Compare & Choose from the Best Personal Loan OffersRBL Bank Personal Loan Highlights – May 2022 | |
| Interest rate | 17.50%-26% p.a. |
| Loan Amount | Rs 1-Rs 20 lakh |
| Tenure | 1-5 years |
| Processing Fees | Up to 2% of loan amount |
| Minimum Monthly Salary | Rs 40,000 |
Apply for a Personal Loan online starting at only 10.25%* p.a. Apply Now
Table of Contents
RBL Bank Personal Loan Interest Rate
For Salaried Individuals
For Loan amount < Rs 5 lakh
| Income (per month) | Rate of Interest (p.a.) |
| Rs 20,000 to < Rs 25,000 | 24% |
| Rs 25,000 to < Rs 50,000 | 22% |
| Rs 50,000 to < Rs 75,000 | 19% |
| Rs 75,000 to < Rs 1 lakh | 18% |
| Above Rs 1 lakh | 17.50% |
| Metro Micro Loan (Mumbai Loan) | 26% |
| New to Credit | 24% |
For Loan amount >= Rs 5 lakh
| Income (per month) | Rate of Interest (p.a.) |
| Rs 25,000 to < Rs 50,000 | 20% |
| Rs 50,000 to < Rs 75,000 | 19% |
| Rs 75,000 to < Rs 1 lakh | 18% |
| Above Rs 1 lakh | 17.50% |
For Self-employed Individuals
| Loan amount< Rs 5 lakh | 26% |
| Ticket size >= Rs 5 lakh | 22.50% |
| MCA (Ticket size <= Rs 5 lakh) | 25% |
| MCA (Ticket size > Rs 5 lakh < Rs 15 lakh) | 21.50% |
| Small BIL Doctor | 20% |
Comparison Interest Rates of RBL Bank Personal Loan vs Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| RBL | 17.50% onwards |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| ICICI Bank | 10.25% onwards |
| Axis Bank | 10.25% onwards |
| Kotak Mahindra Bank | 10.75% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
Apply for a Personal Loan online starting at only 10.25%* p.a. Apply Now
RBL Bank Personal Loan Processing Fees and Charges
| Processing Fee | Up to 2% of loan amount |
| Prepayment/Foreclosure Charges | Between 13 to 18 months: 5% of outstanding principal After 18 months: 3% of outstanding principal After 12 regular EMIs: NIL |
| Overdue Interest | 2% per month of overdue amount |
| Issue of Duplicate Interest and Principal Certificate | Rs 250 |
| Cheque Bounce Charges | Rs 250 |
| Cheque swap charges | Rs 250 |
| CIBIL Charges | Rs 50 |
| Convenience Charges | Rs 999 |
Eligibility Criteria for RBL Bank Personal Loan
- Age: 25-60 years or retirement age
- Minimum Net Monthly Income: Rs 40,000
- Work Experience: Total 3 years of experience, 1 year in current employment
Check Your Free Credit Score to Know Personal Loan Eligibility Check Now
Documents Required for RBL Bank Personal Loan
Duly filled application form with a coloured photograph
- KYC Documents: PAN Card/Age Proof/ID Proof (Aadhar card, passport, driving license, voter ID)
- Address Proof: Aadhaar card, voter ID, driving license, passport, utility bill (electricity bill, telephone/mobile bill- not more than 2 months old)
- Bank statement with salary credited for last 3 months
- Salary slips: For loan less than 7.5 lakh- 1 salary slip latest
For loan more than 7.5 lakh- Latest 2 salary slips
To know more in detail about RBL personal loan documents, Click here
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
FAQs
Q1. How do I repay my personal loan?
The personal loans by RBL Bank can be repaid through monthly payments i.e. Equated Monthly Installments. The EMIs can be paid through Standing Instructions to debit your RBL Bank account, ECS Facility or post dated cheques.
Q2. How much time would it take for my personal loan to get approved?
RBL Bank typically informs applicants about their loan application acceptance/rejection decision within 10 days from the date of receiving the completed application form along with all necessary documents.
Q3. Can I prepay my RBL Bank personal loan earlier?
Yes, RBL Bank allows borrowers to prepay their personal loans along with the applicable prepayment charges after they have paid at least 12 EMIs. The applicable prepayment charges are 5% of the principal outstanding if the personal loan is prepaid within 13 to 18 months and 3% of principal outstanding if prepayment is done after 18 months of loan disbursal.
Q4. 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 savings account in good standing with RBL Bank, you may get the benefit of simpler documentation and quicker loan sanction, however such benefits are not guaranteed and are at the discretion of the bank. Also, you can pay the EMI through Standing Instructions to debit your RBL Bank account.
Q5. Does RBL Bank charge processing fees for sanctioning a personal loan?
Yes, processing fees at the rate of up to 3.5% of the loan amount sanctioned is charged by RBL Bank. This charge is deducted from the loan amount at the time of disbursal.
Q6. What are the minimum and maximum loan amounts allowed by RBL Bank as a personal loan?
In case of personal loans, the minimum amount that can be sanctioned by RBL Bank is Rs. 1 lakh while the maximum amount that can be sanctioned is Rs. 20 lakh.
Q7. Does RBL Bank allow co-signing of personal loan?
RBL Bank currently allows applicants to club their income with salaried spouse to enable borrowing of higher loan amounts. However, this facility is subject to the discretion of RBL Bank and the income of the salaried spouse used for clubbing needs to be regular as well as documented in order to qualify.
