RBL Bank Personal Loan of 5 Lakh

Looking for a personal loan to meet your urgent financial needs? Do you want to borrow up to 5 lakh rupees from a reputed bank with attractive interest rates and flexible repayment options? If yes, then you might want to consider an RBL Bank personal loan 5 lakh.

RBL Bank is one of the leading private sector banks in India, offering a range of banking products and services to its customers. Among them, personal loans are one of the most popular and convenient options for individuals who need money for all their needs.

Personal Loan Options for 5 Lakh in RBL Bank

RBL Bank offers two types of personal loans for 5 lakh rupees: pre-approved personal loans and instant personal loans. Let us see what they are and how they differ.

Pre-approved Personal Loan

A pre-approved personal loan is a special offer for select RBL Bank customers who have a good credit history and a steady income. If you are eligible for this offer, you can get a personal loan of up to 5 lakh rupees without any documentation, verification, or security. You can also enjoy a lower interest rate and a faster disbursal process. You can check your eligibility and apply for a pre-approved personal loan through RBL Bank’s website, mobile app, or net banking.

Instant Personal Loan

An instant personal loan is a regular personal loan that is available to all applicants who meet the bank’s eligibility criteria. You can get a personal loan of up to 5 lakh rupees with minimal documentation, quick approval, and instant disbursal. You can also choose a flexible tenure of up to 5 years and a competitive interest rate starting at 17.50% p.a. You can apply for an instant personal loan through RBL Bank’s website, mobile app, or by visiting the nearest branch.

Features of Bank 5 Lakh Personal Loan

Here are some of the key features of the RBL Bank personal loan 5 lakh that make it an attractive option for borrowers:

• Borrow up to ₹5 lakh for personal needs like home renovation, weddings, education, travel, medical emergencies, etc.
• Competitive interest rates start at 17.50% p.a., based on eligibility, credit score, and loan duration.
• Flexible repayment up to 5 years with penalty-free prepayment or foreclosure options under certain conditions.
• Minimal documentation is required: only identity, address, income proofs, and bank statements are needed.
• Quick loan approval and disbursal within 24 hours, following verification and formalities.
• No collateral or guarantor is required for personal loans from RBL Bank based on creditworthiness.

Eligibility Criteria 5 Lakh loan in RBL Bank

To be eligible for a personal loan of 5 lakh rupees from RBL Bank, you need to meet the following criteria:

• You must be an Indian citizen and a resident of India.
• You must be at least 25 years old and not more than 60 years old at the time of loan maturity.
• You must have a minimum monthly income of 25,000 rupees if you are a salaried employee or 2 lakh rupees if you are a self-employed professional or business owner.
• You must have a minimum work experience of 1 year if you are a salaried employee or 3 years if you are a self-employed professional or business owner.
• You must have a good credit score of at least 650 or above.
• You must have a stable source of income and a regular repayment history.

Documents Required 5 Lakh RBL Bank loan

You need to submit the following documents along with your loan application form:

• Identity proof
• Address proof
• Income proof
• Photograph
• One Latest Salary Slip 

How to Apply for a 5 Lakh Personal Loan from Urban Money

Urban Money is a digital platform that connects borrowers with lenders and helps them get the best personal loan deals. If you want to apply for a 5 lakh personal loan from RBL Bank through Urban Money, you can follow these simple steps:

• Visit the Urban Money website or download the Urban Money app on your smartphone.
• Fill in your personal and financial details and select the loan amount, tenure, and interest rate that suit your needs.
• Compare and choose the best personal loan offer from RBL Bank or other partner lenders.
• Upload the required documents and verify your identity using OTP or e-signature.
• Get your personal loan approved and disbursed to your bank account within 24 hours.