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  • RBL Bank Car Loan

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  • RBL Bank offers the car loan facility at attractive fixed interest rates with a repayment tenure ranging from 12 months to 60 months. Up to 90% of the value of the car may be provided as a loan. The loan amount provided for a new car can range from Rs.50,000 to Rs.1 crore.
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    Features

    The main features of the car loan provided by RBL Bank are mentioned below:

    • Car loans are provided for Multi Utility Vehicles (MUVs), Sports Utility Vehicles (SUVs), small cars, compact cars, premium cars, and super-premium cars.
    • Repayment schedule ranging between 12 months and 60 months.
    • Attractive rate of interest.
    • Up to 90% of the value of the car may be provided as a loan. The value of the car includes the ex-showroom price, applicable taxes, and insurance.
    • Salaried employees can get loans ranging from Rs.50,000 to Rs.30 lakh.
    • Self-employed individuals and professionals can get loans of up to Rs.1 crore.

    How to Calculate EMI on RBL Bank Car Loan

    Various factors are considered when calculating the Equated Monthly Instalments (EMIs). Some of the factors that are considered are mentioned below:

    • Loan tenure
    • Loan amount
    • Rate of interest

    You can use the car loan calculator provided by BankBazaar to calculate the EMI. The process to use the calculator is simple and quick. The details that will have to be entered to calculate the EMI are the loan amount, tenure, interest rate, and processing fee. Once the details have been entered, you will able to view your EMI.

    How to Apply for RBL Bank Car Loan

    The step-by-step procedure to apply for the RBL Bank Car Loan is mentioned below:

    • Visit the official website of RBL Bank.
    • Click on ‘Personal Banking’.
    • On the next page, click on ‘Read More’, which can be found under the ‘Loans’ section.
    • On the next page, click on ‘Read More’, which can be found under the ‘Car Loan’ section.
    • Next, click on ‘Apply Now’.
    • On the next page, you will need to enter your name, date of birth, state, city, mobile number, and email ID.
    • Next, check the consent box and click on submit.
    • Once the above-mentioned step has been completed, an RBL Bank representative will contact you to provide further details about the car loan.

    Loan and Eligibility Criteria

    The loan and eligibility criteria will vary depending on whether you are a salaried employee or a self-employed individual. The loan and eligibility criteria for salaried employees and self-employed individuals are mentioned below:

    Salaried Employee

    • You must at least be 21 years old when you apply for the loan.
    • You cannot be more than 58 years old at the time of loan maturity.
    • You must have employment experience of at least 3 years.
    • You must have a post-paid mobile connection and a landline connection at your residence or office.
    • The minimum income that you must make will be based on the car you wish to buy. The income criteria for the various car segments are mentioned in the table below:
    Car Category Minimum Income
    Small (Tier-I) Rs.1 lakh
    Compact (Tier-2) Rs.1.5 lakh
    Mid-sized (Tier-3) Rs.3.5 lakh
    Large-sized (Tier-4) Rs.5.5 lakh
    Premium Rs.9 lakh

    Self-employed professionals and individuals

    • You must at least be 25 years of age at the time of applying for the loan.
    • You cannot be more than 65 years old at the time of loan maturity.
    • You must have at least 3 years of experience in the same field of business.
    • You must have a post-paid mobile connection and a landline connection at your residence or office.
    • The minimum income that you must make will be based on the car you wish to buy. The income criteria for the various car segments are mentioned in the table below:
    Car Category Minimum Income
    Small (Tier-I) Rs.1 lakh
    Compact (Tier-2) Rs.1.5 lakh
    Mid-sized (Tier-3) Rs.3 lakh
    Large-sized (Tier-4) Rs.4 lakh
    Premium Rs.7.5 lakh

    Documents

    The financial documents that must be submitted will be different for salaried employees, self-employed individuals, and self-employed professionals. However, mandatory and car documents will remain the same. The mandatory, car, and financial documents that must be submitted are mentioned below:

    Mandatory Documents

    • Permanent Account Number (PAN) Card
    • Identity Proof
    • Address Proof
    • Applicant’s and Co-applicant’s passport-size photograph
    • Business Continuity Proof for self-employed individuals and professionals.

    Car Documents

    • Car’s invoice
    • The receipt of the down payment paid to the dealer
    • Regional Transport Office (RTO) documents

    Financial Documents

    Salaried Employees

    • Salary slips for the last 3 months.
    • Form 16 for the last 2 years or Income Tax Returns (ITR) for the last 2 years.
    • Bank statement for the last 12 months.

    Self-Employed Professionals

    • Bank statement for the last 12 months.
    • Degree certificate or final year marks card and Professional qualification certificate must be provided by Chartered Accountants, Architects, Doctors, etc.
    • Last 2 years ITR and financials that have been audited. These documents must include the Computation of Income, Profit and Loss accounts, Balance Sheet with all the respective schedules.

    Sole Proprietorships and Self-Employed Individuals

    • Last 2 years ITR and financials that have been audited. These documents must include the Computation of Income, Profit and Loss accounts, Balance Sheet with all the respective schedules.
    • Bank statement for the last 12 months.

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    RBL Bank Car Loan Reviews

    • RBL Bank Car Loan
      "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? 2
      , gurgaon
      Reviewed on Jun 28, 2018
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