RBL bank personal loan eligibility

RBL bank personal loan
RBL bank personal loan

RBL bank personal loan : Personal Loan

RBL bank personal loan : Are you planning your dream vacation but are short of funds? Or looking for funds to pay for a wedding in the family? RBL Bank’s personal loan may be the answer you are looking for.

Unexpected expenses can come knocking at your door at any point in time. It could be in the form of emergency medical expenses; your child’s education expenses or even a wedding in the family. A personal loan helps you take care of these needs. You can borrow up to Rs.20 lakh to pay for your various needs. We offer attractive interest rates starting from 14%.

A personal loan is a convenient solution to your emergency requirements as there is no need for collateral. It is a short-term loan with easy repayment options. We at RBL Bank offer you a personal loan that is a one-stop solution for all your different needs.

RBL bank personal loan – the features include

  • Loan amount from Rs.1 lakh up to Rs. 20 lakhs
  • Convenient loan repayment option of 12 to 60 months
  • No security or collateral required to avail this loan 
  • Simplified and quick documentation
  • Attractive interest rates

Here are some of the benefits of a personal loan:

  • A personal loan is a great way to improve your credit score. If your credit score is running low because you are using a maxed-out credit card, you can take a personal loan, pay off your credit card debt and pay the loan over five years. This improves your credit score immediately.
  • If you have too many credit cards and are in debt, a personal loan is a convenient way of consolidating your debt. You can take a loan to pay off your debt and repay only one loan.
  • If there is a wedding in the family or an accident, you can pay for the expenses almost immediately with a personal loan. These are short-term loans and will not affect your long-term financial goals.

Personal loans are an easy option to take care of immediate expenses. RBL Bank offers personal loans from Rs 1 lakh to Rs 20 lakh with convenient repayment options of one to five years. 

Applying for a personal loan with RBL Bank is quite simple, and you can get instant approval if you fit in the eligibility criteria set by the bank. Applying for the loan online is the fastest way of getting a personal loan. We will give you a quote for your loan within a minute of your application. 

To apply online, click on the apply now link & fill in your information in the online form. You need to fill in your name, date of birth, gender, mode of income and repayment, email ID and mobile number. Once you proceed with the application, we give you a loan quote that you may be eligible for. You can then click on apply. Once you apply online, the bank will contact you to complete KYC formalities. 

RBL Bank offers attractive interest rates to its personal loan customers in the range of 14 to 23% per annum

Processing fee:

 The bank charges a processing fee of up to 3.5% of the loan value as a one-time processing fee. Existing customers may be able to negotiate for a lower processing fee. 
Prepayment/ foreclosure charges: 

Prepayments are allowed only a year after the first EMI. If you want to prepay or foreclose your loan between 13 to 18 months, the bank charges a fee of 5% of your outstanding principal.

If the payment is made after 18 months, you have to pay the bank a fee of 3% of your outstanding principal. If any prepayment or foreclosure is done after 12 regular EMIs using own funds, the bank doesn’t charge any fee. 

Overdue interest:

 If you forget to or fail to pay your EMI on time, the bank levies a charge of 2% per month of the overdue amount.

Borrowers can choose to repay their personal loans within a time frame of one to five years. There is no requirement of collateraL

the eligible criteria

  • Minimum net monthly income of Rs. 40,000 per month
  • Minimum age at loan sanction – 25 years. Maximum age at loan maturity – lower of 60 years or retirement age 
  • Work Experience of minimum 1 year at current employment and 3 years of total employment experience

Documents required for Personal Loan

  • Application Form duly signed with coloured photograph of 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 Lacs: Latest 1 Salary Slip; for Loan > 7.5 Lacs: Latest 2 Salary Slips.