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  • RBL Bank Personal Loan

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  • RBL Bank offers personal loans from Rs.1 lakh to Rs.20 lakh for repayment tenures ranging from 12 months to 60 months at attractive interest rates.

    • Loan amount from Rs.1 lakh to Rs.20 lakh
    • Attractive interest rates
    • Quick approval
    • Processing fee is 3% of the loan amount
    More

    Fees and Charges

    • RBL Bank levies a processing fee which is equivalent to 3% of the loan amount.
    • In case of late payment of EMIs, the bank will charge an additional interest of 2% per month. The charge will be levied on the overdue EMI amount.
    • The issue of duplicate interest and principal certificate will cost Rs.250.
    • Cheque swapping charges will be levied at Rs.250 per instance.
    • Bounce cheque charges will be levied at Rs.250 per instance.
    • The charges for a CIBIL report are set at Rs.50.
    • Foreclosure charges are levied by the bank based on the time at which the foreclosure is made. Until the repayment of 12 EMIs, prepayment or foreclosure will not be permitted. In case you opt for foreclosure any time after making 12 to 18 EMI payments, 5% of the principal outstanding will be levied as foreclosure charges. In case you opt for foreclosure after paying more than 18 EMIs, 3% of the principal outstanding will be charged as foreclosure fees.

    Eligibility Criteria

    • Minimum net monthly salary must be at least Rs.25,000
    • Three years of work experience in total and work experience of at least one year at the current organisation
    • Must be at least 25 years of age at the time of applying for the loan, and less than 60 years of age at the time of loan maturity

    Documents Required for RBL Bank Personal Loan

    • ID proof in the form of passport, driving license, or Voter’s ID
    • Address proof in the form of passport, driving license, Voter’s ID, electricity bill, telephone bill, bank statement, or registered sale agreement or lease deed
    • PAN Card
    • Relationship proof (if requested by the bank)
    • Passport-size photographs
    • Bank statements showing the latest six months’ salary credit
    • The latest two months’ pay slips
    • Form 16 issued by the employer
    • Any other valid photo identity proof issued by the State or the Central Government
    • Income documents of the salaried spouse (if the incomes are clubbed)

    How the EMI Calculation works for RBL Bank Personal Loan

    Let’s say that Mr. Ajay, an IT professional, who draws a monthly salary of Rs.50,000, avails a personal loan from RBL Bank. The amount borrowed by Mr. Ajay is Rs.1 lakh and tenure of the loan is one year. The interest rate applicable to the loan is 12% p.a., and RBL Bank levies a processing fee which is 3% of the loan amount. In this case, here’s what Mr. Ajay’s repayment schedule will look like:

    Year Principal Paid (A) Interest Paid (B) Total Payment (A+B) Outstanding Loan Balance
    Apr 2019 Rs.7,885 Rs.1,000 Rs.8,885 Rs.92,115
    May 2019 Rs.7,964 Rs.921 Rs.8,885 Rs.84,151
    Jun 2019 Rs.8,043 Rs.842 Rs.8,885 Rs.76,108
    July 2019 Rs.8,124 Rs.761 Rs.8,885 Rs.67,984
    Aug 2019 Rs.8,205 Rs.680 Rs.8,885 Rs.59,779
    Sep 2019 Rs.8,287 Rs.598 Rs.8,885 Rs.51,492
    Oct 2019 Rs.8,370 Rs.515 Rs.8,885 Rs.43,122
    Nov 2019 Rs.8,454 Rs.431 Rs.8,885 Rs.34,668
    Dec 2019 Rs.8,538 Rs.347 Rs.8,885 Rs.26,130
    Jan 2020 Rs.8,624 Rs.261 Rs.8,885 Rs.17,507
    Feb 2020 Rs.8,710 Rs.175 Rs.8,885 Rs.8,797
    Mar 2020 Rs.8,797 Rs.88 Rs.8,885 Rs.0

    As you can see from the above amortisation table, Mr. Ajay will be paying Rs.8,885 as his monthly EMIs until March 2020. The total amount he will be paying is Rs.1,09,619 (loan amount of Rs.1 lakh, processing fees of Rs.3,000, and total interest payments of Rs.6,619).

    How RBL Bank Compares with other lenders?

    Fees and Charges Citibank ICICI Bank Standard Chartered Bank Bank of Baroda
    Interest Rate 10.50% p.a. 11.25% p.a. 12.00% 11.70% p.a.
    Processing Fees 0.25% to 3% of the loan amount 2.25% of the loan amount + GST as applicable 3% of the loan amount 2% of the loan amount + GST as applicable
    Foreclosure Charges Up to 4% of the principal outstanding 5% of the principal outstanding + GST as applicable 2% to 5% of the principal outstanding N/A
    Late Payment Fees Nil 24% Rs.495 + GST as applicable 2% on the overdue EMI

    FAQs on RBL Bank Personal Loan

    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.

    What is the tenure offered to repay the loan?

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

    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.

    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.

    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.

    What is the interest rate charged?

    Interest rate starts from 14% and it is calculated on the monthly reducing balance.

    Will I incur any processing fees or charges?

    Yes, you will be charged a processing fee of 3% on the loan amount.

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

    You cannot foreclose the loan before the loan has completed 12 months. Foreclosure charges are levied by the bank based on the time at which the foreclosure is made. Until the repayment of 12 EMIs, prepayment or foreclosure will not be permitted. In case you opt for foreclosure any time after making 12 to 18 EMI payments, 5% of the principal outstanding will be levied as foreclosure charges. In case you opt for foreclosure after paying more than 18 EMIs, 3% of the principal outstanding will be charged as foreclosure fees.

    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.

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

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

        

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    RBL Bank Personal Loan Reviews

    • 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
      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? 1
      , 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? 1
      , 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? 0
      , 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? 1
      , 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? 0
      , 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? 1
      , 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
    • 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
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