It is a type of unsecured loan which can be availed on the basis of various criteria. Level of income, employment history, credit score and scope for repayment are those specific criteria. Considering these criteria and lender, the APR (Annual Percentage Rate) of personal loan can be anywhere between 11.29% to 35%.
In every individual's life there comes a moment where you urgently need a specific amount of money which can't be covered by your savings. They offer an instant personal loan for your various personal needs. Here the option of getting this desired amount via personal loan comes extremely handy. RBL offers you personal loan with easy EMI option, fixed & flexible interest rate and quick approval. They offer loan for your various personal needs. Flexible tenure, no collateral and simple documentation makes it one of the most popular personal loans in India.
RBL offers personal loans to customers who fulfill their designed eligibility. The eligibility criteria changes as per the profile of the borrower. But there are some commonalities which you have to follow or acquire to get a RBL personal loan. You can refer the following table for a gross understanding of RBL's eligibility criteria:
Particulars | Salaried Borrowers |
---|---|
Age | 25 years to 60 years |
Income (Minimum) | Rs. 40,000 |
Minimum Loan Amount Approved | Rs. 1 lakh |
Maximum Loan Amount Approved | Rs. 20 lakh |
Loan Tenure | 12-60 months |
Work Experience | 1 year of work experience at current employer with 3 years in total |
Particulars | Salaried Borrowers |
---|---|
Identity Proof | Passport, Driving License, Voters ID or PAN Card |
Address Proof | Any one of the following - Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile - not more than 60 days old) |
Bank Statement | 3 months bank statements + 2 months salary slips. |
Additional Documents | |
Relationship proof of spouse if taking him/her as co-applicant | |
1 year employment continuity document | |
Passport size photos |
Income Band | Income Band | Revised (1st Apr'18 onwards) | |
---|---|---|---|
Listed Cos. | Unlisted Cos. | ||
Rs.40-50K | 16.00% | 16.00% | 17.00% |
Rs.50k-75k | 14.50% | 15.00% | 16.00% |
Rs.75k-1 Lac | 14.50% | 13.99% | 15.00% |
Rs.1 Lac | 13.99% | 13.99% | 13.99% |
Interest rates: RBL personal loans are easy to pay back. Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. RBL offers 15.50% to 23% interest rate for salaried applicants.
Easy EMI: RBL personal loan can be repaid using EMI i.e. equated monthly installment. The EMI will be paid on a monthly basis on a fixed date of the month.
Flexible tenure: You can pay off the loan in tenure of 1 to 5 years.
By ECS: The payment of decided EMI is done through auto debit or ECS facility offered by RBL.
There are many reasons behind the popularity of taking an instant personal loan. Here are some of the features and benefits;
The main reason behind the popularity of RBL personal loan is untroublesome availability. The RBL personal loan can be acquired within 24 to 72 hours of loan application and submission of required documents.
Unlike the other long term or larger loans, RBL personal loans require very little documentation. Thus these loans are approved quickly without any hassle.
RBL personal loans are approved quickly. The mechanism of approving personal loan is very easy, efficient and hassle free.
When it comes to financial debts, we strongly recommend clearing off a high-interest debt by taking a low-interest debt. If you happen to have multiple debts, you can combine them under one umbrella.
The fund from RBL personal loan can be used for any purpose. Be it a wedding or medical expenses; renovation or personal bulk shopping, you can use these funds as they suit you. They can mainly be used to overcome any financial adversaries.
To get approval on a RBL personal loan, you do not need to offer any collateral or guarantee. RBL approves personal loan on the basis of borrower's income details and financial history. As you do not require offering your fixed assets as mortgage or collateral, you can access the loan easily.
Based on various criteria like level of income, employment history, credit score and scope for repayment, the borrower can get an RBL personal loan ranging anywhere between Rs. 1 lakh to Rs. 20 lakh.
To payback your personal loan, RBL offers you a tenure ranging from 12 months (1 year) to 60 months (5 years). Thus it is easy for the borrower to pay back the loan with easy EMI policies. Though this depends on the amount of loan, it is always a better option from other types of loans.
Depending on eligibility criteria, the borrowed sum, payback tenure, the interest rate varies on personal loan. RBL offers 15.50% to 23% interest rate for salaried applicants and self-employed applicants.
Ruloans is one of India's leading distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for Instant Personal Loan with Ruloans' latest online application process. We help you borrow right.
Hassle free process: We have developed an efficient, smooth and easy process for our consumers to get a RBL personal loan. Our easy to use online procedure allows consumers to upload documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.
Benefits of applying with us: We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a RBL personal loan with us, gives you a chance to avail the best offers and deals from RBL.
Benefits of applying with us: We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a RBL personal loan with us, gives you a chance to avail the best offers and deals from RBL.
Privacy policy: Ruloans understands the value of your documents and keeping them safe and secure. Hence be rest assured as your loan applications are processed electronically with complete privacy and transparency.
A. Yes, RBL does charge a processing fee of minimum 2%* on the loan amount.
A. Yes, RBL charges 5% of principal outstanding below 12 months and 3% of principal outstanding post that. No foreclosure is allowed before 6 months from loan approval.
A. Yes, you can club your spouse's income in order to boost your eligibility to get a RBL personal loan.
A: Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your loan-related queries, you can call our representative on 1800 2667576 or mail us at support@ruloans.com