RBL Bank Car Loans

RBL Bank has an exhaustive list of products including credit cards, gold loans, home loans, auto loans, two-wheeler loans, personal loans, and education loans. The bank also provides car loans for brand new cars and used cars at interest rates ranging from 12%-14% per annum.

The car loan from RBL Bank is a perfect solution to fulfill your dream car requirement. Owning a new car becomes easy with the attractive options offered by RBL Bank. If you can't afford to keep paying, you could even transfer the loan to someone else!

mymoneykarma provides you with all the information that you need about RBL Bank car loans.

Features of RBL Bank Car Loan

• It offers a loan for cars ranging from small and compact cars to super-premium vehicles, SUVs, and MUVs.

• The bank disburses a loan amount ranging from Rs.50000 upto Rs.30 Lakhs for salaried applicants, and upto Rs.1 Crore for self-employed individuals and professionals.

• The loan repayment tenure is from 12 to 60 months.

• LTV of up to 90% of the value of a new car (including ex-showroom price + applicable taxes + insurance).

• The car loans are available at attractive fixed rates of interest.

Interest Rates for RBL Bank Car Loan

Features                  New Car Loan

Interest rate              12% to 14% p.a.

Loan tenure              12 to 60 months

Quantum of loan      Rs.50,000 to Rs.1 crore

Processing fee         1 % of the loan amount

Lowest EMI/lakh      Rs.2,224 (at 12% p.a. interest for a 5-year tenure)

Eligibility Criteria

Salaried Individuals

• The age range of the applicant is set at a minimum of 21 years at the time of application and a maximum of 58 years at loan maturity (which can extend up to 60 years for govt. employees).

• The loan requires a total work experience of 3 years.

• The applicant must have a decent credit score

• One residential and official contact number, either landline or a post-paid mobile connection, is required.

• Minimum annual income should be Rs. 1 lakh for buying a small car.

Self-Employed Individuals/Professionals

• The age of the applicant should be at least 25 years while applying, and at the most 65 years during maturity of the loan.

• The applicant should have a minimum of 3 years of experience in the same line of business.

• The applicant must have a decent credit score

• One residential and official contact number, either landline or a post-paid mobile connection, is required.

List of Documents Required

For Salaried Employees

• Three latest salary slips (on original letterhead with all deductions and salary components)

• Two latest Form-16 (duly signed by the authorized signatory of the company) or IT Returns of the last two years

• Borrower's salary account bank statements for the previous six months

For Self-Employed Individuals/Sole Proprietorships

• Latest audited ITR and financials for the last two years (balance sheet, Profit and Loss statement, computation of income along with all the schedules)

• Bank statements from the applicant's main account/s for the last 12 months 

Car Documents

• Pro-forma invoice of the vehicle

• Margin money receipt from the dealer

• RTO set

RBL Bank Car Loan EMI Calculator

The Car Loan EMI calculator is an online calculator that is free to use and available both on the bank's website and on other financial websites. The EMI calculator will require a few inputs about the loan, such as the amount, tenure, and the interest rate. Once you enter these three details in the calculator, it will display the EMI that you will have to pay every month.

RBL bank car loans have flexible loan tenures that range from 12-60 months. It provides 90% of the new car cost as loan (which includes ex-showroom cost + VAT + insurance). RBL offers car loan plans at fixed rates of interest. The loan amount offered by RBL Bank ranges between Rs. 50000-Rs. 30 lakhs for salaried individuals, and up to Rs. 1 crore for self-employed individuals and professionals.

After the customer buys a car, he/she needs to repay the loan within the loan tenure, i.e., a particular period on an EMI basis. If you want to know how the EMI calculator operates, here is the basic formula of calculation:

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Process of Applying for Andhra Bank Car Loan

The customer can apply for a car loan either by visiting the bank directly, or online. Availing a loan via an online marketplace improves the chances of getting it at the best interest rates, low processing fees, and through special offers in the form of cash backs.

Once the customer approaches the bank, loan processing will be initiated, performing checks on the property, credit score, and documentation. The bank will then give a decision on the loan amount based on the evaluation results.

 

FAQs

1. What credit score is needed for an RBL car loan?

Generally, RBL Bank requires a minimum credit score of 700. If your credit score is less than 700, your loan application will most likely get rejected.

2. What details should a customer provide if he/she wants to make prepayments on a loan?

The customer will have to provide a few details, which are as follows:

Prepayment frequency

Prepayment fee

Prepayment amount

How the prepayment applies

3. Why has my RBL Bank car loan application been rejected?

For an RBL Bank car loan to be approved, applicants need to meet all the eligibility criteria and upload the required updated documentation within the given time. The applicant should also have a decent credit score,  a good debt-to-income ratio, and no history of defaulted EMI payments in the past. 

2. What is the processing fee for the loan?

Processing fee for RBL bank car loans is 1% of the loan amount. The bank requires this fee for processing the car loan application, and it will be deducted from the loan amount during loan disbursal.