Ratnakar Bank Car Loan Interest Rates, EMI, Eligibility
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Ratnakar Bank Limited offer’s car loan to individuals in order to purchase cars ranging from small to premium level as well as Multi Utility Vehicle (MUV) and also Sports Utility Vehicle(SUV). RBL Car Loan ranges from a minimum loan amount of Rs 50,000 up to Rs 30 lacs for salaried individuals and Rs 1 crore for self-employed professionals.
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Ratnakar Bank Car Loan Interest Rates
| Interest Rates | 12.00% – 14.00% per annum |
| Processing Fees | 1% of the loan amount is charged as processing fee. |
| Prepayment Charges | No charges are imposed as prepayment charges before 6 months. |
| Foreclosure Charges | · If the account is closed before 12 months then up to 5% of the loan amount is charged as foreclosure penalty.
· If the account is closed after 12 months then up to 3% of the loan amount is charged as foreclosure penalty. |
| Late Payment Penalty | 2% additional interest is levied on the outstanding amount every month. |
| Eligibility | · Salaried employees from State/Central Govy. Bodies, PSUs, private companies, reputed organization etc.
· The applicant must be minimum 21 years and maximum 58 years of age. · Self-Employed Individuals/Sole Proprietary · Self-Employed Professionals like doctors, C.A.s, engineers, architectures etc. · Partnership firm |
| Minimum Loan Amount | The minimum loan amount one can borrow is Rs 50,000 |
| Maximum Loan Amount | The maximum loan amount is 90% of the car value |
| Income Criteria | The minimum income criteria for individuals depends on the segment of the car :
Salaried Individuals · Minimum Total experience of at least 3 years · Small cars : Minimum Net Annual Income must be Rs 1 lac. · Compact cars : Minimum Net Annual Income must be Rs 1.5 lacs. · Mid-sized cars : Minimum Net Annual Income must be Rs 3.5 lacs. · Large-sized cars : Minimum Net Annual Income must be Rs 7.5 lacs · Premium cars : Minimum Net Annual Income must be Rs 9 lacs. Self-Employed Individuals/Professionals · Small cars : Minimum Net Profit is Rs 1 lac. · Compact cars : Minimum Net Profit is Rs 1.5 lacs · Mid-sized cars : Minimum Net Profit is Rs 3 lacs · Large-size cars : Minimum Net Profit is Rs 4 lacs · Premium cars : Minimum Net Profit is Rs 7.5 lacs |
| Repayment Period | You can repay the loan amount within a maximum period of 5 years. |
| Documents Required | Salaried Individuals
· Identity Proof · Address Proof · Copy of PAN card · 3 years Bank Statement/Sales Tax Challan/IT Returns/Shops and establishment certificate/certificate of incorporation/partnership deed. · Passport size photograph · Latest 3 months salary slip · Latest 2 years ITR/latest 2 yers Form 16. Self-Employed Individuals/Proprietary · Identity Proof · Address Proof · Copy of PAN card · 3 years Bank Statement/Sales Tax Challan/IT Returns/Shops and establishment certificate/certificate of incorporation/partnership deed. · Passport size photograph · Latest audited ITR and financials for the last 2 years. · Bank Statement of the last 12 months Self-Employed Professionals · Identity Proof · Address Proof · Copy of PAN card · 3 years Bank Statement/Sales Tax Challan/IT Returns/Shops and establishment certificate/certificate of incorporation/partnership deed. · Passport size photograph · Latest audited ITR and financials for the last 2 years. · Bank Statement of the last 12 months · Professional Qualification Certificate and Degree Certificate for doctors, C.A.s, architecture, engineers etc. |