Description

RBL Bank offers personal loans at affordable interest rates to make sure that borrowers don’t face any problems to pay back the loan. With RBL Bank personal loan, you can pay affordable and stress-free EMIs. Salaried customers can get a personal loan between Rs. 1 lakh and Rs. 20 lakh at interest rates from 14 to 23% per annum. The final interest rate will depend on a borrower’s credit score, age, loan amount and repayment history. RBL personal loan tenure ranges from 1 to 5 years. 

RBL Bank Personal Loan interest rates and charges 2021

Here are the interest rates and other charges applicable on RBL Bank personal loans:

Particulars

Rates

Interest rates 

14% - 23% per annum

Processing fees

Up to 4% of the loan value

Prepayment/ foreclosure charges

  • No prepayment is not allowed until 12 EMIs 

  • From 13 months to 18 EMIs: 5% of principal outstanding

  • After 18 EMIs – 3% of principal outstanding 

  • No charges on foreclosure or prepayment after 12 regular EMIs using own funds

Overdue EMI interest

2% per month of the overdue amount

Loan amount

Rs. 1 lakh - Rs. 20 lakh 

Loan tenure

12 to 60 months

Minimum salary required to get the loan

Rs. 20,000 per month; Rs. 25,0000 per month for residents of Mumbai and Delhi

Credit score required

750

Lowest EMI

Rs. 2,405

*Rates are subject to periodic changes. RBL Bank personal loan interest rates and other charges are subject to regular reviews. The final interest rates will be decided by the RBL Bank at the time of loan sanction, depending on several factors.

RBL Bank various personal loan products

You can get a personal loan from RBL Bank for multiple reasons as follows:

  • RBL Personal Loan for home furnishing
  • RBL Personal Loan for marriage
  • RBL Personal Loan for education 
  • RBL Personal Loan for holidays
  • RBL Personal Loan for medical 

What are the factors that affect RBL Bank personal loan interest rates?

  • The income of the applicant: The income of the applicant is one of the most important factors considered by lenders to decide the interest rate applicable on a personal loan. RBL Bank offers a personal loan for individuals with a minimum income of Rs. 25,000 per month in Mumbai and Delhi. Higher income means the borrower can get a personal loan at lower interest rates. 
  • The repayment capacity of the applicant: The repayment capacity of a personal loan borrower is decided on the basis of several factors like monthly income, credit score, repayment track record, monthly obligation/ liabilities. If you have a proven track record of paying debts on time and your debt-to-income ratio is equal to or less than 40%, you may get a personal loan at lower interest rates.
  • Relationship with RBL Bank: If you share a good relationship with RBL Bank by holding a salary account or current account with them for multiple years or have availed a loan from the in the past, chances are that the bank may agree to offer you lower interest rates based on your previous records with the bank.
  • Loan tenure: Interest rates on personal loans offered for a longer tenure may be lower than the higher tenure. With a longer tenure, borrowers can easily pay back the loan without budgetary problems and hence the lender has less risk. You can find out the right tenure using RBL Bank personal loan EMI calculator

How RBL Bank personal loan interest rates compare with other Banks personal loans Interest rates?

 

Banks

Interest rates

RBL Bank Personal Loan

14% - 23% p.a.

SBI Personal Loan

9.60% p.a. onwards

HDFC Bank Personal Loan

10.75% - 21.50% p.a.

ICICI Bank Personal Loan

11.25% - 21% p.a.

Axis Bank Personal Loan

12% - 24% p.a.

Tata Capital Personal Loan

10.99 % p.a.

IndusInd Bank Personal Loan

11.00% - 31.50%

Bajaj Finserv Personal Loan

12.99% p.a. onwards

Fullerton India Personal Loan

11.99% - 36% p.a.

Aditya Birla Personal Loan

14% p.a. onwards

 

Features of the RBL Bank personal loan

  • Flexible loan amount: An applicant can get a personal loan from Rs. 1 lakh up to Rs. 20 lakh from for their financial needs.
  • Longer repayment tenure: RBL Bank offers a personal loan for a repayment tenure between 12 and 60 months.  
  • Multipurpose loan amount: RBL personal loan can be availed for various financial requirements, like a wedding in the family, unplanned medical expenses, child’s education, home improvement, debt consolidation and urgent travel expenditures.  
  • Simplified application: The procedure of applying for a personal loan at RBL Bank is simple and completely digital with minimal documentation. Once you apply for the loan, you can check the RBL personal loan status online. 
  • Attractive interest rate: RBL Bank personal loan interest rates start from 14% p.a.
  • Excellent customer service: The bank has one of the best customer services in the industry. For any query or complaint regarding a personal loan, you can dial RBL personal loan customer care number. 

About RBL Bank

RBL Bank is one of the fastest emerging private sector banks in India. Headquartered in Mumbai, the bank currently offers services to over 8.44 million customers through a network of 392 branches, 1,221 business correspondent branches and 389 ATMs spread across 28 Indian states and Union Territories. Banking services offered by RBL Bank are divided across six verticals – retail banking, corporate and institutional banking, commercial banking, branch and business banking, development banking, treasury and financial market operations.