What is the loan amount that I can borrow in a personal loan from RBL Bank?
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.
What is the tenure offered to repay the loan?
You can repay the loan from anywhere between 12 months to 60 months.
How can I repay the loan?
You can repay the loan in Equated Monthly Installments (EMI). The amount can be paid through ECS facility or can give standing instructions to the RBL
Bank account or through post-dated cheques.
Can I club my income to get a higher personal loan?
Yes, you can club your income with your salaried spouse. Your spouse’s salary must be regular and documented.
What is the time taken by the RBL Bank to convey their decision regarding my Personal Loan application?
The bank takes 10 working days from the date it receives your application to update you about their decision.
Do I have to submit any collateral to avail the personal loan?
No, RBL Bank offers personal loans as unsecured loan and hence you needn’t provide any security or collateral for availing the loan.
What is the interest rate charged?
Interest rate is 23% to 24% and it is calculated on the monthly reducing balance.
Will I incur any processing fees or charges?
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.
Can I pre-pay my loan? If yes, will there be any additional charges?
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.
Will I benefit from having a Current/savings account for the loan?
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.
Will I need a guarantor when I apply for the loan?
No, you don’t need a guarantor while applying for the loan.
Is there an age requirement that I have to meet before 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.
Does the RBL Bank have a minimum monthly salary requirement?
Yes, you need to have a minimum monthly salary of Rs.25,000 to avail the personal loan at RBL Bank.
How many years of work experience should I have?
You must have a minimum 1 year work experience at the current employment and a total of 3 years of work experience.
Will I be required to submit any financial documents?
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.
Can an individual apply for a RBL Bank personal loan online?
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.
Is there a minimum and maximum loan amount one can borrow through a RBL personal loan?
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.
Will an individual be asked to submit his/her income proof while applying?
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.
What is the repayment tenure of a RBL personal loan?
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.
Are there different options to pay an EMI?
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.
Does RBL charge a processing fee before sanctioning a personal loan?
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.
How should a borrower pay the processing fee?
The processing fee is deducted from the loan amount, with the final loan disbursal amount being computed after making all deductions.
Can a borrower choose to prepay his/her personal loan?
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.
Does RBL Bank charge any fee for loan prepayment?
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.
How long does it take for RBL to approve and sanction a personal loan?
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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