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RBL Bank Car loans can be availed by salaried persons as well as self-employed individuals meeting the eligibility criteria set by the bank. Customers can get up to Rs. 30,00,000 and Rs. 1,00,00,000 as loan for salaried and self-employed persons respectively. The rate of interest starts from 12% per annum up to 14% per annum depending upon the type of the vehicle to be purchased out of the loan. The Bank offers minimum 1 year and maximum 5 years to repay the loan taken and the processing fees are 1% of the loan amount.
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Ratnakar Bank Limited, more popularly known as RBL Bank, is a private sector bank in India offering a huge range of products and services like wealth management, NRI banking, agricultural banking, MSME banking, insurance, DEMAT services, loans, credit cards and much more. The bank caters to both retail customers as well as corporate customers. The various loan products offered by RBL bank are home loans, car loans, personal loans, business loans, working capital loans, etc.
Customers can get attractive and affordable car loans for the purchase of new cars as well as used cars. Car loans offered by RBL Bank can be used to purchase small or compact cars as well as premium cars, SUVs and MUVs. The details of car loans from RBL bank is discussed in detail on this page.
The eligibility for RBL Bank Car Loan is set in such a manner that it gives the benefits of the financial assistance to the maximum number of applicants. Car loans from RBL bank can be applied by individuals who are either salaried employees or self-employed persons. The details of car loan eligibility are tabled below.
Minimum Age - 21 years
Maximum Age – 58 years (60 years for Government Employees)
Maximum Age – 65 years
At least 3 years of work experience
At least 3 years of work experience in the same line of business
Contact Details Required
At least 1 landline contact at residence or office
Postpaid mobile connection
Besides the above eligibility requirements, the bank has also laid an income criterion to be eligible for car loans. The minimum income required for salaried and self-employed persons are tabled below.
Tier 5-Premium Cars
The documentation process of RBL Bank Car Loan is very basic and simple. It requires the applicants to provide KYC documents as well as financial documents and other documents related to the car to be purchased out of the loan. The details of the documents to be submitted are mentioned below.
The customers can submit any of the following documents as identity proof.
Any of the following documents can be submitted as an address proof of the applicant.
Latest Utility Bills
Registered Sale Deed/ Rent Agreement/ Lease Agreement
Business Continuity Documents
The documentation also includes the business continuity documents that prove the existence of the business or the work experience of the applicant for a minimum of 3 years.
Sales Tax Challans
Shop and Establishment Certificate
Certificate of Incorporation
The financial documents are classified on the basis of employment or business held by the applicants
The list of documents is tabled below.
Self-Employed Individuals/ Sole Proprietor
Latest Form 16 for the past 2 years, or
It Returns for the past 2 years
Latest IT Returns for the past 2 years and Audited Financial Statements for the past 2 years
Computation of Income including all Schedules
Bank Statement of the primary account of the applicant for the past 12 months
Latest Salary Slips for the past 3 months, or
Salary Certificate on the letterhead of the company with deductions and Salary Components
Professional Qualification Certificate
Professional Qualification Certificate, or,
Degree Certificate, or, Final Year Mark sheet
Documents for the Car
The documents pertaining to the car to be purchased out of the loan are,
The various features of the RBL Car Loan that make it a very attractive option for the customers among the many options available in the market are mentioned below.
Amount of Loan
The amount of loan that can be availed as loan depends on the category of the applicant. The details of the same are tabled below.
Minimum amount of loan
Maximum amount of loan
The final amount sanctioned is up to 90% of the value of the car. Such value of the car will include the ex-showroom price, applicable taxes and insurance.
Rate of Interest
The rate of interest charged on the car loans of the bank is very reasonable and competitive. The final rate of interest will depend on the type of the car. The rates of interest applicable for RBL Car Loans from 1st July 2020 are:
Type of Car
Small and Compact Segment (ranging between Rs. 1,00,000-Rs. 3,00,000)
Mid-Sized and Large Segment
Premium, Super-Premium and SUV
RBL Bank offers the customers comfortable repayment tenure to repay the loans. Tenure of the loan is a minimum of 12 months or 1 year and maximum of 60 months or 5 years.
The margin money to be paid for the loan is a minimum of 10% of the value of the car. This value will include the ex-showroom price, applicable taxes and insurance.
The processing fees charged for the RBL Bank car loan are very nominal. The bank charges 1% of the loan amount as processing fees.
Customers can contact the Bank at its customer care center for any information or query that they may have pertaining to the car loans or any other product and service of the Bank. The details of the customer care of the Bank are,
For General Queries
Telephone - +91 22 6115 6300
Email Id – customercare[at]rblbank[dot]com
Customers can also contact the Registered Office and the Corporate Office of the bank at the following addresses.
RBL Bank Ltd.1st Lane,Shahupuri,Kolhapur - 416001. Maharashtra State, India.
Telephone - +91 231 6650214
1. What is the maximum amount of loan that can be availed under RBL Bank Car Loans?
The maximum amount of loan that can be availed under RBL Bank Car Loan is Rs. 30,00,000 in case of Salaried Individuals and Rs. 1,00,00,000 in case of Self-Employed Persons.
2. What is the rate of interest applicable for RBL Bank Car Loan?
The rate of interest charged on RBL Bank Loan ranges from 12% per annum to 14% per annum.
3. How much does RBL Bank charge as processing fees on its car loans?
RBL Bank charges processing fees at 1% of the loan amount for its car loans.
4. Who can apply for RBL bank Car Loans?
RBL Bank Car Loans can be applied by either salaried employees or self-employed persons.
5. What are the documents relating to the car that needs to be submitted along with the application?
The documents pertaining to the car to be purchased out of the loan that need to be submitted along with the application are,
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