Multiple banks. Different interest rates. Call it a "conflict of interest".
  • RBL Bank Personal Loan Interest Rates is Rated as "Excellent!" by 40 Users

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    RBL Bank Personal Loan Interest Rates

    RBL Bank Personal Loan Interest Rates 2018
    Particulars Salaried Self-Employed
    Interest rate 14.5% p.a. to 23% p.a. 14.5% p.a. to 23% p.a.
    Loan Amount Minimum: Rs.1 lakh
    Maximum: Rs.20 lakh
    Maximum: Rs.10 lakh
    Maximum: Rs.35 lakh
    Loan Tenure Minimum: 12 months
    Maximum: 60 months
    Minimum: 12 months
    Maximum: 36 months
    Lowest EMI Rs.2,353 per month (calculated for the lowest amount taken for the longest tenure on offer at the lowest rate of interest) Rs.34,421 per month (calculated for the lowest amount taken for the longest tenure on offer at the lowest rate of interest)
    Processing Fee 1.5% of the loan amount subject to a minimum of Rs.7,500 (Non-refundable fee of Rs.5000 upfront. Rest at the time of disbursal) 1.5% of the loan amount subject to a minimum of Rs.7,500 (Non-refundable fee of Rs.5000 upfront. Rest at the time of disbursal)
    Age Minimum age when loan is sanctioned: 25 years.
    Maximum age at loan maturity: Less than 60 years or retirement age.
    Minimum 27 years at the time of application.
    Maximum 65 years at loan maturity.
    Prepayment Charges No charge Up to 15% of the outstanding principal amount within 12 months: No charge.
    Above 15% of outstanding principal: 2% of amount paid + service tax and other applicable charges.
    Foreclosure Charges No charge 3% on outstanding principal amount + service tax and other applicable charges

    RBL Bank (previously Ratnakar Bank Limited) offers personal loans under a single category to salaried resident individuals at attractive interest rates. These loans can be utilised in any manner as seen fit by the individual and have a relatively faster time for processing. Personal loans are a go to solution when it comes to facing a sudden financial crunch, meeting an urgent purchase or spending obligation. With minimal documentation and short turnaround time, personal loans from RBL Bank can prove to be a boon for salaried individuals.

    RBL Bank Personal Loan Interest Rates

    Personal loan interest rates have seen a gradual rise and a minimal decrease over the period ranging from 2011 to 2015. While in 2011 Q1, the personal loan interest rate was 8.50%, it gradually increased to a high of 11% by the end of 2011. There was a minor temporary drop of 0.10% during the second quarter of 2013 before returning to 11% in the last quarter of 2013. Following the directive issued by the Reserve Bank of India, after the imposed cut on the repo rate, RBL bank reduced the personal loan interest rate by 0.15% and as of May, 2015 it stands at 10.85%.

    Calculating Interest on RBL Personal Loan

    After availing a personal loan of any amount from RBL Bank, the loan amount needs to be paid back in equated monthly installments (EMIs) and every EMI comprises a portion of the principal amount as well as the interest charged. As the personal loan moves towards its maturity, the principal portion gradually increases and the interest portion decreases.

    The method for calculating the EMI on a personal loan can be mentioned as follows -

    E = P*r*[(1+r)^n/((1+r)^n-1)]

    Here E - Monthly EMI, r - rate of interest per month, n - number of years.

    For a ballpark figure of Rs. 1,00,000 at an interest rate of 10.85% with a loan tenure of 1 year, the payable EMI would be Rs. 8,831 out of which the interest will account for Rs. 5,974.

    For example, a personal loan of Rs. 5,00,000 for a period of 4 years at an interest rate of 10.85% from RBL Bank would have the following scenario for the EMI to be paid (starting from August 2015) -

    Year Total Payment (INR) Balance (INR) Principal Portion (INR) Interest Portion (INR)
    2015 64,432 4,57,409 42,591 21,841
    2016 1,54,636 3,47,019 1,10,390 44,246
    2017 1,54,636 2,24,038 1,22, 981 31,655
    2018 1,54,636 87,029 1,37,009 17,628
    2019 90,205 0 87,029 3,176

    It is worthwhile to note that though the amounts of principal and interest keep varying throughout the loan tenure, the total EMI amount doesn’t change much.

    Factors affecting RBL Personal Loan Interest Rates

    RBL personal loan interest rates stay the same for any salaried individual who has been approved for availing a personal loan. The approval process might be dependent on several factors such as

    • Personal loan amount - Based on the amount of personal loan applied for, the interest rate might be changed beyond the advertised rate for specific customers or categories of customers. A higher loan amount could cause a lower or higher rate of interest
    • Tenure of the personal loan - Based on the discretion of the bank, a longer tenure might have a lower or higher rate of interest
    • Repayment capacity - RBL Bank keeps a tab on the income and consequently the repayment capability of a customer. Depending on amount of cash inflows and transactions carried out by a customer, the bank might offer some leniency on personal loan interest rates
    • Income - Income plays an important part in making sure if one is eligible for even applying for the loan. Additionally, the bank may change the interest rate for a personal loan based on the income of a customer
    • Assets - Presence of fixed and movable financial assets play a crucial loan in improving the financial picture of one’s life. Based on the same, RBL Bank might provide a preferential rate of interest for personal loans
    • Relationship with the bank - An existing customer of RBL Bank is bound to get preference when applying for a personal loan and the bank might consider providing a better rate of interest to the customer
    • CIBIL scores - Approval of a personal loan takes one’s credit history into account. So, the CIBIL score might also work in favour of getting a better interest rate from the bank

    All the above factors notwithstanding, any change in the advertised interest rates is at the sole discretion of the bank.

    How does the CIBIL Score affect Personal Interest Rates of Kotak Bank?

    A personal loan can serve as an emergency financial airbag, but a bit of planning always helps and it especially comes in handy when dealing with CIBIL scores. Along with a credit history report, scores from CIBIL play a pivotal role in furthering the case of getting a personal loan approved from Kotak Bank. CIBIL scores range from 300 to 900 and a score above 700 is considered a good one. Scores above 750 might allow the bank to consider offering a better rate of interest to the customer. Else the rates might be higher than expected. Doing a check on the CIBIL score and fixing the same to an appreciable level might help in getting preferential interest rates.

    Key Points regarding RBL Bank Personal Loan Interest Rates

    Availing a personal loan from RBL Bank is easy for salaried individuals who meet the base minimum eligibility criteria, however, the following points should be borne in mind -

    • The interest rates in RBL Bank for personal loan is subject to the repo rate of RBI and may come down further, but not with an immediate effect
    • The personal loan interest rates in RBL Bank are fixed, not floating and are among the best rates available in the market
    • Personal loans from RBL Bank don’t require a security or a collateral, addition of such factors may not have any impact on the interest rate
    • On approaching RBL Bank for a personal loan, the bank will already have a look at your credit score. Based on the same, the loan amounts might be vary, but there might not be any change in the interest rates

    RBL Bank Personal Loan Interest Rates Reviews

    • RBL Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with RBL bank, they have given me loan as i had my credit card with this bank, so i was eligible to take loan so they have given me loan on that basis, and the loan amount they have given to me was sufficient, and the rate of interest they have charged me up to 10.1% which was bit high comparing to other bank, but i need loan that time so rate of interest did not bother me, and they have charged me processing fee it was nominal,overall service was good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jan 17, 2019
    • RBL Bank Personal Loan
      "Need to reduce charges"
      0.5 3.0/5 "Satisfactory"
      I have taken a personal loan with RBL and my experience was average, the loan amount was based on my requirement and the rate of interest was quite high when compared to other banks. Customer support was not up to the mark and their response was delayed. Tenure period for this loan is 4 years.
      Was this review helpful? 4
      , faridabad
      Reviewed on Jan 02, 2019
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with RBL BANK , the tenure period 2 year . The application process was easy and the loan amount was credited with in 3-4 days. The interest rate was nominal when comparing to other banks. I use to pay EMI on time and service was good .
      Was this review helpful? 0
      , gurgaon
      Reviewed on Dec 11, 2018
    • RBL Bank Personal Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      My experience with RBL for personal loan was good, the loan amount was sufficient and the rate of interest was high when compared to other banks. Customer service was good and they responded on time. The tenure period for this loan is for 3 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 04, 2018
    • RBL Bank Personal Loan
      "Good personal loan"
      0.5 5.0/5 "Blown Away!"
      I have got the personal loan with RBL bank. Interest rates are little bit higher when i compared with other banks but i have no issues. I am happy about the processing fee. I have chosen the tenure period of 60 months. I have received the loan on time. Documentation process was fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 02, 2018
    • RBL Bank Personal Loan
      "Good but processing fee has to be reduced"
      0.5 5.0/5 "Blown Away!"
      I am running a personal loan with RBL and the interest rate is 11% which am satisfied. The customer service is average. The loan duration is 3 years and I have completed only 2 months. The processing fee is very high. I need to pay the installment of 4500 rupees but am paying above 5K through online.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Dec 01, 2018
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the personal loan with the RATNAKAR BANK and they have offered with the 3lakhs but i have opted for the one lakhs rupees. The rate of interest for this loan is nominal than others when compared added on that the duration to repay the loan is for 3 years.
      Was this review helpful? 0
      , surat
      Reviewed on Nov 24, 2018
    • RBL Bank Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have applied for the RATNAKAR BANK personal loan where the process of getting the personal loan is very quick ans i got within 72 hours the loan amount. The loan amount is sufficient also the rate of interest is 10.99% for this loan. The duration to repay this loan is 3 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 24, 2018
    • RBL Bank Personal Loan
      "Fastest Service"
      0.5 4.0/5 "Great!"
      I took personal loan with RBL, the interest rate is high but equal to other banks, the process was fast. I have pre approved loan based on the credit card, they taken some processing fee around 3000 for the amount of Rs.1 .20 lakh, they are fastest people, who lend me the money.
      Was this review helpful? 2
      , new delhi
      Reviewed on Nov 20, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I even applied for personal loan from RBL bank its good service they provide me they render me satisfied principal amount and promising rate of interest is also provided, overall service is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 30, 2018
    • RBL Bank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      The overall experience i had in getting this loan has been good where the process in getting the loan had been simple. The loan amount which they had provided has been satisfactory and the interest rate with them has been nominal when compared with the market rate. There has not been any sort of additional charges which they had made.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 26, 2018
    • RBL Bank Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience is very good with RBL bank and even they have provided sufficient loan amount to me . Rate of interest is 18% which is up to the mark and tenure period is 3 years . Customer service is good and documents were collected on time . I use to pay EMI 1044 and processing fee is 3500 . There is no preclosere option .
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 19, 2018
    • RBL Bank Personal Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've taken a personal loan from the Ratnakar Bank Limited for 50000, the interest rate was nominal 13-14% and it was an insta loan. It has been a pleasant personal loan experience with the Ratnakar bank.
      Was this review helpful? 3
      , vadodara
      Reviewed on Aug 16, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a loan with RBI BANK and my loan experience is pretty good. My loan amount is 300000 and interest rate is is nominal. There are no hidden charges. I use to pay 11000 as EMI per month and tenure period is 3years. Processing fee is nominal.The process was so smooth at the time of documentation, i did not face any problems.
      Was this review helpful? 1
      , bangalore
      Reviewed on Aug 10, 2018
    • RBL Bank Personal Loan
      "Average Service"
      0.5 4.0/5 "Great!"
      I took a personal loan from the RBL bank 1.10 lacs for three years, the application was really easy. I got the loan with in 3 days. I applied for the loan via the Mobile App and the interest rate was also high. Overall it has been an average service.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 05, 2018
    • RBL Bank Personal Loan
      "Average card"
      0.5 2.5/5 "Just OK"
      The processing fee and interest is high when i compared other banks. The EMI conversion charges are high in RBL bank. It is 4% for every EMI conversion. The are charging the interest rate and processing its depends on the tenure period what i choose. I will not recommend this bank for Credit card to anyone. I have been using this card for last 1 year. I cannot talk to the customer care. The number is not reachable most of the times.
      Was this review helpful? 1
      , thane
      Reviewed on Jun 22, 2018
    • RBL Bank Personal Loan
      "Bad Experience with RBL"
      0.5 1.0/5 "Really Bad"
      I took the Personal in RBL bank. I went to the bank directly to pre-close the loan there is no proper response from the people who is working over there. It is been 1 month till i closed the loan but Still i dint get my loan closure certificate. Very poor services. There is a good customer care but things not done by them whatever i expect from them.
      Was this review helpful? 5
      , coimbatore
      Reviewed on Jun 06, 2018
    • RBL Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      The personal loan process was good with the RBL. I have got the loan amount within 20days of time. The customer support service and the response is good with the RBL and they give better service to the customer. The rate of interest and the charges were pretty high with the RBL personal loan .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 31, 2018
    • RBL Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a personal loan with RBL and my loan experience was good, the loan amount was for Rs 2 lakhs with nominal interest rate when compared to other banks. Customer service was good and they collected documents on time. The tenure period for this loan is for 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 25, 2018
    • RBL Bank Personal Loan
      "Average service"
      0.5 5.0/5 "Blown Away!"
      Got the personal loan from the RBL around 4 months ago. The customer support service and the response is good with the RBL and they have delivered the loan amount with in a month time. They have offered me the loan amount of Rs,1,65,000 but I have applied for the loan amount of Rs,6,00,000 .
      Was this review helpful? 2
      , bangalore
      Reviewed on Apr 23, 2018
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