You can close your RBL Bank personal loan after 1 year provided you have paid 12 EMIs. All you have to do is just contact the bank and find out when you can do so. After this, just pay the remaining balance in your loan account and close it. This process is easy and simple. 

You cannot pre close your loan online and have to go down to a branch near you to get it done. Before you pay a visit to the branch, make sure that you have all the necessary documents ready. Also, you have to keep the entire amount ready as well. Do not exhaust all your savings in order to prepay your loan. In such cases, it would be wise to wait for a few months and then close it when you have sufficient funds. 

What Are The Prepayment Charges For The Preclosure of RBL Bank Personal Loan and When Are They Applicable?

  • If you pre-close your loan before you have paid 18 EMIs, you will have to pay a  foreclosure fee of 5% of the outstanding principal as on the date of closure.  
  • There will be no pre-closure charges if:
    • You pre-close the loan using your own funds, and
    • If you have paid a minimum of 12 EMIs without bounce

No of Months From The Time of Loan Disbursement

Preclosure Charges 

Less Than 18 months 

5% of the outstanding balance 

After 18 months 

3% of the outstanding balance

How to Pre-Close or Foreclose Your RBL Bank Personal Loan?

  • Head to the branch nearest to you and find out how much you have to pay to foreclose your loan account.
  • You can find the closest branch by using the “Locate Us” option at the bottom of the bank’s website. 
  • Once you discover the outstanding balance payable, pay it by cheque or demand draft. 
  • Make sure that all other formalities are completed and get the verification for the same.
  • The bank will tell you how many days it will take to close your account. Follow up with them to make sure that your account is closed as promised.