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.

RBL Bank Home Loan - Features of RBL Bank Home Loans

RBL Bank is one of the top emerging scheduled commercial banks of India offering various services, including housing loans.

Features of RBL Bank Home Loans

• RBL Bank Home Loans are available for both salaried and self-employed.
• The bank has special rates for its female customers.
• The maximum amount of loan that a borrower can avail from RBL Bank is Rs. 10 crores.
• The home loan is available to the individuals who come between the ages of 24 to 60 years.
• Salaried and self-employed loan applicants should have a regular flow of income to apply for RBL Bank home loan.
• The repayment tenure of the home loan is up to 25 years. An individual availing the home loan can choose any term until 25 years for repaying the loan. With such a long tenure, repaying the home loan becomes easier for a customer. It also ensures lower EMIs as the installments get divided over a longer time frame, making them affordable.
• The borrower can also add a co-applicant while applying for a home loan.
• The borrowers of the home loan can save interest by maintaining the balance in a linked account.
• There are no pre-closure charges if the borrower wants to close the loan before the estimated closing period.
  

Types of Home Loans Provided by RBL Bank

RBL Bank offers various types of loans which are particularly popular among individuals:

Home Purchase Loan

The applicant avails this loan for purchasing a home.

Home Improvement Loan

It covers repairs related expenditure of your home or even renovation.

Home Construction Loan

The applicant can avail this loan for building a new house.

Land Purchase Loan

This loan is used to buy a plot of land for constructing a  new house.

Home Extension Loan

It can be used to add another room, garage, bathroom or kitchen, or another floor to an existing home.

Joint Home Loan

Two or more people take this loan conjoined.

Home Loan Balance Transfer

This facility can be used to switch an existing outstanding loan amount to a different lender who is offering better terms and a lower rate of interest.

Top-Up Home Loan

This loan helps an applicant to borrow some extra money above the outstanding loan amount.

Charges in RBL Bank Home Loan

RBL Home Loan interest rates begins from 10.30% onwards.

Processing Fees   

• Up to Rs. 25 lakhs – Rs. 5000
• Rs. 25 lakhs-Rs. 75 lakhs – Rs. 10,000
• Rs. 75 lakhs and above – Rs. 15,000 (fixed amount)
  

Part pre-payment charges (at a floating rate of interest) – Nil

• Foreclosure charges (at a floating rate of interest) - Nil
• Part pre-payment charges (on a fixed rate of interest) - Above 15% of the outstanding amount will be charged
• Foreclosure charges(fixed rate) - 3%
• Charges for a credit report - Rs. 50
• Bounced check charges - Rs. 250
• Cheque swapping charges - Rs. 250
• Duplicate no due certificate/NOC - Rs. 250
• Issue of Duplicate Interest & Principal Certificate - Rs. 250
• Charges for late payment of EMI - 2% additional interest per month on the overdue EMI amount.
  

Home Loan Process

Either you can visit the official website or go to the nearest branch of RBL Bank to apply for a home loan. The bank will take almost a week to sanction the loan based on the verification of your documents. However, any discrepancy in document submission can delay the sanctioning of a home loan.

Post sanctioning, the investigator of RBL Bank will inspect the house or property that the customer is looking to purchase. The surveyor will then prepare a legal and technical report of the property and submit it to the bank. Based on the surveyor's report and its market value, the valuation of the property will be decided by the bank. RBL Bank will then offer a 60%-80% loan on the property value.

Apply for RBL Bank Home Loan Online

Following are the steps to get a hassle-free RBL Bank Home loan:

• Visit the RBL Bank website.
• Fill the application form and submit it with all supporting documents online.
• The bank will send you the sanction intimation once you will pass the eligibility criteria.
• The applicant needs to submit the property-related documents
• The legal and technical team of the RBL Bank will review the property before confirming the home loan.
• After all verification, the loan will be disbursed.
• The whole process of home loan would take around 15-20 days.

RBL Bank Loan Against Property - Features of RBL Loan Against Property

RBL Bank Loan Against Property Schemes

Dropline Overdraft Against Property Loan

The overdraft facility is one of the best ways to manage funds and capital requirements for your business and other needs by paying only for what you use. This loan scheme is available exclusively as RBL Bank loan against property. The following are the features of the scheme:

• Dropline overdraft limit of up to Rs. 5 crore
• Both residential and commercial properties are accepted as collateral
• Dropline overdraft tenure of up to ten years
• Interest is charged on the utilized amount only
• Minimum documentation and fast approval process
• Attractive interest rates
• This loan scheme is beneficial for self-employed professionals and individuals, sole proprietorships, partnership firms, and private limited companies.
• Dropline overdraft loan against property facility is offered to Indian residents only.
• Minimum net profit as per the latest year’s ITR/financials should be at least Rs. 150,000 to avail the scheme.
• The minimum age to apply for this loan is 23 years, and it goes up to a maximum of 65 years.
  

Features of RBL Loan Against Property

• RBL Bank provides competitive and lucrative interest rates to its customers, which makes the EMIs lower and more affordable.
• The bank also offers fixed interest rate facility for the first three years.
• The bank offers a long-term convenient repayment period of 180 months or 15 years.
• The customer can avail of a loan amount upto 80% of the property value.
  

Factors that affect the eligibility of the property loan from RBL Bank:

• Loan applicants who earn high salaries have a better probability of getting their loan sanctioned because their repayment capacity remains high.
• RBL Bank checks the credit score of applicants, which should be above 700 to be eligible.
• Applicants who are about to retire can face some difficulty, as the bank will consider the fact that the applicants’ capacity for repayment diminishes after retirement.
• Applicants having a stable employment history are viewed favorably by the bank, as their stability of employment is considered as a sign of reliability.
• If the loan applicant has an existing debt, it may affect their eligibility as the debt could impede the capacity of a loan applicant to repay.
• Banks generally favor permanent employees over temporary employees.