*Please note quotes shown will be from Our Partners

Car Loan

RBL Bank Car Loan
 

RBL Bank Limited was founded in August 1943 and is one of the oldest private sector banks in India. Formerly known as The Ratnakar Bank limited. The RBL Bank is a scheduled commercial with its headquarters in the Kolhapur region of Maharashtra. The Bank offers a full range of banking products and services across 5 verticals, which includes, Corporate & Institutional Banking, Retail Banking, Commercial Banking, Financial Markets and Agri & Development Banking. RBL Bank has a network of 193 branches and 362 ATMs across 13 Indian states and Union Territories, as of March 2016.


RBL Bank has been rated as India’s Best Bank in terms of growth amongst the mid-sized bank segment by Business Today-KPMG study for three consecutive years is one of the most trusted mid-sized bank segments. With over 183 branches in 13 different Indian states, the bank is offering Car loans to customers at attractive interest rates and terms & conditions.


Features of RBL bank car loan: RBL plans to disburse car loans
 

  • RBL bank loan for a new car can be availed for the purchase of small & compact cars to super premium cars, SUV, MUC, Compact Sedan, and Hatchback.
  • RBL Bank does not offer used car loan
  • RBL bank car loans come with flexible loan tenures
  • RBL bank car loan  repayment tenures range from 12 to 60 months
  • RBL offers car loan up to 90% of the new car, which includes Ex-Showroom Price + VAT + Insurance.
  • RBL offers car finance plans at fixed rates of interest
  • The amount for car loan provided by RBL Bank ranges between Rs. 50000 up to Rs. 30 Lakhs for salaried individuals and up to Rs. 1 Crore for self-employed individuals and self-employed professionals.

Eligibility for RBL car loan

RBL car loan eligibility criteria are different for salaried individuals and self-employed individuals. Requirements for RBL car loan which are to be met by the loan applicant include:


Eligibility for RBL car loan for salaried individuals:
 

  • Applicant’s age should be minimum 21 years and maximum 58 years.
  • Minimum 3 years of total work experience is required.
  • Minimum 1 landline contact at residence or office and a post-paid mobile connection required.
  • Minimum incomes required to avail car loan from RBL varies between 1,00,000 p.a. to 9,00,000 p.a. depending upon the car segment.

Minimum income requirements for salaried individuals for RBL bank car loan is based upon the segment of the car purchased as per table below:

 

Segment

Tier1 – Small

Tier2 – Compact

Tier3 – Mid-sized

Tier4 – Large-sized

Premium Cars

 

 

 

 

 

 

Minimum Income

Rs.1 Lakh

Rs.1.5 Lakhs

Rs.3.5 Lakhs

Rs.5.5 Lakhs

Rs.9 Lakhs

 


RBL car loan eligibility for self-employed individuals:
 

  • Applicant should be of minimum 25 years and maximum 65 years.
  • Minimum 3 years of work experience is required in the same business.
  • Minimum 1 landline contact at residence or office and a post-paid mobile connection is required.
  • Minimum incomes required to avail car loan from RBL varies between 1 lakh p.a. to 7.5 lakhs p.a. depending upon the car segment.

Minimum income requirements for self-employed individuals for RBL bank car loan is based upon the segment of the car purchased as per table below:

 

Segment

Tier1 – Small

Tier2 – Compact

Tier3 – Mid-sized

Tier4 – Large-sized

Premium Cars

 

 

 

 

 

 

Minimum Income

Rs.1 Lakh

Rs.1.5 Lakhs

Rs.3 Lakhs

Rs.4 Lakhs

Rs. 7.5 Lakhs

 


Check whether you are eligible for an RBL bank car loan or not using the car loan eligibility calculator. The eligibility calculator is an online tool which can be accessed online anytime anywhere. This tool helps you to check whether you meet the eligibility criteria for a certain bank loan. Checking your eligibility criteria helps you to know where you lack in terms of eligibility so that you can try to make yourself eligible for that particular loan or go for any other loan option. Checking your eligibility before applying for a loan lets you know your eligibility and increases the chance of loan approval. Sometimes a loan gets turned down just because you fail to meet certain eligibility criteria of the bank. Such unfortunate events can lead to wastage of your precious time and efforts. Therefore, in order to avoid such circumstances it is better to check your eligibility before you apply for the loan.


You can check your loan eligibility at PaisaBazaar.com. The process for checking your loan eligibility is simple and requires a few minutes. Go to PaisaBazaar.com and from the “Tools” drop down menu select loan eligibility calculator. Once you reach the loan eligibility calculator, you can choose car loan eligibility calculator. The car loan eligibility calculator requires some inputs pertaining to the loan you intend to take, the car model you want to buy, and your personal details, like place of residence, income, employment type, company you work at, etc.


When you fill out the complete questionnaire of the eligibility calculator, it checks your loan eligibility and displays different car finance plans based upon your eligibility and requirements. The car loan schemes offered to you are tabulated with the key features of the loan. You can compare the schemes against the features to make an informed choice.

Applicable car loan interest rates of RBL bank car loan

Before you apply for an RBL bank car loan make sure you check all the RBL Bank car loan details, like the RBL bank car loan interest rates, the additional charges, repayment tenures


Car loan interest rates can depend on a number of factors like the down payment, loan tenure, credit score of the applicant, car model and certain other things. RBL car loan interest rate is usually fixed.


RBL Bank offers interest rates which varies according to individual applicant profile as well as the vehicle variant (Small & compact, Mid-sized, SUV, MUV).

RBL Bank Car Loan Associated Fees & Charges

RBL bank car loans have the following additional charges which the applicant has to pay as and when applicable:


1. Processing fee
Processing fee for RBL bank car loan is 1% of Loan amount. This fee is required by the Bank for processing the car loan application and is deducted from the loan amount at the time of the car loan disbursal.

 
2. Late payment charge

In case the borrower does not make the EMI payments on time, then the Bank levies a late payment charge on the overdue amount. Late payment charge associated with RBL bank car loan is 2% additional interest per month on overdue EMI amount


3. Charges for issuance of duplicate interest & principal certificate
RBL car loan requires Rs. 250 for the issue of duplicate interest & principal certificate.


4. Duplicate NDC/NOC charges
The Bank charges Rs. 250 for the issue of a duplicate no dues certificate / no objection certificate.


5. Cheque swapping charges
These charges are levied when the borrower wants to swap the post-dated cheques already with the Bank with any other bank account cheques. The charges for availing this facility is Rs.250.


6. Bounce Cheque Charges
If the post-dated cheques given by the borrower for repayment of the loan amount gets bounced or declined due to low balance then the Bank levies Rs.250 as bounce cheque charge for every bounced cheque. Therefore, if your mode of EMI payment is through PDCs or post-dated cheques, you must make sure that the account from which the EMIs are debited has enough cash in it.


7. CIBIL report charges
If the borrower wants to know his credit or CIBIL report, the Bank offers the same at a nominal charge of Rs.50.


8. Foreclosure charge
Foreclosure charges are levied when the borrower wants to pay the outstanding loan amount and close the loan before the tenure ends. RBL Bank does not allow foreclosure before 6 months of the loan tenure. After paying 6 EMIs, the loan can be foreclosed by paying a foreclosure charge of 5% of principal outstanding if the loan tenure is less than 12 months and 3% of principal outstanding post 12 months.

Documents required with the RBL car loan application

Car loan provided by RBL Bank can be availed only after submission of certain documents along with the car loan application form.


The documents for RBL car loan include:

  • PAN Card for Individual, Partnership Firm or Company
  • Proof of Identity – Voter ID Card or Driving License or Passport or Aadhar Card
  • Proof of Address – Voter ID Card or Driving License or Passport or Telephone Bill or Electricity Bill or Registered Lease Deed or Sale Agreement or Bank Statement
  • Proof of continuity of business– Any one of the following documents (dated 3 years old) : Bank Statement or Sales Tax Challans or IT Returns or Shops & Est. Certificate or Certificate of Incorporation or Partnership Deed.
  • Passport Photos of all applicants and co-applicants

 

Car documents that are required for availing a car loan from RBL bank include:

  • Pro-forma invoice of the financed car
  • Margin money receipt from the dealer
  • RTO set

 

List of financial documents to be attached with the RBL car loan application form include:

Documents to be submitted by Salaried Individuals

  • The recent 3 salary slips or Salary Certificate on original letterhead detailing the deductions and salary components.
  • The recent 2 Form 16 or Latest 2 years IT Return, duly signed by the authorized signatory of the company.
  • The borrower's primary account/s Bank statements for past 12 months.

 

Documents to be submitted by Self-Employed Individuals / Sole Proprietorship firms

  • Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • The borrower's primary account’s Bank statements for past 12 months.

 

Documents to be submitted by Self-Employed Professionals

  • Latest audited ITR and financials for the last 2 years (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
  • The borrower's primary account’s Bank statements for past 12 months.
  • Professional Qualification Certificate and Degree Certificate OR Final Year Mark sheet. (Doctors, Architects, Chartered Accountants etc.)

Car Loan EMI

Car loan EMI or Equated Monthly Installments are the monthly car loan payments which the borrower has to make in order to repay the car loan amount. EMI can either be fixed or it can be changing. If the car loan has fixed interest rate then the car loan EMIs will remain fixed for the entire tenure of the loan. However, in case of floating interest rate loans, the EMI keeps changing due to the fluctuating interest rate.


Before applying for the car loan it is a must that you calculate the EMI you will have to pay when you borrow a particular loan amount for certain tenure at a certain rate of interest. When you take a loan to buy a car, the lender gives you the money which you will have to pay back within the loan tenure with a certain interest. The Car loan EMI has to be paid every month throughout the tenure of the loan, therefore you fix an EMI which you can pay with ease. Sometimes, people tend to borrow a higher loan and consequently end up paying high EMIs. If your monthly income does not support the EMI then your budget might be affected and you might even default on your EMI payments. Defaulting on EMI payments can hurt your credit score which in turn can affect your future borrowings. In the worst case of default loan payments, the bank can even take away the vehicle from you to make up for the loss. 


Buying a car requires a hefty investment and the loan which you borrow will also be high. Therefore, it is a must to keep in mind your monthly income while borrowing a loan, as you will have to pay back the borrowed amount back in parts with interest. 


Car Loan EMI calculator

Car loan EMI can be calculated using the Car loan EMI calculator. It is an online calculator which is easy-to-use and accessible 24*7. It is a free to use calculator which is available both on bank website and certain financial websites. The EMI calculator will require a few inputs pertaining to your loan, such as the loan amount, tenure and interest rate. Once you enter these three details of your car loan, the calculator will display the result which is the EMI which you will have to pay every month. The EMI calculator is fast and gives instant results without any waiting time!


You can also find a car loan EMI calculator at PaisaBazaar.com, which can be used to calculate the EMIs without any charges or registration hassles. PaisaBazaar’s EMI calculator tool has been designed in a way that it is user-friendly and delivers results instantly without any errors. Every borrower must use the EMI calculator to know his loan EMI and find the EMI which he can comfortably pay every month for the different deals on car loans.


How does the Car loan EMI calculator work?

There are certain factors on which the EMI calculator works, these are:

  • Loan amount- The amount lent as a loan for purchasing a car is the loan amount. Car loan amount eligibility of the applicant depends upon the income of the loan applicant and the car cost. Car loans offered by RBL Bank sanction up to 90% of the cost of the car.
  • Loan tenure- The borrowed amount has to be repaid back to the lender with interest within a fixed time. This time given for loan repayment is the loan tenure for which the borrower keeps on paying EMIs. RBL car loans offer flexible tenures ranging between 12 to 60 months.
  • Interest rate- The rate at which the borrower has to pay interest on the borrowed amount is the interest rate of the loan. The interest rate can either be fixed or floating in type. The fixed interest rate stays the same throughout the tenure of the loan whereas the floating interest rate changes with the market fluctuations. RBL car loans come with fixed rate of interest. RBL car loan interest rate range between 12-14% p.a. depending upon the segment of car you purchase.


RBL Car Loan EMI calculator

RBL bank car loan EMI can be calculated using the RBL car loan EMI calculator available on the Bank’s website or at PaisaBazaar.com. Before you apply for a RBL bank car loan, make sure you calculate EMI for RBL Bank car loans so that you know the amount you will have to pay every month to satisfy the loan.  Calculating EMI for the loan is beneficial in two ways, firstly, you know the amount you will have to pay every month and secondly, you are able to assess your repayment capabilities.


Calculate EMI for RBL Bank Car Loans

Planning is an essential part of every important endeavor of life. Same goes with buying a car and getting it financed from a lender. The lender gives you a loan at a certain rate of interest which you will have to pay back with the borrowed amount within the tenure of the loan. Never borrow an amount which you will not be able to pay back because the outcomes of an unpaid loan can be damaging. Defaulting on loan payments can damage your CIBIL score and also your lender can seize the financed vehicle from you.


Therefore it becomes necessary to plan a car loan budget based upon your requirement and your repayment capacity.  You need to understand how much amount you will be able to pay back every  month towards the loan. The monthly EMI is based upon the loan amount, interest rate applicable and the loan tenure chosen by you.


Calculating your loan EMI manually is a complex and time-taking procedure, which can also lead to wrong results. This is the reason why an EMI calculator is useful to a prospective car loan applicant.


So, before applying for the RBL Bank car loan, use PaisaBazaar’s easy-to-use car loan EMI calculator. The calculator gives accurate results based upon the basic loan information provided by you. Visit the PaisaBazaar.com, and choose EMI calculator from the “Tools” drop down menu option. Select the car loan EMi calculator and enter the required details pertaining to the loan, such as amount you intend to borrow, the time you want to repay the amount in and the prevalent interest rates. The moment you enter these details, the EMI is displayed. This calculator can be used to experiment with loan parameters to arrive at a feasible EMI which you can pay back with ease.

Apply for a RBL bank car loan through PaisaBazaar.com

Apply for a RBL car loan at PaisaBazaar.com and forget the hassles of visiting the bank branch. Applying for the RBL Bank car loan was never this easy and time-saving. At paisaBazaar.com you can enjoy a lot of other benefits along with applying for a RBL car loan online.


Enjoy the following benefits at PaisaBazaar.com:
 

  • Check your car loan eligibility
  • Get the offers of the best car loans in India based upon your requirement and eligibility
  • Compare the loans against key loan parameters
  • Apply for a RBL car loan online or any other car loan
  • Calculate your car loan EMI

Apply for a car loan online and get an e-approval from PaisaBazaar.com followed by a call from the requisite bank.
 

PaisaBazaar.com is a third party financial website that offers the best financial products and services offered by different banks and NBFCs. The website provides expert, detailed and unbiased information to help you make the best choice.  Enjoy the convenience of a hassle-free car loan application process at PaisaBazaar.com.

RBL Bank Car Loan FAQs

Q.1: What is the list of documents required to apply for RBL’s Car loan?
A. You would need to submit the following documents with the RBL car loan application form:

  • PAN Card
  • Identity Proof – Any one (Voter ID / Driving License / Passport / Photo Debit Card / Aadhar Card)
  • Address Proof – Any one (Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement / Ration Card / Co-operative Housing Society Receipt)
  • Passport Size Photographs of all applicants & co-applicants
  • Pro-forma Invoice of the Car
  • Margin money receipt from the dealer 

 

Q.2: What are the additional charges levied by RBL bank?

  • Loan Processing Charges: 1% of the loan amount
  • Issue of Duplicate Interest and Principal Certificate: Rs. 250
  • Cheque Bounce Charges: Rs. 250
  • Loan Foreclosure charges: 5% if the car loan is closed before 12 months, and after a 12-month period, a charge of 3% would be levied.
  • Late Payment Charges: 2% additional interest on the overdue amount every month
  • NOC issuance charges    Rs. 250
  • Cheque swapping charges: Rs. 250
  • Charges for issuing CIBIL report: Rs. 50

 

Q.3: For how many months can an individual borrow a Car Loan?

A. Tenure for a car loan in RBL Bank ranges between 12 to 60 months.


Q.4: Can a borrower sell the vehicle before repaying the loan?
A. No, a borrower cannot sell the vehicle unless the loan is closed.


Q.5 How much is the car loan amount eligibility for a RBL car loan?
A. The loan amount which can be borrowed starts from Rs.50000 up to a maximum of Rs.30 Lakhs for Salaried Individuals. For Self-employed Individuals and Professionals the maximum limit is upto Rs.1 Crore, depending on the applicant’s eligibility on the basis of the financial documents submitted, repayment capacity and loan amount required.


Q.6 Can I borrow a pre-owned car loan from RBL Bank?
A. No RBL Bank does not sanction used car loan. The Bank only sanctions car loans for purchase of new cars.


Q.7 What are the options for repaying RBL bank car loan?
A. Car Loan is a term loan and can be repaid back in EMIs or Equated Monthly Instalments. The Car loan EMI can be paid through ECS facility or post-dated cheques or Standing Instruction to debit RBL bank account of the borrower.


Q.8 How much LTV can I get in RBL car loans?
A. The Bank offers an LTV (Loan to Value) of up to 90% of the cost of the new car. This LTV includes Ex. Showroom Price, VAT and Insurance.


Q.9 What is the security required for availing car loan?
A. The car you purchase is hypothecated to RBL Bank and lien is marked in favor of RBL Bank on the Registration Certificate, Final Invoice and Insurance Policy.


Q.10 How much is the processing fee for RBL bank car loan?
A. A processing fee required to be paid for loan application processing is 1% of the loan amount including Service Tax at the prevailing rate. This fee is deducted from the loan amount at the time of the car loan disbursal.


Q.11 Can I prepay the car loan from RBL bank? What are the charges for prepayment of the car loan?
A. Foreclosure is allowed only after the loan has completed 6 months of the tenure. You can prepay the car loan after you have paid 6 EMIs. You will need to pay the outstanding amount with the applicable foreclosure charges and the Service Tax at the prevailing rate.


Foreclosure charges will be levied as follows:

  • 5% of the principal outstanding will be charged as foreclosure charge, if you foreclose the loan before 12 months.
  • 3% of the principal outstanding will be charged as foreclosure charge post completion of 12 months of the loan.

The foreclosure amount can be paid through a Demand Draft / Cheque at any of the RBL Bank branch.


Q.12 Are there any benefits of having a Current or Saving Account with the Bank for my RBL bank car loan?
A. If you have a RBL account, you can enjoy the benefit of minimal documentation. You can also pay your EMI through Standing Instructions to debit your RBL Bank Account for the loan.


Q.13 How to get the lien clear after closing the car loan?
A. When the vehicle loan is fully repaid, post payment of the last EMI, you can get the lien of RBL bank on your vehicle canceled. On loan completion, you will be issued 1) a loan closure letter by the bank 2) Form 35 and 3) NOC for the RTO (Regional Transport Office) to cancel the lien from the RC (Registration Certificate) book. Another NOC will be issued to the insurance company requesting them for removal of their lien from the policy.