RBL Bank Small Loan

Looking for a simple and quick solution for your financial needs? RBL Bank’s small loan online can be your user-friendly solution. The loan ensures fast approvals, accessible anytime, and provides straightforward information. Secure your financial goals effortlessly with the ease of online applications. The following section will tell you more about the RBL Bank small loans online in detail. 

Features of RBL Bank Small Personal Loans

Every loan has its own unique features, here are some interesting key features of RBL Bank small loan: 

• Get up to INR 20 lakhs for different needs.
• Choose from 12 to 60 months for easy repayment.
• No need for security; it’s an unsecured loan.
• Quick approval with straightforward paperwork.
• Enjoy competitive interest rates for affordable borrowing.
• Use the loan for home renovations, education, or emergencies.

RBL Bank Small Personal Loans Interest Rates

When viewing an RBL bank small personal loan, understanding the interest rates is important. RBL Bank offers competitive interest rates tailored to different borrower profiles. Here’s a breakdown of the interest rates:

General: 17.50% to 26% per annum. 

For Salaried Individuals (Loan Amount < Rs 5 lakh):

• Income Rs 20,000 to < Rs 25,000: 24%
• Rs 25,000 to < Rs 50,000: 22%
• Rs 50,000 to < Rs 75,000: 19%
• Rs 75,000 to < Rs 1 lakh: 18%
• Above Rs 1 lakh: 17.50%

For Salaried Individuals (Loan Amount >= Rs 5 lakh):

• Rs 25,000 to < Rs 50,000: 20%
• Rs 50,000 to < Rs 75,000: 19%
• Rs 75,000 to < Rs 1 lakh: 18%
• Above Rs 1 lakh: 17.50%

For Self-employed Individuals:

• Loan Amount < Rs 5 lakh: 26%
• Loan Amount >= Rs 5 lakh (Ticket size <= Rs 5 lakh): 25%
• Loan Amount > Rs 5 lakh < Rs 15 lakh: 21.50%

Eligibility of RBL Small Personal Loans 

Here are some points to keep in mind while checking RBL Bank’s small personal loan eligibility: 

• Age: The acceptable range is 25 to 60 years.
• Minimum Monthly Income: Approx Rs 40,000.
• Work Experience: Total of 3 years, with at least 1 year in the current employment.
• Credit Score: A credit score above 750 is often preferred.
• Other Factors: Like job profile, employer’s profile, and credit history.

Documents Required for RBL Small Personal Loans

Here is the list of RBL Bank small personal loan documents that you need during the process:

• Government-issued ID: Aadhar card, passport, driving license, PAN card.
• Address Proof: Voter ID, driving license, passport, utility bills.
• Income Proof: Salary slips, and bank statements showing regular income.
• Employment Proof: Employment certificate or offer letter.
• Photograph: Recent passport-sized photograph.
• Loan Application Form: Complete and duly fill out an application form.

Why RBL Bank Small Personal Loans?

Here are some of the reasons why you should go for RBL small loans.

• RBL Bank ensures fast processing for quick fund availability.
• Utilize the loan for diverse needs, be it emergencies or personal expenses.
• Enjoy cost-effective borrowing with attractive interest rates.
• The loan doesn’t require collateral, simplifying the application.
• Tailored repayment options for added convenience.
• User-friendly online application for a hassle-free experience.
• Clear and transparent terms to ensure understanding.

How to Apply For Small Personal Loans Online?

• Research reputable online lenders or visit the website directly.
• Check eligibility based on income and credit score.
• Gather necessary documents like ID and proof of income.
• Fill out the online application on the lender’s website.
• Securely upload required documents.
• Wait for the swift approval process for small loans.
• Review and understand terms, including interest rates and fees.
• If satisfied, accept the loan offer online.