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RBL Bank Personal Loan Closure

RBL Bank Foreclosure Charges

Last Updated 22nd Nov 2021

  • RBL Bank Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of RBL Bank Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the RBL Bank branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Not Allowed Nil
Foreclosure Fee Allowed After 18 Months at 3%-5%
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RBL Bank Personal Loan Pre-Closure

You can avail foreclosure of RBL Bank personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.RBL Bank allows part payment of personal loan after 18 Months at 3%-5%

Steps of RBL Bank personal loan preclosure are as follow:

  • Visit the RBL Bank branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the RBL Bank.
  • Pay the outstanding loan amount as well as the RBL Bank foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

RBL Bank Personal Loan Part-Payment

Apart from foreclosing RBL Bank Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. RBL Bank does not provide the facility of part payment.

Fees and Charges of RBL Bank Personal Loan Closure

Fees and charges associated with preclosure of RBL Bank Personal Loan are listed as follows:

  • Part payment is Not Allowed
  • Foreclosure is Allowed at 3%-5% after 18 Months

RBL Bank Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing RBL Bank Personal loan are as follow:

  • Pay the last instalment of the RBL Bank loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the RBL Bank branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a RBL Bank Personal loan part payment. To reduce the interest burden, you can opt for RBL Bank foreclosure or part payment of the loan.

Required Documents for RBL Bank Personal Loan Closure

The documents required for Personal loan foreclosure from RBL Bank are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from RBL Bank.

Check Prepayment Charges of Other Banks

FAQs

What is the RBL Bank pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. RBL Bank does not provide the facility of part payment.

Can we close personal loans online for RBL Bank?

No, you cannot close the personal loans online for RBL Bank. Individuals are required to visit the RBL Bank Branch to close the personal loan. Below are the steps to close the RBL Bank personal loan:

  • Visit the nearest RBL Bank branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the RBL Bank will give the acknowledgement letter and NOC.

Does foreclosure of RBL Bank personal loan affect CIBIL?

Foreclosure of RBL Bank personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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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.
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