• RBL Bank Personal Loan Preclosure

    If you’re looking to pre-close your RBL personal loan, all you have to do is to contact the bank and find out when you can do so. After this, simply pay the balance remaining in your loan account and close it. the process is easy and hassle-free.

    You cannot foreclose your loan online. You have to go down to a branch near you and get it done. Before you visit the branch, make sure you have all the required documents ready. Another thing you need to keep in mind is to have the entire amount ready as well. Don’t exhaust all your savings in order to prepay your loan. In such cases, it would be wise to wait for a few months and then close it when you have sufficient funds.

    RBL Bank Personal Loan Pre-Closure or Pre-Payment Fees and Charges

    • If you pre-close your loan before 18 EMIs, you will have to pay a foreclosure fee of 5% of the outstanding principal as on the date of closure.
    • If you prepay your loan after 18 EMIs, you will have to pay a fee of 3% of the principal outstanding as on the date of closure.
    • There will be no pre-closure charges if:
      • You pre-terminate the loan using your own funds, and
      • If you have paid at least 12 EMIs without bounce.
    No. Of Months From Loan Disbursement Pre-Closure Charges
    Less than 18 months 5% of the outstanding balance
    After 18 months 3% of the outstanding balance

    RBL Bank Personal Loan Pre-Closure Criteria

    • Prepayments are allowed only after you have paid 12 EMIs on your loan.
    • You must foreclose the loan using your own funds.
    • Balance transfer to another bank is not considered as using your own funds.
    • You can foreclose the loan by paying the remaining amount via cheque or demand draft.

    Points to Note While Pre-closing Your RBL Bank Personal Loan

    • Keep your account number ready in hand. You have to quote this to initiate the process.
    • Remember to carry your chequebook with you. Also carry your ID proofs when you visit the bank.
    • Collect your loan pre-closure acknowledgement and keep it safe.

    How to Pre-Close or Foreclose Your RBL Bank Personal Loan

    • Go to the branch closest to you and find out how much you have to pay to foreclose your loan account.
    • You can find the nearest branch by using the “Locate Us” option at the bottom of the bank’s website.
    • Once you find out the balance payable, pay it by cheque or demand draft.
    • Ensure that all other formalities are completed and get verification for the same.
    • The bank will tell you how many days it will take to close your account. Follow-up with them to make sure that your account is closed as promised.

    Steps to Locate the Nearest RBL Bank Loan Centre for Pre-Closure

    The bank does not offer the facility to pre-close your loan online. You need to visit one of the bank’s branches to do this. Here’s how you can find a branch close to you:

    • Visit the bank’s official website.
    • Next, scroll down to the bottom where you will see the “Locate Us” option.
    • Select the “Branch” option. Make sure the other options are unselected.
    • After this, type in the name of your city in the search bar provided and choose the appropriate option from the drop-down suggestions.
    • The various branches in your city/town will be shown right away.

    The process is designed to help customers pre-close their loans in the easiest possible manner. But before you close your account, make sure it is beneficial to you. Try and manage your payments in such a way so that you qualify for zero prepayment charges. This will help you save quite a bit of money.

    What Does Pre-Closure or Prepayment of Personal Loan Mean?

    Pre-closure is a payment facility offered by banks using which customers can terminate their loan accounts ahead of schedule. For example, if you have a loan with a tenure of 5 years, you can terminate the loan in just 2 years if you have sufficient funds.

    If you want to make use of this facility, the bank will give you a statement telling you how much balance is left in your loan account. Once you pay the amount, your account will be closed. People opt for pre-closure because it helps them save on interest payments that they would otherwise have to pay for their original tenure.

    This is a good option, but before you choose it, you need to make sure that you have the necessary funds for it. Make sure that the outstanding balance is not so large that paying it off in one shot will strain your finances.

    Make sure you have sufficient savings to meet any immediate expenses in the near future and sudden emergencies as well.

    Also, you need to ensure that the cost of pre-closure (if any) does not exceed the total interest you save. If the costs exceed the savings, it would be wiser to let the loan run through its original tenure.

    About RBL Bank

    RBL Bank is a private sector bank in India and is growing at a rapid rate. It offers both personal banking options as well as corporate and business banking options. Through its 324 branches and 341 ATMs spread all throughout the country, it reaches more than 65 lakh customers in 21 states. The bank is listed on both the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    Personal Loan Reviews

    • RBL Bank Personal Loan
      "Good Loan Service "
      0.5 5.0/5 "Blown Away!"
      Taken my personal loan from Ratnakar Bank because they were ready to give through the promotional call offer. I bought the loan amount of Rs. 1 lakh and almost 9 months ago, i purchased this loan. They have offered me interest rate of 14%. I have been paying a EMI amount of Rs. 6441 and i opted for the duration of 36 months.
      Was this review helpful? 2
      , visakhapatnam
      Reviewed on Mar 13, 2020
    • RBL Bank
      RBL Bank Personal Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      RBL Bank offered a personal loan, the loan amount was Rs. 1.50L. The rate of interest was higher13% and i opted for the tenure period of 3 years. EMI of Rs.7000, i am paying every month and that not sure about pre closure charges . Customer service was quite good.
      Was this review helpful? 3
      , faridabad
      Reviewed on Mar 02, 2020
    • RBL Bank Personal Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from RBL Bank and the loan amount was Rs. 1.2L, still 4 months left to complete. I have opted for the tenure of 24 months with EMI of Rs.6300 and i received this loan within 24 hours. Pre closure charge is there but i am not sure, customer service was good.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 24, 2020
    • RBL Bank Personal Loan
      "Good "
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from RBL Bank and their service was good service. The loan amount was Rs. 50k and the rate of interest was normal. I am paying EMI of Rs. 5000 with the tenure of 1 year. Customer service was good , i got an offer from bank so i applied.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 24, 2020
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan from Ratnakar Bank. I have opted for the loan amount 50K and paying the monthly EMI of Rs.2,350 for 26 months. I received the call from the bank with pre approved offer and the loan got credited within one hour. Processing fee is applied and it is normal.
      Was this review helpful? 1
      , ranchi
      Reviewed on Feb 06, 2020
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have availed personal loan through Ratnakar Bank .The rate of interest was 12% and got this loan without any hassles.I have taken this loan for my personal use .I am paying the premium through EMI only.The process was satisfied and the complete loan process was shared by the agent very clearly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 27, 2020
    • RBL Bank Personal Loan
      "Take the loan only if emergency basis"
      0.5 2.0/5 "Expected more"
      I have taken the personal loan in Ratnakar bank, I have told them clearly that I need a tenure period of 2 years without my knowledge they have given the tenure period up to 4 years. Banker has contacted me to take the loan so I opted the loan. I got an interest rate up to 19% which is heavy but at the time of application, it was only 14%.
      Was this review helpful? 2
      , chennai
      Reviewed on Jan 09, 2020
    • RBL Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Ratnakar Bank through online .The rate of interest and the processing fee was nominal .The loan amount got sanctioned on proper time frame. This loan is still active and taken the loan amount of 3.7 lakhs for the tenure of 4 years .I am satisfied with the service .
      Was this review helpful? 2
      , new delhi
      Reviewed on Dec 31, 2019
    • RBL Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have a account with RBL BANK so I received the mail for the personal loan offer. I applied through the link and the loan amount got credited with in 48 hrs. No documentation required. I taken a loan amount of Rs.1.5 L with the rate of interest 18%, the processing fee is normal only 2%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 30, 2019
    • RBL Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with RATNAKAR BANK through Online. The rate of interest and the processing fee are nominal.The loan amount got sanctioned on time ,I have availed the loan amount of 77,000 for the tenure of 18 months and this loan is active. I am paying the premium through EMI basis .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 23, 2019
    • RBL Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Ratnakar Bank personal loan through online .The rate of interest and the processing fee was nominal, got the loan on time without any delay.The service was very good to me .I have not submitted any of my documents this was a paperless approval .I have successfully closed the loan without any issues .
      Was this review helpful? 3
      , mumbai
      Reviewed on Nov 26, 2019
    • RBL Bank Personal Loan
      "Quick process"
      0.5 4.5/5 "Excellent!"
      From RBL bank, i have applied the personal loan with the amount of Rs. 1.5 lakhs but they have provided me only Rs. 1.28 lakhs. They have provided me a high interest rate which is 18% but before they told me its 14% after approval it got changed. But they have sanctioned the loan within one week.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 19, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I received the call from RATNAKAR BANK for the pre approved personal loan. Approved loan amount is Rs. 5 lakhs for 4 years tenure with rate of interest 18% which is high. I submitted all the documents to bank executive. I am not aware of the pre-closure and part payment charges. EMI would be auto debited 2nd on every month. Processing fee is around 2%.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 09, 2019
    • RBL Bank Personal Loan
      "Happy service"
      0.5 4.0/5 "Great!"
      My loan experience is good with RBL BANK and within 5days they have credited the money in my account. The customer service is an excellent and they were very supportive in document collection also they are very professional. They have done best rate of interest and overall satisfactory.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 10, 2019
    • RBL Bank Personal Loan
      "Bad Service"
      0.5 1.0/5 "Really Bad"
      I took the jumbo loan based on the credit card and i have pre-closed the loan 6 months before due to the unsatisfied services. They have provided me a huge interest rate of 16%. They have not charged me any kind of processing fee. When i pre-closed the loan they charged me 3% extra based on the balance loan amount. Overall, I'm unhappy with their services.
      Was this review helpful? 1
      , chennai
      Reviewed on Sep 01, 2019
    • RBL Bank Personal Loan
      "Processing charges should be reduced"
      0.5 4.0/5 "Great!"
      I took personal loan in RBL they are very transparent whatever they told in the initial stage it was fulfilled. The loan amount is Rs. 4.5 lakhs for the duration of four years, the rate of interest was around 12% per annum and they taken some processing fee Rs.30,000 including insurance its huge .
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 17, 2019
    • RBL Bank Personal Loan
      "Need improvement on the interest"
      0.5 4.0/5 "Great!"
      RBL loan process is good they just taken less than a weeks time to disburse the amount to my account but mean time they should work on the interest. Because they quoted 12% for the amount of Rs. 1.6 lakh it has the duration of three years and they taken Rs. 2000 processing fee.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 14, 2019
    • RBL Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have selected ratnakar platinum credit card past 4 years ago The Annual charger Rs 999 .while spending Rs 50,000 annual charger waiver off . I will transaction through rewards points and cash back offer is applicable.I will recommend to my friends and relatives.
      Was this review helpful? 0
      , faridabad
      Reviewed on Aug 06, 2019
    • RBL Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in RATNAKAR bank on 6 months before which was processed directly to them. I have taken a loan for 47 thousands for the tenure of 3 years. They have sanctioned the loan on time. The rate of interest is nominal for this loan.They have given for 70% of reducing rate.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 31, 2019
    • RBL Bank Personal Loan
      "Interest rates are high"
      0.5 0.5/5 "Unacceptable"
      Earlier when i was doing a business, to make the credit card payment, i bought the personal loan amount of Rs. 3.33 lakhs but my expectation was Rs. 5 lakhs. They have charged me huge interest rate of 24%. They have dispatched the loan in 24 hours.
      Was this review helpful? 5
      , bangalore
      Reviewed on Jul 31, 2019
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