Urban Money

RBL Bank Personal Loan

RBL Bank
4.5

Choosing a personal loan can be a wise decision if you want to meet your larger expenses. Nowadays, a lot of people are opting for a personal loan, and the reason for its popularity is that it is an unsecured loan, so it does not need any collateral. Also, the processing time is swift. You can easily apply for a personal loan from any bank or financial institution; for example, RBL offers a personal loan that you can use to fulfil your immediate personal needs. So what are you waiting for? Apply for an RBL Personal Loan to take one step forward to your dreams.

  • RBL Bank
  • Personal Loan
Loan Amount:₹1L - ₹20L
Interest Rate:14% - 23%
Processing Fee: Up to 3.5%
Tenure:5 Years
Details
BanksInterest RateProcessing FeeLoan Amount/Tenure
RBL Bank

14% - 23%

Up to 3.5%

₹1L - ₹20L

Tenure(1 - 5 Years)

Details

Features and Benefits of RBL Personal Loan

RBL bank puts forward a range of benefits while applying for a personal loan. You can improve your CIBIL score by applying for a personal loan. If you have more than one credit card and are running in debt, a personal loan can help you pay off the debts.

Now coming to the feature of RBL Personal Loan:

  • The loan amount ranges from one lakh up to twenty lakhs
  • You can repay the loans at your convenient time between twelve to six months
  • If you are applying for RBL Personal Loan, you don’t need any collateral to avail of the loan.
  • The seamless and quick documentation process
  • Lucrative rate of interest that can compel you to opt for the Personal Loan offered by RBL bank.

RBL Personal Loan Overview

Choosing a personal loan can be a wise decision if you want to meet your larger expenses. Nowadays, a lot of people are opting for a personal loan, and the reason for its popularity is that it is an unsecured loan, so it does not need any collateral. Also, the processing time is swift. You can easily apply for a personal loan from any bank or financial institution; for example, RBL offers a personal loan that you can use to fulfil your immediate personal needs. So what are you waiting for? Apply for an RBL Personal Loan to take one step forward to your dreams.

Eligibility Criteria for RBL Personal Loan

To avail of a personal loan, you need to be enough eligible. RBL Personal Loan eligibility depends on several things. Here is the list to make sure that you meet all the requirements and are therefore eligible to apply for a personal loan.

  • The applicant's minimum age must be twenty-five years, and the maximum is sixty years old.
  • The applicant's monthly income must be at least forty thousand rupees.
  • The person needs to have three years of working experience and one year of current employment status.
  • He or she must maintain a credit score of 750 or above.

RBL Personal Loan fees and charges

Other than the rate of interest, a borrower must learn every aspect regarding the personal loan. Take the fees and charges, for example. You should know that the processing fee offered by RBL is up to 2% of the loan amount. The payment or foreclosure charge between thirteen to eighteen months is 5% of the outstanding principal. After eighteen months, a borrower needs to pay 3% of the outstanding principal as the foreclosure charges. The overdue amount of the personal loan offered by RBL bank is 2% per month. On the other hand, one must pay two hundred and fifty rupees while issuing the same interest and principal certificate, cheque bounce charges, and cheque swap charges. CIBIL charge and convenience charges on personal loans are fifty rupees and thousand rupees, respectively.

RBL Personal Loan Interest Rates

Interest rate is an essential part of any loan. Especially in the case of personal loans, the rate of interest becomes one of the aspired matters. RBL offers a lucrative rate of interest starting from 14%, and you can apply for up to twenty lakh rupees with a tenure period from twelve to sixty months.

Factors affecting RBL Personal Loan Interest Rates

A personal loan offered by financial institutions can be very attractive. However, there are some factors that you must know before opting for one. Even after you evaluated all possible scenarios to fulfil the personal loan requirements and at that point rate of interest can have a significant impact on your repayments.

Here is the list of some significant factors that affect RBL Personal Loan Interest Rates.

  1. Status of the Employer

A personal loan is categorised as an unsecured loan; RBL verifies every possible factor that decides the borrower's creditworthiness. The real reason behind this is that easy-going borrowers with a well-established organisation are the first choice of the bank to lend a personal loan. 

  1. Income

Your monthly earnings can decide the amount of the rate of interest suitable for you. Generally, people with high income tend to get a more flexible interest rate than the lower-income people. Thus your income can determine the interest rate of your personal loan.

  1. CIBIL Score

CIBIL Score or Credit Score is one of the vital parts of choosing a personal loan from any bank or financial institution. A credit score can affect your loan's rate of interest. Are you wondering how? People with high CIBIL scores are more likely to secure lower interest rates. This is because a high CIBIL score shows your healthy financial side and depicts the borrower's repayment history. In contrast, a person with a lower credit score is not so much favoured by the bank to get a reasonable rate of interest on the personal loan.

Documents Required for RBL Personal Loan

Documents are essential aspects while applying for RBL Personal Loan. It is crucial that you must check before using whether you meet RBL Personal Loan requirements. These documents are the proof of your identity. So here is the list of the documents required for the RBL Personal Loan.

Pan card Bank statement with credited salary for last four months.
Aadhar card, Voter ID, Driving Licence, passport etc. as KYC documents Latest salary slips

How EMI calculation works for RBL Personal Loan?

There are many online sites that can help you to calculate the EMI correctly. All you need to do is to put the loan amount with tenure period and rate of interest. So now you can calculate the numbers to get the answer. For instance, if your loan amount is four lakhs and tenure period is 2.4%, and the interest rate is 2.35%, your monthly personal loan EMI should be fourteen thousand six hundred seventy-five rupees.

RBL Bank Customer Care Number

Want the right advice for your loan. Connect with our customer care executives to get a hassle-free service. Feel free to ask anything at (+91)22-6115-6300.

FAQs

From refinancing to reducing your interest, we have the answers right here.

How can I repay my personal loan?

You can repay your personal loan offered by RBL bank through monthly payments. And you can pay the EMI through a debit card.

How much does it take to approve the personal loan?

RBL bank asks its customers to take loan acceptance and rejection decisions within 11 days.

Can anyone prepay their RBL Bank personal loan earlier?

Yes. One can prepay the personal loan with appropriate prepayment fees. But the prepayment is only applicable after you pay for the 12 EMIs

If I have a savings account in RBL bank, would I get any additional benefits while using a personal loan?

Yes. If you have an account in RBL bank, you can get the benefit of easy and quick loan sanctions.

Do I have to pay any processing fee while sanctioning a personal loan?

The processing fee is up to 2% of the personal loan amount accredited by RBL bank.

What maximal and minimal loan amount was approved by RBL bank for a personal loan?

The maximal amount is 20 lakhs, whereas the minimal amount is 1 lakh for a personal loan.

Does RBL bank permits co-signing of a personal loan?

Yes. You can club your income with your salaried partner to get higher loan amounts.

What is the tenure period of repayment for the personal loan offered by RBL bank?

The maximum tenure period is 20 years to clear your payment.

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