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

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RBL BANK PERSONAL LOAN 

ABOUT RBL BANK PERSONAL LOAN :

RBL Bank was established in 1943 at Mumbai. This bank is one of the oldest Indian private sector banks. It also offers a huge range of banking products and services to all customers. For any immediate financial requirement like wedding expenses, medical treatments, house renovation , vacations etc. can be fulfilled using the personal loans offered by RBL Bank.

BENEFITS OF RBL BANK PERSONAL LOAN :

1. Instant approval :

RBL Bank provides personal loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the personal loan either online or offline.

2. Easy repayment tenure :

RBL Bank personal loan offers the best and flexible loan tenure of 1 years to 5 years. The Indian Bank personal loans are taken to meet their sudden needs of the customers.

3. Simple and less documentation :

RBL Bank required less documentation for the processing of personal loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a personal loan. The process of documentation is very simple and fast

4. Low interest rate :

The minimum interest rate of RBL Bank personal loans is 14% and the maximum interest rate is 23%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. 

5. No requirement of collateral or guarantor :

RBL Bank is an unsecured loan so you does not need to submit any collateral and guarantor for personal loan 

 

FEE AND CHARGES OF RBL BANK PERSONAL LOAN :

TYPE 

CHARGES

Processing Fees

Up to 4% of total loan amount

Cheque bounce charges

Rs. 250 per instance

Foreclosure charges

Not allowed before 12 EMI payments have been completed.

5% of principal outstanding for foreclosure between 13-18 months

3% of principal outstanding for foreclosure beyond 18 months

Convenience charges

Rs. 999

       

DOCUMENTS REQUIRED FOR RBL BANK PERSONAL LOAN :

TYPE

DOCUMENTS

ID proof

Aadhar card, pan card, driving license, passport, etc.

Address proof

Aadhar card, voter id, rental agreement, registry, and utility bills

Income proof

Last 3-month salary slip, last 3 months salary credited bank statement

 

ELIGIBILITY CRITERIA FOR RBL BANK PERSONAL LOAN :

ELIGIBLE

   Salaried

AGE

 

25 years at the time of loan sanction and 60 years at the time of loan maturity or retirement age.

INCOME

   Minimum of 1 year of experience with the current employer

   Minimum income Rs 25000 

 

COMPARE OTHER BANK PERSONAL LOAN INTEREST RATE :

BANKS

INTEREST RATES

AXIS Bank Personal Loan

12% to 24%

SBI Personal Loan

11.30% to 16.40%

SBI Xpress Bandhan

12.15% to 15.15%

SBI Xpress Credit Personal Loan

11.50% to 12%

HDFC Bank Personal loan

10.75% to 21.50%

Kotak Mahindra Bank Personal Loan

10.50% to 16.99%

Yes Bank Personal Loan

20.00% to 22.00%

Citi Bank Personal Loan

10.50% to 17.99%

ICICI Bank Personal Loan

10.99% to 16.25%

Standard Chartered Bank Personal Loan

11.00% to 19.20%

IDBI Bank Personal Loan

12.00% to 14.00%

RBL Bank Personal Loan

14.00% to 23.00%

HSBC Bank Personal Loan

10.75% to 17.84%

IndusInd Bank Personal Loan

11.00% to 16.75%

Bank of Baroda Personal Loan

7.65% to 12.65%

Bank of India Personal Loan

12.15% to 14.15%

Canara Bank Personal Loan

12.05% onwards

 

HOW TO APPLY ONLINE FOR RBL BANK PERSONAL LOAN :

  • Browse to RBL bank official portal

  • In “Personal”

  • In loan section click on “ personal Loan”

  • Fill the application form 

  • Attached all required documents with application form

  • After submitting your application form you will get notification through bank about loan status

 

HOW TO CALCULATE EMI OF RBL BANK PERSONAL LOAN :

To calculate EMI of RBL Bank personal loan by this formula :

E = P . R . (1+R)^N/((1+R)^N – 1)

Where;

E = EMI

P = Principal Loan Amount

R = Rate of Interest

N = Monthly Loan Tenure

                                  

FREQUENTLY ASKED QUESTIONS :

1. What is the maximum loan amount that should be charged by RBL Bank personal loan?

The maximum loan amount should be charged by RBL Bank personal loan is up to Rs. 20 Lakh.

2. What age is required for RBL Bank personal loan?

The minimum age of the applicant required to get a personal loan from RBL Bank is 25 years; the maximum age is up to 60 years.

3. What is the maximum tenure of personal loan in RBL Bank?

The maximum tenure of personal loan in RBL Bank is 5 years.

4. What should be my income to secure a personal loan from RBL Bank?

The minimum income for a salaried employee should be at least ? 25,000 per month to secure a personal loan from RBL Bank.

5. What interest rate should be charged by RBL Bank personal loan?

The interest rate should be charged by RBL Bank personal loan is 14% to 23%

Last Updated on : 16/Jul/2020

Know More About

Rbl Bank Personal Loan

You're eligible for a Rbl Bank Personal 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 Personal 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 Personal Loan Interest Rates

Updated on 25 Nov 2017

Rbl Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 14% - 23%
Processing Fees Upto 4 % of loan amount
Loan Tenure 1 year to 5 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

Personal 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