Consolidation Loans from RBL Bank

Different loan options for paying off debt.

RBL Bank, previously named as Ratnakar Bank Limited, offers a range of financial products to different segments of its customer base right from housing loans to business loans to help its retail as well as corporate customers get the financial assistance they need.

RBL Bank Consolidation Loans

RBL Bank offers specially designed loan schemes to its customers for their varied needs such as consolidation loans in addition to standard loan options such as home loans, education loans, business loans, etc.

A debt consolidation loan, simply referred to as a consolidation loan, helps bank customers pay off all their debts and consolidate them all into one loan which they can repay by choosing terms as per their preference. The bank does not brand a specific loan scheme as a consolidation loan. However, there are quite a few loans such as unsecured loans like personal loans and secured loans like loans against property, rental income or securities that can be used to consolidate debt.

Here are some of the loan schemes offered by RBL Bank that you can avail as a consolidation loan:


  1. Personal Loan
  2. Loan Against Property
  3. Overdraft Against Property

We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.

RBL Bank Personal Loan

This loan scheme helps salaried employees of reputed public and private organisations to get funds to meet their personal needs. This loan can be availed to meet expenses such as those for a child’s wedding, domestic and foreign travel, medical emergency, debt consolidation, home furnishing, etc.

Features of RBL Bank Personal Loan

Why this Loan?


  • The RBL Bank Personal Loan is designed to help salaried employees of Central and State Government undertakings, multinational corporations, reputed partnership firms, etc. get the needed funds to meet their personal needs
  • Borrowers can also avail this loan scheme to pay off their debts, thereby consolidating their debts under one scheme
  • This is an unsecured loan, meaning you don’t have to offer any collateral to get the loan

RBL Bank Loan Against Property

This loan helps borrowers get access to funds by pledging their residential or commercial property to the bank to meet their urgent financial needs such as wedding expenses, foreign travel expenses, medical exigencies, higher education and so on. This loan can also be repurposed into a consolidation loan to pay off high-interest debts.

Features of RBL Bank Loan Against Property

Why this Loan?

  • The RBL Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, trading or speculative purposes
  • Being a secured loan, borrowers can avail this scheme as a consolidation loan and pay off their high-interest credit card debts and loans, thereby consolidating their debts
  • There are no pre-payment charges for this loan

RBL Bank Overdraft Against Property

This overdraft facility helps borrowers get financial assistance against their residential or commercial property to meet their personal needs. Borrowers can use this OD facility to pay wedding expenses, foreign travel expenses, medical exigencies, higher education expenses, debt consolidation and so on.

Features of RBL Bank Overdraft (OD) Facility Against Property

Why this Loan?

  • The RBL Bank Overdraft Against Property is meant for borrowers who want to avail financial assistance by mortgaging their residential/commercial property to the bank to meet their urgent financial needs. They can also avail this scheme as a consolidation loan and pay off their debts
  • Since this is an overdraft facility, the borrower only pays interest on the utilised amount

Important Note: RBL Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.

Interest Rate for RBL Bank Consolidation Loans

  • The interest rate applicable to this loan is defined as the sum of two factors: one-year Marginal Cost of Funds based Lending Rate (MCLR) and a Spread factor. As of October 2020, the one-year MCLR of RBL Bank is 8.95%. The Spread factor is decided by the bank based on different factors such as the type of loan, loan amount, credit score of the borrower, etc.

Documents Needed for Individuals (Salaried and Self-employed)

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
  • Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.

Documents Needed for Proprietorship and Partnership Firms

  • Loan Application Form duly filled and signed
  • Partnership Deed and Partnership Registration Certificate
  • ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
  • Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
  • Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account

Reference Facts:

  • RBL Bank Website: www.rblbank.com
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Number: 022 6115 6300