Personal Loan
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.
Features and benefits of Personal Loan
Some of the features include
Here are some of the benefits of a personal loan:
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
Documents required for Personal Loan
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.