RBL Bank Personal Loan Interest Rates

Why Should You Opt for RBL Bank Personal Loan?

Here are some reasons why you may wish to opt for RBL's Personal Loan scheme:

Emergency funding: If you have an urgent need for funds, this loan is suitable for you. It takes less than 10 minutes to apply for it and if your application is successful, you can receive the cash within a few days.

Documentation issues: Some other loans such as loans against property or business loans require a lot of paperwork and documentation without which you cannot apply for them. If you do not want to be disqualified on the basis of lacking documentation, applying for a personal loan is your best bet because the documents you will be asked to provide are minimal and easily accessible.

Structured repayment arrangement: When it comes to fulfilling your repayment obligations you can rest easy knowing that you will be allowed to pay back the loan in installments and not at once. This can go a long way in relieving you of the burden of paying back all you owe on one fell swoop.

Additional Finance: If you took up a loan severally and some other financial obligations came up you may choose to apply for this loan to settle them while servicing your current loan at the same time.

Before you apply for this loan, it is imperative that you know a little about its features and the benefits of taking up the loan in the first place.

Loan amount: The loan amount borrowers are granted varies depending on their eligibility. RBL Personal loan amount range between Rs. 1 lakh and up to Rs. 20 lakhs

Loan term: The loan term is a minimum of 12 months and a maximum of 60 months.

Collateral: RBL Banks does not demand collateral from applicants for this loan.

Documentation: Only documents to prove identity and income are required.

Interest rates: The loan is decided based on the applicant's income, credit history and the tenure chosen by the borrower..

Disbursal procedure: The bank usually approves a personal loan in a single working day from the date of receiving the request, subject to the complete application submitted by the customer with required documents.

Lower your personal loan interest rates from RBL Bank by implementing the points mentions below.

• Maintain a credit score of 750 & above.
• The bank offers low interest rates on personal loans to the existing customers.
• Keep checking the rates for promotional offers and deals.
• Be stable at your job for at least the last 3 years.
• Increase your income sources if you can.
• You can add a co-applicant for the loan.

RBL Bank Personal Loan Eligibility

Only eligible applicants will have their application approved and loans issued. For the purpose of clarity, here are the eligibility requirements for a personal loan.

• Applicants must have a minimum monthly income of at least Rs. 40,000.
• Applicants must be at least 25 years of age at the time of applying for the loan.
• The maximum age at the maturity of the loan should not be above 60 years.
• Applicants must have worked with their current employer for at least the last 1 year and total work experience should be 3 years and above.

Before you apply for a Personal loan or any loan at all, it is very important to know how much the loan will cost. The cost of the loan is simply the principal amount you wish to borrow added to the interest on the loan and other processing fees and charges. Calculating EMI using a simple formula will give you the EMI charge per month but mistakes are common though. Calculating EMI for a few months is not hard but when you have to do that by heart for several months, mistakes are inevitable. It is for this reason that EMI calculators were introduced to help applicants evaluate the cost of loan without errors. An EMI calculator is an online tool, which can be used to calculate the monthly Equated Monthly Installments on a loan. 

Besides the interest charged on the personal loan, here are some of the other charges you need to take note of before submitting your application.

RBL Bank Personal Loan Customer Care Numbers

If you encounter any issues with your account, a loan you have applied for or you just want to make inquiries, here are the customer care numbers and emails you can contact.

Credit Card Helpline

Phone: +91 22 6232 7777

Email: cardservices@rblbank.com

Superard Helpline

Phone: +91 22 7119 0900

Email: cardservices@rblbank.com

Bank Queries

Phone: +91 22 6115 6300

Email: customercare@rblbank.com

Administrative office

Phone: +91 231 2650981

Fax: +91 231 2657386