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RBL Bank

A personal loan is a non-secured loan offered by the bank to an individual to meet his financial needs. This can be varied in nature and is generally used to meet the higher expenses in life like education, marriage, medical requirement or a vacation. A personal loan is helpful when you need financial assistance to meet an immediate requirement or a planned expense. The interest rate offered on a personal loan is generally higher than other loans. Banks conduct a thorough financial background check before confirming a personal loan.

RBL Bank is one of the most popular banks in the country today. Amongst many other financial products, the bank also offers personal loans at attractive interest rates. The personal loan interest rate with RBL Bank varies from 14.5% to 23% depending on the individual’s profile. The bank offers a personal loan on the basis of many factors such as employment, income level, credit score and repayment capacity. A good credit score is essential to secure a loan. One can negotiate lower interest rates with the bank if the financial profile is in good condition.

RBL Bank Personal Loan Interest Rate

The personal loan rate offered by RBL Bank and related charges to avail a personal loan has been listed below:

Interest RateBetween 14.5% to 23%
Processing Fee3% of Loan amount
Charges for late payment of EMI2% additional interest per month on overdue EMI amount
Issue of Duplicate Interest & Principal CertificateRs.250
Cheque swapping chargeRs.250
Bounce Cheque chargesRs.250
Charges for CIBIL reportRs.50
Foreclosure charges

No pre-payment permitted until repayment of 12 EMIs.

13 to 18 EMIs paid - 5% of Principal outstanding.

More than 18 EMIs paid - 3% of Principal outstanding.

NIL foreclosure charges only if minimum 12 EMIs are paid without any bounce and foreclosure is using Own funds.

Balance Transfer of loan outstanding to another financial institute is not treated as own source of funds.

The above-mentioned interest rate and charges are subject to change at the bank’s discretion. It is advisable to check with the bank at the time of applying for a loan to be updated.

Features and Benefits of RBL Bank Personal Loans:

  • RBL Bank offers a wide range of personal loan amount from Rs. 1 lac to Rs. 20 lacs.
  • A convenient loan tenure period is available anywhere between 12 months to 60 months.
  • Personal loan with RBL Bank does not require any security.
  • The bank has a simplified process to avail a personal loan. The documentation process also is quick and easy to submit.
  • Competitive interest rates are offered by RBL Bank for personal loans.
  • The bank follows a quick loan disbursal policy and hassle-free process enhances the customer experience with the bank.

Factors that impact your RBL Bank Personal Loan interest rate

The interest rate offered for personal loans varies from individual to individual. This is decided by the bank on the basis of various factors concerning the applicant. The bank strongly considers the following points before disbursing a loan:

Credit Score

If you have a good credit score, the bank will be inclined to offer a personal loan at lower interest rate and disburse the amount quickly. If your credit score is poor , it will be possible to get a personal loan however, the interest rate will be higher and other terms & conditions may not be in your favour. It is therefore important to maintain good credit score by way of paying EMIs on time and settling debts as agreed.

Income

The banks often base their decision to offer a personal loan at a particular rate of interest on the income level of the applicant. If the applicant is drawing regular income, the repayment capabilities are high and therefore, getting a personal loan from RBL Bank will not be difficult. Also, if your income is high, the interest rate on the loan will be given lower.

Reputed Employer

If you are employed with a reputed company, it is easier for you to get a personal loan. A reputed company means job stability and regularity of income. If the company is already listed with the bank, then the process of availing a personal loan is simplified further.

Relationship with the lender

RBL Bank offers Personal Loan EMI calculator on its website. This helps in estimating the EMI for your personal loan. One needs to enter the principal loan amount, interest rate and tenure of the loan to arrive at the monthly pay-out. The calculator also throws up the instalment number, opening balance, interest amount and closing balance. This tool is very convenient to use and helps in planning the monthly budget or the annual outflow on the loan.

How to apply for RBL Bank Personal Loan

RBL Bank offers quite a few options to approach them for a personal loan:

  • The easiest and the fastest way to apply for a personal loan is online application on the website.
  • One can visit the nearest bank branch, meet the bank representative and make a complete submission there itself.
  • The customer care team also helps in sharing information on personal loans. They also handle queries and can take in the request for personal loan application.

RBL Bank Personal Loan Status

Upon receipt of a completed loan application form, the bank assesses the submission for the eligibility of a personal loan. If the eligibility is fine, an approval is made on further processing of the loan application. The amount, rate of interest, tenure and other points depend on the financial background of the applicant. One can check the status of the loan application on the bank’s website or speak with a customer care executive to get immediate response.

RBL Personal Loan FAQs

1. How do I repay my personal loan with RBL Bank?

The personal loan repayment is to be done through EMIs. This can be done through ECS facility, standing instructions or post-dated cheques with the EMI amount.

2. How much time does it take to process a personal loan?

RBL Bank processes the loan application in 10 days and updates the status.

3.What is the loan tenure offered by the bank?

One can avail a personal loan for a period of 12 months to 60 months.

4. Can I club my spouse’s income to show strong financial stability?

Yes, one can club spouse’s salary as well to increase eligibility for personal loan. It is important to note that the spouse’s salary should be regular and documented.

5. Is there a security that needs to be provided?

No, the bank does not ask for a collateral or security for availing this loan.

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