All about RBL Bank Personal Loan

A Personal Loan helps in taking care of unexpected expenses that can be in the form of medical emergencies, children’s education expenses, or weddings in the family. Any amount up to INR 20 lakhs can be borrowed to fulfill these needs at an attractive rate of interest of 14%. Personal loans are the perfect solution to meet emergency situations as there is no need for any collateral. It provides a short-term loan with an easy repayment option. 

RBL Bank is one of the Best Banks for Personal Loan that provides a one-stop solution for the different types of needs of customers. It offers pre-approved personal loans to select customers of RBL Bank along with instant loan approval to other applicants who meet the eligibility criteria.

Features of RBL Bank Personal Loan:

  • Loan amounts can be availed from INR1 lakh up to INR 20 lakh.
  • Convenient loan repayment option of 12 to 60 months.
  • No security or collateral is required to avail of this loan. 
  • Simplified and quick documentation.
  • Attractive interest rates.

Interest Rates:

RBL Bank offers the Lowest Personal Loan Interest Rates that are as mentioned below:

1. For Salaried Individuals

  • For Loan amount < INR 5 lakh
Income (per month) Rate of Interest (p.a.)
INR 20,000 to < INR 25,000 24%
INR 25,000 to < INR 50,000 22%
INR 50,000 to < INR 75,000 19%
INR 75,000 to < INR 1 lakh 18%
Above INR 1 lakh 17.50%
Metro Micro Loan (Mumbai Loan) 26%
New to Credit 24%
  • For Loan amount >= INR 5 lakh
Income (per month) Rate of Interest (p.a.)
INR 25,000 to < INR 50,000 20%
INR 50,000 to < INR 75,000 19%
INR 75,000 to < INR 1 lakh 18%
Above INR 1 lakh 17.50%

2. For Self-employed Individuals

Loan amount< INR 5 lakh 26%
Ticket size >= INR 5 lakh 22.50%
MCA (Ticket size <= INR 5 lakh) 25%
MCA (Ticket size > INR 5 lakh < INR 15 lakh) 21.50%
Small BIL Doctor 20%

Factors Affecting RBL Personal Loan Interest Rates

  • Status of the Employer:

A personal loan is classified as an unsecured loan. RBL verifies each and every possible fact that helps in deciding the borrower’s creditworthiness. The easy going borrowers with well-established organizations are the first choice of the bank to lend a personal loan.

  • Income:

The monthly income also allows for determining the rate of interest that best suits the borrower. People with a high income can get a more flexible interest rate than people of a lower income group. 

  • CIBIL Score:

To choose the bank or financial institution from which the loan is to be availed, credit or CIBIL score plays a vital role as it affects the rate of interest. People with high CIBIL scores are more likely to secure lower interest rates as high CIBIL reflects a healthy financial side and depicts the repayment history of the borrower. On the contrary, a lower credit score is not so much favored by the bank to get a reasonable rate of interest on a personal loan.

Benefits of RBL Bank Personal Loan:

  • Low-interest rate
  • No security needed
  • Less paperwork
  • Long tenure
  • Minimum income requirement
  • Convenient repayment of 12 to 60 months
  • Hassle-free process

Processing Fees & Charges

Processing Fee Up to 2% of the loan amount
Prepayment/Foreclosure Charges Between 13 to 18 months: 5% of outstanding principal

After 18 months: 3% of outstanding principal

After 12 regular EMIs: NIL

Overdue Interest 2% per month of overdue amount
Issue of Duplicate Interest and Principal Certificate INR 250
Cheque Bounce Charges INR 250
Cheque swap charges INR 250
CIBIL Charges INR 50
Convenience Charges INR 999

Eligibility Criteria

  • An applicant shall have a minimum net monthly income of INR 40,000 per month.
  • The minimum age at the time of sanction of the loan is 25 years.
  • The maximum age at the time of maturity of the loan is 60 years or retirement age whichever is lower. 
  • An applicant shall have a work experience of a minimum of 1 year at current employment and 3 years of total employment.

Documents Required

  • Application Form duly signed with the colored photograph of the applicant
  • KYC (Pan Card, Proof of Identity & Age Proof – Any one [e.g. Aadhaar, Passport, Valid Driving License, Voter ID Card], Proof of Address – Any one [Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile – not more than 60 days old)], Latest 3 month’s Salary Credit Bank Statements)
  • Salary Slip – for Loan < 7.5 lakhs: Latest 1 Salary Slip; for Loan > 7.5 lakhs: Latest 2 Salary Slips

RBL Bank Personal Loan Application Status

Below mentioned are the steps to know the application status of the personal loan applied for:

Step 1: Visit the official website of RBL Bank.

Step 2: Enter either the acknowledgment number or the loan application number. 

Step 3: Enter the Captcha code as shown on the page.

Step 4: The status would be either approved, waiting for approval, or notify the time at which the loan can be disbursed to the bank account.

Step 5: Also, an applicant can call the bank’s branch and the bank representatives will provide assistance regarding the same.

RBL Bank Personal Loan Verification Process

Below mentioned are the steps to know the verification process for the personal loan applied for:

Step 1: In the case of an existing customer of RBL Bank, the bank may not verify the documents as the customer may get a chance to get a pre-approved loan.

Step 2: Along with the attractive rate of interest, the loan amount would be automatically credited to the bank account of the applicant.

Step 3: In the case of non-RBL bank customers, after applying for the loan online, the bank representative will contact the applicant, collect the documents required and conduct a background check of the personal and professional information.

Step 4: The information provided should be correct otherwise the loan application would be rejected. 

Step 5: After the verification gets completed, and if the applicant falls within the eligibility criteria of the bank, the application gets processed. On the basis of eligibility and income, the interest rate, and the tenure of the loan are fixed and informed to the applicant for acknowledgment. 

Step 6: The personal loan application status can be tracked online on the website of the bank or by calling the customer care to know the loan status.

Related Articles

Leave a Reply

Back to top button