RBL Bank Personal Loan Online Apply
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| RBL Bank Personal Loan |
RBL Bank Personal Loan
Are you planning your dream vacation but don't have enough money? Or are you looking for money to pay for a family wedding? RBL Bank Personal Loan could be the answer you are looking for.
Unexpected expenses can knock on your door at any time. This can be in the form of emergency medical expenses; Your child's education expenses or even family wedding. Personal loan helps you meet these needs. You can borrow up to Rs 20 lakh to pay for your various needs. RBL Bank offers you attractive interest rates starting from 14%.
Personal loans are a convenient solution for your emergency needs, as no collateral is required. It is a short term loan with easy repayment options. RBL Bank offers you a personal loan which is a comprehensive solution for all your various needs.
You can use RBL Personal Loan for:
- Home furnishing: Renovate, renovate and furnish the home of your dreams with RBL Bank Personal Loan. It is specifically designed to meet the needs of homeowners who wish to perform structural repairs, interior work, renovations, and any other improvements to their home. Take out a personal loan and address your worries about paying a contractor, buying supplies, or even hiring an interior designer.
- Marriage: Wedding is a big event in this country and it costs a lot. From reserving a place to buying jewelry to paying for all the functions, a wedding involves a variety of expenses. RBL Bank Personal Loan takes a lot of expenses out of your pocket so that you can enjoy the wedding to the fullest.
- Education: We know that your child's education is important to you. Sometimes paying college fees can be costly, especially if your child is going to study abroad. At RBL Bank we understand this. RBL Bank Personal Loan helps you finance your child's education or even your own education.
- Holiday: If you are planning for the vacation of your dreams and do not have enough money, we suggest you try taking an RBL Bank Personal Loan. Get an RBL Bank Personal Loan and fly to your favorite destination without worrying about plane tickets, accommodation, shopping and all other expenses.
- Medical: Do you need to meet medical demand? Try out RBL Bank Personal Loan which offers fast repayment and easy payment options. Take care of your family in this hour of need. Leave the funding worries on RBL Bank Personal Loan.
Features and benefits of RBL Bank Personal Loan
- Features and benefits of RBL Bank Personal Loan Some of the features include of RBL Bank Personal Loan
- 1 lakh to Rs. Loan amount up to Rs 20 lakh.
- 12- to 60-month loan repayment option.
- No security or collateral is required to avail RBL Bank Personal Loan.
- Simplified and fast documentation.
- Attractive interest rates.
Here are some of the benefits of a RBL Bank Personal Loan:
- Personal loan is a great way to improve your credit score. If your credit score is running low because you are solely using a credit card, you can take a personal loan, pay off your credit card debt and repay the loan for five years. This improves your credit score instantly.
- If you have multiple credit cards and are in debt, a personal loan is a convenient way to consolidate your debt. You can apply for a loan to pay off your debt and pay off only one loan.
- If there is a marriage or an accident in the family, you can pay off the expenses almost instantly with RBL Bank Personal Loan. These are short-term loans and will not affect your long-term financial goals.
How to apply for an RBL Bank Personal Loan
Personal loans are an easy option to take care of immediate expenses. RBL Bank offers personal loans ranging from Rs 1 lakh to Rs 20 lakh with flexible repayment options of one to five years.
Applying for a personal loan with RBL Bank is quite simple and you can get instant approval if you fulfill the eligibility criteria set by the bank. The fastest way to get a personal loan is to apply for the loan online. You will get a quote for your loan within a minute of your request.
To apply online, click on the apply now link and fill your details in the online form. You need to enter your name, date of birth, gender, income and mode of payment, email ID and mobile phone number. Once you go ahead with the application, you will get a loan quote from RBL Bank for which you may be eligible. Then you can click on apply. Once you apply online, the bank will contact you to complete the KYC paperwork.
If you don't feel comfortable applying for a loan online, don't worry. You can simply log into any of the RBL Bank branch and request a personal loan. The RBL Bank officials will guide you through the application process.
RBL Bank Personal Loan Interest Rates
RBL Bank offers attractive interest rates in the range of 14-23% per annum to its personal loan customers.
The interest rate on RBL Bank personal loan is decided based on the income of the applicant, credit history of the applicant and the tenure chosen by the borrower. If the borrower is an existing customer of RBL Bank, he may get a slight advantage over others in terms of interest rates.
RBL Bank Personal Loan Fees & Charges
RBL Bank offers you flexible options to repay your loan. Apart from the interest rate, RBL Bank also charges a nominal fee for certain other factors. Below are the charges you should be aware of:
Processing fee: RBL Bank charges a processing fee of up to 3.5% of the loan value as a one-time processing fee. Existing customers can negotiate a reduced processing fee.
Prepayment/ foreclosure charges: Prepayments are allowed only after one year of the first EMI. If you want to prepay or foreclose your loan between 13 to 18 months, the bank charges 5% of your outstanding principal. If the payment is made after 18 months, you will have to pay a commission of 3% of your outstanding principal to the bank. The bank does not charge any charges if any prepayment or foreclosure is done after 12 regular EMIs using its own funds.
Overdue interest: If you forget your EMIs or do not pay on time, the bank levies a fee of 2% per month of the amount due.
Tenure on RBL Bank Personal Loans and repayment options
Borrowers can choose to repay their personal loans within one to five years. No warranty requirement.
You can repay your loan through easy Equated Monthly Installments (EMIs). You can use the EMI calculator tool to determine your EMI. This EMI will have to be paid monthly. You can pay by post-dated check or use NACH facilities. You can also issue a standing instruction to debit your RBL Bank account for your loan repayment.
RBL Bank Personal Loan EMI calculator
EMI calculator is an online tool that is available free of cost on the RBL Bank website. This tool helps you calculate your floating Equated Monthly Installment (EMI) which you will have to repay over the tenure of your loan.
EMI Calculator takes three factors into consideration while calculating EMI. The first factor is the loan amount, also known as the principal amount to be borrowed. The second factor is the interest rate charged by the bank and the third factor is the tenure of the loan you wish to opt for.
To use this calculator, you need to enter the loan amount you wish to borrow. Then enter the tenure over which you want to repay the loan. Lastly, enter the interest rate you are eligible for.
You can modify these variables to choose the EMI that best suits your budget. An EMI calculator helps you plan your loan better.
RBL Bank Personal Loan eligibility
RBL Bank allows you to verify your eligibility instantly. Before applying for RBL Bank personal loan, we recommend that you check the eligibility criteria. Then you can avoid rejections based on eligibility.
Let us see the eligible criteria
- Net monthly income Rs. 40,000 per month.
- Minimum age at the time of loan sanction: 25 years. Maximum age at loan maturity: Below 60 years or retirement age.
- Minimum 1 year of work experience in current employment and 3 years of total work experience.
Documents required for RBL Bank Personal Loan
- Application form duly signed with colored photograph of the applicant
- KYC (Pan Card, Proof of Identity & Age Proof - Anyone [eg Aadhaar, Passport, Valid Driving License, Voter ID Card], Proof of Address - Anyone [Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill ( Electricity / Telephone / Mobile - not more than 60 days old)], Latest 3 month's Salary Credit Bank Statements)
- Payslip - for loans <7.5 Lacs: 1 most recent payslip; for loans> 7.5 Lacs: Last 2 payslips
RBL Bank Personal Loan verification process
Every personal loan application process is completed after verification of documents of the applicant. RBL Bank follows a simple process to verify your details.
If you are already a customer of RBL Bank, the bank can no longer verify your documents. You have the opportunity to get a pre-approved offer. You can also get attractive interest rates. Once approved, the loan amount is credited to your RBL Bank account instantly.
On the other hand, the bank conducts a thorough verification of documents of applicants who are not customers of RBL Bank. Once you apply online or at the nearest branch, a representative of the bank will contact you. All required documents will be collected and the bank will background check your personal and business information.
Ensure that the information provided in the personal loan application form is correct; Otherwise, the bank will reject your request. Once your documents are fully verified and if you meet the bank's eligibility criteria, your application is processed. Based on your eligibility and income, the interest rate and tenor is determined and credited for recognition. You can track the status of your personal loan application online on the bank's website or call the customer care representative to inquire about your loan.
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