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RBL Bank offers salaried customers personal loans between Rs.1 lakh and Rs.20 lakh at interest rates from 14% 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% 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 |
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 14% 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 23% 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 23% 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 |
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.
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.
Applicants have to submit bank statement, credit reports, identity and address proof, PAN card and passport-size photographs.
RBL offers unsecured personal loans which means that no collateral will be required to avail a personal loan.
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