Apply RBL Bank Instant Personal Loans At Lowest Interest Rates

RBL Bank, previously known as Ratnakar Bank Limited, is a private scheduled commercial bank. It was founded in the year 1943 and headquartered in Kolhapur, Maharashtra. It provides financial products and services to the customers with an employee strength of over 2,798 employees. The bank has a vast network of over 193 bank-branches in more than 13 Indian states.

RBL Bank Personal Loans

RBL Bank provides personal loans to its customers for different financial needs at very affordable rates of interest. These loans can be used to cover medical bills, wedding expenses, international vacation expenses, or debt consolidation. mymoneykarma gives you all the information you need on RBL Bank personal loans.

Benefits of RBL Bank Personal Loans

RBL Bank personal loans are loaded with customer-oriented benefits and features. Here are a few highlights of RBL Bank personal loans.

1. Significant loan amounts ranging from a minimum of Rs 1 lakh to a maximum of Rs 20 lakhs. The loan amount depends on the applicant's repayment capability, credit score, credit history, and yearly income.

2. Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.

3. Attractive interest rates ranging between 14.5% - 23% per annum.

4. Loans available for salaried individuals, public and private company employees, and government employees.

5. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

6. Simplified loan application and approval process with minimal documentation.

Here is a summary of all the information regarding RBL Bank personal loans.

Interest Rate	14.5% - 23%
Minimum Loan Amount	Rs 1 lakh
Maximum Loan Amount	Rs 20 lakhs
Minimum Repayment Tenure	12 months
Maximum Repayment Tenure	60 months

Types of RBL Bank Personal Loans

RBL Bank offers the following types of personal loans

Personal Loans for Education

These personal loans from RBL Bank can be used for financing children’s education and further studies in India and abroad. 

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 25-60 years for salaried individuals.

5. Minimum work experience of 3 years with 1 year in the current organization.

6. Minimum stay of 1 year at current residence.

Personal Loans for Wedding

These personal loans from RBL Bank can be used to cover the costs of a wedding in the family or of the applicant.

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 25-60 years for salaried individuals.

5. Minimum work experience of 3 years with 1 year in the current organization.

6. Minimum stay of 1 year at current residence.

Personal Loans for Home Renovation

These personal loans from RBL Bank can be used much like a home loan, to upgrade or renovate the applicant’s house.

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 25-60 years for salaried individuals.

5. Minimum work experience of 3 years with 1 year in the current organization.

6. Minimum stay of 1 year at current residence.

Personal Loans for Medical Expenses

These personal loans from RBL Bank can be used for medical expenses or emergencies.

1. Minimum income of Rs 25,000 per month.

2. Sound repayment capability and a good credit score.

3. Loans available only to salaried customers.

4. An age range of 25-60 years for salaried individuals.

5. Minimum work experience of 3 years with 1 year in the current organization.

6. Minimum stay of 1 year at current residence.

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks	Interest rates
Axis Bank	11.25% - 24%
HDFC Bank	10.99% - 20.00%
SBI	12.50% – 16.60%
ICICI Bank	11.50% - 16.75%
Bajaj Finserv	2.00% - 16.00%
Standard Chartered	10.99% - 16%
Fullerton India	12% - 25%
Kotak Mahindra Bank	11%-24%
CitiBank	10.99% - 18%
IDBI	12.45% - 13.50%
IDFC Bank	11.69% - 15.00%
PNB	11.65% - 12%
YES Bank	10.75% - 16.99%
Andhra Bank	11.55% - 14%
IndusInd Bank	10%-30.50%
Canara Bank	13.5% - 14.5%
Tata Capital	11.75% - 19.00%
Bank of Baroda	11.05% - 11.6%

Documents Required for RBL Bank Personal Loans

Applicants need to submit the following documents while applying for RBL Bank personal loan.

1. A filled loan application form with necessary details such as income, occupational details, and personal information.

2. Two copies of recent passport sized photographs

3. Copies of the applicant's PAN card and Aadhaar card.

4. Copies of income proof such as salary slips of the previous six months, bank statements of the last six months, and a copy of Form 16.

5. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

6. Relationship proof with the account holder (if required).

How to Apply for RBL Bank Personal Loans Online

Customers can apply for RBL Bank personal loan online by following these steps.

1. Go to the RBL Bank website.

2. Select the type of personal loan required and download the concerned loan application form.

3. FIll in the details and upload the scanned copies of the required documentation.

4. Submit.

How to Apply for RBL Bank Personal Loans Offline

Applicants can directly walk into the personal loan centers of RBL Bank along with the necessary documents if they wish to apply for RBL Bank personal loans offline. They just need to fill up the application form available at the bank and submit it with the documentation. The loan is approved within three working days.

Frequently Asked Questions

1: What is the duration for RBL Bank personal loan application approval?

Answer: RBL Bank notifies the applicants of the loan approval within a maximum of 72 working hours from the date of the application. With mymoneykarma, get your loan approved within 24 hours.

2: What is the loan amount of RBL Bank personal loans?

Answer: RBL Bank provides personal loans with a minimum loan amount of Rs 1 lakh and a maximum amount of Rs 20 lakhs.

3: What is the rate of interest on RBL Bank personal loans?

Answer: RBL Bank offers reasonable interest rates ranging between 14.5% - 23%  per annum.

4: Is prepayment of loan allowed with RBL Bank personal loans?

Answer: Yes, RBL Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 12 months.

5: Does RBL Bank personal loan have any pre-closure charges?

Answer: Yes, RBL Bank personal loans charges a fee of 5% of the approved loan amount as pre-closure charges.

6: What are the other fees associated with RBL Bank personal loans?

Answer: Here is a list of fees associated with RBL Bank personal loans.

Loan Processing Charges	3% of the loan amount + GST
Foreclosure Charges	5% of the loan amount + GST
Pre -payment or Part-payment charges	nil
Legal/incidental charges	As actuals
Charges for late payment of Loan amount	nil
Stamp Duty & other Statutory Charges	As applicable by state laws
Re-Issuance of photocopy of loan agreement/documents	nil
Duplicate NOC	nil
Cheque swapping charges	nil
Loan cancellation charges	nil