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.
|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 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.
Any salaried individual can apply for personal loan at RBL Bank. The bank offers:
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:
While applying for the personal loan, make sure you carry your following documents:
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.
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.
|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%|
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.
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.
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.
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.
You can repay the loan from anywhere between 12 months to 60 months.
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.
Yes, you can club your income with your salaried spouse. Your spouse’s salary must be regular and documented.
The bank takes 10 working days from the date it receives your application to update you about their decision.
No, RBL Bank offers personal loans as unsecured loan and hence you needn’t provide any security or collateral for availing the loan.
Interest rate is 23% to 24% and it is calculated on the monthly reducing balance.
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.
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.
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.
No, you don’t need a guarantor while 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.
Yes, you need to have a minimum monthly salary of Rs.25,000 to avail the personal loan at RBL Bank.
You must have a minimum 1 year work experience at the current employment and a total of 3 years of work experience.
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.
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.
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.
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.
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.
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.
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.
The processing fee is deducted from the loan amount, with the final loan disbursal amount being computed after making all deductions.
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.
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.
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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