You can easily apply online and quickly avail a RBL Bank Personal Loan to meet your fund requirements for any financial emergency or personal expenses. Offered for amounts starting from Rs. 1 lakh, RBL Bank offers personal loans up to Rs. 20 lakh with flexible repayment tenure that goes from 12 to 60 months. What’s more, the RBL Bank personal loan documents required list is short making it a popular choice among those seeking hassle-free loan disbursals.
RBL Bank Personal Loan Documents Required
RBL Bank currently offers personal loans only to salaried individuals. If you are self-employed you will need to opt for a business loan from EBL Bank. The following is a short list of personal loan documents that are required from salaried applicants as part of the application process.
- Completely filled out application form with recent colour photograph of applicant
- PAN Card copy
- Proof of Identity and Age (any one): Aadhaar Card, Voter ID Card, Driving License
- Proof of Address (any one): Aadhaar Card, Driving License, Voter ID Card, Utility Bills- Telephone/Mobile/Electricity (not more than 60 days old), Driving License
- Latest 3 month’s salary credit bank statements
- Salary slip for loan:
|< 7.5 lakh||1 latest salary slip|
|> 7.5 lakh||2 latest salary slips|
Things to Remember Before Applying for a Personal Loan
- Credit score: A credit score is a 3- digit number that is a reflection of your past repayments and indicates a lender about your creditworthiness. Therefore, a poor credit score can be the reason for the rejection of your personal loan application and a good credit score can help you to get a personal loan at a low interest rate
- Know your eligibility: Before applying for a personal loan with a lender, check if you are eligible. As, if you apply without checking the eligibility, your application may get rejected and your credit score may go down by a few points
- Compare before you choose: If you want to have an affordable and stress- free repayment period, it is important to compare personal loan offers from various banks at Paisabazaar and then select the lender that offers you the lowest interest rate and meet your requirement to the best
- Evaluate your repayment ability: The easiest way to evaluate your repayment ability is through Paisabazaar Personal Loan EMI Calculator as the calculator gives you an estimate about the EMIs for a particular loan amount
- Reduce outstanding debt: To increase your chances of approval for a personal loan, it is important to maintain low credit utilisation ratio by reducing outstanding debt. Thus paying off some and preferably all of your existing debt will increase your chances of being approved for new credit
Q1. What is the interest rate of RBL Bank Personal Loan?
The interest rate of RBL Bank Personal Loan starts from 12% p.a.
Q2. What is the processing fee?
The processing fee is up to 4% of the loan amount sanctioned.
Q3. Who can avail RBL Bank Personal Loan?
Any salaried individual can avail a personal loan provided all RBL personal loan documents required and other criteria are met.
Q4. How can I repay my personal loan?
You can repay your personal loan through NACH facility or standing Instruction to debit your RBL Bank account. You can also use post-dated cheques to pay your loan EMIs.
Q5. Can I foreclose my personal loan?
You can prepay your personal loan only after a year after the first EMI. If you foreclose your loan between 13 to 18 months, the bank charges 5% of outstanding loan amount and if the foreclosure is done after 18 months, bank charges 3% of your outstanding principal.
Q6. Where can I contact the customer care of RBL Bank?
You can call on 022-6115-6300 to get in touch with RBL customer care to resolve your queries.