Multiple banks. Different interest rates. Call it a "conflict of interest".
  • RBL Bank Personal Loan is Rated as "Excellent!" by 40 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    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.

    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 21 Jan 2019

    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

    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
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with RBL bank, they have given me loan as i had my credit card with this bank, so i was eligible to take loan so they have given me loan on that basis, and the loan amount they have given to me was sufficient, and the rate of interest they have charged me up to 10.1% which was bit high comparing to other bank, but i need loan that time so rate of interest did not bother me, and they have charged me processing fee it was nominal,overall service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • RBL Bank Personal Loan
      "Need to reduce charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with RBL and my experience was average, the loan amount was based on my requirement and the rate of interest was quite high when compared to other banks. Customer support was not up to the mark and their response was delayed. Tenure period for this loan is 4 years.
      Was this review helpful? 4
      , faridabad
      Reviewed on Jan 02, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with RBL BANK , the tenure period 2 year . The application process was easy and the loan amount was credited with in 3-4 days. The interest rate was nominal when comparing to other banks. I use to pay EMI on time and service was good .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 11, 2018
    • RBL Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My experience with RBL for personal loan was good, the loan amount was sufficient and the rate of interest was high when compared to other banks. Customer service was good and they responded on time. The tenure period for this loan is for 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2018
    • RBL Bank Personal Loan
      "Good personal loan"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with RBL bank. Interest rates are little bit higher when i compared with other banks but i have no issues. I am happy about the processing fee. I have chosen the tenure period of 60 months. I have received the loan on time. Documentation process was fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 02, 2018
    • RBL Bank Personal Loan
      "Good but processing fee has to be reduced"
      0.5 5.0/5 "Blown Away!"
      I am running a personal loan with RBL and the interest rate is 11% which am satisfied. The customer service is average. The loan duration is 3 years and I have completed only 2 months. The processing fee is very high. I need to pay the installment of 4500 rupees but am paying above 5K through online.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 01, 2018
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the RATNAKAR BANK and they have offered with the 3lakhs but i have opted for the one lakhs rupees. The rate of interest for this loan is nominal than others when compared added on that the duration to repay the loan is for 3 years.
      Was this review helpful? 0
      , surat
      Reviewed on Nov 24, 2018
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the RATNAKAR BANK personal loan where the process of getting the personal loan is very quick ans i got within 72 hours the loan amount. The loan amount is sufficient also the rate of interest is 10.99% for this loan. The duration to repay this loan is 3 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 24, 2018
    • RBL Bank Personal Loan
      "Fastest Service"
      0.5 4.0/5 "Great!"
      I took personal loan with RBL, the interest rate is high but equal to other banks, the process was fast. I have pre approved loan based on the credit card, they taken some processing fee around 3000 for the amount of Rs.1 .20 lakh, they are fastest people, who lend me the money.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 20, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I even applied for personal loan from RBL bank its good service they provide me they render me satisfied principal amount and promising rate of interest is also provided, overall service is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 30, 2018
    • RBL Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had in getting this loan has been good where the process in getting the loan had been simple. The loan amount which they had provided has been satisfactory and the interest rate with them has been nominal when compared with the market rate. There has not been any sort of additional charges which they had made.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 26, 2018
    • RBL Bank Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience is very good with RBL bank and even they have provided sufficient loan amount to me . Rate of interest is 18% which is up to the mark and tenure period is 3 years . Customer service is good and documents were collected on time . I use to pay EMI 1044 and processing fee is 3500 . There is no preclosere option .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 19, 2018
    • RBL Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Ratnakar Bank Limited for 50000, the interest rate was nominal 13-14% and it was an insta loan. It has been a pleasant personal loan experience with the Ratnakar bank.
      Was this review helpful? 3
      , vadodara
      Reviewed on Aug 16, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a loan with RBI BANK and my loan experience is pretty good. My loan amount is 300000 and interest rate is is nominal. There are no hidden charges. I use to pay 11000 as EMI per month and tenure period is 3years. Processing fee is nominal.The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 10, 2018
    • RBL Bank Personal Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      I took a personal loan from the RBL bank 1.10 lacs for three years, the application was really easy. I got the loan with in 3 days. I applied for the loan via the Mobile App and the interest rate was also high. Overall it has been an average service.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 05, 2018
    • RBL Bank Personal Loan
      "Average card"
      0.5 2.5/5 "Just OK"
      The processing fee and interest is high when i compared other banks. The EMI conversion charges are high in RBL bank. It is 4% for every EMI conversion. The are charging the interest rate and processing its depends on the tenure period what i choose. I will not recommend this bank for Credit card to anyone. I have been using this card for last 1 year. I cannot talk to the customer care. The number is not reachable most of the times.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 22, 2018
    • RBL Bank Personal Loan
      "Bad Experience with RBL"
      0.5 1.0/5 "Really Bad"
      I took the Personal in RBL bank. I went to the bank directly to pre-close the loan there is no proper response from the people who is working over there. It is been 1 month till i closed the loan but Still i dint get my loan closure certificate. Very poor services. There is a good customer care but things not done by them whatever i expect from them.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Jun 06, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process was good with the RBL. I have got the loan amount within 20days of time. The customer support service and the response is good with the RBL and they give better service to the customer. The rate of interest and the charges were pretty high with the RBL personal loan .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 31, 2018
    • RBL Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with RBL and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period for this loan is for 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • RBL Bank Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      Got the personal loan from the RBL around 4 months ago. The customer support service and the response is good with the RBL and they have delivered the loan amount with in a month time. They have offered me the loan amount of Rs,1,65,000 but I have applied for the loan amount of Rs,6,00,000 .
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 23, 2018
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