RBL Bank personal loan is one of the best personal loans in the market. It offers a personal loan for several unexpected financial requirements such as emergency medical expenses, weddings in the family, child’s tuition fee, an upcoming vacation.RBL personal loans come at competitive interest rates starting from as low as 14% p.a.
Personal loan amount
RBL Bank offers a personal loan from Rs. 1 lakh to up to Rs. 20 lakh. The loan amount varies from applicant to applicant. The loan amount depends on your repayment capacity i.e. your monthly income and debt-to-income (DTI) ratio.
RBL Bank personal loan interest rate 2020
Here is the list of RBL Bank personal loan interest rate 2020 and other charges:
Loan amount
Rs. 1 lakh up - Rs. 20 lakh
Loan tenure
12 - 60 months
Interest rate
14% - 23% p.a.
Processing fee
Up to 4% + GST
Prepayment/ foreclosure charges
Prepayment/ foreclosure is not allowed before 1 year from the first EMI. After 1-year charges are as under:
Between 13 to 18 months – 5% of the outstanding principal
After 18 months – 3% of the outstanding principal
Overdue interest
2% of the overdue per instance
Benefits of RBL Bank personal loan
You can enjoy the following benefits by getting a personal loan from RBL Bank:
Flexible loan amount: Personal loan offered by the RBL bank ranges from Rs. 1 lakh up to Rs. 20 lakh for their financial needs
Convenient repayment tenure: RBL personal loan can be availed for a repayment tenure between 12 to 60 months
Unsecured loan: Loans are collateral-free and need no security
Simplified application: The procedure of applying for a personal loan at RBL bank is very simple and online with minimal documentation
Attractive interest rate: Personal loan interest rates 2020 starts from 14% p.a.
Individuals who fulfil the following criteria can get a personal loan from the RBL Bank:
Age limit: Your age should be at least 25 years at the time of loan sanction and maximum age 60 yearsat loan maturity or retirement age, whichever is lower.
Minimum income: For the applicant is residing in Mumbai and Delhi, the minimum net monthly income should be Rs. 25,000 and Rs. 20,000 for elsewhere.
Work experience: 3 years of total work experience and a minimum of 1 year with current employer.
RBL Bank personal loan documents
Identity proof: Passport / Voter’s Identity Card/ Driving License / PAN Card / Aadhaar Card
Address proof: Ration Card / Passport / Bank Account Statement / Aadhaar Card / Driving License / Utility Bills (last 3 months electricity bill/ telephone bill/ water bill)/ Leave and License Agreement/ Sale Deed/ Property purchase agreement
Income proof: for a personal loan < 7.5 lakh, salary slip for the latest 1 month; for a personal loan > 7.5 lakh, latest 2 salary slips
Bank statement: Bank statement showing salary credits
Passport size photographs
Active customers of RBL Bank may not need to verify their documents further. Eligible customers can get a pre-approved personal loan from the RBL Bank at attractive interest rates. For other customers, a bank representative will get in touch with you to conduct the document verification.
How to apply for RBL Bank personal loan?
You can instantly apply for anRBL Bank personal loan online by taking a few steps:
Visit the official website of the bank and click on the ‘Apply Now’ button
Fill in the online application form with personal and financial information like your name, date of birth, gender, mode of income and repayment etc.
After filling the loan application form, you will get loan quotes based on your eligibility
Now you can click on ‘Apply’
The bank will get in touch with you to complete KYC formalities
Loan tenure and repayment options
You can pay back the RBL personal loan within a time frame of 12 months to 60 months. You can easily pay the loan in easy Equated Monthly Instalments (EMIs), using post-dated cheques or NACH facility. Alternatively, you can also issue standing instructions to debit your RBL Bank account as on agreed date.
What can you use RBL Bank personal loan for?
You can apply for RBL Bank personal loan for any legal purpose you want to. Here are basic reasons you should get a personal loan for:
Home renovation:You can get the loan for a variety of home renovation related works such as structural repairs, interior works and any other improvements. You can also use the funds to pay workers, buy material and even hire interior designers.
Wedding expenses: If your savings is not sufficient to meet your wedding related expenses, get RBL Bank personal loan. You can use the personal loan to book a venue, for the purchase of expensive jewellery and branded outfits, or even catering related expenditure.
Holiday:Have you been postponing your dream holiday because of lack of funds? You should try RBL Bank personal loan. With RBL personal loan, you can pay your vacation related expenses such as flight tickets, stay, shopping and all other expenses.
Medical Emergency:Anyone can experience a medical emergency in their life. You can avail the RBL personal loan to pay medical related expenses of yourself and your family. You can get emergency funds and then pay it back comfortably over 5 years.
Conclusion
RBL Bank personal loan can come handy in multiple financial emergencies. Nowadays, it has become very easy to get a personal loan using online channels such as websites and apps. You can pay back the RBL Bank personal loan as per your capacity and convenience. Use the RBL personal loan EMI calculator to know your monthly payments. You need to enter the loan amount and personal loan interest rate 2020 applicable on your personal loan. The personal loan EMI calculator will display your instalment immediately.