RBL Bank embellish you a wide range of funds for Salaried employees having minimum monthly salary of Rs. 25,000 per month. It provides loan amount from minimum Rs. 1 Lacs to maximum of Rs. 20 Lacs within 10 working days. The annual interest rate ranges from 15.50% per annum to maximum 23% per annum. The Processing fees is starts from minimum 2% and goes as high as upto 2.5% of the loan amount. As far as the repayment period is concerned, RBL bank offers period from minimum 12 months to maximum 60 months and the Pre-Closure Charges are Zero to 5% of the Principal Outstanding.
|RBL Bank Personal Loan|
|Annual Interest Rate||15.5% - 23%|
|Loan Term||12 months - 60 months|
|Loan Amount||Rs. 1 Lac - Rs. 20 Lacs|
|Time of Funding||Within 10 working days|
|Pre-Closure Charges||Zero to upto 5% of the principal outstanding|
|Personal Loan Type||Applicable Interest Rate|
|RBL Bank Personal Loan for Salaried||15.5% - 23% per annum|
|Age||25 Years to 60 Years|
|Income||Rs. 25,000 per month|
|Current Work Experience||Minimum 1 Year|
|Total Work Experience||Minimum 3 Years|
RBL Bank personal loan is a good fit for you if you are an existing RBL Bank customer holding Current / Saving account since it makes documentation process easy which results in quick loan processing.
When it comes to the category of applicant, RBL Bank does not offer personal loans to all types of employees. It offers personal loans to salaried borrowers only with the minimum net monthly income of Rs. 25,000 per month.
Zero foreclosure charges would be offered to up to 5% of the principal outstanding and it charges Zero Pre-Closure fees if foreclosure is made after first 12 EMIs with own funds and there is no payment bounce or default record.
Standard Chartered bank recovers the balance of your loan after first 6 EMIs just by paying a fee which is equal to 5% of the outstanding amount for foreclosure made between 6 to 12 months of disbursal and 3% of the principal outstanding for foreclosure made after 12 months from disbursal.
RBL Bank is a good choice for you if you want to borrow an amount less than Rs. 1 Lac as the minimum loan amount offered by RBL Bank is Rs. 1 Lac.
The minimum monthly salary of Rs. 25,000 is required in RBL Bank for applying Personal loan while in Indusind, minimum income required is Rs. 4000 to upto Rs. 20,000 per month.
The foreclosure charges levied by RBL Bank are equal to 5% of the outstanding amount whereas other competing banks such as Indusind Bank and Axis Bank levies no foreclosure charges at all.
If you are having large sum of money and want to prepay a part of your loan earlier, then you will not be able to prepay that amount as Part-Payment option is not provided in RBL Bank. You are allowed to pre-close your personal loan using foreclosure method only after completing of 12 months of the loan.
|Bank Name||RBL Bank||Federal Bank||Canara Bank|
|Typical APR||15.5% - 23%||11.49% - 14.49%||10.90% - 13.90%|
|Loan Term||12 Months - 60 Months||12 months - 48 months||12 months - 72 months|
|Maximum Lending Amount||Rs. 20 Lacs||Rs. 10 Lacs||Rs. 3 Lacs
Rs. 5 Lacs for Pensioners
|Processing Fee||2% to 2.5% of the loan amount||0.50% of the loan amount
Minimum Rs. 500
|Zero to upto Rs. 5,000|
|Time to Funding||Within 10 working days||Within 7 working days||Within 7 days|
|Pre-Closure||Zero to upto 5% of the principal outstanding||2% of the outstanding amount||Nil|
Coming to the comparison part, RBL Bank offers maximum of Rs. 20 Lacs for lending Personal loans within 10 working days while Federal Bank offers Rs. 10 Lacs within 7 working days and Canara Bank provides maximum of Rs. 3 Lacs and Rs. 5 Lacs in case of Pensioners within 7 days. The loan term in RBL Bank is 12 months to upto 60 months and 12 months to 48 months in case of Federal Bank while 12 months to 72 months in case of Canara Bank.
The typical ARP in RBL Bank is 15.5% to 23% per annum as compared to 11.49% to 14.49% in Federal Bank while 10.90% to up to 13.90% in case of Canara Bank. The processing fees in RBL bank is 2% to 2.5% of the loan amount while 0.50% of the loan amount (minimum Rs. 500) in case of Federal Bank and Canara Bank charges Zero to up to Rs. 5,000 processing fees. The Pre-closure of RBL Bank is Zero to up to 5% of the principal outstanding, 2% of the outstanding amount in case of Federal Bank while in case of Canara Bank, the Pre-Closure is Nil.
RBL Bank provides loan amount from Rs. 1 Lacs to maximum of Rs 20 Lacs with a tenure ranging from 12 months to upto 60 months. The Processing Charges equals to 2.5% of the loan amount if availed loan amount is less than 5 Lacs and 2% of the loan amount if availed loan amount is Rs. 5 Lacs or above.
The Interest rate in case the loan amount is less than Rs. 5 Lacs is equals to 23% per annum if the monthly salary is Rs. 20,000 to less than Rs. 25,000 and the Interest rate equals to 21% per annum if the monthly salary is Rs. 25,000 to less than Rs. 50,000. The Interest rate equals to 18% per annum if the monthly salary is Rs. 50,000 to less than Rs. 75,000, the Interest rate equals to 17% per annum if the monthly salary is Rs. 75,000 to less than Rs. 1 Lac. If the monthly salary is Rs. 1 Lacs or above, then the rate of interest will be equal to 16.50% per annum. The Interest rate in case the loan amount is Rs. 5 Lacs or above and if the monthly salary is Rs. 25,000 to less than Rs. 50,000 then the rate of interest equals to 18% per annum.
The Interest rate is equal to 17% per annum if the monthly salary is Rs. 50,000 to less than Rs. 75,000. The Interest rate equals to 16% per annum if the monthly salary is Rs. 75,000 to less than Rs. 1 Lac and if the monthly salary is Rs. 1 Lacs or above, then the interest rate equals to 15.50% per annum.
|Type of Charges||Applicable Amount|
|Processing Charges||Upto 2.5% of the loan amount|
Allowed after first 6 EMIs
|5% of the principal outstanding for foreclosure made between 6 - 12 months of disbursal.
3% of the principal outstanding for foreclosure made after 12 months from disbursal.
Zero charges for foreclosure made after 12 months from own funds where no payment bounce record.
|Part-payment Charges||Not Allowed|
|Penal Charges||2% per month on the overdue amount|
|Swap Charges||Rs. 250|
|EMI Bounce Charges||Rs. 250|
|Issue of Duplicate Interest & Principal Certificate||Rs. 250|
RBL Bank charges processing fees of upto 2.5% of the loan amount and the foreclosure charges (allowed after first 6 EMIs) are 5% of the Principal Outstanding for foreclosure made between 6 to 12 months of disbursal, 3% of the Principal Outstanding for foreclosure made after 12 months from disbursal. The Part-Payment Charges are Not Allowed and the Penal Charges are 2% on the overdue amount, Swap Charges are Rs. 250, EMI Bounce Charges are Rs. 250, and Rs. 250 for issuing of Duplicate Interest and Principal Certificate.
You can repay your personal loans easily easily through EMIs. It can be paid through post dated checks with your EMI account or through ECS facility.
No, you cannot repay your loan before the time period, but you can repay the personal loan after paying your 6 EMIs with the applicable foreclosure charges.
Yes, you can apply for personal loan with your but the condition is he must be salaried employee.