RBL Bank Personal Loan

Bank Personal Loan

RBL Bank offers personal loans that can be used for any purpose so that you can make your dreams come true. You can use the personal loan to pay off your debt, have a big fat wedding or just go on a vacation or for medical emergency, for higher studies, business or to buy a vehicle or just to renovate your home. It is much easier to get a personal loan as it requires lesser documentation and you don’t have to submit a collateral. The interest on loans are lower and the personal loan can be discharged in bankruptcy proceedings. The personal loans have fixed rate and payments which makes budgeting easier.

The RBL Bank Ltd is now called the RBL Bank. It is one of India’s fastest growing commercial bank. It was established in the year 1943. RBL Bank offers services of Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking and Financial Markets. The bank has over 14,00,000 customers and a total business size of over Rs.31,000 crores. It has 183 branches and 351 ATMs across 13 Indian states.

RBL Bank has won accolades for being recognised as ‘A Global Growth Company’, 2014 by the World Economic Forum. Business Today has rated the bank as “India’s Best Bank (Growth) in the Mid-sized Bank Segment’ in the year 2012, 2013 & 2014. The Business World- PWC Best Bank Survey has recognised RBL Bank as the ‘Fastest Growing Small Bank’ in 2013 & 2014.

Features of RBL Bank Personal Loan

Any salaried individual can apply for personal loan at RBL Bank. The bank offers:

• Loan amount ranging from a minimum of Rs.1 lakh to a maximum of Rs.20 lakhs.
• The loan can be repaid at your convenience. The bank offers loan repayment options starting from 12 months and extending till 60 months.
• There is no need for security and collateral requirement to avail the loan from RBL Bank.
• The documentation process is simple and quick.
• Interest rate is 23% to 24% and is calculated on the monthly reducing balance.
• The RBL Bank doesn’t require you to have a guarantor while applying for the loan.
• The loan is sanctioned and disbursed without any hassle.
• You can also club your income with your salaried spouse to avail a higher personal loan.

Why choose RBL Bank Personal Loan?

With the RBL Bank personal loan, you can fulfil all your dreams of having a grand vacation or have your dream wedding or for home renovation, medical emergency, higher education, business or to buy a vehicle or for any other personal reasons. RBL Bank offers easy documentation and the personal loans are offered at affordable interest rate that are calculated on the monthly reducing balance. The processing fee is just 2.5% of the principal amount. There is no need for a guarantor for the individual to be eligible to acquire the personal loan from RBL Bank. Thus, making RBL Bank the preferred bank while it comes to taking personal loans.

Eligibility

Only Salaried individuals can apply for the personal loan with RBL Bank. The individual must:

• Have a minimum monthly income of Rs.25,000 per month.
• Minimum age at which the loan is sanctioned to the individual is 25 years.
• The individual’s maximum age has to be below 60 years or the retirement age at the time of loan maturity.
• The individual must have a minimum 1 year work experience at current employment and a total of 3 years of work experience.

While applying for the personal loan, make sure you carry your following documents:

• PAN card.
• Identity proof: It can be Voter’s ID, Driving License or Passport.
• Address proof: Either Voter’s ID, Driving License, Passport, Telephone bill, Electricity Bill or Registered Lease Deed or Bank statement.
• If you are clubbing your income with your spouse, you will have to submit your relationship proof.
• Passport size photographs.
• Valid central or state government issued Photo ID.
• Latest 6 months’ Salary Bank statement.

Fees and Interest rates

• Processing fee is 2.5% of Loan amount.
• For the late payment of EMI, you will be charged 2% additional interest per month on the EMI amount that is overdue.
• The issue of Duplicate interest and Principal Certificate is Rs.250.
• Cheque swapping charges are Rs.250.
• Bounce Cheque charges are Rs.250.
• If you require a CIBIL report, you will be charged Rs.50.
• Foreclosure charges is 5% of the principal amount if it is closed before 12 months and 3% if it is closed beyond 12 months. You cannot foreclose the loan before 6 months on book.
• Service tax and education cess and other applicable taxes will be charged.
• Interest rate is 23% to 24% and it is calculated on the monthly reducing balance.

FAQs

What is the loan amount that I can borrow in a personal loan from RBL Bank?

You can borrow a personal loan from Rs.1 lakh to Rs.20 lakhs depending on your eligibility and repayment capacity. The bank also takes into consideration other loans that you currently have.

What is the tenure offered to repay the loan?

You can repay the loan from anywhere between 12 months to 60 months.

How can I repay the loan?

You can repay the loan in Equated Monthly Instalments (EMI). The amount can be paid through ECS facility or can give a standing instructions to the RBL Bank account or through post-dated cheques.

Can I club my income to get a higher personal loan?

Yes, you can club your income with your salaried spouse. Your spouse’s salary must be regular and documented.

What is the time taken by the RBL Bank to convey their decision regarding my Personal Loan application?

The bank takes 10 working days from the date it receives your application to update you about their decision.

Do I have to submit any collateral to avail the personal loan?

No, RBL Bank offers personal loans as unsecured loan and hence you needn’t provide any security or collateral for availing the loan.

What is the interest rate charged?

Interest rate is 23% to 24% and it is calculated on the monthly reducing balance.

Will I incur any processing fees or charges?

Yes, you will be charged a processing fee of 2% on the loan amount plus the Education cess and service tax at the prevailing rate.

Can I pre-pay my loan? If yes, will there be any additional charges?

You cannot foreclose the loan before the loan has completed 6 months. Although, after having paid the 6 months EMI, you can foreclose the loan. Before finishing 12 months, if you wish to foreclose your loan, you will be charged 5% on the principal outstanding amount as foreclosure charges. After 12 months, a 3% foreclosure fee will be charged on the outstanding amount. You can foreclose the loan by paying the foreclosure amount through Demand Draft or through cheque at any of the RBL Bank branch.

Will I benefit from having a Current/savings account for the loan?

Yes, the documentation will be easier if you hold a Current/Savings account with RBL Bank. You can also make the EMI payments through standing instructions provided to the bank.

Will I need a guarantor when I apply for the loan?

No, you don’t need a guarantor while applying for the loan.

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

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

Does the RBL Bank have a minimum monthly salary requirement?

Yes, you need to have a minimum monthly salary of Rs.25,000 to avail the personal loan at RBL Bank.

How many years of work experience should I have?

You must have a minimum 1 year work experience at the current employment and a total of 3 years of work experience.

Will I be required to submit any financial documents?

Yes, you need to submit last two months pay slips and Form 16 issued by the employer. In case you are clubbing the income with your spouse, then you will have to produce income document of your salaried spouse.

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