No, security or collateral is not needed to avail of a personal loan from RBL. The loans offered by RBL are unsecured loans which do not need any collateral or security by the recipient of the loan. Generally, the interest rates on the loan range from 14% to 23% and the tenure of the loans is between 12 to 60 months.
RBL Personal loan can be availed by salaried as well as self-employed professionals. The salaried professionals can be government sector employees or private-sector employees. The processing fee charged by the bank on these loans is 3.5%.
The eligibility criteria for the RBL Personal loan are:
- The individual should be at least 25 years of age
- The minimum income of an individual should be Rs 25,000
- The salary slip for the last 3 months should be available
- The individual should have proper address proof and an identity proof
- The minimum work experience needed is 1 year.
Advantages of the RBL Personal loan:
- Low-interest rate
- No security or collateral needed
- The paperwork is very less
- The tenure of the loan is long
- The minimum income requirement is also low
- The repayment is comfortable and also long
- The documentation is also a hassle-free process
RBL Bank provides low-interest rate loans, with no hidden charges and the documentation is also minimum. The amount that can be availed as a loan is between Rs. 50,000 to Rs. 2,00,000. The repayment period is also long and with the part-prepayment option, the borrower does not feel the burden of the debt.