• RBL Bank Car Loan Eligibility Calculator

    RBL Bank Car Loan Overview

    RBL, formerly known as The Ratnakar Bank Ltd, serves over 700,000 customers in India. It was founded in 1943 and is a scheduled commercial bank with its headquarters in Kolhapur, Maharashtra.

    The car loan offered by RBL is a perfect financial solution to finally owning the car you dreamed of. With an RBL loan, buying your car is easy, quick and hassle-free. RBL provides loans for new car purchases and customers can avail of loans for a range of cars from small hatchbacks to premium cars, MUVs and SUVs. Salaried individuals can get loan amounts of Rs. 50,000 to Rs. 30 lakhs to buy a new car. Self-employed individuals can avail of up to Rs. 1 crore.

    Repay the loan in easy tenures ranging from 12 to 60 months. Get fixed rates of interest so there’s no worries of fluctuating interest rates.

    RBL Car Loan Eligibility

    To avail of a car loan from RBL, you need to fulfill a set criteria in ordered to be an approved customer.

    RBL Car Loan Eligibility for Salaried Individuals
    • You should be at least 21 years.
    • Upon loan maturity, the maximum age is 58 years, and 60 years for Government employees.
    • You should have at least 3 years work experience
    • You need to have a landline at your residence or office. A post-paid connection will also suffice.
    • The minimum income that is required for different segments of cars is listed below:
    Type of car Minimum Income
    Small car Rs. 1 Lakh
    Compact car Rs. 1.5 lakhs
    Mid-sized car Rs. 3.5 lakhs
    Large car Rs. 5.5 lakhs
    Premium cars Rs. 9 lakhs
    RBL Bank Car Loan Eligibility for Self-employed individuals/professionals
    • You should be at least 25 years.
    • Upon loan maturity, the maximum age is 65 years.
    • You should have at least 3 years experience in the same line of business.
    • You need a landline contact at your residence or office. A post-paid connection is also accepted.
    • The minimum income that is required for different segments of cars is listed below:
      • Type of car Minimum Income
      • Small car Rs. 1 Lakh
      • Compact car Rs. 1.5 lakhs
      • Mid-sized car Rs. 3 lakhs
      • Large car Rs. 4 lakhs
      • Premium cars Rs. 7.5 lakhs

    Factors Affecting RBL Car Loan Eligibility

    Your eligibility for a car loan depends on a number of things such as your credit score, income, debt, and so on. The things that can affect your RBL car loan eligibility have been listed below:

    • A low CIBIL score - When you apply for a loan, the bank makes an enquiry into your CIBIL score. If you have maintained a good score by paying all your bills on time, paying your credit cards in full, ensuring your account has sufficient balance for ECS transactions, banks will be happy with your credit history. If for some reason your credit score is low, banks will be reluctant to approve your loan.
    • Existing credit card debt - Existing credit card debt means that you have not been able to pay off your credit card expenses yet. It also eats up into your debt-to-income ratio, reducing your eligible low amount.
    • Existing loans - If you have prior loans such as a home loan, personal loan, educational loan, banks will be cautious about whether you can handle so many loans.
    • Income per annum below Rs. 1 Lakh - If you do not meet the required minimum income to get the loan amount you need for your desired car, the banks will not approve you of your loan.
    • Age above 58 years - Banks put limits on how old you must be when your loan repayment tenure ceases. For RBL, salaried individuals above the age of 58 will not qualify. It is extended to 60 years for Government employees. Self-employed can take a loan up to the age of 65 years.

    How CIBIL Score affects RBL Bank Car Loan Eligibility

    Loan eligibility depends greatly on CIBIL scores nowadays. The Credit Information Bureau India Limited determines CIBIL scores. CIBIL keeps a track record of every individual’s credit history. Bank’s can make inquiries on this information when you apply for a loan. CIBIL scores are based upon your credit history and not your debit history. Your credit card behaviour, repayment patterns, loans, EMIs are all taken into account. A low CIBIL score can impact your eligibility for an RBL car loan immediately. It throws up a red flag for any bank to consider whether you can actually pay back your loan. A good CIBIL score will make any bank happy to offer you a loan as they are assured with verified proof that you are a credible customer.

    How to Increase your RBL Car Loan Eligibility

    If you find that you are not eligible for a car loan, or think that your eligibility might be low, there are ways to increase your chances.

    • Include your spouse in your loan - You are allowed to make your spouse a co-applicant in the loan and pool in their income as well to make up the eligible income bracket.
    • Improve your CIBIL score - If your CIBIL score is low, try getting a secured credit card and use it wisely. Pay all your bills on time. Spend on a credit card and pay your dues in full and ahead of time or by the due date. This will increase your score. Inquire into your CIBIL score to see why your score is low. Many times you might be able to fix it.
    • Research before you shop - Shopping for loans from different banks can also negatively affect your score because banks make hard inquiries into your score every time you make an application for a loan. Hard inquiries take away a few points from your score. So do your research before you shop.
    • Pay off existing debt - Paying off the debt you already have will increase your credit limits. You will be able to get a larger loan amount plus you would have a lesser burden to shoulder when you pay off your car loan.

    RBL Bank Car Loan Eligibility Calculator

    To find out if you qualify for an RBL Bank Car Loan, you can check your eligibility using a calculator available online. Input your details to find out what loan amount you would require, your EMIs and interest rate as well as any processing fees you might incur. These calculators make your loan shopping and process much easier as you already have knowledge and estimates about your car loan before you apply for one.

    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.

    This Page is BLOCKED as it is using Iframes.