RBL Bank offers personal loans wherein the customers may use the loan amount for myriad needs and requirements ranging from funding their child education or financing their own wedding to paying for a holiday. The Equated Monthly Instalment (EMI) is lower so that the customer can utilize the funds without worrying about affordability. The loan process is easy because the documentation is simpler, approvals are given fast and repayment options are flexible making the loan all the more attractive. This loan is specifically targeted at salaried individuals. The bank has over 5 lakhs satisfied customers all over India.
RBL Bank Personal Loan Interest Rate
|Type of Fees||Charges Applicable|
|Interest Rate||12.99% – 16%|
|Charges of late payment of EMI||2% additional Interest per month on the overdue EMI amount|
|Loan Tenure||12-60 Months|
|Loan Processing Charges||Up to 2% of the Loan Amount|
|Cheque Swapping Charges||Rs 250|
|Pre-Payment Charges||Not allowed until 12 EMIs paid. After 12 EMIs : NIL|
|Bounce Cheque Charges||Rs 250|
RBL Bank Customer Care
For any Banking related queries, you can contact the Customer Care of RBL Bank
Toll Free Number: 1800-123-8040
Or one can Email the particular query to firstname.lastname@example.org
RBL Bank Personal Loan Features and Benefits:
- RBL Bank offers personal loans to Salaried resident individuals who want to avail some funds in order to meet the fund requirement.
- RBL Bank offers personal loan amount starting from Rs 1 Lakh to Rs 20 Lakh
- The bank has convenient loan repayment option from 12-60 months, making it flexible for the loan applicants
- Since personal loans are unsecured Loans, the documentation is simplified and quick, making the approval process easier for the loan applicant.
- The interest rate of RBL Bank personal loan is competitive with hassle free loan sanction and disbursement.
- Foreclosure on the loan is permitted after the loan has completed six months.
- In order to avail of a higher RBL Personal Loan amount, the loan applicant may club his or her income with his or her spouse. This will be allowed on the condition that the spouse’s salary is regular and documented.
- RBL Bank takes 10 working days to inform loan applicants about their decision on the received loan application.
RBL Personal loan Eligibility:
Availing a personal loan from RBL bank requires a certain eligibility criteria to be fulfilled. Paisabazaar.com has made it easier for the prospective client to check his/her eligibility. Individuals with 25 years of age and above are eligible for the personal loan offered by RBL Bank. The maximum age at loan maturity has to be 65 or at superannuation, whichever is earlier. There are certain criteria that RBL Bank expects the borrowers to fulfill before disbursing the loan. The criteria are as follows:
- Income required for RBL Personal loan: Salaried Individuals should have a minimum net salary of Rs. 25000 per month. They need to have a minimum of 1-year experience in their current job and three years of total work experience. Since the repayment capacity is directly proportional to one’s income, chances of getting the loan approved are higher for people having high income.
- Age criterion: While the bank finds it hard to approve the loan request of young individuals, it also does not approve the loan requests of aged people nearing retirement easily. Young men are considered to be experimental with their jobs and the repayment capacity of old ones becomes questionable post retirement. So, anyone who is aged 25 years and above can avail the loan if all the other necessary criteria are met. However, the upper limit is 60 years, so anyone with an age above 60 years is not eligible for a personal loan according to the policies of the bank.
- Credit Score: Your credit score which speaks about your financial habits and repayment schedules will also be checked by the RBL bank before granting you a loan.
- Employment history: Applicants having a smooth and steady work history may find it easier to get approvals for their loan applications as this may indicate a sign of credibility.
- Debt owed: If the applicant owes any yet to be paid loan it is considered to be a financial burden because it may affect the repayment capacity of the individual and therefore determines the eligibility for loan approval.
Documentation Required for the RBL Bank Personal Loan:
The following documents need to be submitted for availing the loan:
- Identity Proof: Copy of Passport / Voter ID card / Aadhaar Card / Driving License. Any one of the above documents can be submitted as a valid Identity Proof because all of these documents have the individual’s photograph against his or her name thus giving a proof of applicant’s identity.
- Address Proof: Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport. Any one of these documents must be submitted in order to complete the verification process by the bank.
- Last 3 months’ bank statement or last 6 months’ bank passbook. These documents are needed to verify the applicant’s income status prior to making the application for loan which also shows the individual’s financial picture depicting the credit worthiness of the person.
- Latest Salary Slip or current dated Salary Certificate with latest Form 16 which is used to legally depict the current net salary of the individual and also to verify if it is in accordance to the minimum eligibility criteria specified under the bank’s policies.
RBL Bank Personal Loan Foreclosure Charges
RBL Bank does not allow pre-payment or foreclosure until the payment of 12 EMIs. Post the completion of 12 EMIs, 5% of Principal Outstanding is charged from 13-18 EMIs and after 18 EMIs, 3% of the Principal Outstanding is charged.
NIL foreclosure charges are there only if minimum 12 EMIs are paid without any bounce and foreclosure using own funds. Transferring of Balance outstanding to another financial institute is not considered as source of own funds.
RBL Personal Loan EMI Calculator
To know the EMI Calculation on the Personal Loan, you can go to www.paisabazaar.com. The calculation will give the estimated EMI for each month.
How EMI Calculator on Paisabazaar.com works?
- Personal Loan EMI Calculator calculates EMI for Personal Loan on the basis of inputs given by the Loan Applicant. The EMI Calculator asks for the following details:
- Loan Amount
- Loan Tenure
- Interest Rate
On sharing the above details the personal loan EMI calculator on www.paisabazaar.com will tell you the monthly EMI that will be invested every month on the Personal Loan.
Why choose the RBL Bank Personal Loan?
RBL Bank is considered a leading provider of loan products in the loan market. The bank personnel are experienced and qualified enough to make the procedure smooth and hassle free for each customer. RBL bank charges no extra or hidden charges for the personal loan, and each of the applicable charge is stated upfront initially. With flexible repayment options peace of mind is guaranteed to the customer while applying for a personal loan from RBL bank. Also, the customers need not worry about any of their documents because safe custody of his/her documents is ensured by the bank, thus eliminating the risk of documents being damaged, soiled or stolen.
RBL Bank offers personal loan with a wide range of uses because they are issued for different needs. The loan sanction and disbursal process is simpler in nature and also very fast so that the customer does not have to wait for a long time before the disbursal of his loan takes place. There is complete transparency in the dealings of the loan process. The bank does not hide any chargeable items and the customer is told about all the relevant charges in writing upfront while he or she applies for a loan so that there is no margin of cheating left for the bank. The loan process status is continuously updated by the bank so that the customer can know in which stage his or her loan sanction is in.
The following points illustrate why customers prefer to avail personal loans from the RBL Bank:
- Loan process is quick
- Ease of documentation
- Industry standard RBL Personal loan interest rates
- Low processing fee
- All charges stated upfront
- No security or collateral required
- Convenient and flexible loan repayment tenure for RBL Personal loan
- Attractive rates of interest on RBL Personal Loan
How to apply online for the RBL Personal Loan?
RBL Bank has expanded its services to include internet banking. Along with this facility, RBL Bank allows its customers to apply for a RBL Personal loan through Paisabazaar.com website. This is a simple process which offers loans easily and customers can apply for a RBL Personal loan online by visiting the website.
For online process, one can go to the Bank’s website www.rblbank.com and under the Personal Loan tab, one can know all the details and apply for a Personal Loan.
Frequently Asked Questions (FAQs):
- What is the loan amount available under the RBL Personal loan scheme?
The amount of loan offered by RBL Bank ranges from Rs.1 lakh which is the minimum to a maximum of Rs.20 lakhs. However, before the loan is issued, the limit is determined by the bank based on the repayment capacity of the applicant.
- Can the available amount be increased?
A loan which exceeds the maximum absolute limit of Rs.20 lakhs cannot be availed. But, if the applicant’s income and repayment capacity results in lower loan amount eligibility, the income of the spouse can be clubbed and the spouse can also act as a co-applicant for the loan which would increase the RBL Personal loan amount eligibility of the applicant.
- What is the loan tenure?
The term allowed for repaying the personal loan is 12 months to 60 months, i.e. 1 year to 5 years within which the loan must be repaid.
- How is the repayment of the personal loan made?
Payments can be made by means of Post-dated cheques, Electronic Clearing Systems and also by placing a Standing Instruction on the saving account held by the applicant.
- What is the security required for availing the loan?
Personal loans from RBL Bank are unsecured loans which do not call for pledging any security or collateral for availing the loan.
- What is the loan processing fee charged on the personal loan?
At the time when customers apply for RBL Personal loan, the bank charges an upfront non-refundable fee called the processing fee which would be a maximum of 2.50% of the amount of loan sanctioned by the bank.
- What is the age requirement in terms of eligibility criteria for the RBL personal loans?
Applicants looking for a personal loan from RBL Bank should be at least 25 years of age. At the time of loan maturity, the age of the applicant should not be more than 60 years.
- What are the other eligibility requirements of availing the RBL Personal loan?
Before making the personal loan request, certain eligibility criteria are to be followed. The individual should be a salaried employee earning a minimum net monthly salary of Rs.25,000. The total work experience of the individual should be a minimum of 3 years with a present experience of 1 year in the current organization.
- What is the loan amount available under the Business Loan of RBL Bank?
In the business loan category, RBL bank offers loans from Rs.10 lakhs to Rs.35 lakhs. The loan amount and interest rate is quite high because this is a business category loan which needs to be sanctioned for higher amounts since business requires substantial finances.
- What is the repayment tenure under the business loans?
Though loans are offered of higher amounts, the loan repayment tenure ranges from 12 months to a maximum of 36 months. The applicants are required to pay off their business loans before the maximum tenure of 3 years.
- Is any security required for business loans?
Despite the higher amounts, this loan also comes without any security requirements. No collateral or third-party guarantee is required and the loan is issued based on the applicant’s business performance.