Shortage of funds interrupting your plans for the future? Are you planning to get an instant personal loan? Do not worry; we have got you covered. RBL Bank offers instant personal loans up to 20 lakhs, with convenient loan repayment options of 12 to 60 months. Interest rates offered on these loans are attractive and convenient. The documentation process is also swift and hassles free.
Things you can do with your loan –
- Medical Expenses
- Home Furnishing
Let us have a look at few crucial pointers you need to know before applying for a personal loan –
Factors to Check Before Availing Personal Loan:
- Interest Rates: RBL Bank offers attractive interest rates ranging from 14% to 23 % per annum. Your interest rates’ value depends upon various factors like your credit history, tenure chosen for repayment, and your income.
- Fees: A nominal amount of 4% of your loan amount will be charged as the bank’s processing fee. This is a one-time payment only.
- Prepayment/Foreclosure Charges: The Bank will charge a fee of 5% of your loan amount if you choose to prepay or choose to foreclose your account between 13 to 18 months. You will be charged a fee of 3% of the outstanding principal if you make the payment after 18 months.
- Overdue Interest: RBL Bank will charge an additional levy of 2% of the overdue amount if you fail to pay your EMI.
- Tenure for Repayment: You can choose a tenure for repayment depending upon your own financial needs. You can choose any repayment plan between 12 months to 60 months. No collateral is required for the loan.
- Repayment Options: You either pay your loan back through a dated cheque or use a NACH Facility. You can also issue a standing instruction to debit your EMI from your RBL savings account.
- Age Qualification: Minimum age is 25 Years. At the same time, the maximum age is 60 yrs.
- Income: The minimum income required is Rs 20,000 per month / Rs.25000 for Delhi or Mumbai residents.
- Work Experience – A minimum requirement of 1 year at your current employment and 3 yrs of total employment.
Steps to Secure a Personal Loan
- After making sure that you fit in the eligibility criteria, log in to the official RBL Bank’s Website.
- Move your cursor to the icon “Personal Loan.” Click “Apply Now.”
- Fill in all the details like your name, DOB, Mobile Number, E-mail ID, Mode of income, etc.
- You will receive a loan quote from the bank.
- Click on Apply
After following these steps, your loan application has been completed, and the bank will call you to complete KYC formalities.
After your application is complete, the next step is the verification process. You will be required to submit all the requisite documents like your salary slip, ID proof, etc. After your verification process is complete, your loan amount will be credited to your RBL Bank account instantaneously.