RBL Bank offers personal loans to meet the personal requirements of salaried individuals. RBL Bank personal loan is an ideal option to deal with situations like a wedding, medical emergency, home renovation, long- due vacation, higher education, etc. The loan amount of RBL bank starts from Rs. 1 lakh and goes up to Rs. 20 lakh.
RBL Bank Personal Loan - Features and Benefits
- Loan amount: Ensuring that you are able to handle all your personal problems with a single loan, RBL Bank offers personal loan up to Rs. 20 lakh
- Flexible tenure: RBL Bank has convenient loan repayment option from 12-60 months, making it flexible for the loan applicants to repay the loan
- Quick documentation: The documentation process to apply for RBL Bank personal loan is simple and involves submitting minimum documents
- Hassle- free loan sanction: Once you have submitted all the required documents and your loan is approved, the loan amount is quickly disbursed to your account without any hassle
RBL Bank Personal Loan - Interest Rate, Fees and Charges
|Interest Rate||Starts from 12%|
|Processing Fee||4% of loan amount|
|Charges for late payment of EMI||2% additional interest per month on overdue EMI amount|
|Issue of duplicate interest and principal certificate||Rs. 250 per instance|
|Cheque swapping charges||Rs. 250 per instance|
|Bounce cheque charges||Rs. 250 per instance|
|Charges for CIBIL report||Rs. 50 per instance|
|Foreclose charges||No pre-payment permitted until repayment of 12 EMIs|
13 to 18 EMIs paid- 5% of principal outstanding
More than 18 EMIs paid- 3% of principal outstanding
NIL foreclosure charges only if minimum 12 EMIs are paid without any bounce and foreclosure
RBL Bank Personal Loan - Eligibility Criteria
- Your minimum monthly income should be Rs. 25,000
- You should be at least 25 years old at the time of loan sanction and 60 years old or retirement age at the time of loan maturity
- You should have a total work experience of total 3 years and a minimum work experience of at least 1 year
RBL Bank Personal Loan - Documents Required
- Application form along with colored photograph
- Age and identity proof (any one): Passport, PAN Card, voter ID Card, driving license
- Address and signature proof (any one): Utility Bill (Electricity / Telephone / Mobile – not more than 60 days old), passport, voter ID card, driving license
- Latest 3 months salary credit bank statements
- Salary slip(s)
1. For loan <7.5 lakh: latest 1 salary slip
2. For loan >7.5 lakh: latest 2 salary slips
RBL Bank Personal Loan - EMI Calculator
To estimate your RBL Bank personal loan EMI, use personal loan EMI calculator offered by Paisabazaar. The estimate helps you to borrow the amount that you can repay without any inconvenience and also helps you to plan the other expenses. To know your EMI, you need to fill the following information:
- Loan amount
- Interest rate
Compare RBL Bank Personal Loan VS Other Lenders
|Particulars||RBL Bank||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 12%||11.25% to 21.50%||Starting from 10.99%||11.49% to 17.49%||11.50% to 19.25%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 4% of the loan amount||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
How do I repay my personal loan?
The personal loans by RBL Bank can be repaid in easy EMIs. The EMIs can be paid through Standing Instruction to debit your RBL Bank account, ECS Facility or post-dated cheques.
Is it possible to club my income with spouse to get a higher personal loan amount?
Yes, you can club your income with a salaried spouse. Also, the income of your spouse has to be regular and should be documented.
How much time would it take for my personal loan to get approved?
You will get an update about the loan decision within 10 days from the date of receipt of completed application form along with all the necessary documents.
Can I prepay my RBL Bank personal loan earlier?
Yes, you can only prepay your personal loan after you have paid the 12th EMI along with applicable foreclosure charges. The foreclosure amount can be paid through cheque at any of the RBL bank branch/demand draft.
I have a saving account in RBL bank. Would I get any additional benefits if I avail a personal loan?
Yes, if you have a saving/current account in RBL Bank, you get the benefit of easier documentation. Also, you can pay the EMI through Standing Instructions to debit your RBL Bank account.