RBL Bank Car Loan: Interest Rate, Eligibility, Processing Fee & Customer Care

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RBL BANK CAR LOAN 

ABOUT RBL BANK CAR LOAN :

RBL Bank was established in 1943 at Mumbai. This bank is one of the oldest Indian private sector banks. It also offers a huge range of banking products and services to all customers.

Having a car is not a big deal nowadays; the real deal is that you get what you want. Most people have a car in their mind which they want to buy for their needs. Some of them can buy it and others can't, some of them go for low price and average looking cars and some want to buy expensive and beautiful cars. Most people love to buy or we can say have a dream to buy a certain expensive car but they can’t, the only reason is budget.  People get upset and lose hope for that car and compromise with the choice then they purchase a low budget car. 

Here, we talk about all things above that are quite normal but there is change in it, now everyone can buy their dream car with ease. You all think that “how it is possible? 

To overcome with this issue RBL bank came with an exciting opportunity i.e. RBL Bank car loan.

Up to 94% of the value of the car may be given as a loan. The value of the car includes the ex-showroom price, insurance, and applicable taxes. Car loans are provided for MUVs, SUVs, small cars, compact cars, premium cars, and super-premium cars.

BENEFITS OF RBL BANK CAR LOAN :

RBL bank car loans come with most suitable features and benefits. And all the schemes of the bank are customer friendly and easy to understand.

1. Convenient repayment tenure :

The minimum repayment tenure is 12 months and maximum tenure is 60 months for RBL Bank car loan. This car loan tenure is very convenient to the customers for buying their dream car with RBL Bank. 

2. Attractive rate of interest :

The minimum interest rate of RBL bank car loans is 12% and the maximum interest rate is 14%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score.

3. No collateral or guarantor required :

For availing car loans you do not need to provide any collateral or security in exchange for the loan amount.

4. Affordable car loan amount :

RBL Bank provides an affordable loan amount to the customer for purchasing their dream car. For salaried employees can avail loans amount from Rs.50000 to Rs.30 lakh and for self-employed individuals and professionals can get loans of up to Rs.1 crore.

ELIGIBILITY CRITERIA FOR RBL BANK CAR LOAN :

If you are going for the car loan from RBL bank must check that you come under eligibility criteria. 

ELIGIBLE

Salaried individuals, self employed individuals and self employed professionals

AGE

For salaried employees = Minimum age is 21 years and maximum age is 58 years 

For government employees = Maximum age is 60 years 

For self individuals and professionals = Minimum age is 25 years and maximum age is 65 years

INCOME

Minimum of 3 year of experience with the current employer

FEE AND CHARGES OF RBL BANK CAR LOAN :

TYPE

CHARGES

Processing fee

1% of loan amount 

Foreclosure charges 

3% to 5% of principal outstanding

Late payment charges

2% per month additional interest on the overdue amount

Cheque swapping charges

RS.250 per instance

Cheque bounce charges 

RS.250 per instance

Charges for issue cibil report

Rs.50 per instance

NOC issuance charge/ No due certificate

Rs.250 per instance

DOCUMENTS REQUIRED FOR RBL BANK CAR LOAN :

While applying for a car loan properly check all the documents that are mentioned below. Without these documents loan is not possible to get. 

TYPE

Id Proof

Address proof

Income proof

Salaried individuals

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 12 month bank statement, salary slip last 3 month latest 2 year Form 16 and ITR

Self-employed individual/Sole proprietorship

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 12 month bank statement, Latest audited ITR, last 2 year balance sheet, profit & loss account, computation of income along with all schedules.

Self employed professionals

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 2 year ITR, 12 month bank statement, last 2 year balance sheet, profit & loss account, computation of income along with all schedules, Degree certificate or final year mark card, Professional qualification certified must be provided by CA, Architects, Doctors etc

COMPARE OTHER BANK CAR LOAN INTEREST LOAN :

BANKS

INTEREST RATE

AXIS Bank New Car Loan

9.05% to 11.30%

AXIS Bank Pre-Owned Car Loan

14.80% to 16.80%

AXIS Bank Loan Against Car

13.99%

AXIS Bank Balance Transfer and Topup Car loan

15.00%

SBI New Car Loan Scheme

8.00% to 10.75%

SBI Combo Loan Scheme

8.70% to 9.20%

SBI Pre-Owned Car Loan

9.75%

SBI Loyalty Car Loan Scheme

8.70% to 9.5%

HDFC Bank New Car Loan

8.80% to 10.50%

HDFC Bank Used car loan

12.75% to 15.30%

HDFC Bank Loan Against Car

13.75% to 16%

Kotak Mahindra Bank Car Loan

8.00% to 24%

Yes Bank Car Loan

9.25%

ICICI Bank Car Loan

9.30% to 12.85%

IDBI Bank Car Loan

9.30% to 9.90%

RBL Bank Car Loan

12% to 14%

IndusInd Bank Car Loan

10.65% to 15.50%

Bank of Baroda Car Loan

8.85%

Bank of India Car Loan

8.95%

Canara Bank Car Loan

7.75% to 10.30%

Indian Bank Car Loan

8.45%

Punjab National Bank Car Loan

8.9% to 9.35%

HOW TO CALCULATE EMI OF RBL BANK CAR LOAN :

Use this formula to calculate your EMI

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

Here,

P is the principal amount, 

N refers to the number of installments, and 

R is the rate of interest for each month.

OTHERS PRODUCTS OF RBL BANK :

1. RBL Bank Car Loan 

2. RBL Bank Business Loan 

3. RBL Bank Credit Card

4. RBL Bank EMI Calculator

HOW TO APPLY FOR RBL BANK CAR LOAN :

There are two ways to get a car loan with RBL Bank i.e. 

  1. Offline Method : By visiting nearest RBL Bank branch

  2. Online Method : 

  • Initially visit RBL bank official website

  • At home page click on go to “Personal” section

  • Now go to “loans”

  • Select the “Car loan”

  • Click on apply now and complete the application form carefully

  • Attached all mandatory documents with the application form and submit it

  • Now wait for few minutes and you will notify soon whether you are eligible for loan or not

FINANCIALS PRODUCTS OFFERED BY BANKS :

BUSINESS LOAN

 

CAR LOAN

COMMERCIAL LOAN 

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN 

HOME LOAN 

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

FREQUENTLY ASKED QUESTIONS :

Q1. What is the maximum loan amount that should be charged by RBL Bank car loan?

The maximum loan amount should be charged by RBL Bank personal loan is up to Rs.30 Lakh for salaried employees and upto Rs.1 crore for self employed professionals. 

Q2. What age is required for RBL Bank car loan?

For salaried individuals the age is 21 years to 58 years, For government employees the maximum age should be 60 years and For self individuals professionals the age is 25 years to 65 years required to get a car loan from RBL Bank.

Q3. What is the maximum tenure of car loan in RBL Bank?

The maximum tenure of car loan in RBL Bank is 5 years.

Q4. How much experience is required to get a car loan from RBL Bank?

There should be a 3 years experience required to get a car loan from RBL Bank.

Q5.What interest rate should be charged by RBL Bank car loan?

The interest rate charged by RBL Bank car loan is 12% to 14%.

Last Updated on : 27/Jul/2020

Know More About

Rbl Bank Car Loan

You're eligible for a Rbl Bank Car Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Car Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Rbl Bank Car Loan Interest Rates

Updated on 25 Nov 2017

Rbl Bank Car Loan Details
Interest Rate (Monthly reducing balance) 12% - 14%
Processing Fees 1% of the loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Car Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959