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About RBL Bank Personal Loan

RBL Bank is one of the oldest private banks in India that started in 1943 in the pre-independent India. Earlier known as Ratnakar Bank Limited, it was started in Maharashtra for the small and medium businesses of Maharashtra. However, the bank has grown by leaps and bounds, especially in the past five years after Mr. Vishwavir Ahuja took control of the bank as its MD and CEO.

Today, the bank has more than 190 branches and more than 350 ATMs all over India. The strong financial growth of the bank in the past few years has been majorly responsible for a lot of people trusting this bank for their finance-related purposes.

Features and Benefits of RBL Personal Loan

  • Personal loan is available for all salaried individuals

  • You can get a loan from Rs. 100,000 to Rs. 20,00,000

  • The amount can be paid in EMIs from 12 to 60 months depending on your financial records and other terms of the loan.

  • You do not need any collateral or security for availing this loan.

  • The bank offers quick documentation and easy disbursal of loan.

  • Interest rates are quite attractive

RBL Bank Personal Loan Eligibility Criteria

  • To avail personal loan from RBL Bank, there are the essential requirements which you need to check.

  • The loan is only for salaried individuals

  • Net monthly income should be Rs. 25,000 per month or above

  • The minimum age of the applicant must be 25 years

  • The Maximum age limit is 60 years or retirement age in the current employment whichever is less

  • Min. work experience should be three years

  • Last one-year work experience should be with the same company/employer.

  • The loan is disbursed at the sole discretion of RBL Bank.

RBL Bank Personal Loan Interest Rates and other Charges

  • The interest rate on personal loan keeps changing as per the rulings of the RBI and as per the policy of the bank. However, since last few years, it has been 15.5% to 21%.

  • The interest rate charged by RBL Bank is usually fixed.

  • The interest rate, though seldom, may change as per few factors and total discretion of the bank; these factors are:

    • i. CIBIL Score: You may be able to negotiate with the bank if your CIBIL score is very high.

    • ii. The ratio of Income vs. loan amount: If the ratio of Income to loan amount is high, you may be able to demand a better rate.

    • iii. Repayment Capacity: Any bank would like to deal with people who have a good repayment capacity. If you have strong financial records showing good liquidity, you may get consideration for lower interest rate.

    • iv. Relationship: If you are already banking with RBL and can show good records, you may get a special rate.

    • v. Asset Value: The higher your asset value, more secured is the loan and hence, the banks may be willing to give you a lower interest rate.

RBL Bank Personal Loan EMI Calculator

You can use our Personal Loan EMI Calculator tool to know the exact amount you would have to pay towards your loan repayment. You simply have to enter the total amount that you wish to avail, the interest rate and the duration for which you want to apply the loan and the tool would give you the exact number.

Documents Required for RBL Bank Personal Loan

To avail the loan, the applicant has to apply by filling a loan application form and submit it along with the following documents:

Address Proof (any one of the following)
  • Passport

  • Aadhaar Card

  • Telephone or Electricity Bill

  • Registered Rent Agreement

  • Registered Sales Deed

  • Bank Statement

  • Voter ID

  • Driving License

ID Proof (any one of the following)
  • Voter ID

  • Passport

  • Driving License

  • Pan Card

  • Relationship Proof (Required when your spouse or parents are the co-borrowers)

  • Passport Size Photographs (3)

  • Proof of Income (All of the following)

  • Last 6 months of bank statement of your salary account

  • Form 16 issued by your employer.

  • Income documents of co-borrower (In case applicable)

After the loan is approved, you would also need to sign on ECS form authorizing the bank to deduct the EMI from your account directly on a pre-set date.

What are the eligibility criteria for applying to RBL Bank Personal Loan?

A salaried individual must have minimum net monthly income of Rs. 25,000. Minimum age at loan sanction should be 25 years. Maximum age at loan maturity should be lower of 60 years or retirement age. Work Experience of minimum 1 year at current employment and 3 years of total employment experience is must.

Which documents do I need to submit while applying for the personal loan?

You will need to provide a copy of identity proof, address proof, last 3 months’ bank statement or last 6 months’ bank passbook, and latest Salary Slip or current dated Salary Certificate with latest Form 16 which is used to legally depict the current net salary of the individual and to check whether it matches the level of minimum net monthly income as laid down in the eligibility criteria checklist.

What are the processing charges and interest rate?

Interest rate is 15.50% to 23% and it is calculated on the monthly reducing balance. You will be charged a processing fee of 2% on the loan amount plus the Education cess and service tax at the prevailing rate.

Can I pre-pay my loan? If yes, will there be any additional charges?

You cannot foreclose the loan before the loan has completed 6 months. Although, after having paid the 6 months EMI, you can foreclose the loan. Before finishing 12 months, if you wish to foreclose your loan, you will be charged 5% on the principal outstanding amount as foreclosure charges. After 12 months, a 3% foreclosure fee will be charged on the outstanding amount.

Are there different options to pay an EMI?

A borrower can pay the EMI on his/her loan through multiple means, with some of the options being post-dated cheques, the ECS facility or by providing standing debit instructions on a RBL account.