Multiple banks. Different interest rates. Call it a "conflict of interest".
  • RBL Bank Personal Loan is Rated as "Excellent!" by 62 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 May 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.

        

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    RBL Bank Personal Loan Reviews

    • RBL Bank Personal Loan
      "Need to call the customer even after the disbursal of loan"
      0.5 4.0/5 "Great!"
      The interest rate is okay, I have taken a personal loan with RBL BANK one year ago. The loan amount is 2L and am trying to contact them to know the foreclosure charges and also for the topup loan. I am unable to reach the customer service after taking the loan there was no proper response.
      Was this review helpful? 0
      , chennai
      Reviewed on May 14, 2019
    • RBL Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I took a personal loan from RBL which is on going. I have selected this bank because of lower interest rate and the process was quick. There was a processing fee which was minimum. The loan tenure is 3 years, I can do partial payments or foreclosure after a year and not sure about the charges.
      Was this review helpful? 3
      , chennai
      Reviewed on May 10, 2019
    • RBL Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Personal loan from RBL a while back and the process in getting the loan was pretty much good. The interest rate which they had offered has been a little on the higher side and the charges has also been more. The loan amount has been sufficient and their customer support team had been pretty much supportive.
      Was this review helpful? 1
      , jaipur
      Reviewed on May 08, 2019
    • RBL Bank Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have taken the personal loan with the RATNAKAR BANK they have given the loan amount which was good abut the loan amount was little higher than others. I have closed the loan abut the documentation process was simple and good to get the personal loan.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 04, 2019
    • RBL Bank Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken a Personal loan from RATNAKAR BANK a long time back where the experience has not been that great, the process took some more time. The interest rate has been nominal and there was no additional charges which they had made. Even during the process their customer support team was quite helpful.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 2019
    • RBL Bank Personal Loan
      "Not Satisfied with the services"
      0.5 2.5/5 "Just OK"
      I had applied for a Personal loan from RBL BANK a long time back and the experience had not been that good. I had applied for a loan amount of 2,00,0000 and the loan was not approved where they did not even informed me about the reason of rejection. The interest rate which they had offered was around 17% and their customer support team has not been responsive.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 19, 2019
    • RBL Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my RATNAKAR BANK for long time, i am happy with the credit limit which they have given me in this card is good, they have given me up to 1,30,000 which is good, they have not charged me annual fee in this card,they have given me good offers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 13, 2019
    • RBL Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from Ratnakar bank. The document process is easy and I received the loan on time. The loan amount provided is of 55K. The rate of interest is of 11.99% and the processing fee is around 2.5%. I got the loan on time without any inconvenience.
      Was this review helpful? 0
      , indore
      Reviewed on Apr 12, 2019
    • RBL Bank Personal Loan
      "Hassle Free Credit Card"
      0.5 5.0/5 "Blown Away!"
      I took RBL loan against the credit card, its comes under personal loan, I took the amount of Rs. 90,000 duration of 24 months. Within a day I got the money in my account. RBL quoted me good interest . I need to pay only Rs. 12,000 extra for whole tenure period. Only once I got the verification call without any papers I got the loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 11, 2019
    • RBL Bank Personal Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan from RBL BANK tenure is 36 months. The rate of interest is 14% i am not happy with the interest if they reduce rate of interest i will be happy. I received the loan amount within 1 week. The preclosure charges is 3% from the principal amount.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Apr 02, 2019
    • RBL Bank Personal Loan
      "Interest rate is need to be reduced for Middle class people "
      0.5 5.0/5 "Blown Away!"
      I chosen this RBL bank mainly for the immediate response where as other bank rejected my loan application . They taken just 15 days for sanctioning the loan . But the interest rate is very high of almost 17 % . Need come rebate in the interest rate for the middle class people .
      Was this review helpful? 1
      , chennai
      Reviewed on Mar 29, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with RBL BANK and while applying my application was processed on time. . Customer service was good and they responded on time. Tenure period for this loan is good . The loan amount was sufficient and the rate of interest was very nominal compared to other banks.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 28, 2019
    • RBL Bank Personal Loan
      "BELOW AVERAGE"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the personal loan that i have been using it through the RATNAKAR BANK because the loan amount is satisfactory and the rate of interest was higher than others. I have been using it since from last few years and the customer service is good.
      Was this review helpful? 1
      , indore
      Reviewed on Mar 27, 2019
    • RBL Bank Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I have done balance transfer from Rbl to other bank ,as i felt they have charged me rate of interest up to 24% which i felt was too high comparing to market price,and i have applied for 5,00,000 as loan ,they gave me up to 3,50,000 but after doing balance transfer they have deducted my loan amount and did transfer up to 2,05,000 which i felt was less.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 26, 2019
    • RBL Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      I have applied for the personal loan with the RATNAKAR BANK and using it since from last 1.5 years also the duration for repaying the loan is for 3 years with this loan. They have offered with the one lakh rupees with approximately 16-18% with this loan.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 23, 2019
    • RBL Bank Personal Loan
      "Hassle free Paper less approval"
      0.5 4.0/5 "Great!"
      Based on the RBL credit card, I have availed the personal loan of Rs. 1 lakh the interest rate was 12% for the duration of three years. Last month I paid my first emi, the documentation was paper less because of the existing credit card experience.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 11, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan through RBL Bank . They gave 175000 of loan but i applied for 300000 so i am not happy with the loan amount . They have already said me the loan amount which they are giving me is according to my eligibility . Rate of interest they charge is 16% .
      Was this review helpful? 1
      , hyderabad
      Reviewed on Mar 05, 2019
    • RBL Bank Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan with RBL BANK and my application was processed on time.Interest rate is nominal in the market and Their net-banking works just great. I just can call to their number and they resolve over the phone. The tenure period is 48 month .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 26, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I had taken this loan a long time back and the experience i had was quite good. The offer which they had provided was very competitive considering the market rates. The interest rate was very nominal and the charges which they had made has not been high. Their customer support and the staffs had always been helpful as well.
      Was this review helpful? 2
      , mumbai
      Reviewed on Feb 25, 2019
    • RBL Bank Personal Loan
      "Friend in need"
      0.5 5.0/5 "Blown Away!"
      RBL personal loan services are fantastic. The loan is getting over in few months. They have sanctioned the loan immediately and they have given me loan amount of my credit limit. Total tenure period of the loan is 12 months. Interest rates are fine and processing fee was 2% which is too high. I never had any issue with them.
      Was this review helpful? 4
      , bangalore
      Reviewed on Feb 16, 2019
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