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 is a good fit for you if?
RBL Current/Saving Account Holder – 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.
Salaried Applicants – 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
RBL Bank Personal Loan at a glance
|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|
RBL Bank offers a minimum of Rs. 1 lac to maximum of Rs. 20 Lacs of amount for lending Personal Loan with 10.10% to up to 26% of Annual Interest Rate. The term of loan is within 12 months to up to 60 months and the time of funding is within 10 working days. Now coming to Pre-Closure charges, RBL charges Zero to upto 5% of the principal outstanding.
Why Choose RBL Bank?
Zero Foreclosure Charges Offer – 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.
Foreclosure Allowed after first 6 EMIs – 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.
What to watch out for?
No Loan Less than Rs. 1 Lac – 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.
High Monthly Income Required – The minimum monthly salary of Rs. 25,000 is required in RBL Bank for applying Personal loan while in Indusind Bank, minimum income required is Rs. 4000 to upto Rs. 20,000 per month.
High Interest Rate – The Interest rate ranging from 14.5% to 23% per annum which is very high as compared to other Banks as the Interest rate in Federal Bank is ranging from 11.75% to upto 14.65% per annum .
High Foreclosure Charges – 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.
No Part-Payment Allowed – 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.
Compare RBL Bank Personal Loans to Other Banks
|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 LacsRs. 5 Lacs for Pensioners|
|Processing Fee||2% to 2.5% of the loan amount||0.50% of the loan amountMin 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 APR in RBL Bank is 15.5% to 23% 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.
Am I Eligible?
- Your minimum monthly salary must be Rs. 25,000 per month.
- Your age should be at least 25 years at the time of loan application
- Your maximum age should not be more than 60 years or the retirement age at the time of loan maturity.
- You must have been working for at least 1 year with current employers and should have total work experience of 3 years.
RBL Bank Personal Loan for Salaried
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.
Documents Required :-
- Any other valid Photo ID card issued by central or state government.
- Proof for any existing relationship with RBL Bank, if any.
- Your Income documents for co-applicant, if any
- You must have at least 6 months Salary Account statements.
- KYC Documents along with Passport Size Photographs.
- You are required to have latest 2 months pay slips and Form number 16 issued by the employer.
- In case of Clubbing of Income, Income Documents of Salaried Spouse is required.
RBL Bank Personal Loan Rate of Interest
|Personal Loan Type||Applicable Interest Rate|
|RBL Bank Personal Loan for Salaried||15.5% – 23% per annum|
The Applicable Interest rate of RBL Bank Personal Loan for Salaried is 15.5% to upto 23% per annum while in case of Federal Bank the applicable interest rate is 11.75% to up to 14.65% per annum for Salaried and 12.90% to 13.90% of Interest Rate for Salaried in case of Canara Bank.
How to Apply for RBL Bank Personal Loan?
- Click on ‘’Apply Now’’ button given above.
- Provide all the required Information such as
- Select your city of residence
- Your first name
- Your date of birth
- Your gender
- Employment Type and mode of credit
- Your e-mail ID
- Your mobile number
- Then, Tick on ‘’I authorized RBL Bank to contact me. This will override registry on DND/NDNC’’ and click on ‘’Proceed’’.
- Wait for the approval by Bank.
At RBL Bank Branch
- Walk-in to the nearest RBL Bank branch along with loan application and KYC Details. You can click here to download the personal loan application form.
- Fill the required details in the loan application.
- Submit the completed application form along with the documents at the helpdesk.
After I Applied?
Check Loan Status
- Through Online
- Click here to go to status tracking page
- Provide your reference number including # symbol and your mobile number.
- Click on ‘’SUBMIT’’.
- Through Customer Care
- Dial 1800-123-8040 from your registered mobile number.
- For English PRESS 1 and for Hindi PRESS 2
- After selecting language, PRESS 4 for Banking queries
- Now PRESS 9 to talk with the customer care executive.
Once I’m Approved?
Receive Loan Sanction Letter
Receive Loan Agreement Letter
Fees & Penalties
|Type of Charges||Applicable Charges|
|Processing Charges||Upto 2.5% of the loan amount|
|Foreclosure ChargesAllowed 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.
How to repay my personal loans?
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.
Can I repay my personal loans earlier before the time period?
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.
How can I connect to RBL Bank Customer Care?
You can connect with RBL Bank Customer Care either by simply calling them on their phone numbers 1800-123-8040 and +91-22-61156300 or by writing them an email at firstname.lastname@example.org
Can I apply for personal loan with a co-applicant?
Yes, you can apply for personal loan with your but the condition is he must be salaried employee.