RBL Bank levies a processing fee which is equivalent to 4% 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.
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 13 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.
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
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
Relationship proof (if requested by the bank)
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 RBL bank compares with other lenders?
Fees and Charges
Standard Chartered Bank
9.99% p.a. onwards
10.75% p.a. onwards
11.49% p.a. onwards
Up to 3% of the loan amount
2.25% of the loan amount + GST as applicable
2.25% of the loan amount
Up to 4% of the principal outstanding
5% of the principal outstanding + GST as applicable
1% to 5% of the principal outstanding
Late Payment Fees
Rs.495 + GST as applicable
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% p.a. 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.
A GST rate of 18% will be applicable on banking services and products from 01 July, 2017.
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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.
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.
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.
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.
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.
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.
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%.
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 .
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%.
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 .
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 .
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.
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%.
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.
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.
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 .
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.
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.
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Reviewed on Aug 06, 2019
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.
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.