RBL Bank Small Loan

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Thejus KS
A mechanical engineer turned history buff with a sprinkle of financial brilliance. Thejus’s expertise comes with a unique blend of engineering precision, timelines, and the power of numerals. He knows that numbers are the pulse of our globe. Attention to detail and extensive research are the key elements of his writing.
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Piyush Bothra
Piyush Bothra
Chief Financial Officer, Square Yards
Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

Looking for a simple and quick solution for your financial needs? RBL Bank’s small loan online can be your user-friendly solution. The loan ensures fast approvals, accessible anytime, and provides straightforward information. Secure your financial goals effortlessly with the ease of online applications. The following section will tell you more about the RBL Bank small loans online in detail. 

Features of RBL Bank Small Personal Loans

Every loan has its own unique features, here are some interesting key features of RBL Bank small loan: 

  • Get up to INR 20 lakhs for different needs.
  • Choose from 12 to 60 months for easy repayment.
  • No need for security; it’s an unsecured loan.
  • Quick approval with straightforward paperwork.
  • Enjoy competitive interest rates for affordable borrowing.
  • Use the loan for home renovations, education, or emergencies.

RBL Bank Small Personal Loans Interest Rates

When viewing an RBL bank small personal loan, understanding the interest rates is important. RBL Bank offers competitive interest rates tailored to different borrower profiles. Here’s a breakdown of the interest rates:

General: 17.50% to 26% per annum. 

For Salaried Individuals (Loan Amount < Rs 5 lakh):

  • Income 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%

For Salaried Individuals (Loan Amount >= Rs 5 lakh):

  • 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%
  • Loan Amount >= Rs 5 lakh (Ticket size <= Rs 5 lakh): 25%
  • Loan Amount > Rs 5 lakh < Rs 15 lakh: 21.50%

Eligibility of RBL Small Personal Loans 

Here are some points to keep in mind while checking RBL Bank’s small personal loan eligibility: 

  • Age: The acceptable range is 25 to 60 years.
  • Minimum Monthly Income: Approx Rs 40,000.
  • Work Experience: Total of 3 years, with at least 1 year in the current employment.
  • Credit Score: A credit score above 750 is often preferred.
  • Other Factors: Like job profile, employer’s profile, and credit history.

Documents Required for RBL Small Personal Loans

Here is the list of RBL Bank small personal loan documents that you need during the process:

  • Government-issued ID: Aadhar card, passport, driving license, PAN card.
  • Address Proof: Voter ID, driving license, passport, utility bills.
  • Income Proof: Salary slips, and bank statements showing regular income.
  • Employment Proof: Employment certificate or offer letter.
  • Photograph: Recent passport-sized photograph.
  • Loan Application Form: Complete and duly fill out an application form.

Why RBL Bank Small Personal Loans?

Here are some of the reasons why you should go for RBL small loans.

  • RBL Bank ensures fast processing for quick fund availability.
  • Utilize the loan for diverse needs, be it emergencies or personal expenses.
  • Enjoy cost-effective borrowing with attractive interest rates.
  • The loan doesn’t require collateral, simplifying the application.
  • Tailored repayment options for added convenience.
  • User-friendly online application for a hassle-free experience.
  • Clear and transparent terms to ensure understanding.

How to Apply For Small Personal Loans Online?

  • Research reputable online lenders or visit the website directly.
  • Check eligibility based on income and credit score.
  • Gather necessary documents like ID and proof of income.
  • Fill out the online application on the lender’s website.
  • Securely upload required documents.
  • Wait for the swift approval process for small loans.
  • Review and understand terms, including interest rates and fees.
  • If satisfied, accept the loan offer online.

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Frequently Asked Question (FAQs)

How to get an RBL Bank Small Personal Loan urgently?

For an urgent RBL Bank Small Personal Loan:

  • Check eligibility.
  • Prepare documents.
  • Apply online or visit a branch.
  • Ensure quick approval by submitting a complete application.
  • Follow up for updates.

How can I use an RBL Bank small personal loan to consolidate debt?

To use an RBL Bank small personal loan to consolidate debt, borrow the amount equal to the total of your existing debts. Then, focus on repaying this one loan instead of dealing with multiple debts. Make sure the loan terms are suitable to your current needs.

How can I use a small personal loan?

You can use a small personal loan for personal emergencies, debt consolidation, home repairs, education, travel, weddings, business start-up, moving costs, essential purchases, or vehicle purchases. 

What are the risks of taking out a RBL Bank small personal loan?

Consider the practical aspects before getting a small personal loan from RBL Bank. Check the interest rates and fees to understand the total cost. Before committing, review the agreement thoroughly and assess your practical ability to repay for a sound financial decision.

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