the person. In a city like Chennai, there are many Banks and NBFCs that have a huge list of documents that need to be provided by the person applying for the loan. After the person provides all this information, the Bank and NBFC can derive at an interest rate which can be provided to him.

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

These basic requirements are mandatory and the individual applying for the car loan must fulfill these criteria at any cost. Apart from these main criteria, there are many such criteria which have been set by the Banks & NBFCs for both; Salaried and Self-Employed professionals.

  • Salaried Individuals:
  • The person who is an employee of private limited company or a public sector unit or government employee is called as a “salaried employee”.
  • The person that has been working since 2 years AND is working with their currently employer since the last 12 months is called as salaried employee.
  • The person who has Rs. 2,50,000 per year as income earned is called as salaried employee.
  • Self Employed Individuals and Professionals:
  • The person practicing in the field of Doctor, Accountancy, Engineering, Trading, Architecture, etc is called as self employed professional.
  • The person running their business or has been practicing their profession since the last 2 years is called as self employed professional.
  • The person that has been completely filing and repaying their Income Tax Returns regularly is called as a self employed professional.

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


The person must be in a good position to fulfill the eligibility of the Bank and NBFC. For this, they need to arrange for different sets of documents. These documents would have your personal information, your income details, job history, previous financial credit history etc. The Bank will carefully scrutinize this list and will then take a call on whether you are eligible enough or no. This list varies on the basis of you being a salaried or a self employed professional. Since every bank has their own list, the customer is bound to get confused as to which documents are needed. But there are specific documents which are needed by all banks. Hence we have added these documents and made a generic list so the customer gets a fair picture of what is expected from them.

  • You will need to arrange for few Passport-size photographs.
  • You must duly fill up your used car loan application form in Chennai which should have all your details.
  • Address Proof – There are many documents which can be used to show Address proof; Driving License, Passport, Voter ID, Ration card, Bank statement, telephone/electricity/ bill etc.
  • Age, Identity and signature Proof – There are also many documents which you can use to show your age, identity and signature proof: Birth certificate, Aadhar and PAN Card, Voter ID card and Driving License.
  • After all this, you also have to submit a cheque. This will cover all the costs in the used car loan application in Chennai like administrative costs or processing fees.
  • In case you had taken a previous loan or a credit card, you will have to provide information on them also.
  • Every salaried employee will have to provide Form-16 duly filled by your current employer.
  • Another requirement of a salaried employee is that they will have to provide their Salary slips since the past 3 months right since the day they applied for a used car loan application in Chennai.
  • Every individual will also have to submit Banking statements since the past 6 months.
  • Salaried employees will have to provide a copy of their Income Tax Assessment since the past 3 years.
  • Self employed professionals are needed to furnish documents related to the registration of their business.

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


Ruloans happens to be India’s leading loan distributor. We have our PAN India presence in more than 500 cities in India. Our reach has now crossed national boundaries and we now have our first presence abroad in Dubai. We have been in the loan industry since last 2 decades and hence have seen the trends that run here. We believe in helping our customers and our motto is to provide services that are much more than money and to help them borrow in the right manner.

Hassle free process

Longer and time consuming processes never make anyone happy. We understand the customer’s plight and hence ensure that they have to do the minimum running around and research. With Ruloans, you can expect a hassle free used car loan process in Chennai.

Benefits of applying with us

Of the many benefits Ruloans offers to its customers, one major benefit happens to be that being in this industry; we know the trends better than everyone. Hence helping the customer becomes an easy task.

Compare your loan options

Another USP of Ruloans is that you don’t have to run around different pages and check for loan deals. With Ruloans, you can do that in one page. Check the best loan options, compare them and choose the one that fits your needs.

Free expert guidance and advice

Being in the industry for so long has given us so many good employees that help the customers by giving the right guidance and audience. All this is done free of cost.

Privacy policy

Today, the most important aspect in the industry is privacy and protection of customer’s data. At Ruloans we lay a lot of emphasis on this aspect and hence save the customer’s data on our secured server.

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


  • Anyone can apply for a used car loan in Chennai by following these simple steps;
  • Step 1: Go to the Go to the 'Car Loan' menu on our website and click on Used Car Loan in Chennai option. There click on 'Apply Now' box.
  • Step 2:You will then proceed in filling your personal and financial information. After that you can opt to use our “used car loan calculator” which will help you in understanding your eligibility and making the right choice.
  • Step 3:The used car loan calculator will help 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:Later, you have to choose the best deal and the lender of your choice in order to go ahead with the process.
  • Step 5:Finally after making the choice, your application will be sent to the bank for processing.

Frequently Ask Questions


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