RBL Bank comes at a low Interest Rate on Personal Loan

RBL Bank personal loans is offered to salaried individuals to meet their personal needs. A personal loan from RBL Bank is an excellent option for circumstances such as weddings, medical emergencies, home renovations, long-overdue vacations, higher education, and so on. The loan sum offered by RBL bank ranges from Rs. 1 lakh to Rs. 20 lakhs and can be repaid over a period of 12 to 60 months.

RBL Bank Personal Loan Benefits

• Loan Amount: RBL Bank provides personal loans up to Rs. 20 lakhs to meet a variety of financial needs.
• A tenure that can be changed: RBL Bank offers convenient loan repayment options ranging from 12 to 60 months, giving loan borrowers more flexibility in repaying their loans.
• Fast reference guide: The application process for an RBL Bank personal loan is straightforward, requiring only the submission of a few documents.
• No-hassle loan approval: If you’ve submitted all of the necessary paperwork and your loan has been accepted, the funds are quickly transferred to your account.

Personal Loan Interest Rates at RBL Bank

RBL Bank offers personal loans with interest rates beginning at 14% per annum. However, a bank’s actual interest rate to a borrower is determined by a number of variables, including the loan size, credit score, age, repayment history, and so on.

Criteria for Eligibility

• You must be a salaried employee.
• Your monthly income should be at least Rs. 25,000.
• You must be at least 25 years old at the time of loan approval and no older than 60 at the time of loan repayment.
• You must have a minimum of one year of experience as well as three years of overall work experience.

Documents Required to Apply for a Loan

• KYC Documents: Application form signed and dated, as well as a colored photograph of the applicant
• Age and Identity Proof: Aadhaar Card, Voter ID Card, and PAN Card Voter ID Card, Aadhaar Card, Passport, Driving License, Utility Bill (Telephone/Electricity/Mobile- not more than 60 days old)
• Proof of Address (any one): Voter ID card, Aadhaar card, passport, driver’s license, utility bill (not older than 60 days)
• Evidence of income: Salary credit bank accounts, salary slips from the previous three months

Fees and Other Charges

Default interest (delayed payment charges)	2% additional interest per month on overdue EMI amount (to be paid per instalment due per month of delay)
Cheque/ECS/NACH/SI Dishonor charges	Rs. 250 per instance
Foreclosure charges	Not allowed before 12 EMI payments have been completed. 5% of principal outstanding for foreclosure between 13-18 months 3% of principal outstanding for foreclosure beyond 18 months
Processing Fees	Up to 4% of total loan amount
Convenience charges	Rs. 999
Stamp Duty/ Agreement Franking Charges	0.2% of total loan amount
Issue of duplicate interest and principal certificate	Rs. 250
Cheque swapping charges	Rs. 250
Charges for CIBIL report	Rs. 50

Interest rates on RBL personal loans are influenced by a number of factors.

• The applicant’s earnings are as follows: One of the key factors that determine the interest rate of the loan that will be offered is the applicant’s salary. With a minimum income requirement of Rs.25,000, the higher the individual’s income, the more likely the interest rate will be set lower.
• The applicant’s repayment history is as follows: The interest rate offered by the bank would be higher if the borrower has a bad repayment history, which will be reflected in his or her credit score.
• If the borrower has a strong history with RBL bank, such as having held an account with them for a number of years or having taken out a loan from them in the past, the interest rate offered is likely to be lower.
• The applicant’s preferred tenure is: If the borrower chooses a short term, the interest rate would most likely be lower, as we have seen.

Aspects to Consider

• Examine the loan’s total cost: You will have to pay other fees and taxes during the term in addition to the interest rate. These fees could include a processing fee, a late payment fee, a prepayment fee, and so on. As a result, it’s important to be aware of all fees and charges and to select a lender wisely.
• Credit score: A strong credit score means that you have made all of your previous payments on time, which makes it easier for you to get a personal loan at a lower interest rate. However, it’s important to keep your credit score in good shape.
• Borrow according to your repayment capacity: Never take out a loan that you can’t afford to repay. Using Afinoz’s Personal Loan EMI Calculator, calculate your personal loan EMIs and borrow a large sum that you can repay without stress.
• Do not submit applications to several lenders: Applying for a personal loan from several lenders at the same time is not a good idea. It could increase the number of hard inquiries on your credit report, lowering your chances of getting a loan because you may appear to be a risk.

Conclusion:

To conclude, availing of an RBL Bank personal loan can fulfill all your personal needs. RBL offers personal loans at a low rate of interest with flexible repayment tenure. We hope that this article has helped provide you with all the information you were looking for.