Founded in 1943, RBL Bank has forged a legacy of trust and financial expertise that continues to thrive. As a prominent player in the private banking sector, RBL Bank has expanded its footprint across the nation, offering a spectrum of specialised services. Embracing the digital age, RBL Bank facilitates online loan repayments through the Bharat Bill Payment System (BBPS) platform on Bajaj Finserv, providing customers with a convenient and secure avenue for managing their financial commitments.

Benefits of making RBL loan repayment on Bajaj Finserv


When repaying your RBL loan EMI online on the Bajaj Finserv BBPS platform, you can avail of the following benefits:


Ease of payment

You can complete the RBL loan repayment at any time from the comfort of your home before the due date.

Multiple payment methods

The Bajaj Finserv BBPS platform allows you to use credit/debit cards, net banking, UPI, or e-wallets to make transactions incredibly convenient.

Safe and secure

The Bajaj Finserv BBPS provides a safe and secure payment platform. Your payment details are secure with the platform’s robust security measures.

Instant billing receipts

When you pay your RBL loan online, you will receive instant transaction IDs and billing receipts. It ensures better transparency and reliability.

Fees and charges

A convenience fee of up to 2% will be charged depending on the transaction amount and payment mode (inclusive of applicable taxes). For more information on fees and charges, click here.

Note: For failed transactions, the total amount including charges except taxes are reversed.

Repaying an RBL loan online is a simple process that can be done in a few steps.
Follow the steps mentioned below to make your loan repayment using the BBPS platform on Bajaj Finserv:

1. Download the Bajaj Finserv app from Google Play Store or Apple App Store
   
2. Log in with your credentials
3. Go to ‘BILLS AND RECHARGES'
4. Select ‘LOAN REPAYMENT' under the ‘FINANCIAL SERVICES AND TAXES’ section
5. Select ‘RBL’ as the issuing bank and enter your loan account number
6. Enter the loan amount and select the preferred payment mode
7. Make the payment to repay your loan

You will receive a notification from Bajaj Finserv after successful payment.

Steps to repay RBL loan online on the Bajaj Finserv website

Here is how you can repay RBL loan online on the Bajaj Finserv website:

1. Visit the Bajaj Finserv website or click on https://www.bajajfinserv.in/
2. Go to the ‘BILLS AND RECHARGES’ under the ‘PAYMENTS’ section
3. Under ‘FINANCIAL SERVICES AND TAXES,’ select ‘LOAN REPAYMENT’
4. Choose your biller from the drop-down
5. Enter your loan number and click on ‘FETCH YOUR BILL’
6. Select a payment method from the list of available payment options such as credit cards, debit cards, and net banking
7. After choosing your preferred payment mode, enter the requested payment details
8. Check the details you entered and click on 'PAY NOW’

You will receive a notification from Bajaj Finserv after successful payment.

Benefits of RBL Bank loan preclosure

Increased EMI affordability: Banks favour lending loans to customers whose EMI/NMI ratio is within the limit 50-60% of their total monthly income, including their existing EMIs and new loan EMIs. To improve the chances for new loan eligibility, the existing RBL Bank borrowers should focus on reducing the EMI/NMI ratio by prepaying their existing personal loan.

Lower proportions of unsecured loans in credit mix: Credit mix is the ratio of secured loans and unsecured loans. RBL bank personal loan is an unsecured loan, therefore prepaying the loans would help in lowering the proportion of unsecured loans in the credit mix. In addition, it is also beneficial in improving credit score and increasing chances of securing personal loans in the future.

Savings on cost of interest: By prepaying the loan, the borrowers can save on the total interest amount that would have to be paid during the loan repayment tenure.

Pay loan EMIs for other financial institutions

The Bajaj Finserv BBPS platform supports online loan repayment for financial institutions such as Manappuram Finance | IDFC First Bank | Hero Fincorp | Muthoot Finance | ICICI Bank | HDB Finance | Axis Bank | Mahindra Finance | IIFL Finance.