Are there any age restrictions to apply for the car loan scheme offered by RBL?

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.

What is the minimum income requirement to apply for this loan?

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.

What is the total work experience required to apply for an RBL car loan?

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.

Will the car being purchased be financed completely?

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.

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.

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RBL Car Loan Interest Rates

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.

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RBL (Ratnakar Bank) Car Loan Interest Rates Infographic

RBL Bank 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)

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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

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Factors affecting RBL Car Loan Interest Rates

Multiple factors affect the car loan interest rate offered to customers by RBL. 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.

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A good credit score can help you secure lower interest rates on loans and credit cards.

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FAQs on RBL Car Loan Interest Rates

Are there any age restrictions to apply for the car loan scheme offered by RBL?
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.
What is the minimum income requirement to apply for this loan?
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.
What is the total work experience required to apply for an RBL car loan?
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.
Will the car being purchased be financed completely?
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.
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.

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