RBL Bank Education Loan: Interest Rate, Eligibility, Processing & Customer Care

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RBL BANK EDUCATION LOAN 

About RBL Bank Education Loan :

RBL Bank, formerly known as Ratnakar bank, is an Indian private sector bank. It is headquartered in Mumbai and founded in 1943. It also offers a huge range of banking products and services to all customers.The IFSC Code of RBL Bank is RATN0000213.

While searching for an education loan, you can come across RBL Bank that offers you the loan at an attractive interest rate. It also offers a very basic scheme for education loans for courses in both India and Abroad. It provides an easy loan disbursal and fast processing facilities which make it one of the most sought banks for education loan. Every individual dreaming of higher studies can make it true with RBL Bank Education Loan. The interest rate charged by RBL Bank is from 14.15% to 16.15% p.a.

Benefits of RBL Bank Education Loan :

1. It offers an attractive rate of interest

2. It provides no collateral for loan amounts up to Rs 4 lakh.

3. It required hassle free and simplified documentation for the processing of education loans.

4. It provides loan amounts upto 10 lakh for education in India and 20 lakh for education in Abroad.

5. It also offers the longest repayment tenure from 1 to 7 years.

6. Minimal foreclosure charges

Eligibility Criteria for RBL Bank Education Loan :

1. Applicant and co-applicant should br Indian Resident.

2. Co-applicant can be salaried and self employed individual

3. Minimum net income required Rs1.5 lakh per annum.

4. Co-applicant can be anyone = Father, Mother Brother, Sister, Spouse

Documents required for RBL Bank education Loan :

TYPE

DOCUMENTS

KYC Proof

Address proof, ID Proof, 10+2 mark sheets or certificate, degree or diploma (if applying for post graduation), 2 passport size photographs, relationship proof with the co-applicant.

Income Proof

Last 3 month pay slip, salary certificate, last 3 month bank statement, ITR, repayment track record in credit report, documents for collateral, stability of income proof

Overseas education proof

Passport copy of students pursuing educational courses abroad,  For US institutes I-20 Form needs to be submitted,  Also scholarship certificates are required for special cases, English proficiency certificate and other qualifying exams like GRE, GMAT, SAT, TOEFL, etc

Expenses covered under RBL Bank Education Loan :

1. Tuition fees 

2. Cost of books, uniforms and stationeries

3. Cost of laptop or computer ( If required)

4. Examination Form

5. Library/ Laboratory fees

6. Hostel fee

7. Travel expenses ( for Abroad)

8. Miscellaneous Expenses

Compare other bank interest rate :

BANKS

INTEREST RATE

AXIS Bank Education Loan

13.70% to 15.20%

HDFC Bank Education Loan for Indian Education

9.55% to 13.50%

HDFC Bank Education Loan for Foreign Education

9% to 14%

Kotak Mahindra Bank Education Loan 

11.5% to 24%

IDBI Bank Education Loan

8.30% to 10.41%

Indian Bank Education Loan

Starts from 8.50%

RBL Bank Education Loan

14.15% to 16.15%

Bank of Baroda Education Loan

7.50% to 9.75%

Bank of India Education Loan

7.25% to 9.75%

Canara Bank Education Loan

11.35%

Standard Chartered Bank Education Loan

10.99%

SBI Student Loan Scheme

9.30%

SBI Skill Loan Scheme

8.80%

SBI Scholar Loan Scheme

8.30% to 9.95%

SBI Takeover of Education Loan

9.30%

SBI Global Ed-Vantage

9.30%

Other products of RBL Bank :

1. RBL Bank Car Loan 

2. RBL Bank Business Loan 

3. RBL Bank Credit Card

4. RBL Bank EMI Calculator

How to apply for RBL Bank Education Loan :

1. Offline Method : By visiting the nearest bank branch.

2. Online Method : 

  • Visit the official website of loan.

  • Click on apply now

  • Fill out the form with essential details.

  • Upload the mandatory documents required

  • Submit the form and take out a print out of the applications 

  • Visit the bank branch for further formalities.

How to contact with RBL Bank :

1. By customer care contact number : 1800120616161

2. By customer care email id : customercare@rblbank.com

Financials products offered by Bank :

BUSINESS LOAN

CAR LOAN

COMMERCIAL LOAN

EDUCATION LOAN

GOLD LOAN

HOLIDAY LOAN

HOME LOAN

LOAN AGAINST PROPERTIES 

LOAN AGAINST SECURITIES

PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

RBL Bank Education Loan Frequently Asked Questions :

Q1. What is the maximum loan amount that should be charged by RBL Bank education loan?

The maximum loan amount should be charged by RBL Bank education loan is up to Rs.10 Lakh for education in India and 20 lakh for education in Abroad.

Q2. Is, there any processing fees charged by RBL Bank Education Loan?

No, there are no processing fees charged by RBL Bank Education Loan.

Q3. What is the repayment tenure of an education loan in RBL Bank?

The maximum tenure of education loan in RBL Bank is 1 year to 7 years.

Q4. How much minimum income is required to get an education loan from RBL Bank?

The minimum income required to get an education loan from RBL Bank is 1.5 lakh per annum.

Q5.What interest rate should be charged by RBL Bank education loan?

The interest rate charged by RBL Bank education loan is 14.15% to 16.15%.

Last Updated on : 10/Aug/2020

Know More About

Rbl Bank Education Loan

You're eligible for a Rbl Bank Education Loan if you:


Are legally adult enough to handle it


Have still got it


Get a regular pay check


Make more than a basic buck

Your eligibility depends on:


Earn more than minimum income required


Maximum allowed Education Loans is Rs. 10K to Rs. 45 lakhs


EMIs of other loans loweryour eligibility

Boost your eligibility by:


Pay off your credit card bills


Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Rbl Bank Education Loan Interest Rates

Updated on 25 Nov 2017

Rbl Bank Education Loan Details
Interest Rate (Monthly reducing balance) 14.15% - 16.15%
Processing Fees NIL
Loan Tenure 1 year to 7 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Education Loans EMI Calculator

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959