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.

• 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.
• Long loan tenures ranging from a minimum of 12 months and a maximum period of five years.
• Attractive interest rates ranging between 14.5% - 23% per annum.
• Loans available for salaried individuals, public and private company employees, and government employees.
• Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.
• Simplified loan application and approval process with minimal documentation.
  

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.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• 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.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• 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.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• 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.

• Minimum income of Rs 25,000 per month.
• Sound repayment capability and a good credit score.
• Loans available only to salaried customers.
• An age range of 25-60 years for salaried individuals.
• Minimum work experience of 3 years with 1 year in the current organization.
• Minimum stay of 1 year at current residence.

What is a Personal Loan ? - Apply for Instant Personal Loan

Personal loans are quite a flexible form of loans, and can be taken for myriad reasons;  from meeting emergency expenses to meeting the expenses of your wedding to paying for a dream vacation. You can also use the money for buying a home or fueling your growing business.

In case of personal loans, lenders won’t ask many questions apart from your credit health, income, and some other details. So as long as your credit score is high, you have a good record of being creditworthy, and can provide proof of income to match the loan repayment plan, you should be able to get a personal loan easily.

Personal loans are unsecured loans, which means that you don’t need to provide any collaterals as security.

That might be all well and good, but you still need to have a good credit score.

Additionally, since it is an unsecured loan, your interest rate will be higher in comparison to other types of loans.
Types of Personal Loan

So, since you can get a personal loan, you can do anything you want with it, right?

The short answer: yes and no.

The long answer: you can do anything you want as long as it is legal.

When you apply for personal loans, the bank will still ask you for what purpose you’ll be using the money. If you say that you’ll use the funds for buying a new car, go on a vacation or pay for a marriage, it’ll be granted happily. But if you tell them that you want to use it to send suspicious items to a friend in the neighboring state, your loan will be denied.

Not all personal loan providers will ask you the reason though. But certain lenders do, just so you know.

Various types of personal loans can be availed from the lenders, such as:

1) Personal loans for weddings: Have a wedding round the corner but don’t have the funds to meet it? Is your would-be spouse adamant that you spend lavishly for her wedding? Maybe its time to take a personal loan for the wedding.

2) Personal loans for home renovation: Is your home in desperate need for a renovation? The years just flew and you never noticed. Or maybe it's for a special occasion round the corner? Whatever your need, a personal loan for home renovations is what you should look for.

3) Personal loan for vacations: Many people want to enjoy their life fully, right now. They don’t want to wait for tomorrow, or when they get too old. Makes sense, sort of. Anyways, for all that, they do need loans when their dream vacation is expensive. People nowadays don’t shirk from taking such loans to enjoy life to the full. Planning to take a vacation on an Euro trip?Ask for a personal loan for vacations.

4) Personal loan for pensioners: Pensioners need personal loans too. Fortunately for them, the interest rates are lower to make repayment easier with their limited savings and income.

5) Personal loan for festivals: Just like vacations and home renovation, this one is  becoming common too. Need to entertain guests with a huge party on Christmas? Ask for a personal loan for festivals!

But remember: personal loans come with an interest rate bigger than normal loans. Before applying, make sure that you are eligible for it. You don’t want to get rejected and see your credit score fall.
mymoneykarma makes pre-qualification easy! Just fill up this form on our website. We’ll show you all the personal loans you qualify for depending on your credit score and other details.