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Personal Loan

RBL Bank was formerly known as The Ratnakar Bank and is a scheduled commercial bank that has its headquarters in Kolhapur region of Maharashtra. The Bank successfully established its presence in the states of Maharashtra and Karnataka. It has not only rapidly expanded its growth to other states such as Punjab, Gujarat, Telangana, Andhra Pradesh, Tamil Nadu, Delhi NCR, Haryana, Madhya Pradesh, Rajasthan and West Bengal. The bank has expanded its branches all over the country and has also expanded the number of ATMs around the country. The Bank has over 5 lakhs satisfied customers all over India.

RBL Bank offers Personal Loans wherein the customers may use the loan amount for myriad needs and requirements ranging from funding your child or financing your own wedding to paying for a holiday. The Equated Monthly Instalment (EMI) is lower so that the customer can utilize the funds without worrying about affordability. The loan process is easy because the documentation is simpler, approvals are given fast and repayment options are flexible making the loan all the more attractive. This loan is specifically targeted at salaried individuals.


Types of RBL Bank Personal Loans:

When it comes to RBL personal loans, RBL bank offers two other types of RBL personal loans under this category which are Business Loans and Working Capital Finance


Business Loans:

This loan is good for meeting business related expenses and other working capital requirements of the business. The loan offered under this scheme ranges from a minimum amount of Rs.10 lakhs to a maximum amount of Rs.35 lakhs. For these RBL personal loans, the repayment tenure granted ranges from 12 months i.e. 1 year to 36 months or 3 years which makes it easier for applicant to repay their loans easily and without fuss. This is also an unsecured loan where the bank does not demand any security or collateral to be offered for sanctioning the loan. There are some eligibility requirements of personal loans which are to be met by potential customers for banks to offer personal loans. Self-employed individuals, self-employed professionals, sole proprietorship firms, partnership firms and private limited companies and closely held public limited companies can avail this loan if they report a profitable business in the last 3 years from the date of loan application. While applying for the loan, the age of the applicant who is applying for the loan should be a minimum of 27 years. Similarly, at the time of loan maturity based on the repayment tenure opted, the age of the applicant should not be more than 65 years.

The applicant should be experienced with minimum 5 years of experience in the same field of business with at least 3 years of business establishment and operation in the current city from where the loan application is made. If the applicant is a self-employed professional, the required post-qualification experience should be a minimum of 4 years. The minimum business turnover  of RBL personal loan requirement is Rs.1 crore and if the applicant is a professional or in the service sector, the gross receipt of the applicant should be a minimum of Rs.60 lakhs. The applicant should also be an owner of own residence or office either solely or jointly with family members. Alternatively, he can also reside in a residence which is owned by his family member.


Working Capital Finance:

This is another variant of the RBL personal loan offered by RBL Bank. This loan is designed to support the daily expenses of business and is offered with a minimal documentation. The loan is also processed easily by the bank. The loan facilities which are designed to manage the working capital requirement of the business includes cash credit limit or overdraft facility to support the day to day operations of the business, export credit to fund the pre-shipment and post-shipment financial requirements of exporters, non-fund based facilities like buyer’s credit and letter of credit to facilitate a smooth trading experience and bank guarantees to meet financial obligations and performances. The bank provides an attractive loan facility by appointing Relationship Managers to every applicant who works out the loan details and the rates and charges levied by the bank on the various facilities offered by it as discussed above are also very competitively priced. Individuals who are engaged in the business of manufacturing, services or trading can avail this RBL personal loan from RBL bank. There are some eligibility requirements which state that businesses should be having a good track record of at least 3 years in the same field and the cash profits generated should be positive in the last 2 years. Businesses involved in gambling, tobacco, liquor, narcotics, manufacturing or marketing of banned drugs or those which pollute the environment and have no clearance form pollution control authorities are not sanctioned under  this loan.

RBL Personal loan Eligibility

Availing a personal loan from RBL bank requires a certain eligibility criteria to be fulfilled. Paisabazaar website has made it way more easier  for the prospective client to check his/her eligibility  . Individuals of the age of 25 and above are eligible for the Personal Loan offered by RBL Bank. The maximum age at loan maturity has to be 65 or at superannuation, whichever is earlier. There are certain criteria that RBL Bank expects the borrowers to fulfill before disbursing the loan. The criteria are as follows:

  • Income required for RBL Personal loan– Salaried Individuals should have a minimum net salary of Rs. 25000 per month. They need to have a minimum of 1-year experience at their current job and three years of total work experience. Since the repayment capacity is directly proportional to one’s income, chances of getting the loan approved are higher for people having high income.
  • Age criterion – While the bank finds it hard to approve the loan request of young individuals, it also does not approve the loan requests of aged people nearing retirement easily. Young men are considered to be experimental with their jobs and the repayment capacity of old ones becomes questionable post retirement. So anyone who is aged 25 years and above can avail the loan if all the other necessary criteria are met. However, the upper limit is 60 years, so anyone with an age above 60 years is not eligible for a personal loan according to the policies of the bank.
  • Credit Score –Your credit score which speaks about your financial habits and repayment schedules will also be checked by the RBL bank before granting you a loan.
  • Employment history – Applicants having a smooth and steady work history may find it easier to get approvals for their loan applications as this may inidcate a sign of credibility.  
  • Debt owed – If the applicant owes any yet to be paid loan it is considered to be a financial burden because it may affect the repayment capacity of the individual and therefore determines the eligibility for loan approval.

RBL Bank Personal Loan Interest Rate

Interest Rate

14% Onwards

Loan Processing Charge

Up to 2.50% of the loan amount

No Due Certificate / No Objection Certificate (NOC)


Duplicate of No Dues Certificate / NOC


Solvency Certificate


Charges for late payment of EMI

2%additional interest will be charged per month on the EMI amount that is overdue

Cheque swapping charges

Rs. 250

Bounce cheque charges

Rs. 250

Stamp Duty & other Statutory Charges

As per applicable laws

For the issue of a Duplicate Interest and Principal Certificate

Rs. 250

Loan foreclosure charges

5% of the principal amount if it is closed before the end of a year or twelve months,

3% of the principal amount if it is closed after completion of a year or twelve months

Legal / Incidental Charges


CIBIL Report Copy Charges

Rs.50 per copy

Documentation required for the RBL Bank Personal Loan

The following documents need to be submitted for availing the loan:

  • Identity Proof – Copy of Passport / Voter ID card / Aadhar Card / Driving License. Any one of the document can be submitted as a valid Identity Proof because all of these documents have the individual’s photograph against his or her name thus giving a proof of applicant’s identity.
  • Address Proof – Copy of Ration Card / Electricity or Telephone Bill / Rental Agreement / Passport. Any one of these documents must be submitted in order to complete the verification process by the bank.
  • Last 3 months’ bank statement or last 6 months’ bank passbook. These documents seek to verify the applicant’s income status prior to making the application for loan which also depicts the individual’s financial picture depicting the credit worthiness of the person.
  • Latest Salary Slip or current dated Salary Certificate with latest Form 16 which is used to legally depict the current net salary of the individual and also to verify if it is in accordance to the minimum eligibility criteria specified under the bank’s policies.

Calculate EMI for RBL Personal loan

RBL Bank accepts repayment in the form of EMIs or Equated Monthly Installments. The following are some of the instances of calculated EMIs featuring different scenarios of loan applicants, with different loan terms, interest rates and amounts.

  • Mr. Arora wants to go on a short trip around the country with his wife to celebrate their 10th wedding anniversary. He checks with various tour operators and finally settles on one that gives him the best deal for him and his wife. The tour operator gives a figure of 6 lakhs for the all-inclusive trip. As per his financial planning process, Mr. Arora is short of Rs.3 lakhs and as he does not want to compromise on his holiday, he decides to take a loan, rather than cut short his trip. He visits a branch of the RBL Bank and meets with a bank official who gives him the RBL Personal loan EMI figure of Rs. 6500, at RBL Personal loan interest rate of 10.85% with a loan repayment tenure of three years.
  • Mr. Dalal has a son who is ready to get married within a few months. As he wishes it to be a grand celebration, Mr. Dalal decides to make a budget for the same. After utilizing all his existing savings for the marriage, he faces a shortfall of 4 lakhs for which he decides to avail of a RBL personal loan. As Mr. Dalal is a long time customer and savings bank account holder in RBL Bank, he decides to approach the bank that he has trusted for so many years. He approaches a RBL Bank representative with the proposal and agrees to repay RBL Personal loan in 4 years. The bank charges him an EMI of Rs.10, 309 at an interest rate of 10.85%.
  • Ms. Khan recently got a transfer and has now been relocated to Delhi. Her daughter needs to be admitted in to a highly reputed college that specializes in hospitality management. On checking with the college about its fees, Ms. Khan realizes that she will need to take a RBL personal loan, as the fees are very high. She will need Rs. 12 lakhs to meet all expenses related to the admission of her daughter in that college. As she has recently shifted to a new city, she has fallen short of the immediate cash and has to pay the fees within a period of two weeks. Ms. Khan goes to the nearest RBL Bank branch and meets with a bank representative. It is decided that the bank will provide the loan to Ms. Khan and will charge her Rs. 26, 001 in EMIs at an interest rate of 10.85% with a loan repayment tenure of 5 years. Ms. Khan is pleased with this arrangement and within a week she receives the amount in her savings bank account.
  • Ms. Chopra has moved into a new apartment, which she is eager to set up and furnish. However, some of her old furniture has gotten too old, to the point of which she intends to sell them off. As she will need new furniture for her new apartment, Ms. Chopra decides to take a RBL personal loan so that she can do the same. She checks with several banks, but their rates put her off. She goes online and checks the website of the RBL Bank website.  She is excited to realize that she is eligible for a loan from RBL Bank and at a rate of interest that is satisfactory to her. The next day she walks into a RBL Bank branch and meets with a bank representative. Since she has taken all the required documents, she applies for the RBL personal loan then and there. The RBL Bank KBL Salaried Persons Personal Loan is disbursed to her in ten working days as all her documents and credit score checks out. Ms. Chopra receives a loan of Rs. 15 lakhs, with an EMI of Rs. 32, 502, for a period of 5 years and at a rate of interest of 10.85%.

The following table records the EMI of each of the above-mentioned cases for easy understanding:



Loan Amount (Rs.)

Interest Rate (%)

Term (Years)

EMI (Rs.)

Mr. Arora

3 lakhs


5 years

Rs. 6, 500

Mr. Dalal

4 lakhs


4 years

Rs. 10, 309

Ms. Khan

12 lakhs


5 years

Rs. 26, 001

Ms. Chopra

15 lakhs


5 years

Rs. 32, 502


Supplementary Features of RBL Personal Loan

The Personal Loan offered by the bank has the following features:

  • The RBL Bank Personal Loan can be availed for amounts of Rs. 1 lakh to up to Rs. 20 lakhs.
  • The loan is to be repaid within 12-60 months. Thus, the individual who avails the loan needs to make sure that the EMI payments will start after 1 year of availing the loan and has to be completed within 5 years. The individual may choose a lower tenure of repayment like 2, 3 or 4 years but the period or repayment cannot exceed 5 years and the loan has to be repaid within 60 months or 5 years.
  • RBL Bank offers personal loan at interest rates that are competitive with special offers and rates for existing accountholders of the bank. The interest rate that the RBL Bank charges is in tandem with that charged by other banks and is completely competitive so that customers may prefer RBL Bank rather than other banks.
  • RBL offers personal loans with complete transparency in granting the loan.
  • There is minimal documentation for availing of this loan and the RBL Personal loans are also processed faster than other banks. Hence, the loan applicant does not have to face a harassing situation and he or she receives the loan amount in a quicker span of time.
  • Provision for connecting with the bank through Phone Banking and Netbanking.
  • NO guarantor or security or collateral s required for this loan.
  • The loan is repaid through Equated Monthly Instalments (EMIs). The loan is generally paid through post-dated cheques but can also be paid through Electronic Clearing Systems (ECS) or standing instructions to the bank to debit the amount of loan through the existing RBL Bank savings account.
  • Foreclosure on the loan is permitted after the loan has completed six months.
  • In order to avail of a higher RBL Personal Loan amount from RBL Bank, the loan applicant may club his or her income with his or her spouse. This will be allowed on the condition that the spouse’s salary is regular and documented.
  • RBL Bank takes 10 working days to inform loan applicants about their decision on the received loan application.

Why choose the RBL Bank Personal Loan?

RBL Bank is considered a leading provider of loan products in the loan market. The bank personnel are experienced and qualified enough to make the procedure smooth and hassle free for each customer. RBL bank charges no extra or hidden charges for the personal loan, and each of the applicable charges is stated upfront initially.  With flexible repayment options peace of mind is guaranteed to the customer while applying for a personal loan from RBL bank. Also the customers need not worry about any of their documents because safe custody of his/her documents is ensured by the bank, thus eliminating the risk of documents being damaged, soiled or stolen.

RBL Bank offers personal loans with a wide range of uses because they are issued for different needs. The loan sanction and disbursal process is simpler in nature and also very fast so that the customer does not have to wait for a long time before the disbursal of his loan takes place. There is complete transparency in the dealings of the loan process. The bank does not hide any chargeable items and the customer is told about all the relevant charges in writing upfront while he or she applies for a loan so that there is no margin of cheating left for the bank. The loan process is continuously updated by the bank so that the customer can know in which stage his or her loan sanction is in.

The following points illustrate why customers prefer to avail of personal loans from the RBL Bank:

  • Loan process is quick
  • Ease of documentation
  • Industry standard RBL Personal loan interest rates
  • Low processing fee
  • All charges stated upfront
  • No security or collateral required
  • Convenient and flexible loan repayment tenure for RBL Personal loan
  • Attractive rates of interest on RBL Personal Loan

How to apply online for the RBL Personal Loan

RBL Bank has expanded its services to include internet banking. Along with this facility, RBL Bank allows its customers to apply for a RBL Personal loan through Paisabazaar.com website. This is a simple process which offers loans easily and the customers can apply for a RBL Personal loan online through visiting the website.

Frequently Asked Questions (FAQs)

  • What is the loan amount available under the RBL Personal loan scheme?

The amount of loan offered by RBL Bank ranges from Rs.1 lakh which is the minimum to a maximum of Rs.20 lakhs. However, before the loan is issued, the limit is determined by the bank based on the repayment capacity of the applicant.

  • Can the available amount be increased?

A loan which exceeds the maximum absolute limit of Rs.20 lakhs cannot be availed. But, if the applicant’s income and repayment capacity results in lower loan amount eligibility, the income of the spouse can be clubbed and the spouse can also act as a co-applicant for the loan which would increase the RBL Personal loan amount eligibility of the applicant.

  • What is the loan tenure?

The term allowed for repaying the personal loan is 12 months to 60 months, i.e. 1 year to 5 years within which the loan must be repaid.

  • How is the repayment of the personal loan made?

Payments can be made to repay the loan by means of Post-dated cheques, Electronic Clearing Systems and also by placing a Standing Instruction on the saving account held by the applicant.

  • What is the security required for availing the loan?

Personal loans from RBL Bank are unsecured loans which do not call for pledging any security or collateral for availing the loan.

  • What is the loan processing fee charged on the personal loan?

At the time when customers apply for an RBL Personal loan, the bank charges an upfront non-refundable fee called the processing fee which would be a maximum of 2.50% of the amount of loan sanctioned by the bank.

  • Is prepayment of the personal loan allowed?

The bank allows prepayment of the personal loan only after 6 EMIs have been paid by the applicant.

  • Is there any prepayment charge?

Yes, prepayment of the loan, though done after 6 months of availing the loan would incur prepayment charges which depend on the term when the prepayment or foreclosure is affected by the applicant. Prepayments done before the loan completes 12 months would incur a charge of 5% of the outstanding balance of the loan while prepayments or foreclosure done after a period of 12 months would attract a charge of 3% on the outstanding balance of the loan.

  • What is the age requirement in terms of eligibility criteria for the RBL personal loans?

Applicants applying for a personal loan from RBL Bank should be at least 25 years of age. At the time of loan maturity, the age of the applicant should not be more than 60 years.

  • What are the other eligibility requirements of availing the RBL Personal loan?

Before making the personal loan request, certain eligibility criteria are to be followed. The individual should be a salaried employee earning a minimum net monthly salary of Rs.25,000. The total work experience of the individual should be a minimum of 3 years with a present experience of 1 year in the current organization.

  • Are there any other variants of the RBL Personal loan?

Business loan and Working Capital Finance are the two other variants of RBL personal loans which are offered by RBL Bank.

  • What is the loan amount available under the Business Loan variant of the personal loan of RBL Bank?

In the business loan category, RBL bank offers loans from Rs.10 lakhs to Rs.35 lakhs. The loan allowed is quite high because this is a business category loan which needs to be sanctioned for higher amounts since business requirements require substantial finances.

  • What is the repayment tenure under the business loans?

Though loans are offered of higher amounts, the loan repayment tenure ranges from 12 months to a maximum of 36 months. The applicants are required to pay off their business loans before the maximum tenure of 3 years.

  • Is any security required for business loans?

Despite the higher amounts, this loan also comes without any security requirements. No collateral or third party guarantee is required and the loan is issued based on the applicant’s business performance.

RBL Bank Personal Loan
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