From dream wedding to dream home and more – RBL Bank Personal Loans make it all happen! Any time, unanticipated bills can knock on your door. This could be unexpected medical costs, school costs for your child, or even a family wedding. You can meet these needs with the help of our Personal Loan. To cover your varied needs, you are permitted to borrow up to INR 20 lakhs. Starting at 14%, we have attractive interest rates available. Since there is no requirement for collateral, our personal loan is an easy way with simple repayment terms, to meet your instant financial needs.
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.
- Avail a loan amount from INR 1 lakh up to INR 20 lakhs
- Convenient loan repayment option of 12 to 60 months
- No security or collateral is required to avail this loan
- Simplified and quick documentation
- Attractive interest rates
You can instantly check your eligibility with RBL Bank. Check the requirements before applying for a personal loan with us. You can then avoid rejections based on your eligibility. Here are our standard eligibility criteria details:
- Minimum net monthly income of INR 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
- Application Form duly signed with coloured photograph of the applicant.
- KYC (Pan Card, Proof of Identity and 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 months Salary Credit Bank Statements)
- Salary Slip - for Loan < 7.5 Lakhs: Latest 1 Salary Slip; for Loan > 7.5 Lakhs: Latest 2 Salary Slips
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 verify your documents any further. Also, you can receive a pre-approved offer and attractive interest rates. As soon as the loan is approved, the funds will instantly be credited to your RBL Bank account.
For those who are not RBL Bank account holders: We thoroughly examine the applicant's documents. After you submit your application online or at the nearby branch, a bank representative will contact you. RBL Bank will gather essential documentation and run a background check on your personal, academic, and professional history. We will reject your application if the information submitted on the personal loan application form is inaccurate.
Your application is handled following a careful review of your supporting documentation and if you meet the bank's eligibility requirements. The interest rate and duration are predetermined and provided to you for approval based on your eligibility and income. On the bank's website, you can check the status of your personal loan application, or you can contact and speak to our customer service agent.
Tenure and Repayment Options
A one- to five-year repayment period is available to borrowers for 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. You have two payment options: utilizing NACH facility or through post-dated cheques. In order to repay your loan, you can also give a standing order to debit your RBL Bank account.
You have several flexible alternatives to repay your loan from RBL Bank. In addition to the interest rate, we also impose nominal fees for some other factors. The fees and charges you need to be aware of are as follows:
Processing fee: As a one-time processing fee, the bank will charge up to 3.5% of the loan's total value. Existing account holders can request and negotiate a lower processing fee.
Charges for prepayment or foreclosure: If you want to prepay or foreclose up 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.
Interest Rates: Customers of personal loans from RBL Bank receive favourable interest rates ranging from 14 to 23% annually.
A personal loan's interest rate is determined by the borrower's income, credit history, and the duration of the loan that he or she chooses. If the borrower is an existing customer of RBL Bank, they may get a slight edge over non-customers in terms of interest rates.
Overdue interest: If you miss or are unable to make your EMI payment on time, the bank will charge you 2% of the amount that is past due each month.
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 a single working day from the date of receipt, provided the customer submits a complete application with the required documents.
Personal loans are a kind of 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 improve your personal loan eligibility. Getting a co-borrower will not only improve your eligibility but also give a bump to the loan amount you are eligible for. The other thing you can do is make sure that your income source is steady. This gives the bank an assurance that your repayment capacity is good. Yet another technique of improving credit score is to maintain a good credit history. If you have existing loans or credit cards, make timely payments of your EMI and credit card bills to improve your credit score. Your eligibility will also improve if you have fewer dependants to your income.
A co-applicant has to be a family member. Spouse and children are eligible to be co-borrowers.
Personal loans are offered as term loans that can be paid back in Equated Monthly Instalments. The EMI can be paid through NACH facility, standing Instruction to debit your RBL Bank account or though post dated cheques with your EMI amount.
Existing customers of RBL Bank may have certain advantages over other borrowers. They get the benefit of easier documentation. RBL Bank lets its existing customers to issue a standing instruction to deduct EMIs from their existing accounts. This way you don’t have to worry about timelines. Existing RBL Bank customers may also negotiate for a lower rate of interest or ask for a waiver on processing fee. The terms of negotiations may vary from case to case.
Yes. RBL Bank gives you a flexible tenure and lets you foreclose or prepay your existing personal loan. You can, however, do so after one year paying regular EMIs. After one year, you can prepay your loan or close it ahead of tenure at any time. The bank charges a nominal fee for foreclosure or prepayment. If the prepayment is done within 13 to 18 months, the bank charges 5% of the outstanding principal as prepayment charge. If you pay your loan outstanding after 18 months, a prepayment/ foreclosure charge of 3% of the outstanding principal is applicable.
RBL Bank provides Personal Loans exclusively to salaried individuals. You must fall in the age bracket of 25 to 60 years at the time of closure of the loan. The bank also mandates that the applicant must have a monthly salary of at least INR 40,000 to be eligible 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 is a poor credit score. The other common cause for rejection is an unstable income. If your annual income follows a pattern of troughs and crests, the bank may not be convinced of your repayment capacity. Therefore, the bank may reject your application. The bank has clearly stated that the applicant must have a monthly income of at least INR 40,000 to be eligible for Personal Loan. If your monthly income is lower than that, you are not eligible for the loan and your application may be rejected. If you work in a company that has been delisted by the bank, your loan application will be rejected by RBL Bank.
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 NACH bounces, the bank will levy a penalty (NACH-bounce charge). This is over and above your dues. Apart from that any and all NACH 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 CIBIL 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 CIBIL. You can visit the website of CIBIL and get your score calculated for free. The CIBIL website provides a free tool where you can input your personal details and PAN number. The website then computes your CIBIL score and gives you an analysis of the same. Some other aggregator websites also provide you with a tool to calculate your credit score.
- Terms and Conditions apply
- All loans are at the sole discretion of RBL Bank
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