RBL Bank Personal Loan 2022

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RBL Bank Personal Loan 2022 Highlights

✔ Interest Rate @14% p.a. up to 23% p.a. ✔ Loan tenure 12 months to 84 months ✔ Loan amount 1 to 20 lakh ✔ Apply now at Afinoz

Description

RBL Bank Personal loan

RBL Bank, one of the most admired banks in the country, provides attractive Personal Loans for all individuals’ various financial requirements at their time of financial emergencies. RBL Bank personal loan can be availed for any genuine personal credit requirement at the competitive rate of interest with a hassle-free loan amount disbursement. 

Why take personal loans from RBL Bank?

Unexpected situations which require urgent funds can crop up anytime in your life. Maybe it is to pay for children's studies, medical treatment or even simply just going on a vacation. It’s important to have a back up financial resource in order to get over the crisis and get back on your feet. A Personal Loan could help you in such times of requirements, without the need for collateral or guarantor. A personal loan is mainly a no-collateral, all-purpose loan, whose end-use is not restricted. You can use the personal loan in any way you wish.

RBL Personal Loan Interest Rate & Charges 2021

General -Interest Rates

14% p.a. up to 23% p.a.

Loan tenure

12 TO 60 MONTHS

Processing Fee

3% of the loan amount

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.

Minimum Income

Minimum 25,000 PER MONTH

Loan Amount

1 Lakh to 20 Lakh

Minimum Age

25 years

Read moreRBL Bank Personal Loan Interest Rate

 

RBL Bank Personal Loan Eligibility Criteria

Eligibility for RBL Bank personal loan is decided on the basis of certain parameters. A loan seeker must come under the below-mentioned eligibility criteria:

  • Age limit: The age of the RBL Bank personal loan applicant should be minimum of 25 years and maximum up to 60 years. Moreover, the loan should be repaid at least one year before his/her retirement from service.
  • Service: loan applicant should be a permanent employee with a minimum of 1 years service at current employment & 3 years overall employment experience.
  • Minimum Income: individuals having minimum Gross Monthly salary of Rs.25,000/- are eligible for this loan.
  • Eligibility and EMI calculator: Now, you can easily evaluate and calculate your RBL Bank personal loan eligibility and RBL Bank personal loan EMI amount using utility tools like personal loan eligibility calculator and personal loan EMI calculator at afinoz.com. These calculators will help you to determine your EMI outflow every month including the interest rate you will need to pay. Using the calculator at Afinoz.com is free, easy and simple.

RBL Bank Personal Loan Document Required

Individuals applying for RBL bank personal loan should pay attention towards documentation required to get the personal loan in RBL bank.

  • PAN Card – For Individuals
  • Identity Proof – Anyone (Voter ID/Driving License/Passport)
  • Address Proof – Anyone (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 other valid Photo ID card issued by central or state government
  • Latest 6 months Salary credit Bank Statements

Financial documents required for salaried employees

  • Latest 2 months pay slips and Form 16 issued by the employer.
  • Income documents of salaried spouse (in case of clubbing of income)

RBL Bank Personal Loan Features and Benefits

RBL bank has attractive features & benefits from easy loan approval to a higher loan amount with flexible loan tenure. Here are some features & benefits of RBL bank personal loan:

  • You can avail a loan amount from 1 Lakh up to 20 Lakhs.
  • RBL bank provides convenient loan repayment option ranging from 12 to 60 months.
  • No security or collateral is required to avail a personal loan from RBL bank.
  • Documentation is simplified and quick
  • Attractive rate of interest
  • Hassle-free loan sanction and disbursal procedure
  • Loan payable in easy installment

RBL Bank Personal Loan EMI Calculator

RBL Bank ensures that its customers get the most suitable amount of loan at the best interest rates available in the market. To make it more convenient and interactive for its prospective borrowers, the bank offers a simple formula to calculate and analyze the exact sum of instalments one would require to pay for their desired loan amount borrowed from the bank for a specific tenure.

Now you can easily evaluate and calculate your RBL Bank Personal Loan eligibility and EMIs by using the Personal loan EMI calculator at Afinoz.com. The calculator uses a simple and method-based approach to quickly calculate and determine the EMI outflow every month including the interest rate and other charges you will need to pay as part of the loan repayment.

However, for you to easily understand the basics of the loan process and the anticipated EMIs, we have prepared a table for various amounts at applicable interest rates;

₹ 2,00,000 of loan taken at a rate of interest of 17.50% (effective rate of interest – 0.015% per month) for a tenure ranging from 12 months to 60 months –

Loan Amount

ROI @ 17.50%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.015

12

₹ 2,19,461

₹ 18,288

₹ 19,461

₹ 2,00,000

0.015

24

₹ 2,38,477

₹ 9,936

₹ 38,477

₹ 2,00,000

0.015

36

₹ 2,58,494

₹ 7,180

₹ 58,494

₹ 2,00,000

0.015

48

₹ 2,79,497

₹ 5,822

₹ 79,497

₹ 2,00,000

0.015

60

₹ 3,01,466

₹ 5,024

₹ 1,01,466

Various amount of loan taken at a rate of interest of 17.50% (effective rate of interest – 0.015% per month) for a tenure of 12 months –

Loan Amount

ROI @ 17.50%

Tenure (Months)

Repayment

EMI

Interest

₹ 2,00,000

0.015

12

₹ 2,19,461

₹ 18,288

₹ 19,461

₹ 3,00,000

0.015

12

₹ 3,29,191

₹ 27,432

₹ 29,191

₹ 4,00,000

0.015

12

₹ 4,38,922

₹ 36,576

₹ 38,922

₹ 5,00,000

0.015

12

₹ 5,48,653

₹ 45,721

₹ 48,653

₹ 10,00,000

0.015

12

₹ 10,97,306

₹ 91,442

₹ 97,306

Comparative –

Bank

Loan Amount

ROI

Tenure (Months)

Repayment

EMI

Interest

RBL Bank

₹ 2,00,000

0.015

12

₹ 2,19,461

₹ 18,288

₹ 19,461

HDFC

₹ 2,00,000

0.013

12

₹ 2,17,186

₹ 18,098

₹ 17,186

SBI

₹ 2,00,000

0.010

12

₹ 2,13,517

₹ 17,793

₹ 13,517

ICICI Bank

₹ 2,00,000

0.012

12

₹ 2,16,054

₹ 18,004

₹ 16,054

Syndicate Bank

₹ 2,00,000

0.010

12

₹ 2,13,461

₹ 17,788

₹ 13,461

How to apply for RBL Bank Personal loan?

Applying for an RBL Bank personal loan is quite simple, and you can get an instant approval once you fit in the eligibility criteria. Applying for the loan online is the fastest way of getting a personal loan.

To apply online, visit the RBL Bank official website and check Personal Loan:

  • Click on the apply now link & fill in your information in the online form
  • Fill in your Name, Date of Birth, Gender, Mode of Income and Repayment, E-mail ID and contact number
  • After you submit the application, a loan quote is displayed that you may be eligible for
  • Click on apply. On successful application, the bank will contact you to complete KYC formalities

If you are not comfortable applying for the loan online, don’t worry. You can simply walk in to any of our branches and apply for a personal loan. Our executives will walk you through the application process

How to apply for RBL Bank Personal Loan through Afinoz?

While you can do your RBL Bank personal loan application through Afinoz, you should follow the following:

  • Check your RBL Bank personal loan eligibility with the personal loan eligibility calculator at Afinoz. Simply visit Afinoz.com, fill in a few easy details and get an instant and accurate assessment of your personal loan eligibility
  • Check your RBL Bank personal loan EMI with the personal loan EMI calculator at Afinoz.com. This will help you to know the exact amount you need to pay every month towards the repayment of your loan
  • Check the documentation required for your RBL Bank personal loan application. Whether you are salaried or self-employed, applying with the proper set of documents will enhance your chances of getting your loan approved in the least possible time

RBL Bank Personal Loan Login

At RBL Bank, with the bank’s website, one can anytime log in-to their respective RBL Bank personal account or directly into their loan account by using their credentials such as the Login ID and password. Once logged in, it is very convenient to check out all the activities of your account on the go. RBL Bank also provides the overview feature through its app, you can enter your loan account number, or simply scroll through the overview section of the app for all the information regarding your current account status.

RBL Bank Personal Loan Application Status

Once you have successfully submitted your application form with all the required documents, you would be required to check the current status of proceedings on the application. One can avail this service by simply logging-on to the bank’s website or mobile application and enter your loan application number. After entering the reference number, the page would ask about the loan account password and captcha code. On the next screen, the information is displayed whether the loan is under processing, is rejected or will be disbursed soon.

If the applicant is an elderly who is not able to check the status online, they can call the customer care executive or can visit the nearest branch.

RBL Bank Personal Loan Customer Care

All the prospective borrowers and the existing customers of the bank can raise concerns and queries with the help of the pan India toll-free number 1800 123 8040 or you can call on 022 6115 6300. Customers are also requested to drop an email on customercare@rblbank.com in case they would like to enquire about the loans and products in detail.

About the bank

RBL Bank has earned appreciation in various national and international forums such as CNBC ASIA’s India Talent Management Award (2017); ‘India’s Best Bank (Growth)’ in the ‘Small-Sized Bank Segment’ by Business Today-KPMG Best Bank Study for six consecutive years (2012-17).

➤ FAQs

Ques. How much loan amount can I borrow in a Personal Loan segment from RBL bank?

An individual can borrow a loan amount from Rs. 1 Lakh to Rs. 20 Lakhs depending on his/her eligibility basis the financial documents submitted, capacity to repay and loan amount limit in their respective location.

Ques. For how many months can I borrow a Personal Loan from RBL bank?

RBL bank offers convenient repayment options from 12 to 60 months. Tenure offered will be at the sole discretion of RBL Bank.

Ques. How will I repay my RBL bank Personal Loan?

RBL bank offers Personal Loan as a term loan which can be easily repaid in EMIs (Equated Monthly Installments). EMI can be conveniently paid through ECS facility, Standing Instruction to debit your RBL Bank account or through Post Dated Cheques with the EMI amount. You can calculate RBL bank personal loan EMI using personal loan EMI calculator at afinoz.com.

Ques. Can I club my income with others to avail a higher Personal Loan from RBL bank?

Clubbing of income to get a higher loan amount is allowed with salaried spouse. Income of your spouse needs to be regular in nature and should be documented.

Ques. How long will it take for my Personal loan to be approved?

The RBL Bank would update you on the loan decision in approximately 3 working days from the date of receipt of the completed loan application form with all the required documents.

Ques. Is there any security or collateral that I need to provide to get a Personal Loan?

RBL Bank Personal loans are unsecured loans and hence you do not need to provide any Security or Collateral for availing the Loan.

Ques. Do I have to pay any Processing Charges to avail a Personal Loan?

A processing fee of up to 2.5% of the loan amount (plus Service Tax at the prevailing rate) is required to be paid. The processing fee will be deducted from the Loan Amount at the time of the disbursal of the loan.

Ques. Is there an option to prepay my RBL bank Personal Loan earlier? Are there any charges?

No foreclosure is allowed before the loan has completed 6 EMIs. On the other hand, you can prepay the Loan after having paid 6 EMIs with an applicable foreclosure charge. Foreclosure charge of 5% of the principal outstanding will be levied if you want to foreclose the loan before 12 months. Foreclosure charge of 3% of the principal outstanding will be levied post completion of 12 months of the loan though, Nil foreclosure charges are applicable if 12 EMIs are paid without any bounce and foreclosure is done using Own funds. A personal loan from RBL bank can be foreclosed by paying the foreclosure amount through a Demand Draft or Cheque at any branch of the RBL Bank.

Ques. Are there any benefits of having a Current/Saving Account with RBL Bank for my Personal loan?

You can get benefits of easier documentation if you have a Current / Savings Account with RBL Bank. You can also avail paying your EMI through Standing Instructions to debit your RBL Bank Account for the loan. This shall be taken into consideration at the time of disbursal of the loan.

Ques. Is there any requirement to present a guarantor to avail this loan?

No, there is no need of guarantor to apply for the loan.

Ques. Is there an age requirement that I have to meet before applying for the loan?

Yes, the applicant must be 25 years of age at the time of applying for the loan. At the time of maturity, the applicant must be either 60 years or of the retirement age.

Ques. Does the Bank have a minimum monthly salary requirement?

Yes, personal loan applicants need to have a minimum monthly salary of Rs.25, 000 to avail the loan.

Ques. Can an individual apply for an RBL Bank personal loan online?

Yes, you can conveniently apply for the RBL bank personal loan online through afinoz.com. You can go to the personal loan section on our website and fill in an online application form by providing certain basic information. For any query about RBL Bank personal loan application, you can log on to afinoz.com or give us a call at 0120-411-0376 or mail us at info@afinoz.com.

➤ Reviews

Arun
14 Apr 2021
I got a good response from 'AFINOZ', as I am in need of the best loan service, they fulfilled my requirements very nicely. I suggest you try 'AFINOZ', you will get the best service here
Avinash
12 Aug 2020
I applied for RBL Bank Personal Loan from Afinoz a week ago, and now I got the loan amount in my bank account after successfully completing all the documentation seamlessly.

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