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.
|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)|
|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|
Multiple factors affect the car loan interest rate offered to customers by Ratnakar Bank Limited. Some of the popular factors are explained below:
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.
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.
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.
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.
Yes, you will have to submit the pro-forma invoice of the car, RTO documents, and the margin money receipt provided by the dealer.
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