RBL Bank Personal Loan
Based on 387 Customer Reviews
Published on: January 18, 2018
Based on 387 Customer Reviews
Published on: January 18, 2018
About the bank
RBL Bank is one of the fastest growing private sector banks in India with an expanding presence across the country. The bank currently services over 3.54 million customers through a network of 240 branches and 393 ATMs spread across 20 states and Union Territories across India. 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); Business World’s ‘Best Growing Small Bank’ consistently for four years (2013 to 2017) and recognized by the World Economic Forum as a ‘Global Growth Company’ (GGC).
Why personal loans
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, as you need not provide any documentation on how the loan amount will be used, unlike the other loans.
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. Check out your Personal Loan Eligibility with RBL Personal Loan Eligibility Calculator and get a quick approval of your personal loan at afinoz.
What is afinoz?
Afinoz.com is India's topmost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at email@example.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.
RBL bank has attractive features & benefits from easy loan approval to higher loan amount with flexible loan tenure. Here are some features & benefits of RBL bank personal loan:
- You can avail 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 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 eligibility or RBL bank personal loan interest rates can be easily assessed through Afinoz. If there is any query about RBL bank personal loan application, you should log on to afinoz.com or call us on +918795021552 or mail us at firstname.lastname@example.org and get all the details quickly.
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:
- The loan applicant of RBL bank personal loan must be a salaried individual
- Age limit: The age of the RBL bank personal loan applicant should be minimum 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 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.
- CIBIL score: Credit score is an important factor for approval of your loan. Usually, an applicant’s credit worthiness is determined by evaluating his credit score i.e. CIBIL / EXPERIAN score. Loan applications of applicants having poor credit score may get rejected. It’s always advisable to keep on updating your credit score every now and then. If you have a bad credit score and somehow your loan application gets approved, you might be asked to pay a high rate of interest and be offered unfavorable terms and conditions on your loan as compared to someone who has an excellent credit score.
RBL bank personal loan Documents 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 – Any one (Voter ID/Driving License/Passport)
- Address Proof – Any one (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)
Apply for RBL Bank personal loan online at Afinoz.com. You can call us at +918795021552 or email us at email@example.com.You can check your eligibility and tentative EMI for RBL Bank personal loan using our utility tools like personal loan eligibility calculator and personal loan EMI calculator. We assure you of our best services without any hassle and effort at the click of a button from the comfort of your home or office. Once you complete and submit your RBL Bank loan application through Afinoz.com, you can effortlessly track your loan application status on our website on a real time basis, 24x7.
General -Interest Rates
14% TO 20% per annum
12 TO 60 MONTHS
3% of the loan amount
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 25,000 PER MONTH
1 Lakh to 20 Lakh
Special Note: Rates are subject to periodic change. Personal loan interest rates in RBL Bank and other fees and charges are subject to regular review and can vary from customer to customer depending upon a number of factors ranging from credit score, to existing loans, amount of savings, company with which you are currently employed, number of years of relationship with RBL Bank etc.
Why should you apply for RBL Bank Personal Loan through Afinoz.com?
Afinoz.com is one of India's leading personalized financial marketplace. It has created a personal loan platform which lets you choose the best personal loan from the multiple options available to you. All the options are system generated taking into consideration your specific needs and requirements.
- Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 days.
- Real-time application tracking – Keep track of the application status in real-time with a unique transaction id which is generated at the time of loan application submission. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
- Online eligibility check - Do all your dealings with the bank online. Provide your basic information and our online personal loan eligibility calculator will let you know the amount of loan you are eligible to borrow from RBL Bank for your personal financing.
- Secure Environment - Afinoz.com has a built-in security for your personal information which is stored in a secure environment in our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secure.
- 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to the bank to discuss loan specifications with bankers.
- No third-party agent – Afinoz.com online loan application process is absolutely free. Through Afinoz one can directly approach multiple banks online without involving any agent and therefore avoiding unnecessary delays and hassles.
- Free quotations – Get online deals on RBL Bank personal loans and free unbiased quotes of the best personal loan rates. All you have to do is select the loan amount you want to borrow and the tenure of the personal loan. You will get a targeted online quote within minutes of application.
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.
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.
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.
Can I club my income with others to avail a higher Personal Loan from RBL bank?
Clubbing of income to get higher loan amount is allowed with salaried spouse. Income of your spouse needs to be regular in nature and should be documented.
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 complete loan application form with all the required documents.
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.
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.
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. 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.
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.
Is there any requirement to present a guarantor to avail this loan?
No, there is no need of guarantor to apply for the loan.
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.
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.
Canan 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 +918795021552 or mail us at firstname.lastname@example.org.