Compare & Choose from the Best Personal Loan OffersRBL Bank Personal Loan – Features – Dec 2021 | |
| Interest rate | 14.00% p.a. onwards |
| Loan Amount | Up to Rs. 20 Lakh |
| Eligible Applicant Category | Salaried Individuals |
| Eligible Applicant Age | Min. 25 years and Max. 60 years |
| Eligible Income | Min. Rs. 25,000 p.m. |
| Processing Fees | Up to 3.5% of loan amount sanctioned |
| Loan Tenure | Up to 60 months |
RBL Bank offers personal loans to meet 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 and can be repaid within tenure ranging from 12 to 60 months. RBL bank offers preapproved loans for selected customers.
Table of Contents
Features of RBL Bank Personal Loan
- Loan amount: RBL Bank offers instant personal loan up to Rs. 20 lakh to cater to various financial needs of applicants
- Flexible tenure: RBL Bank has convenient loan repayment option from 12 to 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 via its digital platform
RBL Bank Personal Loan Interest Rate
Personal loans offered by RBL Bank feature an interest rate starting at 14% p.a. However, the actual interest rate provided by a bank to an applicant depends on multiple factors including loan amount, credit score, age, repayment history, etc.
Apply for a Personal Loan online starting at only 10.85%* p.a. Apply Now
Eligibility Criteria
- You should be a salaried individual
- Your minimum monthly income should be Rs. 25,000
- You should be at least 25 years at the time of loan sanction and your maximum age should be less than 60 at the time of loan maturity
- You should have a minimum experience of at least 1 year along with 3 years of total employment experience
Also Read: RBL Bank Personal Loan Eligibility
Documents Required for Loan Application
- Application form duly signed along with the colored photograph of the applicant
- KYC Documents: Aadhaar Card, Voter ID Card
- PAN Card
- Age and Identity Proof: Aadhaar Card, DRIVING License, Passport, Voter ID Card
- Address Proof (any one): Voter ID Card, Aadhaar Card, Passport, Driving License, Utility Bill (Telephone/Electricity/Mobile- not more than 60 days old)
- Income proof: Last 3 months salary credit bank statements, salary slips
| For loan < 7.5 Lacs | Latest 1 Salary Slip |
| For loan > 7.5 Lacs | Latest 2 Salary Slips |
Also Read: RBL Bank Personal Loan Documents Required
Check Your Free Credit Score to Know Personal Loan Eligibility Check Now
Fees and Other Charges
| Default interest (delayed payment charges) | 2% additional interest per month on overdue EMI amount (to be paid per instalment due per month of delay) |
| Cheque/ECS/NACH/SI Dishonor charges | Rs. 250 per instance |
| Foreclosure charges |
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| Processing Fees | Up to 3.5% of total loan amount |
| Convenience charges | Rs. 999 |
| Stamp Duty/ Agreement Franking Charges | 0.2% of total loan amount |
| Issue of duplicate interest and principal certificate | Rs. 250 |
| Cheque swapping charges | Rs. 250 |
| Charges for CIBIL report | Rs. 50 |
EMI Calculation
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Your Pre-Approved Personal Loan Offers are Just a Click Away Apply Now
Comparison of RBL Bank PL VS Other Lenders
| Banks/NBFCs | Interest Rates (per annum) |
| RBL | 14.00% p.a. onwards |
| HDFC Bank | 10.25% – 21% |
| SBI | 9.60% – 13.85% |
| PNB | 7.90% – 14.50% |
| ICICI Bank | 10.50% – 19% |
| Axis Bank | 10.49% – 24% |
| Kotak Mahindra Bank | 10.25% onwards |
| IndusInd Bank | 11.00% onwards |
| IDFC First Bank | 10.49% – 23% |
| Bajaj Finserv | 13.00% onwards |
RBL Bank Customer Care
- You can call on (+91)22-6115-6300
- You can send an email on customercare@rblbank.com
- You can write to the corporate office at One Indiabulls Centre, Tower 2B , 6th Floor, 841, Senapati Bapat Marg, Lower Parel (W), Mumbai 400013, India
- You can visit the nearest branch
Also Read: RBL bank Personal Loan Customer Care
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.
