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RBL Bank Personal Loan

Online RBL Bank Personal Loans

Last Updated 22nd Nov 2021

  • RBL Bank Personal Loan interest rate starts from 14.00%. Check Best Offers
  • The processing fee charged on RBL Bank personal loan is Upto 3.5%.
  • RBL Bank also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your RBL Bank personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • RBL Bank has special schemes for different income and occupation groups.
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RBL Bank Personal Loan Details

  • Interest Rate on RBL Bank personal loan ranges from 14.00% to 23.00%.
  • Lowest EMI per lakh works out to be ₹ 2,327 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by RBL Bank are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 25 to 60 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 20 Lakh
  • RBL Bank Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by RBL Bank on personal loan is Upto 3.5%
  • RBL Bank allows personal loan foreclosure and part prepayment after 18 months with charges of 3%-5%.
  • Schemes of RBL Bank as offered to different type of borrowers in 2021 are:

How to Get the Best Offer on RBL Bank Personal Loan?

There are various factors that impact your chances to get the best offers on RBL Bank Personal Loan, as listed follows:

  • Loan Amount - RBL Bank offers loans between ₹ 1 Lakh and ₹ 20 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - RBL Bank offers personal loan to all customers with a net take home monthly salary of more than ₹ 25,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - RBL Bank has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for RBL Bank personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - RBL Bank offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 14.00%
  • Credit Score - RBL Bank checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

RBL Bank Personal Loan Documents

You require the following documents to avail personal loan from RBL Bank

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

Types of RBL Bank Personal Loan Schemes

RBL Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

  • RBL Bank provides loan for personal expenses. A maximum of Rs 20 lakhs can be borrowed without bringing in collateral. Repayment tenure of the personal loan is 12 to 60 months.

How to Apply for RBL Bank Personal Loan?

The step-by-step procedure to get a personal loan online from RBL Bank is mentioned below:

  • Visit the official website of RBL Bank Or contact your nearest RBL Bank branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, RBL Bank will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by RBL Bank, and on successful approval of the loan, the funds will be disbursed to your RBL Bank account immediately.

You can also apply for RBL Bank personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest RBL Bank branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The RBL Bank representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your RBL Bank Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan RBL Bank
Maximum Annual Percentage Rate (APR) 14.4% to 23.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • RBL Bank Personal Loan Interest Rate: 14.00% to 23.00%
  • Processing Fee payable to: Upto ₹ 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,327 for 60 Months ₹ 1,00,000 loan at 14.00% (lowest rate, longest time period) to ₹ 9,408 for 12 Months ₹ 1,00,000 loan at 23.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 14.4% to 23.4%
  • Total cost payable over loan tenure: ₹ 1,09,745 for 12 Months loan to ₹ 1,41,610 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the RBL Bank take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days. The turnaround time for a RBL Bank instant loan can be 7 days.

Why should I take a personal loan from RBL Bank ?

Below-mentioned is the reason why you must avail a personal loan from RBL Bank.(1) Nil preclosure charges after 1 year (2) Loans available to those getting salary by bank transfer, cheque (3) Loans granted to those working in smaller companies also

How much interest is charged by RBL Bank on personal loan?

Personal loan interest rates in RBL Bank are 14.00% to 23.00%. RBL Bank personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from RBL Bank ?

If you apply for loan from RBL Bank, your lowest Personal Loan EMI per lakh will be ₹ 2,327 which corresponds to lowest interest rate of 14.00% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in RBL Bank?

RBL Bank personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from RBL Bank?

RBL Bank offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 20 Lakh

Can I add my spouse's income while applying for personal loan from RBL Bank?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from RBL Bank . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get RBL Bank personal loan?

You can get a personal loan from RBL Bank by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with RBL Bank’s application process.

How can I check my RBL Bank personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from RBL Bank, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at RBL Bank's website. In case you are unable to track your application online, you can get RBL Bank loan assistance at RBL Bank loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a RBL Bank personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from RBL Bank. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from RBL Bank?

No, RBL Bank does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my RBL Bank personal loan after 1 year?

You can close your personal loan from RBL Bank after 18 months by paying charges: 3%-5%

Can I negotiate with RBL Bank on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your RBL Bank personal loan EMI?

You can pay your RBL Bank personal loan EMI by using ECS facility or through Standing Instruction.RBL Bank also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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RBL Bank Personal Loan Reviews 4.5/5  by 14 customers
MyLoanCare Service
4.6/5.0
Banks Service
4.4/5.0
prakash subramanian, Coimbatore
Reviewed on 03rd Jun 2019
5 / 5 stars
RBL Bank Personal Loan Availed in May 2019

Excellent customer support provided by MyLoanCare. Thankyou.Read more...

Asha D, Hyderabad
Reviewed on 03rd Jun 2019
4 / 5 stars
RBL Bank Personal Loan Availed in May 2019

Applied for the loan and it was granted on time but the rate of interest is more than what we have eRead more...

Vignesh V, Coimbatore
Reviewed on 22nd May 2019
4.5 / 5 stars
RBL Bank Personal Loan Availed in May 2019

Great response. Thank you for the support for getting loan immediately.Read more...

Omkar gadde, Hyderabad
Reviewed on 14th May 2019
5 / 5 stars
RBL Bank Personal Loan Availed in May 2019

Thanks for giving me personal loan. Thanks to both, MyLoanCare and RBL Bank.Read more...

susmit chandra, Pune
Reviewed on 17th Aug 2018
2.5 / 5 stars
RBL Bank Personal Loan Availed in Aug 2018

They should have helped me to get my full loan applied amountRead more...

Paras Malhotra, Delhi
Reviewed on 31st Jul 2018
5 / 5 stars
RBL Bank Personal Loan Availed in Jul 2018

Perfect Service. The executive I am in touch with Harshit is really supportive.Read more...

Paruchuri Rajesh, Hyderabad
Reviewed on 31st May 2018
5 / 5 stars
RBL Bank Personal Loan Availed in May 2018

nothing special to tell, they helped me in most of the loan processRead more...

Paras Malhotra, Delhi
Reviewed on 24th Apr 2018
4 / 5 stars
RBL Bank Personal Loan Availed in Apr 2018

My Loan Care’s experience was perfect but Bank need to improvise their internal communication. Read more...

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RBL Bank Personal Loan News - Dec 2021
  • 2021-03-09 : RBL Bank planning branch expansion
    RBL Bank plans aggressive branch expansion over the next few years and target to open at least 75 new branches annually. The expansion will help the bank to increase its loan and deposits portfolio.
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2020-10-30 : RBL Bank Q2 net profit surges to ₹144 cr
    RBL Bank reported almost a three times increase in profit in the quarter ended September backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Further, Net profit rose to Rs 144 crore in the quarter ended September 2020 up from Rs 54 crore a year earlier supported by 23% growth in retail advances year on year even as wholesale advances continued to shrink.
  • 2020-07-29 : RBL Bank posted a net profit of Rs. 141. 22 crores for June quarter.
    RBL Bank reported a net profit of ₹ 144 crores for Q1 FY 2021 against loss of Rs. 3,801 crores for Q1-FY 2020. NII aided by home, personal, gold, car and two-wheeler loans along with business and mudra loans stood at Rs. 1,773 crores. Further, Cost of Deposit which includes FD and RD improved by 64 bps to 4.65% and CASA increased to ₹ 1,04,315 crore as on June 30, 2020
  • 2019-04-15 : Bajaj Finserv RBL Bank SuperCard offers 5% cash back on shopping
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 is offering attractive cashback of up to 5% on shopping. The offer is available to all the SuperCard members from 20th March to 20th June where you can avail cashback of up to Rs. 1,000 per transaction. Besides this, the NBFC is also planning to achieve significant growth across is personal loans and fixed deposits.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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