RBL Bank Car Loan

RBL bank car loans make a one-stop solution for prospective car buyers. The lender brings a slew of car loans that are made keeping in mind the different requirements of individuals. RBL car loan are offered to give financial help to the individuals who wish to buy cars ranging from entry level models to compact and premium ones. The RBL Bank car loans amount ranges up to 1 crore and cost interest rates starting from 12%. The bank allows you to choose from a convenient range of repayment tenures that go up to 60 months. Let us expand this section and know more about the RBL bank car loan.

RBL Bank Car Loan Interest Highlights

RBL Bank Car Loan Features

From interest charges to repayment options, here are the notable features that RBL car loans make:

• Purpose : RBL car loans are designed to meet the financial needs of individuals who wish to buy a car. This loan can be availed to buy different types and models of cars ranging from entry level ones to the compact and premium ones which includes SUVs and MUVs. 
• Loan Amount : The lender avails car loan amount based on the multitude of factors which includes the type and model of your car and your income. The RBL bank car loan amount ranges from Rs 5 lacs to Rs 1 crore. Once can avail up to 90% of the value of a new car. 
• Interest Rates : RBL bank car loan interest rates start at 12% per annum and go up to 14% per annum. There are a number of factors that can impact the RBL car loan interest charges which include the model of car, your credit history and car loan repayment period.
• Repayment Tenure : RBL bank car loans feature quite a convenient range of car loan repayment tenure options. You get to choose among the repayment terms ranging from 12 months to 60 months. 
• Prepayment : You can choose to prepay your RBL bank car loan once you have completed 6 installments. However, you will be charged foreclosure fees by the bank plus the taxes for prepaying the car loan amount. Here are the RBL car loan foreclosure charges that apply:
  • For prepayment of car loan before 12 months: 5% of the principal outstanding will be charged.
  • For prepayment of car loan after 12 months: 3% of the principal outstanding will be charged.
• 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.

RBL Bank Car Loan Fee & Charges

RBL Bank Car Loan Eligibility

RBL bank car loan eligibility criteria is based on multiple factors including applicant’s employment and age upon which the lender decides whether or not the applicant qualifies for the RBL bank car loan. If you are planning to apply for a RBL Bank car loan, then it is advised that you check out the RBL bank car loan eligibility requirements.

Here is the RBL bank car loan eligibility criteria:

• Minimum age of salaried individuals should be 21 years. 
• Maximum age of salaried individuals should be 58 years and 60 years for government employees during loan maturity.
• Minimum age of self employed individuals should be 25 years.
• Maximum age of self employed individuals should be 65 years during loan maturity.
• Individuals should have at least 3 years of work experience. 

Documents Required for RBL Bank Car Loan

Here are the documents required for RBL car loan application:

COMPARE OTHER BANK CAR LOAN INTEREST RATE:

How To Calculate RBL Car Loan EMI

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.

How to Apply for RBL Bank Car Loan?

You can apply for a RBL car loan offline or online. Here is how you can apply:

• Apply for a RBL bank car loan offline

You have to go to the nearest branch of RBL bank in order to get started with the RBL car loan application. You can fill out the car loan application form at the branch to apply for the car loan offline. While visiting the branch, it is advised that you carry all the necessary documents that you will be required to submit with your application. 

• Apply for a RBL bank car loan online

Here are the steps to apply for RBL bank car loan application online:

• Navigate to the official website of RBL bank.
• Click on the “Personal Banking” menu.
• After that, hit the “Loans” menu.
• Now, find and click on the “Car Loan” option.
• Click the “Apply Now” button.
• Now that you are on the RBL car loan application page, you have to fill out the required details including your date of birth, mobile number and city.
• Then, click the “Submit” button. 

RBL Bank Car Loan Customer Care Number

You can contact the RBL bank customer care if you have any query or complaints or when you need any assistance regarding the RBL bank car loan. 

Here is the RBL bank car loan customer care number:

+91 22 6115 6300

FAQs On RBL Bank Car Loan

Q.1 How can I foreclose my RBL bank car loan?

You can foreclose your car loan amount after completing 6 installments. You can choose to foreclose your RBL car loan by paying the amount via Demand Draft or Cheque at any of the branches of RBL Bank. 

Q.2 What is the maximum loan amount I can get for an RBL bank car loan?

The RBL car loan amount ranges from Rs 5 lakh to Rs 1 crore. 

Q.3 Can I prepay my RBL bank car loan?

Yes. RBL bank allows car loan borrowers to prepay the car loan and foreclose it. You must complete 6 installments before you foreclose your RBL car loan. Know that the bank charges a car loan foreclosure penalty of up to 5% of principal outstanding.