Want to find the best RBL personal loan online? Here at Loan Sumo, we can help you do that. Operational since 1943, RBL Bank, formerly known as Ratnakar Bank, is one of India’s oldest private sector banks. Currently, the bank has operations in 16 states with 365 ATMs 201 branches in total. With its headquarter in Kolhapur and corporate offices in Mumbai, RBL bank is also able to provide personal loans in Mumbai. Since 2010, the bank has undergone a complete makeover and is currently in the run for making it big in the retail banking sector. As a result, they are trying to conquer the personal loan market by providing some of the best rates and terms.
If you have never applied for a personal loan before, you are sure to have some questions. RBL personal loans are unsecured, which means you do not need to put your property or assets as collateral. Unlike credit cards, which are a revolving line of credit, personal loans provide you with a lump sum money at once. You can use the money for a variety of purposes such as medical emergencies, vacation, home improvement, bill payment, debt consolidation, wedding and so on. When you apply for an RBL personal loan online, you get to enjoy features such as minimal documentation and fast approval. Some of the other features of RBL personal loans are:
Here at LoanSumo, we not only help you select the best personal loans, but we also provide you with all the necessary information to help you make the right decision.
You can only get an RBL personal loan online if you meet all the eligibility requirements. However, did you know that there are factors that can affect your application and chances of getting the approval? Knowing about these aspects will help you prepare better and hopefully get a desirable outcome.
Your monthly salary plays a huge role in determining how much money you can borrow. You need to have a minimum income of Rs. 4000 to Rs. 20000 per month to be eligible for an RBL personal loan. The loan amounts vary significantly, and it is completely dependent on your repayment capability. The higher the salary, the bigger the loan amount will be.
The minimum income required for obtaining RBL personal loan online varies from one city to another. For example, if you live in a metro city such as Mumbai, you would face a much higher requirement for minimum income than someone who lives in a non-metro city or rural area.
Your living situation can also affect the loan amount. If you live in a rental property, you will qualify for a much smaller amount than someone who lives in a house they own. That is because having a monthly obligation of paying rent actually reduces your repayment capability.
Your credit record determines whether or not you qualify for any financial product and not just personal loans. RBL personal loan online applicants need to have good credit scores. Having poor credit ratings may significantly reduce your chances of getting approval. In that case, you may explore your options in bad credit personal loans.
Before you apply for the RBL personal loan online, you need to consider whether or not you can afford it. Getting the loan and later realizing that it is too expensive for you would be a massive disaster! Thankfully, you can now check eligibility & interest rates online on Loan Sumo. Here’s a quick glimpse into the interest rates and charges of RBL personal loans.
|Loan amount||Rs. 1 Lakh – Rs. 20 Lakh||Rs. 1 Lakh – Rs. 10 Lakh|
|Tenure||1 to 5 years||1 to 5 years|
|Lowest interest rate||13.99%||20.00%|
|Processing fee||Up to 2%||Up to 3%|
|Pre-closure charges||Up to 5%||Up to 5%|
|Part prepayment charges||Not allowed||Not allowed|
Here at Loan Sumo, our goal is to make the borrowing process as smooth and hassle-free as possible. Our personal loan app not only makes it easy for you to find suitable loan products, but it also provides you with some critical information about the loan and the lender. With our guidance, you are sure to make the right decisions every time! Are you ready to apply for your RBL personal loan online? Check out our instant loan application today!