Are you planning your dream vacation but are short of funds? Or looking for funds to pay for a wedding in the family? Nagrik Bank’s personal loan may be the answer you are looking for.
Unexpected expenses can come knocking at your door at any point in time. It could be in the form of emergency medical expenses; your child’s education expenses or even a wedding in the family. A personal loan helps you take care of these needs. You can borrow up to Rs.20 lakh to pay for your various needs. We offer attractive interest rates starting from 14%.
A personal loan is a convenient solution to your emergency requirements as there is no need for collateral. It is a short-term loan with easy repayment options. We at Nagrik Bank offer you a personal loan that is a one-stop solution for all your different needs.
You can use a personal loan for the following:
- Home furnishing: Repair, renovate and furnish your dream home with an Nagrik Bank Personal Loan. This is specifically designed to suit the needs of homeowners who want to carry out structural repairs, interior works, renovation and any other improvement to their home. Take a personal loan and put to rest your worries about paying the contractor, buying material or even hiring an interior designer.
- Marriage: A wedding is a grand affair in this country and entails heavy expenses. From booking a venue to buying jewellery to paying for all the functions, a wedding has several expenses. A personal loan takes a load of expenses of your pocket so you can enjoy the wedding to the fullest.
- Education: We know that your child’s education is important to you. Sometimes paying fees for college can be an expensive affair, especially if your child is going to study abroad. We at RBL Bank understand that. Our personal loan product helps you fund your child’s education or even your own education.
- Holiday: If you are planning your dream vacation and are falling short of funds, we suggest you try our personal loan. Take a personal loan and fly away to your favourite destination without having to worry about flight tickets, stay, shopping and all other expenses.
- Medical: Need to take care of a medical exigency? Try our personal loan product that offers swift disbursement and easy repayment options. Take care of your family at this hour of need. Leave the worry about funds to us.
Features and benefits of Personal Loan
Some of the features include
- Loan amount from Rs.1 lakh up to Rs. 20 lakhs
- Convenient loan repayment option of 12 to 60 months
- No security or collateral required to avail this loan
- Simplified and quick documentation
- Attractive interest rates
Here are some of the benefits of a personal loan:
- A personal loan is a great way to improve your credit score. If your credit score is running low because you are using a maxed-out credit card, you can take a personal loan, pay off your credit card debt and pay the loan over five years. This improves your credit score immediately.
- If you have too many credit cards and are in debt, a personal loan is a convenient way of consolidating your debt. You can take a loan to pay off your debt and repay only one loan.
- If there is a wedding in the family or an accident, you can pay for the expenses almost immediately with a personal loan. These are short-term loans and will not affect your long-term financial goals.
How to apply for a Personal Loan?
Personal loans are an easy option to take care of immediate expenses. Nagrik Bank offers personal loans from Rs 1 lakh to Rs 20 lakh with convenient repayment options of one to five years.
Applying for a personal loan with Nagrik Bank is quite simple, and you can get instant approval if you fit in the eligibility criteria set by the bank. Applying for the loan online is the fastest way of getting a personal loan. We will give you a quote for your loan within a minute of your application.
To apply online, click on the apply now link & fill in your information in the online form. You need to fill in your name, date of birth, gender, mode of income and repayment, email ID and mobile number. Once you proceed with the application, we give you a loan quote that you may be eligible for. You can then click on apply. Once you apply online, the bank will contact you to complete KYC formalities.
If you are not comfortable applying for the loan online, don’t worry. You can simply walk in to any of our branches and apply for a personal loan. Our executives will walk you through the application process.
Personal Loan Interest Rates
Nagrik Bank offers attractive interest rates to its personal loan customers in the range of 14 to 23% per annum.
The rate of interest charged on a personal loan is decided based on the income of the applicant, the credit history of the applicant and the tenure chosen by the borrower. If the borrower is an existing customer of RBL Bank, s/he may get a slight edge over others in terms of interest rates.
Personal Loan Fees & Charges
We at Narik Bank give you flexible options to repay your loan. Apart from the interest rate, we also charge nominal fees for some other factors. Following are the fees & charges you must be aware of:
Processing fee: The bank charges a processing fee of up to 3.5% of the loan value as a one-time processing fee. Existing customers may be able to negotiate for a lower processing fee.
Prepayment/ foreclosure charges: Prepayments are allowed only a year after the first EMI. If you want to prepay or foreclose your loan between 13 to 18 months, the bank charges a fee of 5% of your outstanding principal. If the payment is made after 18 months, you have to pay the bank a fee of 3% of your outstanding principal. If any prepayment or foreclosure is done after 12 regular EMIs using own funds, the bank doesn’t charge any fee.
Overdue interest: If you forget to or fail to pay your EMI on time, the bank levies a charge of 2% per month of the overdue amount.
Tenure on Personal Loans and repayment options
Borrowers can choose to repay their personal loans within a time frame of one to five years. There is no requirement of collateral.
You can pay your loan back through easy Equated Monthly Instalments (EMIs). You can use the EMI calculator tool to determine your EMI. This EMI has to be paid monthly. You can either pay using post-dated cheques or use the NACH facility. You can also issue a standing instruction to debit your RBL Bank account as a repayment of your loan.
Personal Loan eligibility
Nagrik Bank lets you check your eligibility instantly. Before you apply for a personal loan with us, we advise that you check the eligibility criteria. You can then avoid rejections based on eligibility.
Let’s look at the eligible criteria
- Minimum net monthly income of Rs. 40,000 per month
- Minimum age at loan sanction – 25 years. Maximum age at loan maturity – lower of 60 years or retirement age
- Work Experience of minimum 1 year at current employment and 3 years of total employment experience
Documents required for Personal Loan
- Application Form duly signed with coloured photograph of applicant
- KYC (Pan Card, Proof of Identity & Age Proof – Any one [e.g. Aadhaar, Passport, Valid Driving License, Voter ID Card], Proof of Address – Any one [Aadhaar, Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile – not more than 60 days old)], Latest 3 month’s Salary Credit Bank Statements)
- Salary Slip – for Loan < 7.5 Lacs: Latest 1 Salary Slip; for Loan > 7.5 Lacs: Latest 2 Salary Slips
Personal Loan verification process
Every personal loan application process is completed upon verification of documents of the applicant. RBL Bank follows a simple process to verify your details.
If you are an existing Nagrik Bank customer, the bank may not verify your documents any further. You stand a chance to get a pre-approved offer. You may also get attractive interest rates. Once approved, the loan amount is directly credited to your Nagrik Bank account instantly.
On the other hand, the bank conducts a thorough verification of documents of applicants who are not RBL Bank customers. Once you apply online or at the nearest branch, a bank representative will get in touch with you. All your necessary documents will be collected, and the bank will do a background check on the your personal and professional information.
Make sure that the information provided on the personal loan application form is correct otherwise the bank will reject your application. After a thorough verification of your documents is complete and if you fall within the eligibility criteria of the bank, your application is processed. Depending on your eligibility and income, the interest rate and tenure are fixed and sent for your acknowledgement. You can track your personal loan application status online on the bank’s website or call the customer care representative to find out about your loan.