Car Loan


Have you been planning on getting your own vehicle?
Buying a car can be very expensive especially when you need to pay for it right away.
But with a car loan, you can buy your dream car and then pay the loan back in affordable EMIs.
You will be required to pay the down payment on the purchase of a car, which a percentage of the total price.
Car loans have a very easy documentation process and the approval is speedy.
When you buy a car through a car loan, you are also free to modify it as per your desires.
There is no need to put any of your assets as collateral. The car itself is termed as the collateral. In case you fail to repay the loan, the bank will have the right to repossess your car and no other asset or property.
In the case of a car loan, you can customize the EMI as per your repayment ability.
You can take a car loan for not only buying a new car but also a used one.
Car loans make it possible for you to get that car you have been wanting to buy for a long, in a simple and hassle-free process.

Why should you take a Car Refinance Loan?

Secured Loan

Car Refinance Loan is a type of secured loan. You get a lower interest rate when you opt for a secured loan. Here you have to put your car as collateral to the bank to get funds. The car's original documents will be with the bank. They will be returned once you pay off the loan. But you can use the car until the loan is being paid. If by any chance you fail to pay off the loan, the bank will confiscate your mortgaged car.

Multipurpose Loan

You can use funds from this loan to meet with any of your personal needs. Be it a medical emergency or a wedding or for debt consolidation; you can use it for anything. You don't have to disclose the reasons behind taking this loan to the bank.

Easy Loan Terms

Banks offer loan amount up to 60% to 70% of the cars on road value. If you submit the documents correctly, the money is disbursed as quickly as in a day. The repayment period ranges from one year (12 months) to 5 years (60 months). Even the eligibility criteria are not very complicated.

Easily available Car Refinance loan

A Car Refinance loan is offered by many leading banks and NBFCs in India. As this is a new loan product, many lenders are interested in offering it to their customers. One can get an easy Car Refinance loan by applying online on Ruloans. As there are many options of lenders to choose from, the application process for Car Refinance loan is easier, quicker and hassle-free.

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