Car Loan

Car Loan

FAQ (Frequently Asked Questions):

How much loan amount can I borrow in a Car Loan?

You can borrow a loan amount from Rs.50000 upto Rs.30 Lakhs for Salaried Individuals and upto Rs.1 Crore for Self-employed Individuals and Professionals depending on your eligibility basis the financial documents submitted, repayment capacity and loan amount required. RBL Bank only sanctions car loans for New Car purchase.

How will I repay my Car Loan?

We offer Car Loan as a term loan which can be repaid in easy EMIs (Equated Monthly Installments). EMI can be paid through ECS facility, Standing Instruction to debit your RBL Bank account or through Post Dated Cheques with your EMI amount. EMI amount can be calculated using `EMI Calculator' .

For how many months can I borrow a Car Loan?

We offer convenient repayment options from 12 to 60 months.

How much LTV can I get in a Car Loan?

RBL Bank offers an LTV (Loan to Value) upto 90% of the value of the new car (includes Ex. Showroom Price + VAT + Insurance)

What is the security to avail a Car Loan?

Your vehicle is hypothecated to RBL Bank and lien is marked in favour of RBL Bank on the Registration Certificate, Final Invoice and Insurance Policy.

Do I have to pay any Processing Fees or Charges to avail a Car Loan?

A processing fee of a maximum of 1% of the loan amount (plus Service Tax at the prevailing rate) is required to be paid. This fee will be deducted from the Loan amount at the time of the disbursal of your loan.

Is there an option to prepay the Car Loan earlier? Are there any charges?

No foreclosure is allowed before the loan has completed 6 months. However, you can prepay the car loan after having paid 6 EMIs with applicable foreclosure charges (plus Service Tax at the prevailing rate). Foreclosure charges of 5% of the principal outstanding will be charged, if you foreclose the loan before 12 months. Foreclosure charges of 3% of the principal outstanding will be charged post completion of 12 months of the loan. Loan can be foreclosed by paying the foreclosure amount through a Demand Draft / Cheque at any of the RBL Bank branch.

Are there any benefits of having a Current/Saving Account with RBL Bank for my Car loan?

You get the benefit of easier documentation if you have a Current / Savings Account with RBL Bank. You can avail of paying your EMI through Standing Instructions to debit your RBL Bank Account for the loan. This will be taken into consideration at the time of disbursal of the loan.

Am I allowed to sell the vehicle before repaying the loan?

No, you cannot sell the vehicle unless your loan is closed. An NOC (No Objection Certificate) is required from RBL bank before you can sell the vehicle.

How do I get the lien clear after closing the loan?

After the vehicle loan is closed post payment of the last EMI, you can get the lien of RBL bank on your vehicle cancelled. You will be issued 1) a loan closure letter by the bank 2) Form 35 and 3) NOC for the RTO (Regional Transport Office) to cancel the lien from the RC (Registration Certificate) book. A second NOC will be issued to the insurance company requesting them for the deletion of their lien from the policy.

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