With RING, the disbursement of your personal loan for a vehicle is super quick. Thanks to our fully digital process, you can receive your loan within minutes after approval. On average, disbursement happens in under 5 minutes, making it one of the fastest loan processes in India.
Drive Away with a Vehicle Loan
Get behind the wheel with ease
Zero Pre-payment charges
Flexible Repayment
Instant Bank Transfer
About Our Vehicle Personal Loan
Fuel Your Dreams with a Personal Loan for Vehicle Purchase!
Looking for a personal loan for your vehicle purchase? With RING, you can get quick approval for up to Rs. 5 lakhs to finance your next car or bike. Our seamless, paperless process makes applying for a personal loan for a vehicle simple and stress-free, so you can focus on what really matters – choosing the perfect ride. Flexible repayment terms and competitive interest rates give you full control over your loan, allowing you to enjoy your new vehicle without worrying about the finances. Whether you're planning to buy a new car or upgrade your two-wheeler, RING is your partner in making it happen.
Benefits of Vehicle Personal Loans
Instant Approvals for Instant Gratification: Get the green light on your personal loan for vehicle purchase in just minutes.
Flexible Repayment That Fits Your Life: Tailor your repayment terms to suit your lifestyle, with options ranging from 3 to 24 months.
No Paperwork, No Worries: Enjoy a paperless process, freeing up your time for the fun stuff – like picking your dream vehicle!
Drive Away With Up to Rs. 5 Lakhs: Secure the financing you need, whether it's for a brand-new car or a stylish upgrade.
Features of Personal Loans for Vehicles
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 Vehicles 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 Vehicles 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 Vehicles 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
Rema Singh
Mumbai
I had been saving for a new bike for months, but I was still short on cash. That’s when I came across RING. Their personal loan for vehicles came through for me when I needed it the most. The process was incredibly fast, and the best part? I didn’t need to step out of my home. Everything was done online, and within minutes, I was approved for the loan. Now, I commute to work with ease, and I couldn’t be happier. Thank you, RING!
Loan Type: Bike Loan | Amount: ₹50,000 | Tenure: 12 months
Priya’s story is not unique—RING has helped thousands of people across India take control of their finances and get their dream vehicles, all through a simple, digital process.
Manav
Delhi
My old car was breaking down constantly, and I needed an upgrade urgently. Unfortunately, I didn’t have enough money to buy a new one outright. RING’s personal loan for vehicles gave me the flexibility I needed. Their quick approval and flexible repayment options were exactly what I was looking for. Now, I’m driving my brand-new car, and it feels amazing. RING made the whole process stress-free and easy.
Loan Type: Car Loan | Amount: ₹2,00,000 | Tenure: 18 months
Amit’s story highlights how RING’s seamless loan process empowers customers to make major purchases without the financial strain. We help you move forward—literally.
Sonal
Bangalore
I always wanted to own a car, but being a first-time buyer, I was nervous about the whole loan process. But RING made it so easy! From the instant approval to the transparent terms, everything was smooth. There were no hidden charges, and I knew exactly what to expect. Now, I’m the proud owner of my first car, and I couldn’t have done it without RING. I highly recommend their personal loan for vehicles!
Loan Type: First Car Loan | Amount: ₹1,50,000 | Tenure: 24 months
First-time buyers like Sonal can count on RING for a seamless experience. Whether it’s a first-time car or a second-hand vehicle, we have a solution that fits every need.
Sunil
Chennai
I was looking for a second-hand vehicle and didn’t want to dip into my savings. RING’s personal loan for vehicles was the perfect solution. The loan process was fast, and I was approved within minutes. The flexible repayment options made everything easier, and I could choose the tenure that suited me best. Now, I have a reliable vehicle for my daily commute, and I’m paying it off comfortably over time.
Loan Type: Second-hand Vehicle Loan | Amount: ₹80,000 | Tenure: 12 months
Ravi’s experience shows how RING helps customers finance not just new vehicles but also second-hand ones, providing flexibility and convenience.
Swati Kapoor
Pune
I never imagined that financing a vehicle could be this easy. RING’s digital loan process was quick, and I didn’t have to worry about any paperwork. The interest rates were competitive, and I appreciated how transparent everything was from the start. Now, I’m driving around in my dream car, and the whole experience was stress-free.
Loan Type: Car Loan | Amount: ₹2,50,000 | Tenure: 24 months
Karan Thakkar
Hyderabad
I needed a car urgently for my work, and RING’s personal loan for vehicles helped me get it in no time. The instant approval and no collateral requirement were big selling points for me. The app was easy to use, and I got the loan amount transferred to my account almost immediately. I’ve been enjoying my car ever since!
Loan Type: Car Loan | Amount: ₹3,00,000 | Tenure: 18 months
Find the Right Personal Loan For You
Personal Loan for Travel
Fund your dream vacation and make unforgettable memories with our travel loans. From flights to hotels and everything in between, we’ve got you covered so you can focus on enjoying your trip.
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 the normal time required for the disbursement of a vehicle loan?
What does "own contribution" (margin) mean?
Own contribution or margin refers to the amount you need to pay upfront when purchasing a vehicle. For example, if you’re buying a car and the total cost is ₹5 lakhs, your own contribution might be 20%, or ₹1 lakh. The remaining amount is what RING can finance through a personal loan for vehicles.
What is EBLR?
EBLR stands for External Benchmark Linked Rate. This is a reference interest rate that is determined by an external benchmark like the RBI’s repo rate. Your loan’s interest rate will be tied to this benchmark and can fluctuate based on changes in the external rate.
When will my interest rate change under the EBLR regime?
Your interest rate may change whenever the external benchmark rate (such as the RBI’s repo rate) is revised. This means that if the repo rate changes, your loan’s interest rate could increase or decrease depending on the direction of the change.
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