Unlock your financial potential with RBL Bank's exclusive Personal Loan offer, tailored just for our valued existing customers with salary and savings accounts. Seamlessly navigate life's twists and turns with a swift and hassle-free loan experience. Need funds for home renovations, education, or a dream vacation? We've got you covered with a generous maximum loan limit of up to 5 lakh at a competitive interest rate of 18%. Embrace the freedom to pursue your aspirations without compromising on your financial stability. Your journey to financial empowerment begins with RBL Bank – where your dreams find the support they deserve.
Avail our Personal Loan for any of the following:
- Furnishings: With a personal loan from RBL Bank, you can renovate, repair, and furnish your dream house. This is specifically made to meet the demands of homeowners who wish to make any type of enhancement to their property, including structural repairs and interior renovations. Put off your concerns about paying the contractor, purchasing supplies, or even hiring an interior designer to rest by taking out a personal loan.
- Marriage: Getting married is a lavish ceremony that costs a lot of money. A wedding involves a number of costs, such as reserving a location, purchasing jewellery, and paying for all the events. A personal loan relieves you of financial burdens so that you can fully enjoy the wedding.
- Education: We are aware of how vital your or your child's education is. Paying college tuition can occasionally be a costly process, especially if the plan is to study overseas. You can use our personal loan solution to pay for your own or your child's education.
- Holiday: If you need money for your dream trip but don't have enough saved up, we recommend applying for a personal loan. Take out a personal loan to travel to your preferred location without worrying about paying for lodging, food, shopping, and other costs.
- Medical: Do you need to attend to a medical emergency? Try out our personal loan solution for quick payout and flexible repayment schedules.
- Loan amount from INR 30,000 to INR 5,00,000
- Flexible repayment tenure from 12 to 36 months
- Simplified and quick documentation
- Attractive interest rates
- No security or collateral required to avail this loan
- Hassle-free loan sanction and disbursal procedure
It is a Pre-qualified personal loan, only for existing savings or salary account holders with the RBL Bank. Here are our standard eligibility criteria details:
- Only the RBL Bank Savings Account or Coporate Salary Account holders can avail this offer
- Only for indian resident customers
- The age of the borrower at the time of onboarding/ offering has to be between 25 years to 55 years
- Application Form duly signed with coloured photograph of the applicant.
- No KYC Documents required
- No salary slip or bank statement required
For existing RBL Bank account holders: Verification of the applicant's documentation concludes the application procedure for every personal loan. RBL Bank uses a straightforward procedure to validate your information. If you're already a customer of RBL Bank, the bank will not required any further documents in case your details remain unchanged. The pre-qualified base of customers can avail a pre-approved offer through a simple process through the bank's branch. As soon as the loan is approved, the funds will instantly be credited to your RBL Bank account.
Tenure and Repayment Options
The tenor of the loan is between 12 to 36 months, during which the borrowers can repay their personal loans. No collateral is required for processing this loan. Equated Monthly Instalments are an easy way to repay your debt (EMIs). To calculate your EMI, use our EMI calculator tool. The EMI must be paid each month and is easily collected by the bank through the standing instructions given by the borrower to debit their RBL Bank account at the time of loan onboarding.
Processing Fee: As a one-time processing fee, the bank will deduct 2% of the loan's total value at the time of disbursement.
Full Repayment: If you want to prepay or foreclose up to first 18 EMIs, the bank charges a fee of 5% of your outstanding principal. If the payment is made after 18 EMIs, you have to pay the bank a fee of 3% of your outstanding principal. NIL foreclosure charges only if minimum 12 EMIs are paid without any bounce and foreclosure is using Own funds. Balance Transfer of loan outstanding to another financial institute is not treated as own source of funds.
Interest Rates: Customers of personal loan from RBL Bank receive favourable interest rate of 18% per annum.
Overdue EMI Charge: If you miss or are unable to make your EMI payment on time, the bank will charge you 2% additional interest per month on overdue EMI amount.
For further details of fees & charges, kindly refer to the section named service charges under quick links tab of the RBL Bank website.
Our EMI calculator is a freely accessible online tool. This calculator aids you in determining your estimated Equated Monthly Instalment (EMI) during the course of your loan. Three factors are considered while calculating EMI using the EMI calculator. The loan amount, usually referred to as the principal amount, is the first consideration. The bank's interest rate is the second consideration, and the loan term you decide on is the third. Simply enter the loan amount you want to borrow into the calculator. Next, enter the length of time that you intend to repay the loan. Finally, input the interest rate at which you qualify. To find an EMI that best fits your budget, you can adjust these variables. Plan your loan better with our EMI calculator.
RBL Bank usually approves a loan in three working day from the date of receipt of completely filled application form with no discrepency.
Personal loans are unsecured loans, there is no requirement of security or collateral. To avail this loan you do not have to place your property and other belongings as collateral with the bank.
Yes, you can take several steps to improve your chances of becoming eligible for a pre-qualified personal loan:
- Check Your Credit Report: Review your credit report to ensure there are no errors or inaccuracies that could negatively impact your credit score. Dispute any errors you find and work on improving your credit history.
- Improve Your Credit Score: Pay off any outstanding debts, make timely payments on existing loans and credit cards, and avoid opening new lines of credit. These actions can help boost your credit score over time, making you more attractive to lenders.
- Increase Income Stability: If possible, try to increase your income or demonstrate stability in your employment history.
- Fewer Dependents: Your eligibility will also improve if you have fewer dependants to your income. The above are for reference only, there are many other ways of improving your chances of getting a personal loan.
The above are for reference only, there are many other ways of improving your chances of getting a personal loan.
Personal loans are offered as term loans that can be paid back in Equated Monthly Instalments. The EMI can be paid through standing Instruction to debit your RBL Bank account.
Yes. RBL Bank gives you a flexible tenure and lets you foreclose or prepay your existing personal loan. The bank charges a nominal fee for full prepayment. If the full prepayment is done within first 18 EMIs, the bank charges 5% of the outstanding principal as full prepayment charge. If you pay your loan outstanding after 18 months, a full prepayment charge of 3% of the outstanding principal is applicable. NIL foreclosure charges will be applicable only if minimum 12 EMIs are paid without any bounce and foreclosure is using Own funds. Balance Transfer of loan outstanding to another financial institute is not treated as own source of funds.
RBL Bank provides Personal Loans exclusively to its savings and salary account holders. You may visit your nearest RBL Bank branch to know if you are pre-qualified for a personal loan.
There could be several reasons behind RBL Bank’s decision to reject your loan application. The most common reason for rejection will be deviation or discrepency in the details filled by the customer in any of the required form - application form, SI form, loan agreement, PDCs.
A personal loan can be availed at any time that you face a shortage of funds. You can take a personal loan if you are running short of funds to manage household expenses or if there is an emergency medical expense. You can also choose to pay off your mounting credit card bills using a personal loan. It would take a big burden off your pocket while you pay back your loan over five years. The other reason people take a personal loan is to pay for their vacation. Travel, stay and shopping expenses while traveling, especially abroad, leads to enormous expenses. Manage your funds and pay for your trip using a personal loan.
Sometimes your home needs a renovation or repair or structural improvement. It could be a big financial burden to pay the contractors, purchase raw materials or hire an interior designer. A personal loan makes it easier on your pocket. You can also use a personal loan to pay for a wedding or your child’s education.
If you miss an EMI payment or if your SI bounces, the bank will levy a penalty (EMI - bounce charge). This is over and above your dues. Apart from that any and all EMI bounces get reflected in your credit score. This would reflect in your credit history and damage your chances of getting loans in the future.
Credit score is calculated by credit bureau to determine your creditworthiness. A higher credit score means you are more likely to pay your debts on time and less likely to default on your loan. The bank considers you a lesser risk while lending you money. A lower credit score means your credit history is poor and you are not good with your debts. This makes you a risky candidate for a loan. To make sure your credit score is maintained well, pay all your debts-loans and credit card bills-on time. The credit score is calculated by various credit bureaus like CIBIL Transunion. You can visit the website of CIBIL, where you can input your personal details and PAN number and you can get your credit report. Some other credit bureaus/aggregator websites can also be accessed to obtain your credit report/ credit score.
- Terms and Conditions apply
- All loans are at the sole discretion of RBL Bank
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