Ratnakar Bank, or RBL Bank, is a private-sector bank that provides personal and business loans, credit cards, and insurance.
The bank offers a four-wheeler loan facility to eligible customers, and its car loan eligibility calculator is a tool that helps potential borrowers estimate their eligibility for a car loan based on various factors affecting repayment potential.
Accelerate your car dreams with Ratnakar Bank's affordable car loans. Confirm your eligibility by referring to the table below, and get ready to hit the road in style.
| Parameters | Description |
|---|---|
| Minimum age | 21 years |
| Maximum age | 60 years |
| Work experience | Salaried individuals must have at least two years of continuous work experience. Self-employed individuals must have a work history of at least three years in their current business. |
| Minimum income | Rs 2,40,000 per annum |
Several factors can affect your eligibility for a car loan from Ratnakar Bank. These include:
Existing loans: When you apply for a car loan, the bank will consider any existing loans that you have. It's essential to remember that the total EMI for all your loans should not exceed 50% of your income.
Increase down payment: A down payment is a lump sum made by a buyer at purchase. A larger down payment reduces the borrowed amount, making the buyer less risky to lenders and improving their eligibility for financing.
Employment stability: Lenders prefer applicants with a consistent work record as it shows that they have a reliable source of income.
As a car loan applicant, it is essential to assist lenders in verifying the information provided on your application by furnishing the following:
Identity proof: PAN card/ Passport/ Driving License
Address proof: Aadhaar card/ Electricity Bills/ Telephone Bill/ Driving License/ Property Sale Agreement/ Passport
Business proof: Income tax returns/ Sales Tax Challans/ Bank statements/ Partnership Deed/ Shop Establishment Certificate
Income Proof: Audited Financial Statements/ Bank Statements (past 3 months)/ Salary Slips
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Yes, you can apply for a loan directly, but using the calculator helps you determine your eligibility beforehand.
Yes, the calculator is mobile-friendly and can be used on your phone.
You can consider applying for a lower loan amount or increasing your income to meet the eligibility criteria.
The process takes just a few minutes and provides instant results.
Details like age, income, employment status, loan amount required, and loan tenure are necessary.