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Ratnakar Bank Car Loan

Apply Ratnakar Bank Car Loan

Processing Fee

nil*

Max Tenure

NA

Best Rate

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About Ratnakar Bank Car Loan

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.

Eligibility for Ratnakar Bank Car Loan

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.

Categories 

Salaried Employees

Self-Employed Persons

Age

Minimum Age  - 21 years

Maximum Age – 58 years (60 years for Government Employees)

Minimum Age  - 21 years

Maximum Age – 65 years 

Work Experience

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

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.

Segment

Minimum Income

Salaried Persons

Self-Employed Persons

Tier 1-Small

Rs. 1,00,000

Rs. 1,00,000

Tier 2-Compact

Rs. 1,50,000

Rs. 1,50,000

Tier 3-Mid-Sized

Rs. 3,50,000

Rs. 3,00,000

Tier 4-Large-Sized

Rs. 5,50,000

Rs. 4,00,000

Tier 5-Premium Cars

Rs. 9,00,000

Rs. 7,50,000

Documents Required for RBL Bank Car Loan

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.

KYC Documents

Identity Proof

The customers can submit any of the following documents as identity proof.

Voter ID

Driving License

Aadhaar Card

Passport

Address Proof

Any of the following documents can be submitted as an address proof of the applicant.

Voter ID

Driving License

Aadhaar Card

Passport

Latest Utility Bills

Registered Sale Deed/ Rent Agreement/ Lease Agreement

Bank Statement

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.

Bank Statement

Sales Tax Challans

IT Returns

Shop and Establishment Certificate

Certificate of Incorporation

Partnership Deed

  • PAN Card (mandatory for all applicants-Individual or Partnership Firm or Company)
  • Passport Size Photographs of applicants (including Co-applicants)

Financial Documents

The financial documents are classified on the basis of employment or business held by the applicants

The list of documents is tabled below.

Category

Salaried Employees

Self-Employed Individuals/ Sole Proprietor

Self-Employed Professionals

Tax Returns

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

  • Balance Sheet
  • Profit and Loss Account
  • Computation of Income including all Schedules

Latest IT Returns for the past 2 years and Audited Financial Statements for the past 2 years

  • Balance Sheet
  • Profit and Loss Account

Computation of Income including all Schedules

Bank Statements

Bank Statement of the primary account of the applicant for the past 12 months

Bank Statement of the primary account of the applicant for the past 12 months

Bank Statement of the primary account of the applicant for the past 12 months

Salary Slips

Latest Salary Slips for the past 3 months, or

Salary Certificate on the letterhead of the company with deductions and Salary Components

Not Applicable 

Not Applicable

Professional Qualification Certificate

Not Applicable

Not Applicable

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,

  • Proforma Invoice of the Car
  • Receipt from the  Dealer for the margin money paid
  • RTO Certificates

Features of RBL Bank Car Loan

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.

Category

Minimum amount of loan

Maximum amount of loan

Salaried Individuals

Rs. 50,000

Rs. 30,00,000

Self-Employed Individuals/Professionals

Rs. 50,000

Rs. 1,00,00,000

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

Rate of Interest

Small and Compact Segment (ranging between Rs. 1,00,000-Rs. 3,00,000)

13.50%

Mid-Sized and Large Segment

12.50%

Premium, Super-Premium and SUV

12.00%

Premium MUV

13.00%

MUV

14.00%

Tenure

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.

Margin Money

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.

Processing Fees

The processing fees charged for the RBL Bank car loan are very nominal. The bank charges 1% of the loan amount as processing fees.

RBL Bank Customer Care

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.

Registered Office

RBL Bank Ltd.
1st Lane,
Shahupuri,
Kolhapur - 416001. Maharashtra State, India.

Telephone - +91 231 6650214

FAQs on RBL Bank Car Loan

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,

  • Proforma Invoice of the Car
  • Receipt from the Dealer for the margin money paid
  • RTO Set

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