Call it the creativity or an ability to tap into the emerging needs, the banks which were earlier living under the shadow of heavyweights are now gaining prominence by offering lucrative offers on products such as a personal loan.
Ratnakar Bank Limited (RBL) figures into the list of those banks by customizing its offers to further intensify the competition being witnessed in the personal loan segment. RBL Bank Personal Loan is easy to grab as you won’t need to submit a security for the same. Plus, it has flexible interest rates and seamless documentation to ensure the borrowers would find it easy to apply for a loan.
RBL Bank Personal Loan Interest Rate
RBL Bank offers a personal loan to both salaried and self-employed segments at varied interest rates. The rates vary according to profession, income and the loan amount one seeks. The interest rates for salaried range from 16.50%-25% per annum on a loan amount of up to ₹5 lakhs. Whereas, in the case of loans above 5 lakhs, the bank charges 15.50%-18%. Self-employed can receive loans at an interest rate of 22%-24%.
RBL Bank Personal Loan is studded with the following features –
- Loans up to ₹20 lakh
- Loan repayment tenure of 12-60 months
- No security or collateral required
- Simple documentation
- Hassle-free loan sanction and disbursal
RBL Bank Personal Loan EMI Calculator
Don’t forget to use the EMI calculator before applying for a loan as it draws a picture of your repayment future. You just need to enter the amount of loan, the rate of interest and the period of debt to calculate the monthly installments. Also, you can get a detail of the interest you are supposed to pay year-on-year to the entire tenure of a loan.
RBL Bank Personal Loan Eligibility Criteria
To gain the nod for a personal loan, you must fulfill the following eligibility criteria.
- A salaried must have a minimum monthly income of ₹25,000
- The minimum age at the time of loan sanction should be 25 years
- The maximum age at loan maturity must be 60 years or retirement age, whichever is lower.
- A total work experience of 3 years is required, with the current experience must be of at least a year
What Are the Documents Needed?
So if you meet the eligibility criteria, as shown above, you must be ready with the following list of documents.
- PAN Card
- Identity Proof – Passport/Driving License/Voter ID
- Residence Proof – Driving License/Passport/Voter ID/Telephone Bill/Electricity Bill/Registered Lease Deed or Sale Agreement
- Last 6-month Salary Statement
- Salary Slips for the Last 2 Months
- Passport Size Photographs
It’s Time to Apply
Looking for a convenient route to apply for a personal loan? Go online and apply it in a few minutes. Just visit the official website of RBL Bank, go to ‘Personal Loan’ section and then click on ‘Apply Now’. After clicking on it, you will get to a page wherein you need to enter a few personal and employment related details before submitting your loan application.
RBL Personal Loan Application Status
Post application, the next thing you must look at is to check its status, which can be either approved, rejected or pending depending on case to case. To know the exact status, call the 24×7 customer care executive on 18001238040. You can even ring the concerned officers at a bank branch where you would submit your application. Whichever the way you opt for, you need to provide the application form number and a few other details before you can hear the status.
RBL Bank Personal Loan Statement
While servicing the debt, don’t take your eyes off from the statement, which will keep you aware of what’s happening with your loan account. It can help formulate a strategy by which you can close the loan before the chosen tenure. You can use your savings at the right time to do so and prevent the outflow of interest from your end.