RBL Bank Car Loan

RBL Bank Car Loan

The fastest-growing private sector bank in India, RBL Bank offers specialized services to its customers. If you are planning to buy a new car, then RBL Bank is the perfect solution to avail a car loan. The interest rate is affordable, even a common man can use it to fulfil the dream of owning a vehicle of their own. RBL Bank car loan is the perfect solution if you do not want to invest your personal savings in buying a new car.

What is RBL Bank Car Loan?

RBL Bank Car Loan is offered to customers who want to buy a new or used car. The bank can cover up to a certain percentage of the price of the car as the loan amount. The bank offers ample time as repayment period as it gives the customer time to repay the amount through monthly EMIs.

RBL Bank Car Loan Eligibility

RBL Bank Car Loan Features

The features of RBL Bank Car Loan are as below

Loan Coverage: If the customer opts for RBL Bank Car Loan, the bank can provide a loan of up to 90 % of the price of the new car. This will include Ex-showroom Price along with all applicable taxes and Insurance. The loan amount can range from Rs. 50,000 to Rs. 30 lakhs for salaried individuals and for self-employed persons and professionals, the loan amount can go up to Rs 1 crore.

Repayment Period: RBL Bank Car Loan offers the repayment period of 12 to 60 months for any new vehicle loan.

Loan Range: RBL Bank Car Loan can offer a loan for cars ranging from small, medium and up to super-premium cars, MUVs and SUVs.

Minimum Documentation: RBL Bank Car Loan procedure need minimum documentation for the loan proposal.

RBL Bank Car Loan Interest Rate and Charges

Documents required for RBL Bank Car Loan

The customer will have to submit the below documentation to apply for a car loan.

• Salary slip for the last three months or salary certificate printed in the letterhead showing all the deductions
• Form 16 for the last two years or last 2 years Income Tax returns
• Bank statement for the last 12 months
• PAN Card
• ID proof such as Voter’s ID, Passport, etc.
• Address proof such as electricity bill, water bill, Voter’s ID, Passport, etc.
• Passport Size Photographs

• Last audited Income Tax returns for the last 2 years along with the financials such as balance sheet and profit and loss account
• Bank statement for the last 12 months
• PAN Card
• ID proof such as Voter’s ID, Passport, etc.
• Address proof such as electricity bill, water bill, Voter’s ID, Passport, etc.
• Passport Size Photographs
• Business continuity proof such as sales tax challans, certificate of incorporation, partnership deed, bank statement, etc.

• Professional Qualification certificates or degree certificate for doctors, architects, etc.
• Last audited Income Tax returns for the last 2 years along with the financials such as balance sheet and profit and loss account
• Bank statement for the last 12 months

How to apply for a car loan from RBL Bank Car Loan?

If you want to apply for a car loan, you can apply it online via the official website of RBL Bank. After filling up the online application form, you need to upload the documents required. Once you upload the documents, the bank will scrutinize the documents and will revert to you if they need more documents. If the bank is satisfied with the documents, then they will proceed with the sanctioning of the car loan.

If you do not want to apply for a car loan online, you can also visit one of the nearby RBL Bank branches. If you are an existing client, it will be easy for the bank to do the verification as your details are already in the bank’s database. If you are a new customer then the bank might take a day or two for the verification of the documents.

RBL Bank Car Loan FAQs