to apply for RBL Bank personal Loan
RBL Bank India Personal Loan
- Free doorstep service
- Dedicated Relationship Manager
Would you Like To Read More about RBL Bank Personal Loan
RBL Bank Personal Loan Overview
- RBL Bank is one of India's rapidly increasing private sector banks. It currently services over two million customers through a network of 237 branches and 375 ATMs spread across 16 Indian states and Union Territories.
- RBL Bank has been recognized as a `Global Growth Company' (GCC) by the World Economic Forum. The Bank has also been awarded by Business Today-KPMG Best Bank Study for five consecutive years (2012-16) as `India's Best Bank (Growth)' in the `Small-Sized Bank Segment'
- RBL Bank offers specialized services to Corporate & Institutional Banking, Commercial Banking Branch & Business Banking, Agribusiness Banking Development Banking, Financial Inclusion Treasury and Financial Markets Operations.
About RBL Bank Personal loan
- RBL bank offers two other types of RBL bank personal loans. These loans s are Business Loans and Working Capital Finance.
- Business Loan:
This loan is for business-related expenses and other working capital requirements of the business. The Personal loan offered under this scheme ranges from a minimum amount of Rs.10 lakhs to a maximum amount of Rs.35 lakhs. For these loans, it is easier for the applicant to repay their loans easily and without fuss.
- Working Capital Finance:
This is another variant of the Personal loan offered by RBL Bank. This loan is designed to support the daily expenses of the business and is offered with a minimal documentation. This type of loan is processed easily by the bank. This loan manages the working capital requirement of the business like cash credit limit or overdraft facility to support the day to day operations of the business, export credit to fund the pre-shipment and post-shipment financial requirements of exporters, non-fund based facilities like buyer’s credit and letter of credit to facilitate a smooth trading experience and bank guarantees to meet financial obligations and performances.
Why Choose RBL bank Personal Loan
The RBL Bank Personal loan benefits are:
- RBL Bank offers interest rates that are competitive with special offers and rates for existing account holders of the bank.
- These loans are multipurpose loans where the fund can be used for any requirements.
- RBL offers personal loans with complete transparency in granting the loan.
- There is minimal documentation and the loans are also processed faster than other banks. Hence, the applicant does not have to face a harassing situation and he or she receives the loan amount in a quicker span of time.
- Provision for connecting with the bank through Phone Banking and Net banking.
- NO guarantor or security or collateral s required for this loan.
- The loan is repaid through Equated Monthly Instalments (EMIs). Foreclosure on the loan is permitted after the loan has completed six months.
- In order to avail of a higher loan amount from RBL Bank, the loan applicant may club his or her income with his or her spouse. This will be allowed on the condition that the spouse’s salary is regular and documented.
- RBL Bank takes 10 working days to inform applicants about their decision on the received application.
Features of RBL Bank Personal Loan
The features of RBL bank Personal Loans are as follows:
- RBL Bank Personal loan process is quick
- Ease of documentation
- Industry standard interest rates
- Low processing fee
- All charges stated up front
- No security or collateral required
- Convenient and flexible repayment tenure.
Eligibility Criteria of RBL Bank Personal Loan
RBL Bank Personal loan eligibility criteria to apply for personal loan are as follows:
- Income required: Salaried Individuals should have a minimum net salary of Rs. 25000 per month. They need to have a minimum of 1-year experience at their current job and three years of total work experience. Since the repayment capacity is directly proportional to ones income, chances of getting the Personal loan approved are higher for people having a high income.
- Age criterion: While the bank finds it hard to approve the loan request of young individuals, it also does not approve the loan requests of aged people nearing retirement easily. Young men are considered to be experimental with their jobs and the repayment capacity of old ones becomes questionable post-retirement.
- Credit Score :Your credit score which speaks about your financial habits and repayment schedules will also be checked by the RBL bank before granting you a loan.
- Employment history: Applicants having a smooth and steady work history may find it easier to get approvals for their loan applications as this may indicate a sign of credibility.
- Debt owed : If the applicant owes any debt that is yet to be paid than loan is considered to be a financial burden because it may affect the repayment capacity of the individual and therefore determines the eligibility for loan approval.
Documentation Required for RBL Bank Personal Loan
Required documents to avail RBL Bank Personal loan are:
- PAN Card For Individual
- Identity Proof Anyone (e.g. Voter ID / Driving License / Passport)
- Address Proof Anyone (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
- Relationship Proof (if required)
- Passport Size Photographs
- Any additional legal Photo ID card
- Latest 6 months Salary credit Bank Statements
Interest Rate of RBL Bank Personal Loan
RBL Bank Personal loan Interest Rates are:
- 14% to 24% per annum (typical range)
- RBL Bank Interest Rates are competitive. Interest can range anywhere from 14% to 24% per annum though it can be higher, depending on your credit history amongst other factors.
Fees and Service Charges of RBL Bank Personal Loan
RBL Bank Personal loan Charges are divided into loan processing charges and Prepayment charges.
- Processing Fee - 3% of Loan amount
- Charges for late payment of EMI - 2% additional interest per month on overdue EMI amount
- Issue of Duplicate Interest Principal Certificate 250
- Cheque swapping charges - Rs.250
- Bounce Cheque Charges - Rs.250
- Charges for CIBIL report - 50
- Foreclosure charges - No pre-payment permitted until repayment of 12 EMIs. 5% of Principal outstanding till 18 EMIs paid and 3% of Principal outstanding if more than 18 EMIs paid.
EMI Calculator of RBL Bank Personal Loan
Calculating EMI manually can be a tough task with a complicated formula. From the loan amount to the tenure of the loan and the interest rates , each play a very important role in deciding the amount to be paid by each loan applicant. RBL Bank Personal loan EMI calculator provides all the assistance required to the customers in calculating the EMIs.
Entering the following information in the EMI calculator can help calculate the EMI for Personal loan instantly.
- Principal loan amount you wish to avail (rupees)
- loan term (months or years)
- Rate of interest (percentage)
Why MyMudra Financial ?
- All the financial requirements and services provided by MyMudra financial are available free of cost for the customers and one can avail them without any hesitation.
- More than 50+ banks and NBFCs are available on the customer screen from which one can choose according to their convenience.
- We provide you with the most dedicated person to take care of all your requirements and provide you with appropriate advice.
- There are about 1000 products that we offer along with the right mix of finance.
- We offer the best rate of interest, gift vouchers and all the other benefits and cash backs for their inter interest
- We offer financial services both online and offline and also offer offline counselling
- We provide end to end services i.e. we assist you right from the time you apply to the time the deal is finally done and delivered.
- We offer services all across the country.
- You can apply for RBL bank personal loan with just a click
FAQ RBL Bank Personal Loan
- What is the loan amount available under the RBL Personal loan scheme?
The amount of Personal loan offered by RBL Bank ranges from Rs.1 lakh which is the minimum to a maximum of Rs.20 lakhs. However, the limit is determined by the bank based on the repayment capacity of the applicant.
- Can the available amount be increased?
The loan which exceeds the maximum absolute limit of Rs.20 lakhs cannot be availed. But, if the applicant’s income and repayment capacity results in lower loan amount eligibility, the income of the spouse can be clubbed and the spouse can also act as a co-applicant for the loan which would increase the loan amount eligibility of the applicant.
- What is the RBL Bank Personal loan tenure?
The term allowed for repaying the loan is 12 months to 60 months, which is 1 year to 5 years within which the loan must be repaid.
- How is the repayment of the personal RBL Bank Personal loan made?
Payments can be made to repay the loan by means of Post-dated cheques, Electronic Clearing Systems and also by placing a Standing Instruction on the saving account held by the applicant.
Are you interested in knowing more? Browse the below links
- AXIS Bank Personal-Loan
- ICICI Bank Personal-Loan
- HDFC Bank Personal-Loan
- Citibank Personal-Loan
- Standard Chartered Bank Personal-Loan
- Kotak Mahindra Bank Personal-Loan
- State Bank of India Personal-Loan
- Tata Capital Personal-Loan
- Bajaj Finserve Personal-Loan
- Indusind Bank Personal-Loan
- HDB Bank Personal-Loan
- Fullerton India Bank Personal-Loan
- Capital First Personal-Loan
- Ratnakar Bank Personal-Loan