• RBL Bank Personal Loan Balance Transfer

    RBL Bank is one of the most reputed private banks operating in India. RBL Bank provides a wide range of financial products and services to its customers. Personal loans offered by RBL Bank have attractive rates of interest and includes a hassle-free loan sanction procedure.

    Personal loans offered by RBL Bank have garnered a lot of attention from consumers all across India. If you want to transfer your personal loan balance to RBL Bank, you will be able to do so at little cost. Mentioned below are some of the features of personal loan balance transfer and its benefits.

    RBL Bank Personal Loan Balance Transfer Procedure

    • Verify the current interest rate on personal loan that you can get from the transfer.
    • Calculate the interest savings after that.
    • Compute the total cost of personal loan transfer based on multiple fees and charges. After taking into account the benefits, determine whether or not you want to transfer the loan balance.
    • Compare the interest rates offered by RBL Bank, check the eligibility and transfer process.
    • If you wish to transfer your personal loan to RBL Bank, you will be required to apply for a No Objection Certificate (NOC) and letter of foreclosure from your current bank.
    • Thereafter, apply for a new loan at RBL Bank and submit the required documents along with repayment record.
    • In the next step, get the sanction letter and execute the new agreement with RBL Bank.
    • Take the disbursement from RBL Bank via cheque/demand draft in favor of the current bank and deposit the same.
    • Once your old/existing bank receives the loan outstanding, it will cancel ECS and all the cheques, thereby terminating your loan account.

    RBL Bank Personal Loan Balance Transfer Benefits

    • Enhanced interest rate – The primary benefit of a personal loan transfer is reduced rate of interest. This substantially lowers the individual’s interest burden by means of lower EMIs. RBL Bank offers a revised interest rate on loan transfers.
    • Extended loan tenure – When a personal loan is transferred from one bank to another, the existing personal loan tenure can be negotiated. Based on your requirements, you can either increase or decrease the repayment period of the loan.
    • Additional features – This benefit will be determined by your past payment records and your CIBIL score. Certain insurance providers also provide benefits such as zero processing fees, waiver of the last installment, and so on.
    • Enhanced loan facility – Typically, banks and NBFCs offer a top-up facility to individuals transferring their personal loan balance at lower interest rates.

    RBL Bank Personal Loan Eligibility

    • The individual must have a monthly income of Rs.25,000.
    • The minimum age of the individual at loan sanction should be 25 years. The maximum age during loan maturity should be lower than 60 years or the retirement age.
    • Individual should have a minimum work experience of 1 year at his/her current employment. The total experience of the individual should be 3 years.

    Documents Required for RBL Bank Personal Loan Balance Transfer

    • Duly-filled application form along with duly-signed passport size photograph.
    • Proof of age and identity (passport/PAN card/Aadhaar card/driving license/Voter’s ID card).
    • Proof of address (telephone bill/electricity bill/rent agreement/Aadhaar card).
    • Pay slips for the preceding 3 months.
    • Bank account statement for the preceding 6 months.
    • Personal loan statement for the balance transfer.

    RBL Bank Personal Loan Balance Transfer Options

    • Phone number - +91 22 4302 0600
    • Address
      RBL Bank Ltd.
      One Indiabulls Centre,
      Tower 2B,
      6th Floor,
      841, Senapati Bapat Marg,
      Lower Parel (W),
      Mumbai 400013
    • Email address – customercare@rblbank.com


    Apply for an RBL Bank Personal Loan through Bankbazaar for benefits such as quick disbursement and hassle-free application.


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