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  • RBL Bank Personal Loan is Rated as "Excellent!" by 16 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.5/5.0 by 16 users

    RBL Bank Personal Loan

    RBL Bank is one of India’s fastest growing scheduled commercial banks. It is continuously expanding its presence across India through a growing network of branches and ATMs.Established in 1943, RBL Bank undertook a transformational journey under a new management team in 2010. It embarked on an aggressive growth plan based on a robust platform of professional governance, relationships, technology infrastructure, high quality capital and geographic expansion. Over the last three years, some of the most notable global and domestic names have infused capital of over Rs. 1,500 Cr., taking TIER 1 capital to Rs. 2,000 Cr. (approx).On BankBazaar you can check your eligibility for a RBL Bank personal loan by sharing a few details about yourself and you can also apply online. Continue reading to view more details about this loan.

    Perfect Personal Loan Deals for you


    You’re probably eligible for an RBL Bank Personal Loan if you are

    01
    02
    03
    04
    RBL Bank Minimum Age

    At least 25 years old

    RBL Bank Maximum Age

    Less than 60 years old

    RBL Bank Eligible Employment Type

    Salaried with regular income

    RBL Bank Minimum Income

    Earn more than the minimum
    income required


    Your RBL Bank Personal Loan amount eligibility is based on these factors

    01
    02
    03
    RBL Bank Minimum Salary

    Minimum income required
    Rs.25,000 per month

    RBL Bank Maximum Loan Funded

    Maximum allowed personal loan is Rs. 20 lakhs

    RBL Bank EMI

    EMIs of other loans lower
    your eligibility


    Increase your eligible RBL Bank Personal Loan amount by these steps

    01
    02
    RBL Bank Payoff Outstanding Credit Card Bills

    Pay off your credit card bills

    “RBL

    Choose longer tenure loan up to 5 years


    Documentation needed to apply for an RBL Bank

    • 1. PAN Card – For Individual
    • 2. Identity Proof – Any one (e.g. Voter ID / Driving License / Passport)
    • 3. Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement)
    • 4. Relationship Proof (if required)
    • 5.Passport Size Photographs
    • 6.Any other valid Photo ID card issued by central or state government
    • 7. Latest 6 months Salary credit Bank Statements
    • 8. Documentation for salaried applicants:
      • Latest 2 months pay slips and Form 16 issued by the employer.
      • Income documents of salaried spouse (in case of clubbing of income)

    RBL Bank RatesUpdated on 24 Nov 2017

    RBL Bank Details
    Rate of Interest 15.50% to 25.00%
    Processing Fees 2% to 3% of loan amount + Service tax
    Loan Tenure 1 year to 5 years
    Pre-closure charges 5% of principal outstanding below 12 months and 3% of principal outstanding post that. No foreclosure before 6 months on book
    Guarantor Requirement No guarantor required

    RBL Bank Personal Loan

    Enquire for RBL Bank Personal Loan

    RBL Bank offers personal loans that can be used for any purpose so that you can make your dreams come true. You can use the personal loan to pay off your debt, have a big fat wedding or just go on a vacation or for medical emergency, for higher studies, business or to buy a vehicle or just to renovate your home. It is much easier to get a personal loan as it requires lesser documentation and you don’t have to submit a collateral. The interest on loans are lower and the personal loan can be discharged in bankruptcy proceedings. The personal loans have fixed rate and payments which makes budgeting easier.

    The RBL Bank Ltd is now called the RBL Bank. It is one of India’s fastest growing commercial bank. It was established in the year 1943. RBL Bank offers services of Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking and Financial Markets. The bank has over 14,00,000 customers and a total business size of over Rs.31,000 crores. It has 183 branches and 351 ATMs across 13 Indian states.

    RBL Bank has won accolades for being recognised as ‘A Global Growth Company’, 2014 by the World Economic Forum. Business Today has rated the bank as “India’s Best Bank (Growth) in the Mid-sized Bank Segment’ in the year 2012, 2013 & 2014. The Business World- PWC Best Bank Survey has recognised RBL Bank as the ‘Fastest Growing Small Bank’ in 2013 & 2014.

    Features of RBL Bank Personal Loan

    Any salaried individual can apply for personal loan at RBL Bank. The bank offers:

    • Loan amount ranging from a minimum of Rs.1 lakh to a maximum of Rs.20 lakhs.
    • The loan can be repaid at your convenience. The bank offers loan repayment options starting from 12 months and extending till 60 months.
    • There is no need for security and collateral requirement to avail the loan from RBL Bank.
    • The documentation process is simple and quick.
    • Interest rate is 15.50% to 23.00% and is calculated on the monthly reducing balance.
    • The RBL Bank doesn’t require you to have a guarantor while applying for the loan.
    • The loan is sanctioned and disbursed without any hassle.
    • You can also club your income with your salaried spouse to avail a higher personal loan.

    Why choose RBL Bank Personal Loan?

    With the RBL Bank personal loan, you can fulfil all your dreams of having a grand vacation or have your dream wedding or for home renovation, medical emergency, higher education, business or to buy a vehicle or for any other personal reasons. RBL Bank offers easy documentation and the personal loans are offered at affordable interest rate that are calculated on the monthly reducing balance. The processing fee is just 2.5% of the principal amount. There is no need for a guarantor for the individual to be eligible to acquire the personal loan from RBL Bank. Thus, making RBL Bank the preferred bank while it comes to taking personal loans.

    Only Salaried individuals can apply for the personal loan with RBL Bank. The individual must:

    • Have a minimum monthly income of Rs.25,000 per month.
    • Minimum age at which the loan is sanctioned to the individual is 25 years.
    • The individual’s maximum age has to be below 60 years or the retirement age at the time of loan maturity.
    • The individual must have a minimum 1 year work experience at current employment and a total of 3 years of work experience.

    While applying for the personal loan, make sure you carry your following documents:

    • PAN card.
    • Identity proof: It can be Voter’s ID, Driving License or Passport.
    • Address proof: Either Voter’s ID, Driving License, Passport, Telephone bill, Electricity Bill or Registered Lease Deed or Bank statement.
    • If you are clubbing your income with your spouse, you will have to submit your relationship proof.
    • Passport size photographs.
    • Valid central or state government issued Photo ID.
    • Latest 6 months’ Salary Bank statement.

    RBL Bank offers customers personal loans at competitive rates. As per Reserve Bank of India’s guidelines, loans taken after the 1st of April 2016, will have interest rate calculated based on the new MCLR system. Interest rate on old loans will continue to be charged interest using the Base Rate applicable. Those with older loans can choose to switch over to the new MCLR system if they wish to do so. They must contact the bank for this.

    MCLR (Marginal Cost of funds based Lending Rate) (For new borrowers)

    Marginal Cost of funds based Lending Rate is the system that the RBI implemented to calculate interest on loans. This came into effect on 1st of April, 2016. MCLR depends on factors like tenure, repo rate, cost of maintaining cash reserve ratio (CRR) etc. MCLR is subject to regular revisions. The table below depicts the MCLR rate applicable on personal loans currently.

    Tenor MCLR
    Overnight MCLR 10.35%
    1 month MCLR 10.40%
    3 month MCLR 10.55%
    6 month MCLR 10.60%
    1 year MCLR 10.60%
    2 year MCLR 10.75%
    3 year MCLR 10.85%

    Personal Loan Interest Rates (MCLR)

    MCLR system is used to calculate interest rate of new personal loans. The tenure for which the loan has been taken will also be taken into account while computing the interest rate. A certain percentage can be added to alter the final rate of interest above the prevailing MCLR and certain other factors. The Reserve Bank of India has issued certain guidelines that banks must use while calculating interest using the MCLR system.

    Base Rate & Prime Lending Rates (For existing borrowers)

    Effective from 16. 10. 2015, RBL Bank’s base rate is 10.65% per annum and prime lending rate is 16.25% per annum. These rates will be applied as per the Reserve Bank’s guidelines and is subject to change.

    Personal Loan Interest Rate (Base Rate)

    Those who availed a loan before the implementation of MCLR system can choose to either stick to the original type of calculation using the base rate or can switch over to the new MCLR system. The bank can add a certain percentage over and above the current Base Rate, changing the final rate of interest. This change can be implemented without prior notice.

    Note: Rates mentioned above are valid as of June 15, 2016. These rates are subject to change without prior intimation thus borrowers must check rates with the bank when applying for a loan.

    First, select the loan amount and the tenure. Then put in the interest rate offered by the bank and put in the processing fee. The website will give you your monthly EMI amount and also the break-up of loan amount, total interest due and the processing fee. You will know the total amount that is payable. BankBazaar gives you the precise amount that need to pay on a monthly basis. It simplifies the calculations. You can plan your finances accordingly for the period of loan repayment.

    1. What is the loan amount that I can borrow in a personal loan from RBL Bank?

      You can borrow a personal loan from Rs.1 lakh to Rs.20 lakhs depending on your eligibility and repayment capacity. The bank also takes into consideration other loans that you currently have.

    2. What is the tenure offered to repay the loan?

      You can repay the loan from anywhere between 12 months to 60 months.

    3. How can I repay the loan?

      You can repay the loan in Equated Monthly Instalments (EMI). The amount can be paid through ECS facility or can give a standing instructions to the RBL Bank account or through post-dated cheques.

    4. Can I club my income to get a higher personal loan?

      Yes, you can club your income with your salaried spouse. Your spouse’s salary must be regular and documented.

    5. What is the time taken by the RBL Bank to convey their decision regarding my Personal Loan application?

      The bank takes 10 working days from the date it receives your application to update you about their decision.

    6. Do I have to submit any collateral to avail the personal loan?

      No, RBL Bank offers personal loans as unsecured loan and hence you needn’t provide any security or collateral for availing the loan.

    7. What is the interest rate charged?

      Interest rate is 23% to 24% and it is calculated on the monthly reducing balance.

    8. Will I incur any processing fees or charges?

      Yes, you will be charged a processing fee of 2% on the loan amount plus the Education cess and service tax at the prevailing rate.

    9. Can I pre-pay my loan? If yes, will there be any additional charges?

      You cannot foreclose the loan before the loan has completed 6 months. Although, after having paid the 6 months EMI, you can foreclose the loan. Before finishing 12 months, if you wish to foreclose your loan, you will be charged 5% on the principal outstanding amount as foreclosure charges. After 12 months, a 3% foreclosure fee will be charged on the outstanding amount. You can foreclose the loan by paying the foreclosure amount through Demand Draft or through cheque at any of the RBL Bank branch.

    10. Will I benefit from having a Current/savings account for the loan?

      Yes, the documentation will be easier if you hold a Current/Savings account with RBL Bank. You can also make the EMI payments through standing instructions provided to the bank.

    11. Will I need a guarantor when I apply for the loan?

      No, you don’t need a guarantor while applying for the loan.

    12. Is there an age requirement that I have to meet before applying for the loan?

      Yes, you must be 25 years of age while applying for the loan. At the time of maturity, you must be either 60 years or of the retirement age.

    13. Does the RBL Bank have a minimum monthly salary requirement?

      Yes, you need to have a minimum monthly salary of Rs.25,000 to avail the personal loan at RBL Bank.

    14. How many years of work experience should I have?

      You must have a minimum 1 year work experience at the current employment and a total of 3 years of work experience.

    15. Will I be required to submit any financial documents?

      Yes, you need to submit last two months pay slips and Form 16 issued by the employer. In case you are clubbing the income with your spouse, then you will have to produce income document of your salaried spouse.

    16. Can an individual apply for a RBL Bank personal loan online?

      Yes, RBL Bank provides an option for borrowers to apply for a personal loan online, through the official website of RBL Bank. An individual can go to the personal loan section on the website and fill in an online application form by providing certain basic information like his/her name, contact details, email id and place of residence.

    17. Is there a minimum and maximum loan amount one can borrow through a RBL personal loan?

      Yes, RBL has a minimum and maximum loan amount, with the minimum amount set at Rs 1 lakh, while the maximum loan one can get is Rs 20 lakh. This loan amount depends on the repayment capacity and requirement of an individual.

    18. Will an individual be asked to submit his/her income proof while applying?

      Yes, an individual will have to submit his/her income proof while applying for this loan. A borrower can choose to combine the income with his/her spouse while providing such proof, thereby having an opportunity to avail a higher loan amount.

    19. What is the repayment tenure of a RBL personal loan?

      A personal loan from RBL can be repaid through monthly instalments, with the repayment tenure ranging from a minimum of 1 year to a maximum of 5 years. This repayment tenure is fixed by the bank at its sole discretion.

    20. Are there different options to pay an EMI?

      Yes, a borrower can pay the EMI on his/her loan through multiple means, with some of the options being post-dated cheques, the ECS facility or by providing standing debit instructions on a RBL account.

    21. Does RBL charge a processing fee before sanctioning a personal loan?

      Yes, RBL charges a processing fee equivalent to 2% of the loan amount in order to sanction a loan. A service tax and educational cess will also be charged on this amount, as per prevailing rules.

    22. How should a borrower pay the processing fee?

      The processing fee is deducted from the loan amount, with the final loan disbursal amount being computed after making all deductions.

    23. Can a borrower choose to prepay his/her personal loan?

      Yes, prepayment of a loan is permitted, subject to certain conditions. Prepayment of a personal loan is not permitted in the first 6 months, with a borrower having an option to prepay the amount after 6 EMIs have been paid.

    24. Does RBL Bank charge any fee for loan prepayment?

      Yes, RBL Bank charges a fee for loan prepayment, with this fee depending on the tenor of prepayment. Prepaying a loan within 12 months attracts charges equivalent to 5% of the outstanding principal amount while prepaying after 1 year attracts a charge equivalent to 3% of the outstanding principal amount.

    25. How long does it take for RBL to approve and sanction a personal loan?

      It takes around 10 working days after an application has been submitted for RBL Bank to process and approve a loan, subject to all documents being in order. This time can, however, vary from application to application.

    RBL Bank Personal Loan Reviews

    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied for a personal loan with RATNAKAR bank. They collected the documents on the same day and within few days my personal loan got approved and disbursed my funds. They offered me the loan with 14% as rate of interest and there are no processing fees.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 18, 2017
    • RBL Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having the personal loan with the RBL bank and the loan amount got disbursed within four to five days of time. I would like to say that the response is good one with them and I dont have any issues on it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2017
    • RBL Bank Personal Loan
      "Fantastic service"
      0.5 5.0/5 "Blown Away!"
      I had taken a personal loan from Royal Bank of London,the loan amount is 4 lakhs rate of interest is 13% nominal like other banks.they took one week to complete the process.Tenure is 4 years.Executives has responded on time and very happy with the service.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 02, 2017
    • RBL Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      The Ratnakar Bank has disbursed my personal loan within 5 days of time, they have processed my loan without any documentation because I got the loan via on my credit card bases. The customer service is good with RBL.The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 30, 2017
    • RBL Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      RBL takes immediate action to approve the personal loan, totally they had taken around 3 to 4 days to disburse the amount. I got a call from them, then I have submitted the documents to the bank, they processed my loan immediately with a good interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 08, 2017
    • RBL Bank Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      RBL executive have called me for the personal loan, then they came and collected the documents expect the bank statement, I have to sent it to their mail id. Loan process got delay they have more three weeks to sanction the loan. RBL offered me the interest rate 21% for one lakh it is very high compared to other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • RBL Bank Personal Loan
      "Quick in process"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from RBL and the process was excellent. I got the loan as required and the documentation was normal and the disbursement happened on time as well. The bank had a good deal on the interest rate and processing charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 25, 2017
    • RBL Bank Personal Loan
      "Best employer offer"
      0.5 4.5/5 "Excellent!"
      I had taken personal loan during the year 2015 march from Ratnakar Bank, Still my loan is on-going . I didn't face any issue with them. My loan amount is Rs.2 lakhs with an interest rate of 13.5% also there was no processing fee charged for the same. Ratnakar Bank offered me a part payment and preclosure options were with them with a zero offer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 12, 2017
    • RBL Bank Personal Loan
      "Don't take loan from cheats"
      0.5 0.5/5 "Unacceptable"
      Third class bank third class services lots of hidden charges they are deducting every month third class representative nobody takes responsibility to answer your questions. Minus infinity rating don't even think to take loan from this third class bank.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 31, 2017
    • RBL Bank Personal Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with Ratnakar Bank. The services was good. The response is good too. They contacted me on time. But the loan could not be processed due to the banking norms. The rate of interest was average. Not sure on the processing charges.
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 17, 2016
    • RBL Bank Personal Loan
      "Good experience "
      0.5 5.0/5 "Blown Away!"
      The service provided by Ratnakar bank was really good based on the personal loan application being submitted.I am very happy with the service provided by ratnakar.They are able to complete the loan process within a weeks time.They have applied charges around 2% for the processing.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 11, 2016
    • RBL Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Ratnakar bank was good in their services for my personal loan. In the initial stage of the process they informed me that their bank is new at Nagpur and will take a little time as the approval has to come from their Mumbai office. I was happy about that. They also offered me a pleasing rate of interest. The processing charges was normal.
      Was this review helpful? 1
      , nagpur
      Reviewed on Oct 05, 2015
    • RBL Bank Personal Loan
      "Excellent Services"
      0.5 4.0/5 "Great!"
      My personal loan is from Ratnakar Bank. The services was good. They responded very well. They initially told me that the rate of interest is of 17%. Later they informed me it is of 18.5%. I negotiated with them and finally got a interest rate of 17%. The processing charges was reasonable. It was of 3500.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 18, 2015
    • RBL Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have taken my loan from Ratnakar bank. The services has been good. They kept me informed about all the details before I received the loan. The rate of interest was a bit high and also their processing charges are high compared to HDFC Bank. But am happy that I was informed all the details required before I took the loan.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 31, 2015
    • RBL Bank Personal Loan
      "Satisfied but interest is high.."
      0.5 4.0/5 "Great!"
      Interest rate for personal loan was very high because I got for 18%. I have availed the loan because I had a need or for this rate I would not have opted. Response of Ratnakar bank was very fast as got instant call from the executives. Charges are also somewhat high.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 17, 2015
    • RBL Bank Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I would say it was a average experience with RATNAKAR BANK while getting this personal loan.The customer service provided was good and the interest rate offered was also average rate.They required more documents for processing this loan and the loan amount was disbursed within 15days of time.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jun 04, 2015
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