• Custom Free
     

    Check Eligibility

  • Ratnakar Car Loan Interest Rates 18 Oct 2019

    Loading your search...
  • Ratnakar Bank Limited (RBL) offers car loans for new cars at attractive fixed rates of interest ranging from 12% p.a. to 14% p.a. The interest payable depends on a number of factors such as loan amount, applicant’s profession, type of car, income of the individual, and so on.

    RBL Bank Car Loan

    Features New Car Loan
    Features New Car Loan
    Interest Rate 12% to 14% p.a.
    Loan Tenure 12 to 60 months
    Quantum of Loan Rs.50,000 to Rs.1 crore
    Processing Charges 1% of the loan amount
    Lowest EMI per lakh Rs.2,224 (at 12% p.a. interest for a 5-year tenure)

    Other Charges

    Loan Foreclosure charges 3% to 5% of the principal outstanding
    Late Payment Charges 2% per month additional interest on the overdue amount
    No Due Certificate/NOC issuance charges Rs.250 per instance
    Cheque swapping charges Rs.250 per instance
    Charges for issuing CIBIL report Rs.50 per instance
    Issue of Duplicate Interest and Principal Certificate Rs.250 per instance
    Cheque Bounce Charges Rs.250 per instance
    Conversion to cash repayment mode Rs.2,000
    Cash repayment mode charges Rs.1,000

    Factors affecting RBL Car Loan Interest Rates

    Multiple factors affect the car loan interest rate offered to customers by Ratnakar Bank Limited. Some of the popular factors are explained below:

    • Car type: RBL makes note of the classification type of the car being financed. The interest rates vary based on whether they belong the small and compact segment, mid-sized segment, large segment, premium segment, super premium segment, SUVs, Premium MUVs, and MUVs.
    • Loan Amount: The loan amount is a major factor that determines the interest rate. Higher the loan amount, lower the interest rate offered.
    • Income: The income of the individual also helps determine the interest rate being offered by the bank. The lender looks into the financial capacity of an applicant to ensure that he can comfortably repay back the car loan. Higher the income of a person, higher will be the chances of being offered a low car loan interest rate.
    • Debts: Borrowers are always advised to clear off all their debts before they avail any type of new loan. Lenders will always look at the customer’s repayment patterns, debt management and general money management to sanction a car loan. The lower the number of debts or lower the total existing debt amount, lower will be the interest rate offered to the applicant.

    FAQs

    1. Are there any age restrictions to apply for the car loan scheme offered by RBL?
    2. Yes. Salaried individuals aged between 21 years and 58 years can apply for the loan whereas self-employed individuals aged between 25 years and 65 years can apply for the scheme.

    3. What is the minimum income requirement to apply for this loan?
    4. The minimum income requirement ranges from Rs.1 lakh to Rs.9 lakh for salaried individuals and from Rs.1 lakh to Rs.7.5 lakh for self-employed individuals.

    5. What is the total work experience required to apply for an RBL car loan?
    6. Salaried individuals are required to have a minimum work experience of 3 years and self-employed individuals are required to have at least 3 years of experience in the same line of business to avail the car loan.

    7. Will the car being purchased be financed completely?
    8. This loan comes with an LTV of 90% of the value of the car being purchased. The ex-showroom price will be taken into consideration while estimating the loan amount. Taxes and cost of car insurance will be included in the said amount.

    9. Should I submit any car documents while applying for the loan?

    Yes, you will have to submit the pro-forma invoice of the car, RTO documents, and the margin money receipt provided by the dealer.

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.