RBL Bank Personal Loan Transfer

The personal loan transfer to RBL Bank is a great way to aim for a lower interest rate or better terms and conditions. This facility, namely, allows you to transfer your existing personal loan to RBL Bank, where you can benefit from lower interest rates, reduced EMIs, flexible repayment options, and other significant advantages. You can apply for this facility online through the official website of Urban Money. However, there are certain things you might be aware of before finalising your decision. These include understanding the eligibility criteria, required documents, applicable fees, and other relevant details. For this reason, Urban Money provides a detailed overview of a balance transfer personal loan to RBL. Continue scrolling down for further information.

Key Features and Benefits of RBL Personal Loan Balance Transfer

Let’s take a look at the pertinent features and benefits of a personal loan transfer to RBL Bank:

• Competitive interest rates
• Flexible repayment terms
• Option to borrow extra loan amount
• The digital application process
• Quick and hassle-free loan approval
• Longer tenure and lower EMI

RBL Personal Loan Balance Transfer Interest Rates

Below are the applicable interest rates and other key parameters for a balance transfer personal loan to RBL Bank:

Interest Rate	14% to 23% p.a.
Loan Amount	Up to ₹20 lakh
Loan Tenure	Up to 60 months
Eligibility	Good repayment history on the existing loan

Fees and Charges of RBL Loan Balance Transfer

Following are the fees and charges for an RBL personal loan balance transfer:

Type of Charge	Amount
Processing Fee	Up to 3.5% of the loan amount + taxes
Prepayment Charges	Nil (applicable after 12 regular EMIs)
Overdue interest	2%  per month on the overdue amount + taxes
Legal Charges	As per Actuals
Stamp Duty	As per State laws

Eligibility Criteria for Personal Loan Balance Transfer

The personal loan balance transfer eligibility criteria at RBL Bank are as follows: 

• You must be between 25 and 60 years old.
• You must have a minimum monthly income of ₹40,000.
• You must have at least 3 years of total work experience.
• You must have a positive credit score and a good repayment history.
• You must be an Indian citizen.

Documents Required for RBL Personal Loan Balance Transfer

The personal loan balance transfer documents required at RBL Bank are as follows:  

Document Type	Required Documents
Identity Proof	Aadhaar card, PAN card, or Voter’s ID
Address Proof	Utility bills, passport, ration card, or driver’s license
Income Proof	Bank statements for the last 6 months and salary slips for the last 3 months
Foreclosure Statement	Document confirming full repayment of the current personal loan

Personal Loan Balance Transfer to RBL Personal Loan Account

For a personal loan transfer to RBL Bank, you can simply follow these simple steps given below: 

• Check the current interest rate and calculate your savings using the Personal Loan Balance Transfer Calculator on the Urban Money official website, or contact customer care.
• Request a No Objection Certificate (NOC) and a foreclosure letter from your current bank.
• Apply for a new loan at RBL Bank and submit the necessary documents, including the loan foreclosure record.
• Obtain the sanction letter and finalise the new agreement with RBL Bank.
• Receive the loan disbursement from RBL Bank via cheque, demand draft, or electronic payment, in favour of the current bank, and deposit the same.
• Once your existing bank receives the outstanding loan amount, they will close your loan account.

Personal Loan Balance Transfer From RBL to Other Banks

You can also do the same for a balance transfer personal loan from RBL Bank to other banks or NBFCs by following these steps:  

• Check the eligibility criteria and interest rates offered by the bank you wish to transfer your loan to via the Urban Money official website.
• Request a No Objection Certificate (NOC) and a foreclosure letter from RBL Bank. You may need to pay a foreclosure fee of up to 5% of the outstanding loan amount.
• Submit the NOC, foreclosure letter, and other required documents to the new bank.
• Get the sanction letter and sign the new loan agreement with the new bank, which may incur a processing fee ranging from 2% to 4% of the loan amount.
• Receive the fund disbursement from the new bank through cheque, demand draft, or electronic payment, and deposit it into your RBL Bank account.
• Once RBL Bank receives the payment, they will close your loan account and terminate the EMIs.