About Reliance Bank Personal Loan

Are you interested in applying for a personal loan? Reliance Bank has all of the personal loan solutions you need.

What is Personal Loan?

It’s an unsecured loan that helps you meet your immediate financial demands, or it’s a form of secured loan that helps you reach your long-term financial goals. Personal loans are borrowings used for personal costs that must be repaid after a set period of time. There is no need to put up any collateral in order to get a personal loan; your lender will provide you with the flexibility you need. Personal loans are a type of instalment debt that allows you to borrow a significant amount of money and pay it back in one lump sum. Unexpected expenses, moving costs, debt consolidation, vacation expenses, home renovation expenses, wedding expenses, and so on are examples of personal expenses.

Types of Personal Loan available:-

1. Medical loan:- If you don’t have medical insurance and need money fast, you can get a medical emergency loan at a low-interest rate.
2. Weeding loan:- Weeding is the most prestigious movement in one’s life, and it may be fairly costly; rather than spending all of one’s funds, one can take out a marriage loan.
3. Travelling loan:- This loan might be used for costly family vacations.
4. Higher Education loan:- A personal loan for education can be a better option for financing all of the costs of learning, including housing, travel, and other fees. It has lower interest rates than an education loan and can be used for anything.

Reliance Bank Personal Loan Eligibility

 

Particulars	Salaried	Self-Employed
Age	21 – 60 years	21 – 65 years
Minimum Income	Rs.15,000*	Rs.5 Lakh p.a.
Co-applicant	Not mandatory	Not mandatory
Loan Tenure	12 – 60 months	12 – 60 months
Maximum Loan Amount	Rs.40 Lakh	Rs.40 Lakh
Employment Type	Employees of private limited companies and public sector undertakings	Self-employed individuals
Employment/Business Continuity	At least 2 years; minimum 1 year with current employer	4 years Post Qualification experience for Doctors/ Chartered Accountants. 5 years Post Qualification experience for Company Secretary / Architect.
CIBIL Score	750 and above	750 and above
Residential Status	Resident Indian staying in own house or a rented house

 

*In cities such as Kochi, Kolkata, Ahmedabad, Pune, Hyderabad, Mumbai, Chennai, Bengaluru, and Delhi the net monthly income required is Rs.20,000

*Note: The eligibility criteria vary from lender to lender.

Check Personal Loan Eligibility with Top Lenders in 2021

Bank	Age Limit	Minimum Work Experience	Minimum Income (Per Month)
SBI	Up to 76 years	NA**	Rs.15,000
HDFC	21 to 60 years	2 years	Rs. 20,000
Private	23 to 58 years	2 to 5 years	Rs.17,500
Axis	21 to 60 years	NA**	Rs.15,000
Kotak Mahindra	22 to 55 years	1 year	Rs.25,000
Tata Capital	21 to 58 years	1 year	Rs.15,000
IndusInd	21 to 60 years	2 to 5 years	Rs.25,000
Ujjivan Small Finance	22 to 58 years	NA**	Above the minimum wage limit
India Infoline Finance Limited	25 to 60 years	6 months to 2 years	Rs.35,000
HDBFS	21 to 65 years	1 year to 3 years	Rs.15,000 for salaried Rs.1 lakh p.a. for self-employed
Indian Overseas Bank	Up to 58 years	NA*	Rs.5,000
IDFC First Bank	23 to 68 years	3 years	NA*
Federal Bank	21 – 55 Years	3 years	Rs.25,000
Punjab National Bank	21 – 58 years	2 years for doctors	Rs.15,000
Andhra Bank	21 – 55 years	NA**	NA*
Canara Bank	NA**	NA**	Salaried: Rs.6,000 & above Self-employed – Rs. 1.5 lakh
IDBI Bank	Up to 75 years for Pensioners	NA**	Rs.1.5 lakh p.a.
Fullerton India	21 to 55 years	1 to 2 years	Rs.15,000
RBL Bank	25 to 60 years	1 to 3 years	Rs.25,000
Bank of Baroda	21 to 60 years	1 year to 2 years	60% of gross monthly income
Deutsche Bank	25 to 60 years	NA**	Rs.25,000
Karnataka Bank	NA**	3 years	NA*
United Bank of India	up to 75 Years	2 years	NA*
UCO Bank	21 to 65 years	1 year to 5 years	Rs.20,000

 

*Personal loan disbursal is solely at the bank’s discretion and as per the bank’s terms and conditions

Learn More about Personal Loan: Click Here

 

Documents Required for Reliance Bank Personal Loan

 

List of Documents Required for Salaried Applicants

Salaried individuals must submit the following documents in addition to a completed personal loan application form:

Photo Identity Proof (Any one)	Passport PAN Card Voter’s ID Aadhar Card Driving License
Address Proof (Any one)	Passport Utility Bill (telephone, electricity, water, gas) – less than 2 months old Aadhaar Card Driving License Ration Card
Income Proof	Salary slips (Last 3 months) Bank statements for the last 3 to 6 months (showing salary credit)
Tax Paid (Any one	IT returns (for 2 years) Form 16
Residence Ownership Proof (Any one)	Property documents Maintenance bill Electricity bill
Proof of Job Continuity (Any one)	Current employment certificate Current job appointment letter (if more than 2 years have been spent in the same organisation) Experience certificate (previous employer’s relieving or appointment letter along with job certificate)
Proof of Investment (if any)	Fixed assets, fixed deposit, shares, etc.
Existing Loans (if any)	Payment Track Record & Sanction letter
Photograph	One coloured passport size photograph

 

List of Documents Required for Self-employed Applicants

Self-employed personal loan applicants must submit the following documents in addition to a fully completed loan application form:

Photo Identity Proof (Any one)	Passport PAN Card Voter’s ID Aadhaar Card Driving License
Address Proof (Any one)	Passport Aadhaar Card Driving License Utility Bill (telephone, water, electricity, gas) – less than 2 months old Ration Card
Proof of Residence Ownership (Any one)	Property documents Maintenance bill Electricity bill
Proof of Office Address and Ownership (Any one)	Maintenance bill Property documents Electricity bill
Proof of Business Existence (Any one)	Copy of GST registration Company registration license Shop establishment proof
Income Proof	Last 2 years Income tax returns of the applicant along with computation of income duly attested by a Chartered Accountant Audited balance sheet and Profit & Loss accounts, including tax audit report, if applicable
Bank statement	Savings/current account bank statement/ bank passbook for the past one year
Proof of Investment (in case any)	Investments such as fixed deposit, fixed assets, shares, etc.
Existing Loans (in case any)	Payment Track Record and sanction letter
Professional Degree Certificate	In case of professionals
Photograph	One coloured passport size photograph

 

List of Documents Required for NRI Applicants

When applying for a personal loan, NRI candidates are typically required to submit the following documents:

Identity Proof	Copy of the passport Copy of the visa
Employment Proof	Letter of Appointment Job contract Labour/ Identity card (if applicable) Official email ID or the HR’s email ID
Income Proof	Last 6 months’ bank statements Last 6 months’ salary slips or salary certificate
Photograph	Passport size photographs

 

List of Documents Required for Pensioners

When applying for a personal loan, a pensioner must submit the following documents:

Identity/Age Proof (Any one)	Ration card Passport PAN card Aadhar card Voter ID card Driving licence Birth certificate School leaving certificate
Address Proof (Any one)	Passport Aadhaar card Utility bills Ration card Driving licence
Income Proof (Any one)	Last 6 months’ bank statements/salary slips Bank passbook Form 16 Copy of pension payment order Income tax returns
Photographs	Passport size photographs

 

Know More About: Personal Loan Eligibility Criteria

 

Reliance Bank Personal Loan Approval Process

• CIBIL Score and Report:- Your CIBIL Score and Report are one of the most important variables impacting your loan acceptance. Both a high credit score and a clean credit record are indicators of good credit standing.
• Professional Background:- In addition to great credit history, lenders look for a steady income and work status.
• Account Details:– Banks examine credit facility statuses and lawsuits that have been filed.
• Payment History:- Any payment defaults or overdue cases are scrutinised by banks, and they might have a negative impact on your overall report.
• EMI to Income Ratio:- Banks take into account the proportion of your prior loans compared to your current pay when you request a loan. Your chances of securing a loan are harmed if your total EMIs exceed 50% of your monthly payments.

Steps to Apply for Reliance Bank Personal Loan

Most banks are now focused on online methods to eliminate time-consuming documentation procedures and speed up the loan approval process. In addition, there is a growing demand for such loans these days. Personal loan approval usually entails the following steps:

• Step 1:- Eligibility Criteria –
  • • You must be at least 21 years old and under 65 years old.
    • Proof of Indian residency is required.
    • All needed paperwork must be present.

• Step 2:- Interest Rate and other charges
• Step 3:- Calculation of your EMI
• Step 4:- Check Required Documents (click here for checking the required documents)
• Steps 5:- Fill the application form online (visit Dialabank.com for filling the application form)
• Step 6:- Wait for the approval process.
  • Make a loan request
  • Consultation with the financial institution
  • Your background is checked by the bank.
  • Before a document may be used, it must be signed.
  • Loan disbursement and sanctioning

Reliance Bank Personal Loan Approval Process FAQs

✅ Is there a fee for a personal loan?

A sign-up or origination fee may be charged by certain personal loan lenders, but most do not charge any fees other than interest.
A one-time payment deducted from your loan to cover administrative and processing fees is known as an origination charge. It usually falls between 1% and 5% of the total. It can also be charged as a one-time fee.

✅ What is the amount of interest I will have to pay?

Several factors influence your interest rate, including your credit score, loan amount, and length (duration of repayment). Rates can range anywhere from 3.49 per cent to 29.99 per cent or more. You will pay the least amount of money in interest if you have a strong or exceptional credit score and choose the shortest payback term.

✅ Part-payment vs Pre-closure?

Pre-closing refers to a customer who wants to close the entire principal outstanding balance at once. Part-payment, on the other hand, refers to a customer’s wish to pay only a portion of the outstanding sum.