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RBL Bank Personal Loan Interest Rates

Interest Rate Comparison Tool

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Highlights

  • Avail RBL Bank Personal Loan at an Interest Rates of 18.00%
  • Interest Rates Greatly Decide the Nature of Your Repayment

As a valued existing customer with a salary or savings account, you can now enjoy a seamless and hassle-free loan experience with RBL Bank. Whether it’s home renovations, education, or that dream vacation you’ve been planning, we’ve got you covered with a maximum loan limit of up to ₹5 lakh at a competitive interest rate of just 18%.

RBL Bank Personal Loan Interest Rate Details 2024

RBL Bank Personal Loan Interest Rates are attractive and differ according to the profession and application of an individual. Get ready to avail a lot more benefits and check out the competitive personal loan interest rates offered by RBL Bank. Let us help you navigate life's twists and turns with confidence.

Particulars Details
Interest Rate 18.00%
Loan Amount INR 30,000 to INR 5,00,000
Loan Tenure Up to 36 months
Processing Fee 2%  of the loan amount
Foreclosure Charges 3%-5% of the outstanding balance

Advantages of RBL Bank Personal Loan

Some of the benefits of the RBL Bank Personal loan that can be beneficial for you while applying for the personal loan are mentioned below - 

  • Simplified and Quick Documentation - RBL Bank makes the loan process smoother with minimal paperwork. This means less hassle for you and quicker access to your funds without being stuck down by tedious formalities.
  • No Security or Collateral Required - For a personal loan with RBL Bank, you don’t need to pledge any assets to get a loan. You can borrow with confidence, knowing you don’t have to put your property, savings, or other valuables at risk.
  • Attractive Interest Rates - RBL Bank offers competitive interest rates that make it easier for you to manage your loan repayments. The lower interest means lower overall costs and more savings over time.
  • Flexible Borrowing - RBL Bank personal loans come with flexible borrowing options. You can choose the loan amount and tenure that suit your financial needs. This gives you full control over your repayments which will be easier for you to repay according to yourself. 
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  • Quick Approval - RBL Bank ensures a fast approval process and helps with the access funds you need, without delay. This quick turnaround is ideal for urgent financial needs and lets you move forward without waiting too long.

Factors Affecting RBL Bank Personal Loan Interest Rate

These are the factors that might affect your personal loan interest rates for different borrowers - 

  • Income of the Applicant: The applicant's income plays a key role in determining the interest rate offered on a personal loan. While the minimum income requirement is set at ₹25,000, individuals with higher incomes have a greater likelihood of securing a lower interest rate on their loan. 
  • Repayment History: If the applicant has a poor repayment history, as a record and whatever is reflected in their credit score, the bank is likely to offer a higher interest rate on the loan.
  • Relationship with the RBL Bank: If the applicant has maintained a long-standing relationship with RBL Bank, such as holding an account for several years or having taken a loan in the past, there is a higher likelihood of being offered a lower interest rate.
  • Repayment Tenure Chosen by the Applicant: The loan tenure directly impacts the interest rate. Choosing a shorter tenure often results in a lower interest rate, while longer tenures may lead to higher rates.

Calculating EMIs on RBL Bank Personal Loans at Different Interest Rates

To quickly and simply calculate your EMIs for a personal loan from the RBL Bank, use the Wishfin online personal loan EMI calculator.

You can simply put the following details - 

  • Loan Amount
  • Tenure
  • Interest Rate

The equal monthly payments (EMIs) for a ₹2,00,000 personal loan with an interest rate of 18%  per annum which can go up to 24% per annum, depending upon your loan application, for terms of one to five years are shown in the table below. To better meet your needs, you can modify the loan amount and other information.

Tenure (In Years)

EMI (at 18% Interest rate)

EMI (at 24% Interest rate)

1

₹18,336.00

₹18,911.92

2

₹9,984.82

₹10,574.22

3

₹7,230.48

₹7,846.57

4

₹5,875.00

₹6,520.37

5

₹5,078.69

₹5,753.59

What Should You Do in Order to Fetch the Lowest Interest Rate from RBL Bank?

You can get a low-interest deal from RBL Bank if you bear the following points in mind:

  • Maintain a Good Credit Score: It is always said that to maintain your credit or CIBIL Score, always pay your obligations on schedule and stay out of default to maintain a high credit score. Having a high credit score can help you get better rates and is an indication of financial prudence.
  • Select a Shorter Loan term: A shorter loan tenure poses less risk to the bank since the risk is spread over a shorter period. As a result, choosing a shorter loan term often leads to lower interest rates.
  • Negotiate with the Bank: Always negotiate with the bank on the basis of your application and CIBIL Score which will eventually help you to have a lower interest rate than is already decided. 
     
  • Increase Your Income: Demonstrating a higher income can significantly increase your chances of securing a lower interest rate on a personal loan. Lenders view applicants with higher incomes as more financially stable, which reduces the risk of default. Since higher-income individuals are perceived as having a greater ability to manage monthly repayments comfortably, lenders are more inclined to offer them favorable terms, including lower interest rates.
  • Apply During Promotional Periods: Keep an eye out for promotional offers or special interest rate reductions that RBL Bank may offer during certain periods. Applying during these times can help you lock in a lower rate.

Documents Required for a Personal Loan from RBL Bank

Here is the list of documents that are required for the personal loan application ➖

  • Complete Loan Application  
  • Three passport-sized photos
  • Identification documentation (photocopies of a passport, driver's license, voter ID card, or IT PAN card)
  • Residence proof in the form of photocopies of current phone and electricity bills.
  • Bank Account/Pass Book Statement for the previous six months
  • Form 16/IT returns for salaried personnel for the previous two financial years
  • IT Returns of the last 3 years for the Self - Employed Individuals

Other Charges of RBL Bank Personal Loan

Here are the additional fees or charges that might be applicable while availing the personal loan from RBL Bank -

Processing Fee

Up to 2% of the loan amount

Prepayment/Foreclosure Charges

Between 13 to 18 months: 5% of outstanding principal

After 18 months: 3% of outstanding principal

After 12 regular EMIs: NIL

Overdue Interest

2% per month of overdue amount

Issue of Duplicate Interest and Principal Certificate

Rs 250

Cheque Bounce Charges

Rs 250

Cheque swap charges

Rs 250

CIBIL Charges

Rs 50

Convenience Charges

Rs 999

RBL Bank Personal Loan Balance Transfer Rates

The balance transfer is one process that can change the repayment equation in your favour. Borrowers can save a lot on their personal loans in the form of reduced EMI and interest exercising this tempting option. It is advisable when the ongoing loan rates are higher than what’s prevailing elsewhere. So if you are a borrower already servicing the personal loan EMIs at a higher rate than what RBL charges, the time is then ripe to switch your remaining loan to the latter.

How to Apply for RBL Bank Personal Loan Online?

All in readiness to apply for RBL Bank Personal Loan? Well, choose the convenience of online to apply much faster than the traditional stuff of visiting the branch to do so. All you need then is to visit the website of RBL Bank, get to its ‘Personal Loan’ section, fill in the relevant personal and professional details, and submit your application. Simple, isn’t it?

RBL Bank Personal Loan Customer Care Number

For all your queries, concerns, complaints, feedback, and suggestions, the customer care executives of RBL Bank are always there. All you need to do is just dial 18001238040 either from your mobile or landline to get in touch with the experts anytime. These professionals with their friendly nature are always there to guide and support you in the best way.

Compare Personal Loan Interest Rates from Different Banks

Below is a table showing the personal loan interest rates from various banks for 2024 to help you make the best choice. 

Aditya Birla Personal Loan Interest Rates Axis Bank Personal Loan Interest Rates
Bajaj Finserv Personal Loan Interest Rates Bandhan Bank Personal Loan Interest Rates
Bank of Baroda Personal Loan Interest Rates Muthoot Finance Personal Loan Interest Rates
Bank of Maharashtra Personal Loan Interest Rates Canara Bank Personal Loan Interest Rates
Central Bank Of India Personal Loan Interest Rates DCB Bank Personal Loan Interest Rates
Federal Bank Personal Loan Interest Rates SMFG India Credit Personal Loan Interest Rates
HDFC Personal Loan Interest Rates HSBC Personal Loan Interest Rates
ICICI Personal Loan Interest Rates IDBI Bank Personal Loan Interest Rates
IndusInd Bank Personal Loan Interest Rates IDFC First Bank Personal Loan Interest Rates
Karur Vysya Bank Personal Loan Interest Rates Bank of India Personal Loan Interest Rates
Bank of India Personal Loan Interest Rates Kotak Bank Personal Loan Interest Rates
Punjab and Sind Bank Personal Loan Interest Rates SBI Personal Loan Interest Rates
Tata Capital Personal Loan Interest Rates YES Bank Personal Loan Interest Rates
PNB Personal Loan Interest Rates Nainital Bank Personal Loan Interest Rates
Standard Chartered Bank Personal Loan Interest Rates Union Bank Personal Loan Interest Rates
UCO Bank Personal Loan Interest Rates Indian Bank Personal Loan Interest Rates

FREQUENTLY ASKED QUESTIONS

1. What age requirements must a person meet to qualify for an RBL personal loan?

To be eligible to apply for an RBL personal loan, a candidate must be at least 25 years old and the maximum is 60 years, or until the age of retirement, whichever comes first.

2. How long does RBL Bank take to approve the personal loan? 

Within 3 working days, RBL Bank usually approves the personal loan from the date of receipt of the filled application. 

3. What is the personal loan tenure offered to repay the loan by RBL Bank?

It is up to you, where you can repay the loan from anywhere between 12 months to 36 months.

4. Can I apply for RBL Bank personal loan online?

You can apply for a personal loan in RBL bank website. 

5. What documents are required when applying for a personal loan from RBL?

Bank statements, credit reports, proof of identity and address, PAN cards, and passport-size photos are required of applicants while applying for a personal loan at RBL Bank. 

6 .Why was my Personal Loan application rejected by RBL Bank?

There could be many reasons for not getting the application approved by the bank, one of which can be due to your low CIBIL or credit score. The most frequent cause of rejection is a variation or inconsistency in the information provided by the applicant on any required form, including the application, SI form, loan agreement, or PDCs.

7. What is the customer care number of RBL Bank? 

You just need to dial 18001238040 from your mobile or landline and can get connected with the bank experts easily.

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