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Personal Loan Balance transfer to RBL Bank

Refinance RBL Bank Personal Loan

Last Updated 08th Jun 2021

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Interest Rate 13.99%
Processing Fee Upto 2%
Lowest EMI per lakh ₹ 2,326
Loan Tenure 5 years
  • RBL Bank Personal loan balance transfer is the process of transferring the outstanding balance from an existing bank to RBL Bank.
  • Avail top up from RBL Bank at the time of loan balance transfer to fulfil additional fund requirements.
  • Now apply for RBL Bank personal loan balance transfer at 13.99%.
  • RBL Bank offers attractive interest rates, top up facility and many more benefits on balance transfer.
  • Compare RBL Bank Personal Loan Balance Transfer offers with different banks to choose the right option..
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

RBL Bank Personal Loan Balance Transfer

RBL Bank Personal loan balance transfer is a situation where an individual transfers outstanding principal of personal loan from one account to RBL Bank to reap the benefits of better interest rates, extended loan tenure, augmented loan amount and various other features.

Balance transfer is also referred to as refinancing.The interest rates on RBL Bank balance transfer ranges from 13.99% to 18.00%, while the repayment tenure ranges between 12 Months to 60 Months.

RBL Bank Personal Loan Balance Transfer Calculator

The decision to transfer the personal loan to RBL Bank must be taken keeping in mind the interest rate of the current Bank and RBL Bank.Further, the balance transfer charges, EMI paid and the profit incurred due to the balance transfer must be considered. Individuals should proceed with the RBL Bank balance transfer only when the gains due to balance transfer are greater than the cost incurred due to the same.

RBL Bank Personal loan balance transfer calculator is the online calculator which helps borrowers to determine the savings on his or her EMI as well as interest payable. Borrowers are required to enter the information such as the entire loan amount, interest rate in current and potential bank, overall tenure of the loan and no. of EMIs already paid to the existing lender to calculate the savings on EMIs. You can also calculate balance transfer personal loan eligibility at MyLoanCare and identify offers with lower personal loan rates compared to your existing personal loan rates.

Benefits of transferring Personal Loan to RBL Bank

The benefits of transferring the Personal loan to RBL Bank are as follow:

  • RBL Bank offers a lower interest rate on personal loan balance transfer. Lower interest rates will help the borrower to reduce the interest burden.
  • RBL Bank Balance transfer provides the borrower the opportunity to negotiate the tenure of the loan according to their requirement. longer loan tenure will reduce the EMI burden whereas shorter long tenure will help to reduce the interest burden.
  • Balance transfers also provide the borrower the facility to avail the top up facility and fulfil their cash requirement.
  • There are chances that the borrower might not be satisfied by the services offered by their existing bank in that case they can transfer their personal loans to the RBL Bank and avail better facilities.
  • RBL Bank offers additional features like waiver of last EMI, zero processing fees, lower interest rates, etc depending on past repayment history and income dynamics.

RBL Bank Eligibility Criteria and Documents required

Eligibility criterion of the RBL Bank is mainly dependent upon the repayment history , CIBIL Score and income dynamics. Some basic Eligibility criterion of the RBL Bank Personal loan balance transfer are mentioned below:

  • Any salaried and self employed above the age of 21 years.
  • Maximum age of the borrower must not exceed 65 years.
  • Individuals should have a personal loan in another bank.
  • Individuals must have a work experience of at least 2 years.
  • CIBIL score must be at least greater than 700.

Documents required for RBL Bank Personal loan balance transfer are as follow:

Salaried Individuals
  • Identity proof : Aadhar, Driving license, Passport
  • Address proof : Electricity bill, Aadhar, Voter ID
  • PAN Card
  • Salary slips for past 6 months
Self Employed
  • Last 3 years balance sheet
  • P and L account statements
  • TAN Card
  • Last 6 months current account statements
  • Applicant’s savings account statements

Compare RBL Bank Personal Loan Balance Transfer with Other Banks

Comparison on the basis of interest charged on personal loan balance transfer of the different banks is given below:

Bank Name Minimum Rate Maximum Rate Processing Fees
ICICI Bank 10.75% Nil Upto 2.25% of Loan Amount
SBI 9.60% Nil 1.00%
Axis Bank 10.40% Nil Upto 1.75%,Min Rs.4,999
Kotak Bank 10.45% Nil Starting from Rs.999
Standard Chartered Bank 11.50% Nil 1.00%
Bajaj Finserv 12.99% Nil Starting from 1.50%, Up to 3%
Bank of Baroda 10.50% Nil 2%, Min Rs. 250
Yes Bank 10.70% Nil Upto 2.50%
IDFC First Bank 10.49% Nil Upto 2.00%

Compare RBL Bank Personal Loan with Other Banks

FAQs

How can I transfer my personal loan to RBL Bank?

Steps for the personal loan balance transfer to RBL Bank are mentioned below:

  • Apply for the foreclosure letter and No Objection Certificate (NOC) from the existing lender.
  • Start the RBL Bank personal loan balance transfer process and submit all the relevant documents and repayment history of the loan.
  • After getting the sanctioned letter from the RBL Bank start the loan agreement with the bank.
  • Take a disbursement of the outstanding loan amount from the RBL Bank in favour of the earlier lender.
  • Once the previous lender receives the outstanding loan amount, it will cancel all the cheques and close your personal loan account.

Which bank is best for personal loan balance transfer?

The decision to transfer the personal loan should be based on the current interest rate on your personal loan, the cost involved in the balance transfer, interest rate on the loan of the bank to be transfered the personal loan and saving due to balance transfer. Currently, RBL Bank charges lowest interest rate on personal loan balance transfer.

How do I check my RBL Bank personal loan balance?

You can check your personal loan balance of RBL Bank by below mentioned ways:

  • By visiting the RBL Bank branch.
  • By calling the customer care of the RBL Bank.
  • By logging on into the RBL Bank mobile application and checking the personal loan status.
  • Via internet banking.

How do I know my RBL Bank loan application?

You can get update about RBL Bank loan application via the ways mentioned below:

  • Net banking : You are required to login into RBL Bank net banking and visit the loan status segment. The loan status segment will update about the loan application.
  • Visiting the RBL Bank : You can also visit the RBL Bank branch to track your loan application process. The bank will ask for some basic documents before disclosing the loan application details.

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RBL Bank Personal Loan News - Jun 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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