• RBL Bank Car Loan

    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.

    Why choose RBL Bank Car Loans

    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.).

    Features of Car Loans from RBL Bank

    • This car loan is made available for the purchase of cars ranging from small & compact cars to super premium cars such as MUVs and SUVs.
    • Car loan for new cars is available from a minimum amount of Rs. 50000 up to a maximum amount of Rs. 30 Lakhs for salaried individuals, and for self-employed applicants, the maximum approved loan amount is upto Rs. 1 Crore.
    • The term of loan repayment ranges from from 12 months to 60 months.
    • The LTV offered is up to 90% of the value of the New Car
    • Favourable fixed interest rates are available on New Car loans

    RBL Bank Car Loan Interest Rates

    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)
    Overnight 10.35%
    1 month 10.40%
    3 months 10.55%
    6 months 10.60%
    1 year 10.60%
    2 years 10.75%
    3 years 10.85%

    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.

    Eligibility Criteria for a Car Loan from RBL Bank

    The eligibility criteria for salaried and self-employed applicants are as follows:

    Salaried Individuals

    • The applicant should be at least 21 years old at the time of loan application and not more than 58 years at the time of maturity of the loan maturity
    • The maximum age applicable at the time of loan maturity, for government employees, is 60 years
    • The minimum work stability requirement is a total work experience of 3 years.
    • The applicant must have at least one landline contact for residence or office as well as a post-paid mobile connection.

    Self-Employed Individuals / Professionals

    • The applicant should be at least 25 years old at the time of loan application and not more than 65 years at the time of maturity of the loan.
    • The minimum work stability requirement is a total work experience of 3 years in the same line of business.
    • The applicant must have at least one landline contact for residence or office as well as a post-paid mobile connection.

    How to calculate EMI on RBL Bank Car Loans

    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.

    RBL Bank Car Loan FAQs

    1. What is the accepted mode of Car Loan repayment?

      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.

    2. What is the LTV that I can get on a Car Loan?

      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.

    3. What can be placed as security/collateral in order to avail a Car Loan from RBL Bank?

      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.

    4. What is the minimum and maximum tenure of car loan available?

      The minimum tenure of car loan is 12 months and the maximum tenure of car loan is 60 months.

    5. What is the processing fees charged for availing a car loan?

      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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    Car Loan Reviews

    • RBL Bank
      "Good service"
      0.5 4.0/5 "Great!"
      I had been holding this card for the last two months and there has been good features and benefits with the card. They also had given me with a very good credit limit. But their customer support had not been that good and for getting the hard copy of my bank statement it has been a hassle.
      Was this review helpful? 10
      , gurgaon
      Reviewed on Jun 28, 2018
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