RBL Bank Personal Loan
RBL Bank Personal Loan
Overview on Personal Loan - RBL Bank
RBL Bank is one of the oldest private sector banks in India. Having its origin in Mumbai, it was formerly known as ‘The Ratnakar Bank’. Since its inception in August 1943, RBL bank is serving in the following fields:
Corporate & Institutional Banking
Agri & Development Banking
RBL bank initiated a dedicated branch for startups in Bangalore. The agenda was to cater to the end-to-end banking needs of rising entrepreneurs. It is rated as India’s Best Bank (Growth) in the Mid-Sized Bank Segment, by Business Today, 2015.
Qbera and RBL
Qbera announced its partnership with RBL Bank earlier this year in March 2017. Qbera aims to provide personal loans to the underserved segments of India. The segment includes young professionals. With the strategic assistance of RBL, Qbera will provide loans worth Rs. 150 crore to these individuals. According to Qbera, these individuals faced challenges while availing personal loans. They were rejected by banks on undue basis. For example, if they live in a shared accommodation. Or if their employers are not listed with the bank and so on.
RBL Personal Loan
RBL Bank provides quick personal loans to salaried residents. There is no limit to end use of the loan amount. You can use it to buy a car, go on a vacation or pay your education fee.
Benefits of RBL Personal Loan:
You can avail a loan amount starting from Rs. 1 lac to Rs. 20 lacs.
Get a flexible repayment period between 1 year to 3 years.
No submission of any security or collateral.
Get access to attractive interest rates.
Loan sanction and disbursal procedure will be hassle-free.
Eligibility Criteria for RBL Personal Loan:
You should have a minimum net monthly income of Rs. 25,000.
Your age should be atleast 25 years and not more than 60 years.
You should have work experience of atleast 1 year with the current employer and 3 years of total employment.
How to use an EMI Calculator for Personal Loan?
An EMI Calculator will help you find the accurate value for your monthly payable amount. Take a look at the simple steps you need to follow:
Keep a mental note of these components ready:- your loan amount, the rate of interest, and the loan tenure that you require to pay back the loan.
There are a variety of EMI calculators available online. Pick the one you find simple and easy to access (which is on Qbera.com’s website) and feed all those 3 components into it. Hit on “Calculate” button.
That’s it you will see the EMI you need to pay each month. Don’t worry this amount will be error free and much faster than the calculation you did using a pen and a paper.
Documents Required for RBL Loan:
ID proof (Voter ID / Driving License / Passport)
Address proof (Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Rent Agreement / Bank Statement)
Passport size photographs
A valid photo ID card issued by central or state government
Bank statements of last 6 months salary credit
You also need to Submit some financial documents such as:-
Last 2 months’ pay slips
Form 16 issued by the employer
Income documents of salaried spouse
Interest rates & Processing Fee
The interest rate of RBL bank personal loan starts from 14%. The processing fee is up to 2.0% and pre-closure charges up to 3.0%.
Why you should go to Qbera.com for RBL Personal Loan?
Qbera is a leading online marketplace in India. It provides personal loans up to ₹10 lacs to salaried residents of Delhi/NCR, Bangalore, Pune, Chennai, Mumbai and Hyderabad. These are some of the benefits of applying a personal loan from Qbera:
Transparent process Qbera does not include any hidden charges in the processing of loan.
Quick disbursal Qbera disburses the loan amount within 24 hours to your bank account.
Flexible repayment options Qbera features a variety of repayment options. Such as Post Dated Cheques or through ECS/auto debit, which have proved to be very convenient.
Competitive interest rates Get access to best in market interest rates ranging from 11.99% to 24%.
Lowest processing fee Qbera charges the least processing fee. It ranges between 2-3% of the total loan amount.
1. What is the tenure of a personal loan from Qbera?
The loan tenure at Qbera is a flexible one and it ranges from 1 to 5 years (12 to 60 months).
2. What is an EMI?
It is the fixed amount that a borrower pays to the lender on a particular date every month. An EMI includes the principal and interest charged on a loan.
3. What is the minimum and maximum loan amount that I can get from Qbera?
The loan amount ranges between Rs. 25,000 to Rs. 10 Lacs.
4. What is unique about Qbera?
Our technology and lending partnership allow us to offer a world-class experience to our borrowers:
- Paperless application
- Instant lending decision
- Digital verification of income, employment and residence
- Disbursement of loan within 24-48 hours
Our CIBIL score cut-off is 625 and we can give loans to employees of more than 9 lac companies in India. Now you don’t have to get rejected by banks just because they have not analyzed and categorized your employer.
5. What should be my age to apply for a loan with Qbera?
You must be at least 23 years old to apply for a loan.
6. What should be my minimum salary to get a loan?
Your net monthly income must be Rs. 20,000 or more.
7. What should be my CIBIL score cut-off for a personal loan?
Our CIBIL score cut-off is 625 (V2 score).
8. What is the rate of interest charged on a personal loan?
Rate of interest depends on a borrower’s income, CIBIL score, employer, age etc. Qbera collects information from your application form and various other data sources to create a personalized loan offer for you. Our interest rates start at 11.99%.
9. What is the eligibility criteria to get a loan from Qbera?
To get a loan from Qbera, a borrower should meet the following eligibility criteria:
- Must be a salaried employee.
- Age must be between 23-55 years.
- Net monthly income must be Rs. 20,000 or more.
- No defaults in the last 24 months.
- You must be residing in Delhi/NCR, Bangalore, Pune, Chennai, Mumbai or Hyderabad.
10. How do I apply for a loan online?
To apply for a loan online, click here. For queries, please Whatsapp us on +91 89719 28484.
11. What are the documents required to get a loan from Qbera?
The following documents would be required after your loan is digitally approved:
- Aadhar Card
- PAN Card
- 4 cheques from your salary account
- Current address proof
- Permanent address proof (in case the permanent address is different from the address on Aadhar card)
- Passport size photo
12. What is the processing fee charged on a personal loan by Qbera?
The processing fee ranges between 2% - 4%.
13. How can I repay my loan?
Qbera provides easy repayment of its smart loans through automatic debit of EMIs via NACH mandate.
14. Why was my loan application rejected at Qbera?
Although we have one of the best approval rates in the industry, we may have to reject some applications if they do not meet our basic qualification criteria. You can re-apply after 3 months in case you think that your credit profile has improved.
15. Can I re-apply for a loan?
Qbera requires you to wait for at least 3 months before re-applying for a personal loan.
16. How much time does Qbera take to process a loan application?
It will not take more than 10 minutes to fill up your online application form. Our technology allows us to disburse the approved loan amount within 24-48 hours.
17. Is part/prepayment allowed on my personal loan?
We do not allow part-payments. However, you can prepay your loan after completing 1 year of repayment. (Foreclosure charges: 5% + GST applicable).
18. Do I need to submit any collateral to get a personal loan from Qbera?
All personal loans offered by Qbera are unsecured. Hence, you need not submit any assets or property to secure a loan.
Interest Rate & Other Charges
||11.99% to 35.99%
|| 1% to 5% of total loan amount
||₹1,00,000 to ₹15,00,000
||12 to 60 months
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
- Age: 21-57 years old
- Net Monthly Income must be more than Rs. 18,000.
- No defaults in the last 24 months.
Documents Required after Digital Approval
- Aadhaar Card
- PAN Card
- 4 Cheques from your Salary Account
- Current Address Proof
- Permanent Address Proof (in case the permanent address is different from the address on Aadhaar card)
"I am really happy that I got a loan from Qbera. My application has been rejected by lenders in the past without giving any explanation for rejection. Qbera approved my loan with minimum documents. Thanks a lot once again."
I did not want to make many enquiries as many requests can lower the CIBIL score. I contacted Qbera on a Monday and by evening itself they had an offer for me. They kept me informed through every step of the process and were also flexible with regards to my commitments. In the end, the loan was disbursed within two days of documents submission. Thank you Qbera for simplifying the process and helping me find a loan. " Show more...
"It was a nice experience with Qbera. I have never seen such an easy process for getting a loan, especially when you need it the most. Thank you Qbera for your support."
"I had a hassle-free experience with Qbera. It was a very easy application procedure and in a short span of 3 days I got my loan credited to my account. Thank you so much for the support Team Qbera"
"It was very easy to get a loan from Qbera. I just applied on their website and got a confirmed offer immediately. The amount was transferred soon after. Will give it 5 out of 5"
"It's good and quick response from the Qbera team to get the loan. They are very good at the communicating the things properly and appropriately"
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