RBL Personal Loan Explained: Eligibility, Documents and Application
If you want money for things like a special trip, a wedding or something really important, RBL Personal Loan can assist you. In this article, we will explain everything about RBL Personal Loans.
What is RBL Personal Loan
RBL Personal Loans are a kind of loan given by RBL Bank, which many people in India trust. They let you borrow money without needing to give something valuable like a house or jewelry as security. So if you are planning home renovation, paying for studies. managing medical bills or other important expenses RBL Personal Loans can be a helpful hand.
RBL Personal Loan Interest Rate
When you borrow money you need to pay some extra for the favor. This extra is called interest. For RBL Personal Loans, the starting point of this extra payment is about 14.00% per year. However, this extra payment might change a bit based on things like your credit score, how much you’re borrowing, and how long you plan to take to pay it back. Before you decide to borrow, it’s good to check how much this extra payment will be.
Who Can Apply (RBL Personal Loan Eligibility?)
Before you start dreaming about the loan, you need to make sure you’re eligible. To get an RBL Personal Loan, you must:
- Be the Right Age: You should be between 25 and 60 years old or planning to retire.
- Earn Enough: You should make at least Rs 40,000 every month after taking out all your expenses.
- Have Work Experience: You should have worked for 3 years in total, and at least 1 year in your current job.
- Have a Good Credit Score: Your credit score, a measure of how good you are at repaying loans, should be 750 or more.
Documents Required for RBL Personal Loan
To ask for a loan, you need to show some papers to prove you can pay it back. These papers include:
- Your ID: Like your PAN card, Aadhaar card, and small photos of yourself.
- Proof of Earning: You’ll need to show pay slips from the last 3 months and a tax document called Form 16 from the year before.
- Proof of Job: Documents like your appointment letter, proof of salary, and ID from work.
- Bank Papers: You need to share your bank statements from the past 6 months to show how you handle money.
Having these papers ready will make it easier to ask for a loan.
How to Apply for RBL Personal Loan
Getting a loan is not a complicated puzzle. You can do it in two ways:
- Go Online: Visit the RBL Bank website and find the Personal Loan section.
- Start the Process: Click on “Apply Now.”
- Fill in Details: Write down the information they ask for.
- Wait for a Call: A bank person will contact you to check your papers and move forward.
At the Bank:
- Visit the Bank: Head to a nearby RBL Bank branch.
- Talk to Them: Meet a bank worker and say you want a personal loan.
- Give Your Papers: Show your documents and fill in the loan form.
- Wait for Approval: The bank will go through your papers and decide.
Choose the way you like and you’ll soon be on your way to getting the money you need.
RBL Personal Loan Repayment
Paying back the loan is like giving back in small bits. You can choose to give back what you borrowed and a little extra every month. This extra part is called an EMI, and you can do this for up to 5 years. The amount you give back each month depends on how much you borrowed, the extra payment (interest), and the time you need to pay.
Read Article: 10,000 personal loan for students
Other Charges and Fees for RBL Personal Loan
When you borrow, you also pay for some other things like processing charges, late payment fees and charges if you pay back early. Before you sign up for the loan, make sure to read and understand these extra payments. It’s like knowing the full story before you start.
RBL Personal Loan Customer Care Number
If you’re confused or have questions about your loan, there’s a number you can call. The number is 1800-103-6565. They are there to help you with any doubts or problems you have about your loan.
RBL Personal Loan Calculator
To make it easy for you to know how much to pay back, RBL Bank has a helpful tool called the Personal Loan calculator. You can find it on their website. Just put in how much you want, how long you want to pay, and how much extra you’ll give each month. The calculator will tell you how much you’ll pay every month and in total.
So, there you have it! RBL Personal Loans are like a good friend when you need money for important things. Understanding the rules (eligibility), the extra payment (interest), and how to give back (repay) is super important. Following the steps we’ve shared will help you start your journey to getting a personal loan. Remember, having the right knowledge is like having a map for your journey. So, get set and go for your dreams.
RBL Personal Loan FAQs
RBL Personal Loans can be repaid through Equated Monthly Installments (EMIs) over a maximum tenure of 5 years. The EMI amount depends on factors like loan amount, interest rate, and tenure.
Yes, there may be additional charges such as processing fees, late payment fees, and prepayment charges. It’s essential to review the loan agreement and discuss these fees with the bank before finalizing your loan application.
You can reach the RBL Personal Loan customer care team by calling 1800-103-6565. They can assist you with loan-related queries and concerns.