Is RBL Bank Consumer Loan Worth Going For?

Call it the creativity or a capability to tap into the emerging needs, the banks which were earlier living under the shadow of heavyweights are now gaining prominence by offering lucrative offers on products like a private loan. Ratnakar Bank Limited (RBL) figures into the list of these banks by customizing its offers to further intensify the competition being witnessed within the consumer loan segment. RBL Bank consumer loan is straightforward to grab as you won’t get to submit security for an equivalent. Plus, it’s flexible interest rates and seamless documentation to make sure the borrowers would find it easy to use for a loan.

RBL Bank consumer loan rate of interest

RBL Bank offers a private loan to both salaried and self-employed segments at varied interest rates. The rates vary consistent with profession, income and therefore the loan amount one seeks. The interest rates for salaried range from 16.50%-25% once a year on a loan amount of up to ₹5 lakhs. Whereas, within the case of loans above 5 lakhs, the bank charges 15.50%-18%. Self-employed can receive loans at a rate of interest of 22%-24%.

Attractive Features

RBL Bank consumer loan is studded with the subsequent features –

  • Loans up to ₹20 lakh
  • Loan repayment tenure of 12-60 months
  • No security or collateral required
  • Simple documentation
  • Hassle-free loan sanction and disbursal

RBL Bank consumer loan EMI Calculator

Don’t forget to use the EMI calculator before applying for a loan because it draws an image of your repayment future. you only got to enter the quantity of loan, the speed of interest and therefore the period of debt to calculate the monthly instalments. Also, you’ll get a detail of the interest you’re alleged to pay year-on-year to the whole tenure of a loan.

RBL Bank consumer loan Eligibility Criteria

To gain the nod for a private loan, you want to fulfil the subsequent eligibility criteria.

  • A salaried must have a minimum monthly income of ₹25,000
  • The minimum age at the time of loan sanction should be 25 years
  • The maximum age at loan maturity must be 60 years or retirement age, whichever is lower.
  • Total work experience of three years is required, with the present experience must be of a minimum of a year

What Are the Documents Needed?

So if you meet the eligibility criteria, as shown above, you want to be ready with the subsequent list of documents.

  • PAN Card
  • Identity Proof – Passport/Driving License/Voter ID
  • Residence Proof – Driving License/Passport/Voter ID/Telephone Bill/Electricity Bill/Registered Lease Deed or Sale Agreement
  • Last 6-month Salary Statement
  • Salary Slips for the Last 2 Months
  • Passport Size Photographs

It’s Time to use

Looking for a convenient route to use for a private loan? go browsing and apply it during a jiffy. Just visit the official website of RBL Bank, attend ‘Personal Loan’ section then click on ‘Apply Now’. After clicking thereon, you’ll get to a page wherein you would like to enter a couple of personal and employment-related details before submitting your application.

RBL consumer loan Application Status

Post application, the subsequent thing you want to check out is to see its status, which may be either approved, rejected or pending counting on case to case. to understand the precise status, call the 24×7 customer care executive on 18001238040. you’ll even ring the concerned officers at a bank branch where you’d submit your application. Whichever the way you decide for, you would like to supply the appliance form number and a couple of other details before you’ll hear the status.

RBL Bank consumer loan Statement

While servicing the debt, don’t take your eyes faraway from the statement, which can keep you conscious of what’s happening together with your loan account. It can help formulate a technique by which you’ll close the loan before the chosen tenure. you’ll use your savings at the proper time to try to so and stop the outflow of interest from your end.