RBL Bank Personal Loan
RBL Bank personal loan can be availed at 18% p.a. and with the loan amount of up to ₹5 lakh with repayment terms of up to three years. It provides pre-approved personal loans to some RBL customers and rapid personal loan approval to other applicants who satisfy the eligibility standards of the bank. RBL bank charges a processing fee of 2% of the loan amount and also offers customers a variable duration of 1-5 years.
Features of RBL Bank Personal Loan
Loan amount
RBL Bank offers personal loans ranging from Rs. 1 lakh to Rs. 20 lakh, the borrowers can choose a suitable loan amount as per their requirements.
Loan tenure
A loan tenure of 12 months to 60 months is given to the loan borrowers by the RBL bank.
No collateral
RBL Bank does not require any security or collateral for personal loans, and offers unsecured personal loans. This helps the people who need sudden financial relief can easily apply for the personal loan.
Less documentation
The bank has reduced the process of acquiring a personal loan. The document submission process is similarly quick and easy, and the applicant can even do the application process, by simply sitting at their home.
Minimal interest rate
RBL Bank offers affordable interest rates on personal loans, which help the loan borrower easily repay the loan, without affecting their credit scores and profile as a borrower.
Quick disbursement
The bank has a quick loan disbursement policy, and the hassle-free process enhances the customer experience, it also enables people to get sudden financial relief in emergency situations .
RBL Bank Personal Loan Details
Interest rate | 18% p.a. |
Loan amount | ₹30,000- ₹5 lakh |
Tenure | 1-3 years |
Processing fees | Up to 2% of loan amount |
Minimum monthly salary | ₹40,000 |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
RBL Bank Personal Loan Fees & Charges
When looking for a personal loan, it's easy to focus simply on the interest rate. However, neglecting extra costs like processing fees and other charges might have a considerable impact on the total cost of borrowing. Let’s look at the processing fees and charges associated with the personal loans offered by RBL bank.
Processing fee | Up to 2% of loan amount |
Prepayment/Foreclosure charges | Between 13 to 18 months: 5% of outstanding principal After 18 months: 3% of outstanding principal After 12 regular EMIs: NIL |
Overdue interest | 2% per month of overdue amount |
Issue of duplicate interest and principal certificate | ₹250 |
Cheque bounce charges | ₹250 |
Cheque swap charges | ₹250 |
CIBIL charges | ₹50 |
Convenience charges | ₹999 |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
Personal loans provide financial flexibility, but it is critical to be aware of the accompanying costs, which include processing fees. These fees, while sometimes disregarded, can have a considerable impact on the overall cost of borrowing. To make an informed decision, borrowers should carefully analyse the processing charge structure.
RBL Bank Personal Loan Interest Rates
When looking at a personal loan, interest rates are an important consideration that can considerably affect your entire borrowing costs. Gaining insight into this critical component of borrowing allows you to make informed judgements and select the loan that best meets your financial objectives.
Interest rate | 18% p.a. |
Source: Paisabazaar; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
RBL Bank Personal Loan Interest Rate vs Other Bank Loan
Banks/NBFCs | Interest Rates(p.a.) |
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
Jammu and Kashmir Bank | 12.20% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
HDBFS | 10% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
DBS Bank | 10.99% onwards |
SMFG | 13% onwards |
Source: Bank website ; rates as of 30 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
RBL Bank Personal Loan Eligibility
- Age: 25-60 years, or retirement age.
- Minimum income: Rs. 40,000.
- Job Experience: Total of three years of experience, with one year in present job.
RBL Bank Personal Loan Documents Required
Getting a personal loan might be a financial lifesaver, but you must be prepared with the proper papers. From income proofs to identification verification, a thorough set of documentation is required to expedite the loan acceptance procedure. Let’s understand the major documents required by the RBL bank for personal loan application. Salaried Employees and Self Employed Individuals: Identification proof: (For KYC verification)- Aadhaar card
- Driving licence
- Voter ID
- Passport
- PAN card
- Complete application form
- Passport size photograph
- Aadhaar card
- Driving licence
- Voter ID
- Passport
- Electricity bill
- Ration card
- Recent Salary Slips
- Bank Account Statement
RBL Bank Personal Loan EMI Calculator
RBL Bank offers a simple personal loan EMI calculator on its main website and other financial websites. An online calculator allows the applicant to estimate his or her monthly personal loan EMIs based on three factors: amount, interest rate, and loan tenure. Substituting the data into the calculator inputs yields the total interest, total payable amount, and payment plan in steps. There are several reasons why this tool is useful: it enables a borrower to make informed financial decisions by outlining the financial implications of a personal loan. Borrowers can use this tool to test various loan amounts, interest rates, and terms to determine the best fit based on their budget and repayment abilities. The calculator helps with budgeting by providing a clear picture of the monthly payments required to service the loan. This allows the borrowers to better manage their cash and avoid future financial problems. The tool fosters openness by displaying the real interest rates and entire amount of payback, eliminating any hidden fees or charges.