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  • RBL Bank Personal Loan Preclosure

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  • 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
      "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
      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? 0
      , 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? 4
      , bangalore
      Reviewed on Jul 31, 2019
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the RATNAKAR BANK where the loan amount given with the bank was good also the the loan amount given with the loan was 9 months, the duration for repaying the loan was 3 years, the rate of interest was nominal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 30, 2019
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using from last 2 months with RATNAKAR BANK, it is a pre approved loan. There was a processing fee of 4500 rupees, the loan amount given was 1.30L, the rate of interest was 17%, it was a nominal. The duration for repaying the loan was 3 years.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 24, 2019
    • RBL Bank Personal Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan in RATNAKAR bank more than 4 months which was processed through an other channel. The verification process was good and on time loan got sanctioned. The amount was sufficient for the tenure of 2 years. The rate of interest are bit high when compare to other.
      Was this review helpful? 1
      , thane
      Reviewed on Jul 24, 2019
    • RBL Bank Personal Loan
      "Good Loan service"
      0.5 5.0/5 "Blown Away!"
      Chosen my personal loan from RBL bank. I have taken the loan amount of Rs. 2.80 lakhs. I'm not sure about the interest rate provided by them. While paying the money, i have to pay EMI of Rs. 11000. I have chosen the tenure period of 3 years. They have sanctioned the loan in 2 hours.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 23, 2019
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have taken the personal loan with the RATNAKAR BANK using from last 2 months, it is a pre approved loan. There was a processing fee applicable which was of nominal. The loan amount given was expected one. The rate of interest was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 23, 2019
    • RBL Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have been using the from last 6 months, there was a processing fee was there which is 1%, the loan amount given was 2L, the rate of interest was 16%, customer support is good. The documentation process was simple and i got the loan within 2 weeks.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Jul 18, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my Axis bank personal loan recently, theire service is too good, and i am happy with my loan amount they have given me it was sufficient to me and it very less rate of interest they have charged me in this card and i did not face any issue in getting my loan i got loan in 3 days itself, overall service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 15, 2019
    • RBL Bank Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      RBL loan process was good, on time they sanctioned the personal loan amount. The bank approved Rs.2.60 lakhs but they charged 18% of interest, they didn't negotiate that, I took the duration of 4 years. It would be great if they reduce the interest rate.
      Was this review helpful? 2
      , chennai
      Reviewed on Jul 09, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I was in a need of Personal Loan and applied with RBL BANK . They have consider my request and need and processed on a quick note. This loan has a tenure period is fine and when it comes to interest rates it is reasonable compared to other bank. Over all i am happy with its services. Customer service is good here .
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 09, 2019
    • RBL Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in RATNAKAR bank before one year ago which was processed directly to bank. The rate of interest and the processing fee are nominal.On time loan got sanctioned from bank. An amount which was given from bank was sufficient for the tenure of 3 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 05, 2019
    • RBL Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am using the personal loan with RATNAKAR BANK since from last 8 months. The documentation process was through online and the loan amount given was 1L4K also there was a processing of 2.5% it is lesser than others. I got the loan amount within 48 hours.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 01, 2019
    • RBL Bank Personal Loan
      "Good Loan services"
      0.5 5.0/5 "Blown Away!"
      I got the personal loan through online. I have taken the RBL personal loan before 2 years. They sanctioned the loan in 25 days. They have provided me a interest rate of 13% and they have deducted some processing fee as well. I took the loan of Rs. 4.33 lakhs. I am paying the EMI of Rs. 11000.
      Was this review helpful? 2
      , navi mumbai
      Reviewed on Jun 30, 2019
    • RBL Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with RBL bank , the loan amount which they have given to me was sufficient, it was based on my requirement, the rate of interest they have charged me was nominal, so far i did not face any issue, their processing fee they have charged me was minimal, still this loan is running,so far no any hidden charges.
      Was this review helpful? 1
      , ahmedabad
      Reviewed on Jun 29, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with RBL bank from long time, the loan amount they have given me up to 4,00,000 it was as per my expectation, the rate of interest they have charged me was bit high but was okay for me, they have charged me up to 16% i try to negotiate but they said this was first time i have taken loan from them so they suggest me after 12 months i can do top up so the rate of interest will be charged up to 11.5-14.5% .
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 26, 2019
    • RBL Bank Personal Loan
      "Need to decrease charges"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan in RATNAKAR bank which was processed through an online. The process was smooth and got sanctioned on time.The amount is sufficient for the loan for the duration of 5 years. But the rate of interest is high for 17% and the processing fee is nominal. I have done pre closure for this loan within 1 year and there was no charge.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 26, 2019
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