RBL Bank Personal Loan
RBL Bank Personal Loan
At some point in life, people find themselves strapped for cash. You might have property and assets, but nothing beats the flexibility of having liquid cash. Even though you may have saved a lot of money for a rainy day, you are sure to still find yourself hard-pressed for a sum of money in order to carry out some activity or the other.
Personal Loans are usually given to individuals with a good record of money management (analysed through their credit scores), whether they are salaried or self-employed. These loans have comparatively short tenures and are perfect since they help you manage the immediate emergency at hand.
RBL Bank or Ratnakar Bank Limited is one of the leading and oldest financial institutions in India. It is a scheduled commercial bank, which was founded in 1943. The bank currently has a range of banking services spread out over 5 sectors: Corporate and Institutional Banking, Commercial Banking, Retail Banking, Financial Markets and Agriculture and Development Banking. The bank is backed by some marquee investors owing to its stellar track record, including Gaja Capital, CDC Group Plc, Aditya Birla Private Equity, and ICICI Lombard General Insurance, among many others. The bank was listed into the National Stock Exchange and the Bombay Stock Exchange in the year of 2016. It currently has more than 340 branches and around 500 ATMs, spread out across 20 Indian states and Union Territories. The bank has also started many unique ventures, like the Saksham literacy programme and the Swadhaar FinAccess for making low-income women financially literate. Reassuringly, the bank was rated as the first among 47 banks in India for its commitment to Micro & Small Enterprises and Customers. Getting a Personal Loan from the bank is a quick process, and the experience will not disappoint you owing to the service that the bank provides.
RBL Bank Personal Loan Interest Rate January 2019 (updated)
13% to 18%
Loan turn around period
2.50 % of loan sanctioned + Taxes
Who can apply?
750 per instance
2,275 Per Lakh
About RBL Bank Personal Loan
RBL is one of the leading financial institutions in the nation and specializes in debt financing to individual customers and MSMEs in India. The bank was awarded the best out of 47 banks in India based on its customer support and commitment values.
RBL Bank offers Personal Loans to salaried Indian residents to help them meet their immediate requirements for money. They are known for their flexible, hassle-free, and quick loan options that require minimal documentation.
Why RBL Bank Personal Loan?
There might be some critical situations where you don't have liquid cash. These situations may include medical emergencies, family function, or some other necessary activities or objectives. At times like these, Personal Loans are the ones that come to your rescue. With RBL Bank Personal Loans, you can be assured of the best customer support and easy loan terms.
Here are some important reasons why you should be applying for RBL Bank Personal Loan:
- The bank provides convenient loan repayment options to the borrowers.
- You get flexible and instant loan options.
- You also do not need to have any security, collateral or guarantor to get this loan.
- The documentation process if simplified and quick.
- These loans are offered at attractive interest rates.
- The entire loan process from application to sanction and disbursal is quick and hassle-free.
Features and Benefits of RBL Personal Loan
Here are some attractive features and benefits of RBL Personal Loans that make them different:
- The bank offers loan amount varying from 1 Lakh to 20 Lakhs.
- The loan can be repaid conveniently between 12 to 60 months.
- In most cases, you will not need a guarantor to get the funds.
- Interest rates are among the most competitive in the industry, currently starting at 11%.
- Loan eligibility and disbursal procedures are quick, which let you get funds instantly.
- You can check your loan eligibility and even apply for the loan online from the comfort of your own home through RBL's official website or MyMoneyMantra.
- The bank also provides loan foreclosure facility that lets you close your Personal Loan account before the end of the tenure by paying minimal foreclosure charges.
RBL Personal Loan Interest Rates
RBL Personal Loans are offered at the most competitive interest rates. This makes it affordable for people who are facing a cash crunch. The interest rates vary according to the scheme you choose, your eligibility criteria, and some other factors.
At present, the RBL Personal Loan interest rates for salaried individuals range between 11% to 26.25% per annum.
RBL Bank Personal Loan Processing Fees and Other Charges
RBL Bank Personal Loans involve the following charges:
Types of Charges
3% of the sanctioned loan amount
Late EMI Payment Charges
Additional interest of 2% per month on overdue EMI amount
Issuance of Duplicate Interest and Principal Certificate
Charges for Cheque Swapping
Bounce Cheque Charges
Charges for Generating CIBIL Report
Loan Foreclosure Charges
Types of Personal Loans Offered by RBL Bank
RBL Personal Loans are of many types depending on the purpose for which you take the loan. Here are some common Personal Loan types offered by the RBL Bank:
- RBL Bank Personal Loans for Home Furnishing: These loans can be availed to fund your home furnishing needs such as buying new furniture, home appliances and other decorative objects to beautify your home.
- RBL Bank Personal Loans for Marriage: If you need immediate cash for funding wedding-related expenses such as venue booking, shopping, catering, and so on, you can apply for RBL Bank Personal Loan for Wedding.
- RBL Bank Personal Loans for Education: To fund your dream of getting a higher education, and bearing other educational expenses related to you or your kids, these loans can be of great help.
- RBL Bank Personal Loans for Holiday: Planning a vacation abroad or any exotic destination? If yes, RBL Bank has Personal Loans for Holiday on offer just to fund your travel desires.
- RBL Bank Personal Loans for Medical: A medical emergency can strike anyone anytime. If you don't have savings, health insurance plans, or are unable to arrange for funds immediately, these loans can be your best bet to deal with such medical exigencies.
RBL Bank Personal Loan Eligibility
RBL Personal Loan eligibility criteria must be met before applying for the loan, to get faster approval and disbursal by the bank. Here are some basic eligibility criteria for RBL Bank Personal Loan:
- Minimum age of the applicant must be 25 years at the time of applying for the loan.
- Maximum age of the applicant must be 60 years or retirement (whichever is earlier) at the time of loan maturity.
- The applicant must have a minimum net monthly income of 25,000.
- The applicant must be working with the current employer for minimum last 1 year
- Total employment experience of the applicant at the time of loan application must be 3 years
RBL Personal Loans require you to have a good CIBIL score, preferably 700 or above. The higher your CIBIL score the greater your chances of approval for the loan at a low interest rate. CIBIL score details your financial profile, including your financial history, your ability to pay back on time, and your proficiency in the utilisation of funds in an appropriate manner.
In most cases, you do not need a guarantor in order to get the loan processed. The processing time is quicker, compared to the other financial institutions.
The hassle-free disbursal procedure will help you procure the cash you require quickly, whether it is for your personal needs or business-related requirements.
If you have any existing loans such as a car loan or a Business Loan, then a restriction may be placed on the loan amount you are eligible for. Once the application is approved and the interest rate has been decided, borrowers will be expected to pay back in equated monthly instalments (EMIs) until the completion of the loan tenure.
Documents Required for RBL Bank Personal Loan
The following documents are required when a user applies for an RBL Bank Personal loan online or offline:
- PAN Card
- Proof of Identity (Any one of the following documents):
- Voter ID
- Driving License
- Proof of Residence (Any one of the following documents):
- Voter ID
- Driving License
- Telephone Bill
- Electricity Bill
- Bank Statement/ Registered Lease Deed/ Sale Agreement
- Proof of relationship (if required by the bank)
- Recent passport size photographs
- Any other valid photo identity card issued by either central or state government
- Latest 6 months' bank statements of the account where the salary is credited
- Financial documents for salaried individuals:
- Last 2 months' salary slips
- Form 16 issued by the current employer
- Income-related documents of salaried spouse (if applying for a joint Personal Loan or clubbing the income of the spouse)
Other Products Offered by the RBL Bank
Apart from Personal Loans, RBL Bank offers a host of other loan products, like:
If you plan to buy the house of your dream but find yourself hard-pressed to arrange funds for the same, you can apply for RBL Bank Home Loan.
- Maximum repayment tenure: 25 years
- Maximum loan amount: 10 Crores
- Eligibility for salaried individuals: Applicant must be 24 years of age or above with minimum annual income of 1,20,000, having total work experience of 2 years.
- Eligibility for self-employed and professionals: Applicant must be 24 years of age or above with minimum net annual income of 1,50,000 (as per latest ITR), having total 3 years of business continuity in the same field.
Loan Against Property
You can avail RBL Bank Loan Against Property to realise your dreams. Unlock the value of your property to fulfill your business and personal financial needs.
- Maximum repayment tenure: 15 years
- Maximum loan amount: Up to 80% of your property's market value (maximum 10 Crores)
- Eligibility for salaried individuals: Applicant must be 23 years of age or above with minimum annual income of 1,50,000.
- Eligibility for self-employed and professionals: Applicant must be 23 years of age or above with minimum net annual income of 1,50,000 (as per latest ITR).
You can apply for RBL Bank Business Loans for your short-term financial and working capital requirements. These loans can be utilised to grow and expand your business.
- Maximum repayment tenure: 3 years
- Maximum loan amount: 35 Lakhs
- Eligibility: Applicant must be 27 years of age or above with minimum annual business turnover of 1 Crore (as per latest ITR), having a profitable business for last 3 years and minimum 5 years of business experience.
Overdraft Against Property
Now you can manage your business finance requirements with the Drop-line Overdraft Against Property facility and pay only for the amount you use. It is an overdraft facility taken against the property by self-employed people.
- Maximum repayment tenure: 10 years
- Maximum drop-line overdraft limit: Up to 80% of your property's market value (maximum 5 Crores)
- Eligibility: Applicant must self-employed individual/professional, sole proprietors, or owners or partnership firms/ private limited companies. Applicants must be 23 years of age or above with minimum annual income of 1,50,000 (as per latest ITR).
Working Capital Finance
This loan facility takes care of your inventory, receivable funding, and other day to day expenses, like salary, electricity, and so on.
- If you are in manufacturing, trading, or services, you can apply for this loan. Your business should have a track record of minimum 3 years in the same business field with cash profit and positive net worth for the last 2 years.
Are you planning to get a car for your daily use? Is a mode of transportation important, yet inaccessible to you because of financial reasons? RBL offers Car Loans for those who wish to purchase small and compact cars, super premium cars, MUVs and SUVs.
- Maximum loan amount: Up to 90% of the value of the vehicle. For a new car, the maximum loan amount of up to 30 Lakhs (for salaried individuals) and 1 Crore (for self-employed individuals as well as self-employed professionals).
- Maximum repayment tenure: 5 years
- Eligibility for salaried individuals: Applicant must be 21 years of age or above with minimum annual income of 1 Lakh to 9 Lakhs (depending on the type of vehicle), having total work experience of 3 years.
- Eligibility for self-employed and professionals: Applicant must be 25 years of age or above with minimum net annual income of 1 Lakh to 7.5 Lakhs (depending on the type of vehicle), having total 3 years of business continuity in the same field.
RBL has made available Education Loans to the people who want to pursue higher education.
amounts anywhere between 50000 and 20 lakhs, according to your needs and educational purpose. The principal repayment starts 3 months after getting a job, or 1 year after graduating from college - whichever is earlier. The loan has the instant approval facility, with simple, hassle-free documentation.
- Maximum loan amount: 10 Lakhs for pursuing higher studies in India and 20 Lakhs for studies abroad.
- Eligibility: Applicant and co-applicant (spouse/father/brother/mother/sister) can be salaried individuals or self-employed. They must be Indian residents, having a minimum annual income of 1.5 Lakhs, having total work experience of 3 years.
How to Make EMI Payment for RBL Bank Personal Loan?
The borrower can make EMI payments in the following ways:
- Electronic Clearing System (ECS)
- Post-dated Cheques
- Standing Instruction
In the case of ECS, the borrower has to give standing instruction to their bank to allow RBL Bank to auto-debit the EMI amount every month on a fixed date.
In the case of Post-dated Cheques, borrowers will have to sign a number of cheque leaves in advance so that RBL can deposit them at the given payment dates. Sufficient funds must be maintained in the account to be able to opt for the post-dated cheque facility since payments made may bounce back if the borrowers don't have enough money in their account every month.
If you already have an account with RBL Bank, then you can allow them to debit the amount directly from your account at the end of each month - this is called the Standing Instruction method.
You have an option of changing the payment method, but you have to visit the RBL Bank branch to let the bank know of these changes. You must submit an application for change in payment mode to RBL in the event you wish to switch from ECS to post-dated cheques or vice versa.
How to Calculate RBL Personal Loan EMI?
The RBL Personal Loan EMI amount can be calculated using the MyMoneyMantra's online EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rate to know your monthly EMI outflow. There are several factors which influence the EMI amount, such as:
- Interest Rate: If you are applying for a high-interest Personal Loan, your EMI will be higher.
- Loan Tenure: The longer your repayment duration, the lower your EMI amount becomes.
- Loan Amount: If the loan amount is high, your EMIs are bound to be bigger.
Time Taken to Process an RBL Bank Personal Loan Application
RBL Personal Loans are usually approved quickly so that you get the funds when you actually need them the most. You can submit the relevant documents online, and then wait for the bank to contact you to verify other eligibility criteria. This usually takes less than a week. It is important to remember that it is entirely at the bank's discretion to decide whether or not to approve the loan request, based on the applicant's profile and documents provided.
RBL BANK LATEST NEWS
RBL Bank Reports Earnings of FY 2018-19 Q2
RBL Bank reports a growth in advances by 37% in Q2 FY19. The operating profit increased by 48%, net profit by 36%, and deposits by 31% on Year on Year (YoY) basis. The bank reported an increase in Net Interest Income (NII) by 41%.
Sankarson Banerjee to be Appointed as Chief Information Officer of the RBL Bank
One of country's fastest-growing banks, RBL Bank today announced that it will be appointing Mr. Sankarson Banerjee as CIO (Chief Information Officer). Sankarson, is an alumnus of IIM Calcutta and IIT Kharagpur, and comes with more than 23 years of multifaceted experience in the area of technology.
RBL Bank Acquired 100% Stake in SFPL
RBL Bank, India's one of fastest growing banks, today has acquired 100% stake in SFPL (Swadhaar Finserve Pvt. Ltd.). SFPL is RBL Bank's exclusive business correspondent which is engaged in offering various services to the country's underbanked segment in rural as well as semi-urban areas. SFPL is a last-mile distributor of an array of comprehensive financial products and services, particularly loans & savings products, to microenterprises and low-income households across India.
ETMONEY Announced Tie up with RBL Bank to Offer Personal Loans
ETMONEY, a company backed by Times Internet, today announced its entry into the area of lending, in partnership with RBL Bank with the launch of ETMONEY CreditLine,.
ETMONEY at present has a user base of 4 million Indians, who use ETMONEY for investment, expense management, and insurance solutions. It is the largest mobile platform in India for mutual funds, having grown 20 times in the last 12 months.
FREQUENTLY ASKED QUESTIONS
How much loan amount is offered by the RBL Bank under Personal Loan scheme?
You can borrow anywhere between 1 Lakh to 20 Lakhs as loan amount depending on your eligibility criteria. The Personal Loan eligibility is analysed on the basis of your repayment capacity, financial documents submitted by you, and loan amount limit for your respective location.
Within how many months can I repay the sanctioned Personal Loan amount?
EBL Bank lets you repay conveniently within the tenure of 12 to 60 months.
How can I repay my loan amount?
The RBL Bank Personal Loan can be repaid in easy EMIs through ECS facility, Post Dated Cheques, or Standing Instruction methods.
Can I add my spouse?s income too to avail a higher Personal Loan amount?
Yes, you can club the income of your regular salaried spouse with your income to be eligible for a higher loan amount.
How long it takes to get approval for Personal Loan?
The Bank typically updates you about their loan sanction decision in approx. 10 working days from the date of receiving the completed application form and required documents.
Do I need to pledge any security to get a Personal Loan?
No. RBL Bank Personal loan is an unsecured loan for which you do not need to offer any collateral or security.
Does the bank charge any Processing Fees to avail a Personal Loan?
Yes, you will have to pay a processing fee of up to 3% of the sanctioned loan amount plus applicable taxes to procure RBL Bank Personal Loan.
Can I prepay my Personal Loan? If yes, do I need to bear any charges for the same?
Yes, you can prepay your Personal Loan after completing 12 EMIs without any default. Te charges for the same are 3% to 5% of the principal outstanding (depending on the tenure remaining).
Why Apply for RBL Personal Loan On MyMoneyMantra?
Applying for RBL Bank Personal Loan through MyMoneyMantra assures you of:
- Quick loan application and decision
- Doorstep documents pick-up service
- Availability of best Personal Loan offers
- Detailed information and understanding of the loan product
- Timely disbursal of the loan amount
- 24x7 customer support
- Unbiased advice by the experienced Personal Loan specialists
How to Apply for RBL Bank Personal Loan Through MyMoneyMantra?
At MyMoneyMantra, we are committed to making the process of taking a Personal Loan from RBL convenient, transparent, and hassle-free. Not only do we guide you to the scheme which is best suited to your requirements, but we also assist you in the application process. Our team helps you with the end-to-end loan process, starting from collecting your documents from your home and depositing it to the bank to disbursal of the loan amount to your bank account.
Here's how to apply for RBL Bank Personal Loan online through MyMoneyMantra:
- Visit www.mymoneymantra.com
- Select Personal Loan from the dropdown menu under Loans section.
- Fill the required information like your name, required loan amount, loan tenure, type of employment, the city of residence, reason for taking the loan, and so on.
- Enter your e-mail ID as well as mobile number.
- Accept the terms & conditions and then click on "show me the best offers".
- You will see all Personal Loan offers on a single page. Select RBL Bank Personal Loan from the list to apply for the same.
- After your loan application is successfully submitted online, you will receive a call from our loan specialists within a few hours for completing the further process.
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RBL Bank Personal Loan Customer Care
You can call the RBL Customer Care if you have any doubts or simply want to check if you are eligible for the loan on the numbers mentioned below:
1800 123 8040 and +91 22 61156300.
You can also email them at firstname.lastname@example.org for any queries that you may have.
Corporate Office Address
RBL Bank Ltd.
One Indiabulls Centre, Tower 2B , 6th Floor,
841, Senapati Bapat Marg, Lower Parel (W),
Mumbai - 400013, India.