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RBL Bank Personal Loan Highlights |
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| Interest rate |
17.50%-26% p.a.
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| Loan Amount | Rs 1 lakh-Rs 20 lakh |
| Tenure | 1-5 years |
| Processing Fees | Up to 2% of loan amount |
| Minimum Monthly Salary | Rs 40,000 |
Note: Rates as of 7th December 2023
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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% |
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Comparison Table of Personal Loan Interest Rates Offered by Various Lenders
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 10.49% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.75% onwards | Apply Now |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.65% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Bajaj Finserv | 11.00% onwards | Apply Now |
| Federal Bank | 11.49% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 12.25% - 30.00% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 13.00% onwards | Apply Now |
| Moneyview | 15.96% onwards | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Also check:- best bank/NBFC for personal loan in India
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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 |
Know more about personal loan processing fees charged by other lenders
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
RBL Bank may also check credit score, job profile and employer’s profile of its applicants, just like other lenders do while evaluating their personal loan eligibility.
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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: 1 recent salary slip for loan amount less than Rs 7.5 lakh and 2 recent salary slips for loan amount more than Rs 7.5 lakh
Know more about RBL Bank Personal Loan Documents Required
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EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. How long does it take for RBL Bank to approve personal loans?
Ans. RBL Bank claims to approve the personal loan in a single day from the date of receipt provided the applicant submits the complete application form along with the required documents.
2. Who can be the co-applicant to my personal loan availed from RBL Bank?
Ans. Your family member (spouse and children) can be your co-applicant to personal loans.
3. How can the applicants repay their personal loans availed from RBL Bank?
Ans. The applicants can repay their personal loans through NACH facility, standing instruction to debit from your RBL Bank account or through post-dated cheques with your EMI account.
4. What are the main reasons of personal loan rejection by RBL Bank?
Ans. RBL Bank has stated poor credit score and unstable income as the most common reasons for personal loan rejection. The applicants having minimum monthly income of Rs 40,000 are eligible for personal loans. Also, if the applicant works in a company that has been delisted by the bank, the loan application will be rejected by RBL Bank.