® 
Ratnakar Bank Car Loan
Max Tenure
NA
Best Rate
Processing Fee
nil*
Currently not available! for similar products
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
| Latest IT Returns for the past 2 years and Audited Financial Statements for the past 2 years
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
RBL Bank Car Loan FAQs
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