RBL Bank Personal Loan Details

Loan amountUp to Rs. 20 Lakhs
Rate of interest14% - 23% p.a.
TenureUp to 60 months
Lowest EMI possibleRs. 2,327 Per Lakh
Processing feeUp to 4% of the loan amount

RBL Bank Personal Loan Features

Here are some attractive features and benefits of RBL Personal Loans that make them different:

  • The bank offers loan amount varying from Rs. 1 Lakh to Rs. 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.
  • RBL Personal Loan Interest rates are among the most competitive in the industry, currently starting at 14%.
  • 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.
  • The bank also provides loan foreclosure facility.

RBL Bank Personal Loan Charges

RBL Bank Personal Loans involve the following charges:

Types of ChargesQuantum
Late EMI payment chargesAdditional interest of 2% per month on overdue EMI amount
Issuance of duplicate interest & principal certificateRs. 250
Charges for cheque swappingRs. 250
Bounce cheque chargesRs. 250
Charges for generating CIBIL reportRs. 50
Loan foreclosure Charges
  • After paying 13 to 18 EMIs: 5% of principal outstanding
  • After paying more than 18 EMIs: 3% of principal outstanding
  • After paying minimum 12 EMIs without any bounce and if foreclosure is done using own funds: NIL foreclosure charges
  • Prepayment is permitted only after repaying minimum 12 EMIs.

RBL Bank Personal Loan Benefits

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 is 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.

RBL Bank Personal Loan Eligibility Criteria

The following Personal Loan eligibility criteria must be met before applying for the 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 Rs. 20,000 (Rs. 25,000 for New Delhi & Mumbai residents).
  • 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.

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:

  • Personal loan application form - duly signed
  • Recent coloured photograph of applicant
  • PAN Card
  • Proof of Identity & Age (Any one of the following documents):
    • Aadhaar
    • Voter ID
    • Driving License
    • Passport
  • Proof of Residence (Any one of the following documents):
    • Aadhaar
    • Voter ID
    • Passport
    • Driving License
    • Utility Bill (Electricity/Telephone/Mobile - not older than 60 days)
  • Last 3 months bank statements showing salary credit.
  • Salary slip of last 1 month for loan up to Rs. 7.5 Lakhs and last 2 months for loan above Rs. 7.5 Lakhs.

How to Calculate RBL Bank Personal Loan EMI?

The RBL Personal Loan EMI amount can be calculated using the MyMoneyMantra's online Personal Loan 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.

RBL Bank Personal Loan Verification Process

Documents verification is not required for an existing RBL Bank customer. They may get a pre-approved offer and attractive interest rate. On approval, the loan amount is directly transferred to their RBL Bank account instantly. 

For non-RBL Bank customer, the bank follows the below-mentioned simple process to verify their details for personal loan:

  • On applying online for the loan or at the nearest branch, the bank representative will contact you.
  • All necessary documents of the borrower will be collected.
  • The bank will then do a background check of the personal and professional information of the customer. Make sure that you provide correct information on the personal loan application form otherwise your application will be rejected.
  • After a thorough verification of applicant’s documents, if they fall within the bank’s eligibility criteria, their application will be processed.
  • Depending on applicant’s eligibility and income, the bank will fix and share the interest rate and tenure details.
  • You can then track your RBL Bank personal loan application status online through the bank’s website or by calling their customer care representative.

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 customercare@rblbank.com 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.

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RBL Personal Loan FAQs

How much loan amount is offered by the RBL Bank under Personal Loan scheme?

You can borrow anywhere between Rs. 1 Lakh to Rs. 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?

RBL 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 4% 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).