CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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RBL Bank offers car loans up to 90 % of the on-road price of the new car. Repayment period ranges from 12 to 60 months for any new vehicle loan. Minimal documentation and hassle-free online application, make RBL Bank car loans the perfect choice. Check your eligibility and apply online now via CreditMantri.
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With the current growing demand for owing a car, the manufacturers have increased the production. Apart from production, some manufacturers themselves offer car loans to individuals. If you are earning a stable salary, owning a car would not be a problem with various lenders come forward to offering car loans based on your credit eligibility.
Public and private banks offer you the finance to purchase a car of your choice. The funding to acquire the car is called car loan. To secure the car loan, the customer will have to first approach the dealer or manufacturer to check out the prices and margin. With the quotation provided, you can apply online for a car loan or visit the nearby branch. The loan terms and conditions will be decided and sent to you for acknowledgement. Following the approval, it will be disbursed to your bank account.
If you are a salaried or self-employed individual, you can get a car loan from RBL bank.
Objective: To purchase a new car with the funding provided by RBL bank
Loan Amount: Salaried individuals can get up to INR 30 Lakhs or up to 90% of the value of the new car. Self-employed individuals can get up to INR 1 crore.
Tenure: The repayment period ranges between 12 to 60 months.
Margin: Minimum of 10%
The borrower must have the following eligibility criteria to get car loans for the purchase of new and used cars.
RBL bank offers fast track car loans to salaried individuals. If you have a stable income, you can easily get a car loan from RBL bank. The borrower can apply online for the car loan which will be processed and approved immediately based on your credit eligibility.
The bank offers attractive interest rates and provide financing for up to 90% of the on-road price of the vehicle. The repayment can be made in flexible tenure up to 5 years.
The borrower must have following eligibility criteria to get car loans for the purchase of new and used cars.
| AGE | The minimum age of the applicant should be 25 and maximum of 60 at the time of maturity of the loan. |
| Salary Requirement | For salaried and self-employed individuals, the minimum monthly income should be at least INR 25,000 per month. |
| Employment status | Salaried: Must have continuous employment of at least for 3 years and remain with the current employer at least for 1 year. Self-employed: Minimum of 3 years of employment in the same line of business |
| Residential Stability | You should have proof of residence to show whether you live in a rented or owned or parental accommodation. |
The interest rate is fixed at the sole discretion of the bank. You can contact RBL customer care to get know further details about the interest rate.
Prepayment charges: No prepayment is allowed until completing the 6 months of repayment period. 5% of the loan amount will be charged as foreclosure fee if closed before 12 months and after 6 months. 3% of the loan amount will be charged if closed after 12 months of repayment period.
Processing fees: 1% of the loan amount is charged as processing fee and with applicable GST.
Processing fees:
0.25% of the loan amount is charged as processing fee and with applicable GST subject to a minimum of INR 1000 and maximum of INR 15,000. Processing fees are waived off if the loan applicant is drawing pension through RBL Bank.
The following are the documents required for RBL Bank car loan
Documents related to the vehicle
Before a person applies for an RBL Bank car loan it is best to do an eligibility check which is available on the RBL Bank website and at CreditMantri.com This way your credit score will not be affected as the bank will only soft pull your credit score and compares with other internal criteria to make sure you are eligible.
Customers can use the car loan EMI calculator to know how much EMI they will be paying each month. Customer can make use of the CreditMantri Car Loan EMI calculator and the RBL Bank Car Loan EMI calculator.
The importance of this is that customers will know how much EMI they will have to pay based on their loan requirement. This helps them to plan far ahead.
CreditMantri’s Car Loan EMI Calculator and RBL Bank Car Loan Calculator are among the best and probably the easiest ways to compare various car loan offers and choose the loan best suited to your requirements. Using the Car Loan EMI Calculator, you get a simple and quick way to accurately compare the various loans and determine what your EMI will be with the different lenders.
1. What are the car documents required for the car loan under RBL Bank Car Loan?
The bank will require the below documents:
2. What is the minimum repayment period for RBL Bank Car Loan?
The minimum repayment period for RBL Bank Car Loan is 12 months.
3. What types of payments do the loan amount cover under RBL Bank Car Loan?
The loan amount provided by the bank will cover the ex-showroom price, insurance, and other applicable taxes.
4. What is the maximum loan amount provided by the bank?
For salaried individuals, the maximum loan amount is Rs. 30 lakhs and for others, the maximum amount is Rs. 1 crore.
5. What is the repayment mode allowed for RBL Bank Car Loan?
The repayment mode allowed for RBL Bank Car Loan is through monthly EMI.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application