RBL Bank Instant Personal Loan – Eligibility, Features and Other Details
The Personal Loans are the helping hand for the people in dire need of the cash to meet their cash requirements. The Personal Loans are ultimately the saving grace for millions, who are stuck in some financial conditions, where no other family members and friends can get them out.
There may be several scenarios in life, which can come uninvited and all of a sudden, when the people may require additional funding and that need can be complemented by the Personal Loans. Be it some happy moments of life, or any crunch financial conditions, the Personal Loans are always available for the service instantly and at their best.
Dive deep into the RBL Bank
The Ratnakar Bank Limited or more popularly the RBL Bank is a scheduled commercial bank having it's headquartered in the Mumbai region of Maharashtra, India. Established in 1943, this bank has several offerings for the people of India. In the year 1959, the bank was categorized as the Scheduled Commercial Bank by the Reserve Bank of India; while presently it caters to the needs of 20 Indian States and UTs with around 342 branches and more than 488 ATMs.
Loan Offerings by the RBL Bank
The RBL Bank offers different categories of loans to the people of the country. Spread to over 20 states and Union Territories, the loan offerings range as below:
Loan against Property
Overdraft against Property
Loan against Gold
Working Capital Loan
RBL Bank Instant Personal Loan
When we talk about the RBL Bank Instant Personal Loan, there's a lot to discuss today. The RBL Bank Instant Personal Loan is an instant solution to the financial requirements of the people. The RBL Bank offers several reasons for someone, who is willing to avail Personal Loans for their needs. With lots of added benefits and USPs of this particular Loan offering to the people, the Loan seekers must not look beyond the RBL Bank for their Personal Loan needs.
The complete freedom to use RBL Bank Instant Personal Loan Amount
As applicable in the case of all other Banks and NBFCs and other lending agencies, the Personal Loans are completely free of any restrictions of any sorts over the usage. The RBL Bank Instant Personal Loan Amount can be spent in the way the loan borrowers want to.
There are no laid down conditions and bond for the usage of the borrowed money and a person can look forward to completing any requirements with the borrowed money. Be it the dream to buy a car (however Car Loan for this purpose is still available!), to plan a luxury vacation, to cover wedding cost or to meet uninvited medical expenses, tuition fees, or pet treatment expenses, the RBL Bank Instant Personal Loan can always come to the good use.
Serve the purpose of yours and your loved ones, with the instant cash disbursal with the RBL Bank. Get your home renovated or buy kitchen appliances for your mother or a wife, do whatever you can think of with the cash. However, spend the borrowed loan amount responsibly.
Eligibility Criteria for RBL Bank Instant Personal Loan
The Loan Applicant must meet certain laid down conditions, without which the approval for the Personal Loans is not possible. Below are those eligibility criteria which a Personal loan Applicant must fulfill in order to successfully apply for the Personal Loan:
The Loan Applicant must be salaried
The Loan Applicant must be a resident of India
Minimum net monthly income of Rs.25000 per month must be met
The Personal Loan Applicant must be at least 25 years of age, while the maximum age of the Loan Applicant must be less than 60 years or the age of retirement
The Personal Loan applicant must have at least 3 years of work experience and must be working with the same employer for a minimum of 1 year
Documents Required for the RBL Bank Instant Personal Loan Amount
The following is the set of documents required for the RBL Bank Instant Personal Loan Amount:
Passport Size Photographs
PAN Card of the Loan Applicant
Identity Proof like Voter ID, Driver License, Passport, Aadhar Card of the Loan Applicant
Address Proof of the Loan Applicant which may include any one of the following Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement
Relationship Proof in case, the loan application is for the joint
Any other valid Photo ID card issued by central or state government
Bank statements of last 6 Months thus verifying the Salary credit
Details of RBL Bank Instant Personal Loan Amount
The following are the details of the RBL Bank Instant Personal Loan
Rate of interest – 13% per annum
Loan Amount – Rs.1 lakh up to Rs.20 lakhs
Loan Tenure – 12 to 60 months
Prepayment or Foreclosure Charges – 5% of the principal amount will be levied as foreclosure charge if it is closed before the end of a year, while 3% penalty of the principal amount will be applicable, in case the loan is closed after completion of a year
Any Other Details – NA
RBL Instant Personal Loan Fees and Charges
Loan Processing Charge - Up to 2.50% of the loan amount
Bounce cheque charges – Rs. 250
Cheque swapping charges - Rs. 250
Charges for late payment of EMI - 2% additional interest will be charged on a monthly basis on the EMI amount that is overdue
Factors affecting your RBL Instant Personal Loan
Just like in case of Personal Loans as applicable with the other lenders, the factors affecting your RBL Instant Personal Loan are mentioned below:
Salary of the Loan Applicant: The salary is a deciding factor in the personal evaluation application of the loan applicant. It's the salary which determines how much a person can be sanctioned a loan against what rate of interest. The Higher is the salary, the more is the repayment capability of the applicant and thus, the more is the loan amount he/he can avail and lower will be the rates of interest on the loan sanctioned.
Any continuing Loan: While evaluating the loan application of the applicant, the RBL Bank's representatives take a note of how many loans the borrower is carrying with at the present time. In case, the loan applicant is found carrying enough loans (with the condition that EMIs should not exceed 40% of the total income of the applicant), the loan application may be rejected.
Monthly expenses: The monthly liabilities are the deciding factor in the decision of the repayment capability of the loan applicant. If a person is found to carry enough monthly liabilities, the loan application may be rejected. Also, the monthly expenses decide how secure a loan will be if approved, and thus is a deciding factor in the rate of interest and the loan amount for the applied Personal Loan
Credibility: The Credibility of the Loan Applicant is the deciding factor for all the factors of the loan; either it's the loan amount or the rate of interest. However, it's the Personal Loan rate of interest, which gets affected very highly depending on the credibility of the loan applicant. The more is the credibility of the Personal Loan Applicant, the less is the risk attached to the sanctioned loan and thus the lower will be the rate of interest and vice versa.
Salient Features of the RBL Instant Personal Loan
Here are the top features of the RBL Instant Personal Loan, thus helping you in evaluation on why you should consider the RBL Bank as your first preference for the Instant Personal Loan needs:
Loan amount ranging from Rs.1 lakh up to Rs.20 lakhs allows the people to meet their varied money requirements
Convenient loan repayment option of 1 year to 5 years allows easy repayment option to the loan borrowers
Easy Documentation for the loan approval
Quick and Instant Loan Approval and disbursal of Loan
No need to put any collateral to avail this loan
Attractive interest rates
Hassle-free loan process
Enjoy the convenience of doorstep service
Special schemes and discounts for employees of bigger and reputed firms
Facility of additional Top-up loan
Complete transparency in the process of the RBL Bank
Option to repay the Loan through various means among which the post-dated cheques along with the Electronic Clearing Systems (ECS) or standing instructions to the bank to debit the amount of loan through the existing RBL Bank savings account are the main ways
The RBL Bank, indeed a better option for the people who are searching for the most satisfying and best Personal Loan to cater o their needs and demands of the life.
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