A car loan is a financial solution that helps you buy a vehicle by covering the cost upfront, which you can repay over time in easy installments. With RING, a personal loan for a car offers you up to Rs. 5 lakhs to purchase your vehicle. You pay this loan back through monthly EMIs over a tenure of 3 to 24 months. RING’s process is fully digital, meaning you can apply, get approval, and disbursement all through your smartphone.
New Car, New Beginnings
Get Personal Car Loans up to ₹5 Lakhs
Flexible Repayment
Instant Bank Transfer
Affordable Rates
About Our Car Personal Loan
At RING, we make financing your dream car simple and hassle-free with our personal loan for a car. Whether you're buying your first vehicle or upgrading, we offer loans up to Rs. 5 lakhs with instant approval and quick disbursement through our 100% online process. With no collateral required and paperless KYC, getting your car loan is as easy as a few clicks.
Our personal loan for car purchase features flexible repayment terms from 3 to 24 months, competitive interest rates, and transparent terms with no hidden fees. With RING, you can drive off in your new car without the stress, knowing you've chosen a lender that makes the process seamless.
Benefits of Car Personal Loans
Drive Away with Up to Rs. 5 Lakhs! With RING, you can get a personal loan for a car with credit approval in just a few taps. No paperwork, no waiting around – just instant, digital approval.
Flexible Repayment Terms Whether you're looking for short-term freedom or a long-term commitment, RING's flexible repayment options (3-24 months) fit right into your budget.
Zero Collateral, Maximum Convenience Say goodbye to the hassle of pledging assets. A personal loan for car purchase from RING doesn’t require any collateral.
Transparent and Fair RING believes in clarity. You’ll know every penny you’re paying upfront, with no hidden fees lurking in the shadows.
Features of Personal Loans for Car
Credit Up to Rs. 5 Lakhs
Avail of credit up to Rs. 5 lakhs with paperless KYC.
Flexible Repayment
Choose repayment periods from 3 to 60 months.
Instant Approval
Money transferred to your bank account in 5 minutes.
Zero Paperwork
100% Digital - Hassle-free process
No Collateral Required
Secure a loan without pledging any assets.
Transparent Terms
Know all costs upfront with no hidden charges.
Competitive Rates
APR ranges from 32% to 57% per annum.
Multi-Purpose Loans
Use your loan for personal or business purposes
Check Your Eligibility
Instant Personal Loan Eligibility Criteria
To qualify for a personal loan applicants need to meet the following criteria:
- Nationality: Indian citizen.
- Age: Between 23 and 55 years.
- Documentation: Selfie, PAN Card, and Aadhaar Card.
- Income Proof: Required only for select high-value loans based on credit profile.
- Profile : Salaried, Self-Employed, Small busines owner & MSMEs
Having these documents prepared ensures a smoother and quicker application process
Follow these simple steps to get started:
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Verify Mobile Number
Enter your number on the RING app/website, receive an OTP, and verify.
Personal Loan For Car EMI Calculator
Breaking Down the Cost: Interest Rates Explained
A tool designed to help you understand the monthly payment on your loan. Whenever you take a loan, the EMI amount that you will pay is very important in helping you arrive at your final loan amount and repayment tenure. Our personal loan calculator helps you do just that. You will be able to see your monthly payment, and this will help you decide what your loan amount should ideally be, and if it is payable over a period.
Principal Amount (A): ₹500,000
Interest Amount (B):
Your EMI: ₹ per month
Your Loan Amount: ₹500,000
At Interest Rate of: 2%
For : 2 years
Total Payable: ₹
Here’s a quick example to illustrate:
- Loan Amount (Principal): ₹1,00,000
- Tenure: 12 months
- Interest Rate: 13% per annum
- Processing Fee (incl. GST): ₹3000 (3%)
- Total Interest: ₹7,180.73
- EMI: ₹1,374.63
- APR: Start from 14%
Disclaimer - The Loan EMI Calculator only shows an estimate. Consult your lender for accurate details.
The Formula to Calculate EMI on Car Personal Loan
The formula for calculating EMI is as follows:
EMI = [P x R x (1+R) ^N]/ [(1+R) ^ (N-1)]
P= Principal loan amount | R= Monthly interest rate (annual interest rate divided by 12) | N= Loan tenure in months
**To explain it further, let’s see an example:**
Suppose you take a Car loan for ₹5,00,000 with an annual interest rate (IR) of 10% for a tenure of, say, 5 years (60 months).
First, convert the annual interest rate to a monthly interest rate. In this case, the monthly interest rate would be 10%/12 = 0.00833.
Using the formula, you can calculate the EMI as follows:
EMI = [500000 x 0.00833 x (1+0.00833)^60] / [(1+0.00833)^60-1]
By simplifying the equation, you will find that the EMI for this loan would be approximately ₹10,609.
This means that your monthly payment will be ₹10,609 for 60 months to repay the loan amount along with the interest.
For a more detailed explanation, you can refer to this blog.
Hear from Our Happy Customers
Amit M.
Mumbai
**Swift Process, Smooth Ride!**
I never imagined owning my dream car could be this easy! With RING, the entire loan process was a breeze. The app was user-friendly, and within minutes, my loan was approved. No lengthy documentation or multiple visits to a bank – just instant approval and disbursement. Thanks to RING, I was driving my new car in no time. The best part? I could choose a repayment plan that fit perfectly into my monthly budget.
Priya S.
Delhi
**From Application to Approval in Minutes!**
I was anxious about getting a loan for my car, but RING made the experience surprisingly smooth. I applied for a personal loan for car purchase and got approval in just a few clicks. The app even calculated my EMI instantly, so I knew exactly how much I had to pay each month. Now I’m driving my dream car, and the flexible repayment terms make it so much easier to manage my finances. RING really made it effortless!
Vikram R.
Bangalore
**Flexibility That Works for Me**
What really stood out for me was RING’s flexible repayment plans. With my job being demanding, I wanted a loan that wouldn't burden me financially, and RING delivered. I chose a repayment term that worked with my monthly salary, and the transparent terms ensured there were no hidden surprises. From approval to driving my new car, everything was straightforward.
Sonal P.
Pune
**Competitive Rates, No Hassles!**
I compared several loan options before settling on RING, and I’m so glad I did! Their competitive interest rates, combined with the hassle-free application process, made them the clear choice. The fact that I didn’t have to pledge any collateral was a huge relief. Now, I’m a proud car owner, and I didn’t have to break the bank to get there.
Rajesh K.
Hyderabad
**Fully Digital and Super Quick!**
I was amazed by how fast everything went. RING’s 100% digital process saved me time and effort – no paperwork, no waiting in lines. I got my loan approved instantly, and the amount was disbursed almost immediately. It was an incredibly smooth experience, and now I’m driving the car I always wanted. RING is truly the go-to for car loans!
Anjali T.
Chennai
**Trustworthy and Transparent**
I was a bit nervous about getting a loan online, but RING’s transparent terms put my mind at ease. They clearly laid out all the fees and interest rates upfront, so I knew exactly what I was signing up for. The flexible repayment options were a bonus, and I’m now paying off my loan without any stress. RING made my car purchase possible in the easiest way imaginable!
Find the Right Personal Loan For You
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Personal Loan for Students
Invest in your future or your child's education with our flexible education loans. Cover tuition fees, buy study materials, or enrol in that special course without financial stress.
Personal Loan for Home Renovation
Give your home a makeover without breaking the bank. Whether it’s a new kitchen, a fresh coat of paint, or an extension, our loans make it possible.
Personal Loan for Weddings
Make your special day even more magical with our wedding loans. Plan the perfect wedding without worrying about the expenses, from the venue to the honeymoon.
Got Questions? Let's get to them.
What Is a Car Loan and How Does It Work?
How to Get Your Car Loan Approved Faster?
RING’s 100% online and paperless process ensures that your loan is approved in minutes. Complete your KYC (Know Your Customer) digitally in under 5 minutes, and you’ll receive instant approval for your personal loan for car purchase. Just ensure you have your PAN and Aadhaar ready, and your loan application will sail through with no delays.
How Can I Know What My EMI Amount Is?
RING provides an in-app EMI calculator that allows you to check your monthly installments based on your loan amount and chosen tenure. Simply input the loan amount and duration, and you’ll know your EMI instantly.
What Are the Minimum and Maximum Tenures of a Car Loan?
With RING, you can choose repayment tenures that range from 3 months to 24 months. This allows you to pick a plan that suits your financial comfort and helps you manage your monthly budget better.
More Questions
