RBL Bank Personal Loan Interest Rates
The interest rate at which this loan is offered is influenced by the prevailing MCLR, base rate, and PLR of the time. Currently, RBL Bank offers personal loans at rates starting from 14% up to 23% p.a. Interest rates are subject to change.
RBL Personal Loan Details
| Interest Rate | Starting @ 14% p.a |
| Processing Fee | Up to 3.5% of the loan amount |
| Loan Tenure | 1 - 5 years |
| Lowest EMI Per Lakh | ₹ 2,327 for 5 years |
| Prepayment Charges | 3% - 5% of your outstanding principal |
Why Should You Opt for RBL Bank Personal Loan?
Here are some reasons why you may wish to opt for RBL's Personal Loan scheme:
- Emergency funding: If you have an urgent need for funds, this loan is suitable for you. It takes less than 10 minutes to apply for it and if your application is successful, you can receive the cash within a few days.
- Documentation issues: Some other loans such as loans against property or business loans require a lot of paperwork and documentation without which you cannot apply for them. If you do not want to be disqualified based on lacking documentation, applying for a personal loan is your best bet because the documents you will be asked to provide are minimal and easily accessible.
- Structured repayment arrangement: When it comes to fulfilling your repayment obligations you can rest easy knowing that you will be allowed to pay back the loan in installments and not at once. This can go a long way in relieving you of the burden of paying back all you owe in one fell swoop.
- Additional Finance: If you took up a loan severally and some other financial obligations came up you may choose to apply for this loan to settle them while servicing your current loan at the same time.
Features and Benefits of RBL Bank Personal Loan
Before you apply for this loan, it is imperative that you know a little about its features and the benefits of taking up the loan in the first place.
- Loan amount: The loan amount borrowers are granted varies depending on their eligibility. RBL Personal loan amount range between Rs. 1 lakh and up to Rs. 20 lakh
- Loan term: The loan term is a minimum of 12 months and a maximum of 60 months.
- Collateral: RBL Banks does not demand collateral from applicants for this loan.
- Documentation: Only documents to prove identity and income are required.
- Interest rates: The loan is decided based on the applicant's income, credit history, and the tenure chosen by the borrower..
- Disbursal procedure: The bank usually approves a personal loan in a single working day from the date of receiving the request, subject to the complete application submitted by the customer with the required documents.
How to Get Low Interest Rates on RBL Bank Personal Loan?
Lower your personal loan interest rates from RBL Bank by implementing the points mentions below.
- Maintain a credit score of 750 & above.
- The bank offers low interest rates on personal loans to existing customers.
- Keep checking the rates for promotional offers and deals.
- Be stable at your job for at least the last 3 years.
- Increase your income sources if you can.
- You can add a co-applicant for the loan.
RBL Bank Personal Loan Eligibility
Only eligible applicants will have their application approved and loans issued. For the purpose of clarity, here are the eligibility requirements for a personal loan.
- Applicants must have a minimum monthly income of at least Rs. 40,000.
- Applicants must be at least 25 years of age at the time of applying for the loan.
- The maximum age at the maturity of the loan should not be above 60 years.
- Applicants must have worked with their current employer for at least the last 1 year and total work experience should be 3 years and above.
How to Calculate RBL Bank Personal Loan EMI?
Before you apply for a Personal loan or any loan at all, it is very important to know how much the loan will cost. The cost of the loan is simply the principal amount you wish to borrow added to the interest on the loan and other processing fees. Calculating EMI using a simple formula will give you the EMI charge per month but mistakes are common though. Calculating EMI for a few months is not hard but when you have to do that by heart for several months, mistakes are inevitable. It is for this reason that EMI calculators were introduced to help applicants evaluate the cost of the loan without errors. An EMI calculator is an online tool, which can be used to calculate the monthly Equated Monthly Installments on a loan.
RBL Bank Personal Loan Processing Fees and Other Charges
Besides the interest charged on the personal loan, here are some of the other charges you need to take note of before submitting your application.
| Processing fee | Up to 3.5% of the principal loan amount |
| Late Payment Penalty | Additional interest of 2% per month on overdue EMI |
| Duplicate interest & Principal Certificate | Rs. 250 per issue |
| Cheque Swapping | Rs. 250 per issue |
| Bounce Cheque | Rs. 250 per instance |
| CIBIL Report Charge | Rs. 50 per issue |
| Foreclosure Charge | 5% payment of outstanding loan amount if prepayment done within 13-18 months and 3% if done after 18 months. |
RBL Interest Rate Comparison With Other Lenders
| Bank | Interest Rate (%) |
|---|---|
| RBL Bank | 14% - 23% p.a. |
| HDFC Bank Ltd | 10.50%-21% |
| IDFC First Bank | 10.99%-18% |
| Bajaj Finserv | 13%- 24% |
| ICICI Bank Ltd. | 10.50%-19% |
| Kotak Mahindra Bank Ltd | 10.40%-24% |
| Yes Bank | 10.99%-24% |
| Tata Capital | 10.99%- 24% |
RBL Bank Personal Loan Customer Care Numbers
If you encounter any issues with your account or a loan you have applied for or you just want to make inquiries, here are the customer care numbers and emails you can contact.
Credit Card Helpline
- Phone: +91 22 6232 7777
- Email: cardservices@rblbank.com
Superard Helpline
- Phone: +91 22 7119 0900
- Email: cardservices@rblbank.com
Bank Queries
- Phone: +91 22 6115 6300
- Email: customercare@rblbank.com
Administrative Office
- Phone: +91 231 2650981
- Fax: +91 231 2657386
RBL Bank Personal Loan Interest Rates FAQs
You can borrow between 1 lakh to 20 lakh as loan. Your borrowing potential depends on your eligibility, your repayment capacity, and the documents you submit for verification.
There are different repayment channels available to RBL customers and they can utilize any of the options that suits them best. As a customer you can repay your EMI through an electronic clearance system, a standing order to RBL to debit your account or you may issue a post dated cheque specifying the exact EMI amount. EMI can be calculated with the aid of an EMI calculator.
Yes, you can. A joint application is also referred to as clubbing of income. RBL allows applicants to club their income with their spouse alone. You are not allowed to do a joint application with a third party who you are not married to.
You may choose to apply jointly with your spouse for a personal loan if you are ineligible for the loan amount you want based on your income. Clubbing your income with your spouse increases your eligibility as well as your chance to get the loan.
It takes between 3-10 working days for your application to be processed. During this period, RBL Bank PLC will keep you updated from the day they receive your application. To hasten the process, endeavor to submit valid and correct documents.
No, the RBL Bank does not demand collateral before granting personal loans to customers. This is because Personal loans are unsecured loans and are a type of loan that does not require any security backing in terms of assets.
This loan attracts a processing fee, which can be as low as 1% and up to 4% of the loan amount including taxes. You are not required to pay this fee in person. Rather, it will be deducted from the principal amount as at the time of disbursement.
Yes, you can but you cannot foreclose it within the first 12 months of issue only after. However, you are allowed to prepay the loan if you have successfully repaid the first 12 EMIs without fail.
The foreclosure charge is 5% of the principal loan amount outstanding if you foreclose the loan before the first 18 EMIs. However, if you foreclose it after 18 months, you will be charged only 3% of the outstanding amount.
You can pay by issuing a cheque or by raising a bank draft at any RBL Bank branch near you.
Yes, there are quite a few benefits you can enjoy. Having an account with RBL Bank makes it very easy for you to pay your EMI when due by issuing a standing order in your account. RBL Bank will also consider your existing business relationship with them when processing your application.
If you wish to apply for an additional loan, RBL Bank will review your previous EMI payment and the outstanding sum left on your existing loan arrangement before deciding whether to grant you an additional loan or not.
The benefits are numerous and some of them are
- Multiple EMI payment options.
- Speedy loan processing.
- Minimal documentation required
- No collateral is required as it is an unsecured loan.
- It is easy to apply for it online.
- Loans are issued at attractive interest rates.
- Extended loan tenure as long as 5 years.
No, you cannot. This loan is only meant for Salaried individuals who are economically active. As a self-employed person, there are other loan schemes offered by the bank that you can apply for.
Yes, it is made public. Due to changes in the MCLR, base rate, and PLR, the interest rate may change from time to time for loans issued at a floating or reducing balance rate. RBL Bank regularly publishes the current rate on its website. Log onto the website at any time to ascertain the prevailing rate of the times.