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  • RBL Bank Personal Loan Interest Rates

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  • RBL Bank offers salaried customers, with a minimum monthly income of Rs.25,000, personal loans between Rs.1 lakh and Rs.20 lakh at interest rates as low as 14.50% to 23% p.a. Customers can choose a flexible tenure between 1-5 years and are charged a processing fee of 3% of the loan amount by RBL Bank. To be eligible to apply for the loan, customers need to be a minimum of 25 years old and a maximum of 60 years old. RBL Bank also charged a penal interest for late payments of 2% per month and 5% as foreclosure charges.

    Particulars Salaried
    Interest Rate 14.50% p.a. - 23% p.a.
    Processing Fee 4% of the loan amount
    Loan Tenure 12 to 60 months
    Loan Amount Rs.1 lakh – Rs.20 lakh
    Salary / Income Minimum income of Rs.25,000 per month
    Employment Status Salaried
    Credit Score 750
    Lowest EMI per Lakh Rs.2,405
    Pre-Payment/Foreclosure Charges Pre-payment allowed after payment of 12 EMIs.
    From 13 to 18 EMIs - 5% of Principal outstanding
    More than 18 EMIs - 3% of Principal outstanding
    NIL- if minimum of 12 EMIs are paid without any bounce
    and foreclosure should be done using own funds.
    Overdue EMI Interest 2% per month of the overdue amount

    Factors affecting RBL personal loan interest rates

    • The income of the applicant: The income of the applicant is one of the main factors that decides the interest rate of the loan that will be offered. With the minimum income required being set at Rs.25,000, the higher the income of the individual, the chances of the interest rate being set lower is more.
    • The repayment history of the applicant: If the applicant has had a poor repayment track record which will be reflected in his/her credit score, the interest rate offered by the bank will be higher.
    • If the applicant has a relationship with RBL: If the applicant has had a good relationship with RBL bank by holding an account with them for a number of years or has availed a loan from them in the past, chances are that the interest rate offered will be lower.
    • The tenure chosen by the applicant: If the tenure chosen by the applicant is short, then the interest rate will most likely be lower as well.

    Illustration:

    1. For individuals with a monthly salary of Rs.30,000

    Let’s assume that Mr. Roy earns a monthly salary of Rs.30,000 and wishes to avail a personal loan of Rs.2 lakh for a tenure of 12 months to consolidate his debts and for other personal needs. Since Mr. Roy has a good credit score of 790 and has had a good relationship with RBL, the bank offers him an interest rate of 16% p.a. on the loan amount of Rs.2 lakh. In addition, RBL charges a processing fee of 3% on the loan amount he availed.

    To repay the loan within 12 months and keep his credit score optimum, Mr. Roy will have to pay an EMI of Rs.18,146.

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs. 15,480 Rs. 2,667 Rs. 18,147 Rs. 1,84,520
    2 Rs. 15,686 Rs. 2,460 Rs. 18,146 Rs. 1,68,835
    3 Rs. 15,895 Rs. 2,251 Rs. 18,146 Rs. 1,52,940
    4 Rs. 16,107 Rs. 2,039 Rs. 18,146 Rs. 1,36,833
    5 Rs. 16,322 Rs. 1,824 Rs. 18,146 Rs. 1,20,511
    6 Rs. 16,539 Rs. 1,607 Rs. 18,146 Rs. 1,03,971
    7 Rs. 16,760 Rs. 1,386 Rs. 18,146 Rs. 87,212
    8 Rs. 16,983 Rs. 1,163 Rs. 18,146 Rs. 70,228
    9 Rs. 17,210 Rs. 936 Rs. 18,146 Rs. 53,018
    10 Rs. 17,439 Rs. 707 Rs. 18,146 Rs. 35,579
    11 Rs. 17,672 Rs. 474 Rs. 18,146 Rs. 17,907
    12 Rs. 17,907 Rs. 239 Rs. 18,146 Rs. 0

    2. For individuals with a monthly salary of Rs.60,000

    Let’s assume that Mr. Karthik has applied for a loan of Rs.3 lakh for a tenure of 12 months from RBL and earns a monthly salary of Rs.60,000. RBL offers him an interest rate of 25% p.a. because Mr. Karthik has a poor credit score of 600. In addition, RBL charges a processing fee of 3% on the loan amount.

    To repay the loan of Rs.3 lakh in 12 months, Mr. Karthik will have to pay an EMI of Rs.28,513 and if he does, he will improve his credit score over the tenure of the loan. Since RBL charged him a high interest rate of 25% p.a., Mr. Karthik will have to pay Rs.42, 519 just as interest for the 12-month tenure.

    Year Principal Paid(A) Interest Paid(B) Total Payment (A+B) Outstanding Loan Balance
    1 Rs. 22,263 Rs. 6,250 Rs. 28,513 Rs. 2,77,737
    2 Rs. 22,727 Rs. 5,786 Rs. 28,513 Rs. 2,55,010
    3 Rs. 23,201 Rs. 5,313 Rs. 28,514 Rs. 2,31,809
    4 Rs. 23,684 Rs. 4,829 Rs. 28,513 Rs. 2,08,125
    5 Rs. 24,177 Rs. 4,336 Rs. 28,513 Rs. 1,83,948
    6 Rs. 24,681 Rs. 3,832 Rs. 28,513 Rs. 1,59,267
    7 Rs. 25,195 Rs. 3,318 Rs. 28,513 Rs. 1,34,072
    8 Rs. 25,720 Rs. 2,793 Rs. 28,513 Rs. 1,08,352
    9 Rs. 26,256 Rs. 2,257 Rs. 28,513 Rs. 82,096
    10 Rs. 26,803 Rs. 1,710 Rs. 28,513 Rs. 55,293
    11 Rs. 27,361 Rs. 1,152 Rs. 28,513 Rs. 27,931
    12 Rs. 27,931 Rs. 582 Rs. 28,513 Rs. 0

    FAQs

    1. What are the age criteria to be eligible for a personal loan from RBL?
    2. Applicants have to be a minimum of 25 years and a maximum of 60 years or age of retirement (whichever is earlier) to be eligible to apply for an RBL personal loan.

    3. What are the employment criteria to apply for an RBL personal loan?
    4. Applicants should have a minimum of 3 years' experience and 1-year experience in the current company to be eligible to apply for an RBL personal loan.

    5. What documents should I submit when applying for an RBL personal loan?
    6. Applicants have to submit bank statement, credit reports, identity and address proof, PAN card and passport-size photographs.

    7. Do I need to submit collateral to avail a personal loan from RBL?
    8. RBL offers unsecured personal loans which means that no collateral will be required to avail a personal loan.

    9. Can I apply for a personal loan online?
    10. No, not yet.

        

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