used car loan nagpur


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Used Car Loan in Nagpur


Nagpur also known as the “Orange City” is the winter capital of Maharashtra. It has a lot of commercial and political significance all over the nation. It is also a growing city which has got a lot of people that relocate here to find work. These people use local transport in order to reach their workplace. But with lesser options, travel in the city becomes tougher and not convenient. In such cases there is either two options; either they purchase their own vehicle or use car pool services. But what if we provide you with a permanent solution? Yes, we have that solution which can solve your travel worries. That solution is “Used Car Loan in Nagpur”. With a used car loan, any person residing in Nagpur can purchase a second hand car at a lower cost. This is because the cost for a new car is very high when compared to a second hand car. Also, the loan is a short term loan which means you can only get this for tenure of 7 years*. Since the loan is secured in nature, there is a lower rate of interest available than all the other types of loans. As per the car’s condition and the market value, you can get up to 85%* of the car’s value as the loan amount.

Why should you take a Used Car Loan in Nagpur?


Nagpur residents can take a used car loan to purchase a vehicle which they can use to travel all around and outside the city. But there are 3 such important reasons which makes it wise to take a used car loan in Nagpur;

Suitable For Low Budget

Everyone prefers to purchase a vehicle which not only solves their travel issues but also is lighter on their pocket. Hence a used car loan in Nagpur can help the person stick within a budget and get the car too.

Freedom To Choose Desired Model

It is very tough to stick within a budget when new cars come into question because of the extended safety features and benefits. Hence people tend to overshoot their budget which hampers their finances for the next few months or years. But with a used car loan in Nagpur, not only can a person own a car of their choice, but can also check better options within their budget with the features they want.

Easy Availability of Loan:

A used car loan can easily be found in Nagpur which will help any person own a car of their choice. Banks and NBFCs have made the used car loan in Nagpur readily available. They provide many offers and deals that can be beneficial to a person opting to purchase a second hand car anywhere in Nagpur.

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


When a person applies for a used car loan in Nagpur, they need to understand that each bank has set criteria. This must be fulfilled first in order to be eligible to even apply for the car loan. Once the mandatory requirements are cleared, there are many more which need to be completed as per your income classes. Since the list is huge, we have created a list ourselves to make your life easier.

  • • These are the generic eligibility criteria needed to avail a used car loan:
  • The person must be a citizen of India.
  • The person must be between 21 and 60 years of age.
  • The person must have a clean income history

Once the person can fulfill these requirements, they can go ahead with the used car loan application in Nagpur. The above 3 requirements were mandatory but there are many more which a person must fulfill before the bank takes the decision of providing the person with a used car loan in Nagpur. Below we have mentioned eligibility required for salaried and self employed professionals;

  • Salaried Individuals:
  • Should a person be an employee of private limited firm/public sector company/government employee, then they can be termed as a “salaried employee”.
  • Should a person be working since the past 2 years AND is now working with their latest employer since the past 12 months, then they can be termed as a salaried employee.
  • Should a person’s annual income go more than Rs. 2,50,000 per year, they can be called as salaried employees.
  • Self Employed Individuals and Professionals:
  • Should a person belong to any of the following professions i.e. Doctor, Engineer, Trader, Accountant, or an Architect then they can be termed as self employed professionals.
  • Should a person conduct their business or has been in their current profession since the past 2 years then they can be termed as self employed professionals.
  • Should a person be filing their Income Tax Returns on time then they can be termed as self employed professionals.

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


There are many documents that are required by Banks and NBFCs to derive the credibility of the individual. Once these documents are analyzed the Bank will then derive the interest rate on the used car loan in Nagpur. Since the documents list is varied as per the income classes, we have created a generic list which will help the customer in keeping all documents ready.

  • Passport-size photographs as per Bank’s requirement.
  • Used car loan application form must be carefully filled.
  • Address Proof – Here, you will need to arrange for address proof from any one of the following; Passport, Driving License, Ration card, Voter ID card, Bank statement, telephone/electricity/ bill etc.
  • Age, Identity and signature Proof – In order to go ahead with the loan approval, the person will have to arrange identity and signature proof from any one of the following; Voter ID card, birth certificate, Passport, Aadhar Card, Driving License and Pan card.
  • One cheque to be provided which would cover costs related to your used car loan application in Nagpur.
  • Loan history in the past or any preovious credit card debt must be mentioned to the Bank/NBFC.
  • Salaried employees will arrange for the Form-16.
  • Salaried employees to provide Salary slips for the last 3 months.
  • Banking statements to be provided of the past 6 months.
  • Salaried employees to arrange for copies of Income Tax Assessment since 3 years.
  • Self employed professionals to furnish business registration documents.

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


Ruloans built by the visionary Kaushik Mehta has been one of the leading loan distribution houses since the past 20 years. With customer service and satisfaction being the utmost requirement and our philosophy, we have been successful in our venture and have served customers in all the major cities in India. We now have expanded into credit card operations in Dubai. We believe in helping each customer get the deal they deserve and ensure that the process is smooth in the process. With this there are many reasons why we believe it is right to take a used car loan from us in Nagpur. Here are the top 5 reasons of the same;

Hassle free process

When a customer wants to opt for a loan, the last thing they want to do is take long time in just filling the application form and more time in documentation. Hence with such problems, we have found a solution to ease the customer’s tension. Our process is hassle free in such a way that the customer can get his or her work done immediately without wasting much time.

Benefits of applying with us

When we began our journey in the loan field, we had our sights on customer satisfaction only. Doing that over a period of 20 years has made us one of the largest players in the market. Hence we have serviced over thousands of customers who have left on a happy note.

Compare your loan options

With our hassle free process we added a feature where the customer would find and compare different loan options of all our partnered banks in one page itself. This helps the customer in saving so much time and efforts.

Free expert guidance and advice

We can promise you expert guidance and advice due to our exceptionally talented staff that has full knowledge of the loan products and how the market operates.

Privacy policy

We work for the betterment of our customers and hence we ensure that their data is safe and that no tampering takes place whilst their application is being sent to the bank.

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


  • Anyone can apply for a used car loan on Ruloans. Just follow these steps;
  • Step 1: Go to the 'Car Loan' menu on our website and click on Used Car Loan in Nagpur 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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