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## RBL Bank Car Loan EMI Calculator

A car loan is for borrowers who want to buy a car for their daily commute to work and other leisure like weekend trips and long drives. If you wish to invest in a car, you can apply for a car loan from a bank. There are many banks that offer attractive EMIs on car loans that suit your needs.

RBL Bank Limited offers a range of banking products that include car loans for new cars only. There are different features that are offered by RBL. They offer car loans for all types of cars, small and compact to premium, SUVs, MUCs, Compact Sedan, and Hatchback. The most important thing to note is the RBL does not offer loans for used cars.

RBL bank car loans come with flexible loan tenures that range from 12 to 60 months. If offers 90% of the new car price as loans, (this includes Ex-Showroom Price + VAT + Insurance). RBL offers car finance plans at fixed rates of interest. The amount for car loan provided by RBL Bank ranges between Rs. 50000 up to Rs. 30 lakhs for salaried individuals and up to Rs. 1 crore for self-employed individuals and self-employed professionals.

## RBL Bank Limited Car Loan EMI Calculator

RBL car loan EMI calculator is available on CreditMantri. The calculator helps you calculate the monthly payments that you need to make to clear off the loans. The EMI calculator also provides you the updates on the changing interest rates.

After you buy a car, you need to repay the loan with the loan tenure, i.e. a particular time period on an EMI basis. If you wish to know how the RBL Bank Limited car loan EMI calculator operates, here is the basic formula that is applicable:

EMI = [P x R x (1+R) ^N] / [(1+R) ^N – 1]

Here, P is the principal amount, N refers to the number of instalments, and R is the rate of interest for each month. The formula can be different for a car loan depending on the parameters that are involved in a car loan. The customer can use the EMI calculator numerous times for no additional cost.

Calculating the EMI by just a click of a button has made the choosing process really easy for car loan borrowers. Also, knowing the EMI beforehand keeps the user informed on the amount that he/she needs to shell out every month. Further, CreditMantri website also allows you to check if you are eligible for the RBL car loan before you approach the bank.

## Documents Required for RBL Bank Car Loan

• PAN Card for Individual, Partnership Firm or Company
• Proof of Identity – Voter ID Card or Driving License or Passport or Aadhar Card
• Proof of Address – Voter ID Card or Driving License or Passport or Telephone Bill or Electricity Bill or Registered Lease Deed or Sale Agreement or Bank Statement
• Proof of continuity of business– Any one of the following documents (dated 3 years old) –Bank Statement or Sales Tax Challans or IT Returns or Shops & Est. Certificate or Certificate of Incorporation or Partnership Deed.
• Passport Photos of all applicants and co-applicants
• Car documents that are required for availing a car loan from RBL bank include:
• Pro-forma invoice of the financed car
• Margin money receipt from the dealer
• RTO set

Documents to be submitted by Salaried Individuals

• The recent 3 salary slips or Salary Certificate on original letterhead detailing the deductions and salary components.
• The recent 2 Form 16 or Latest 2 years IT Return, duly signed by the authorized signatory of the company.
• The borrower's primary account/s Bank statements for past 12 months.

Documents to be submitted by Self-Employed Individuals / Sole Proprietorship firms

• Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• The borrower's primary account’s Bank statements for past 12 months.

## Why does credit score matter?

If you have a good credit score (above 700), this could be a credit score provided by any of the four credit bureaus in India; and as mandated by the RBI the credit bureaus are required to provide a credit score for free.

The stress on having a good credit score is important because lenders look for balanced applicants to whom they can make a lending decision and a credit score which takes into account the different facets of your credit history is a good metric for banks to go by.

If you are already having loans ongoing, the lenders might calculate your debt to income ratio. With the future loan, if your debt is above the 50% of your income, you might get lesser loan amount or there are chances of rejection. Ensure that your debt to income ratio is balanced.

## FAQ – RBL Bank Limited Car Loan

1. What details should the customer provide in case they want to make prepayments on the loan?

The customer will have to provide the following details while calculating the EMI in case they want to make prepayments on the loan:

• Prepayment frequency
• Prepayment fee
• Prepayment amount
• How the prepayment applies

2. What is the processing fee?

Processing fee for RBL bank car loan is 1% of Loan amount. This fee is required by the Bank for processing the car loan application and is deducted from the loan amount at the time of the car loan disbursal.

3. What are the late payment charges?

In case the borrower does not make the EMI payments on time, then the Bank levies a late payment charge on the overdue amount. Late payment charge associated with RBL bank car loan is 2% additional interest per month on overdue EMI amount

4. Do I need to pay any cheque swapping charges?

Yes, the charge for cheque swapping facility is Rs.250.

5. Are there any foreclosure charges?

Foreclosure charges are levied when the borrower wants to pay the outstanding loan amount and close the loan before the tenure ends. RBL Bank does not allow foreclosure before 6 months of the loan tenure. After paying 6 EMIs, the loan can be foreclosed by paying a foreclosure charge of 5% of principal outstanding if the loan tenure is less than 12 months and 3% of principal outstanding post 12 months.

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