RBL Bank Overdraft Loan

Ever need a bit more cash than what’s in your bank account? That’s where an overdraft comes in handy! At RBL Bank, our Overdraft Facility is like a financial safety cushion that lets you dip into extra funds whenever needed. It’s not your typical banking experience; it’s a flexible solution for changing money needs. This page will break down what makes our Overdraft Facility special. Let’s start with its benefits.

Features of Personal Loan Overdraft Facility

The features of a personal loan overdraft facility typically include:

• Allows you to borrow and repay funds as needed.
• Interest is charged only on the amount you use, not the entire approved limit.
• Unlike a traditional personal loan, there may be no fixed Equated Monthly Installments (EMIs).
• Enables swift access to funds in case of urgent financial requirements.
• No collateral is required.
• Some banks offer additional benefits if you have a Current Account and Savings Account (CASA) relationship with them.
• The overdraft facility can often be renewed upon repayment.
• As interest is charged only on the utilized amount, it may result in potential interest savings compared to a traditional personal loan.

RBL Bank Fees & Charges Overdraft Loan

For RBL Bank’s overdraft loan, you’ll be charged interest on the amount you use. The good news is there are no extra fees for getting the overdraft started, renewing it, or paying it off early. However, there may be charges for late payments and bounced cheques. It’s advisable to check the latest list of fees from RBL Bank.

Eligible for RBL Bank Overdraft 

To be eligible for RBL Bank overdraft:

• Hold CASA & FD with the bank or have an active standalone FD.
• Ensure no lien is marked on the Fixed Deposit.
• Self-OD against NRE/NRO deposits is possible.
• Available for individual customers above 18 years of age

RBL Bank Documents Required for Loan Application

For an RBL Bank loan application, you typically need:

• Application form
• Identity proof (Aadhar/Driving licence/PAN card)
• Address proof (Electricity or water bill/ Aadhar/Driving licence/PAN card)
• Income proof (Bank statement)
• Employment proof (for salaried) or Business proof (for self-employed)
• Photographs
• Credit score above or around 700

Process to Avail of RBL Bank Overdraft Loan

To get an RBL Bank overdraft loan:

• Contact the bank or log into your account. 
• Check eligibility through your online portal or connect to a bank supervisor.
• Apply with the required documents.
• The bank assesses credit and approves a limit.
• Once approved, use the overdraft as needed, paying interest only on the used amount.