A car is a necessity in today’s society. It offers convenience to you and your family as well as ensures timely transportation in case of emergencies. If you do not own a car yet due to financial constraints, it’s time to look at some affordable car loan schemes like the one offered by RBL Bank.
RBL Bank, one of India’s leading commercial banks, was incorporated in 1943. RBL bank services cover segments such as Commercial Banking, Corporate & Institutional Banking, Retail Banking, Financial Markets and Agri & Development Banking. It currently has more than 183 branches and 351 ATMs across 13 states in India. RBL car loan scheme comes with various incomparable offers and advantageous features.
RBL Bank Car loan is a great option because it offers a longer tenure, better interest rates, lower loan charges (i.e. fees and charges levied on prepayment charges, processing fees and late payment penalty, etc.).
Initially the interest rate was based on the Base Rate system introduced by the RBI in 2010. However, in order to make this lending rate system more effective, the Marginal Cost Based Lending Rate or MCLR has been introduced. This helps to standardize the interest rate on all loan products, including car loans.
The tenure based MCLR rate considered by RBL is as follows:
|Tenure||MCLR Percentage (in effect from April 2016)|
MCLR rates are subject to change from the next reset date, as per RBI regulations. However, the above mentioned interest rates are subject to change as per the revised GST rates.
The eligibility criteria for salaried and self-employed applicants are as follows:
In order to plan and execute an efficient car loan budget, you need to understand the monthly EMI split up based on interest rate applicable and the loan tenure chosen by you. Calculating your amortization schedule manually is too complex and worrisome and it also has room for a high error quotient. This is why Car Loan EMI Calculator Tool is very beneficial to a prospective borrower. BankBazaar.com offers an easy-to-use Car Loan EMI Calculator Tool which gives you relevant and accurate information on your car loan options, based on the basic information provided by you. Visit the BankBazaar website, and choose car loan EMI calculator tool under the “Finance Tools” option. Enter the data requested by the tool, such as desired amount of loan, term of loan, prevalent interest rates, other charges (if any), etc. Once you enter these details and click on the “calculate” tab, you will be redirected to the results page. The results page projects a detailed amortization schedule based on the information provided and your monthly EMIs and other costs. You can use this tool multiple times to change the variants and to arrive at a feasible result, based on which you can make your decision.
A borrower can make repayments to his/her car loan as a term loan, in affordable EMIs paid through Standing Instruction to debit from your RBL Bank account, ECS facility or through Post Dated Cheques.
The Loan to Value (LTV) offered on a car loan, by RBL Bank, is up to 90% of the value of the new car. This includes the Ex. Showroom Price, VAT as well as Insurance charges.
The security or collateral to be placed with the bank is in the form of Your vehicle is hypothecation of the borrower's vehicle (purchased using the loan) to RBL Bank. The lien is also marked in favour of RBL Bank on the Final Invoice, Registration Certificate and Insurance Policy.
The minimum tenure of car loan is 12 months and the maximum tenure of car loan is 60 months.
The processing fees charged by RBL Bank for availing a car loan is 1% of the loan amount + GST and this amount will be deducted from the approved loan amount at the time of disbursement.
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