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  • RBL Bank Personal Loan Interest Rates is Rated as "Great!" by 13 Users

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    RBL Bank Personal Loan Interest Rates

    Ratnakar Bank Limited (RBL Bank) Personal Loans

    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.

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    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%.

    RBL Bank Personal Loan Interest Rates 2017

    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

    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
      "Good Service"
      0.5 4.0/5 "Great!"
      The Ratnakar Bank has disbursed my personal loan within 5 days of time, they have processed my loan without any documentation because I got the loan via on my credit card bases. The customer service is good with RBL.The rate of interest is nominal when compared with others.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 30, 2017
    • RBL Bank Personal Loan
      "Good Experience"
      0.5 5.0/5 "Blown Away!"
      RBL takes immediate action to approve the personal loan, totally they had taken around 3 to 4 days to disburse the amount. I got a call from them, then I have submitted the documents to the bank, they processed my loan immediately with a good interest rate.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 08, 2017
    • RBL Bank Personal Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      RBL executive have called me for the personal loan, then they came and collected the documents expect the bank statement, I have to sent it to their mail id. Loan process got delay they have more three weeks to sanction the loan. RBL offered me the interest rate 21% for one lakh it is very high compared to other banks.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2017
    • RBL Bank Personal Loan
      "Quick in process"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan from RBL and the process was excellent. I got the loan as required and the documentation was normal and the disbursement happened on time as well. The bank had a good deal on the interest rate and processing charges.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 25, 2017
    • RBL Bank Personal Loan
      "Best employer offer"
      0.5 4.5/5 "Excellent!"
      I had taken personal loan during the year 2015 march from Ratnakar Bank, Still my loan is on-going . I didn't face any issue with them. My loan amount is Rs.2 lakhs with an interest rate of 13.5% also there was no processing fee charged for the same. Ratnakar Bank offered me a part payment and preclosure options were with them with a zero offer.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 12, 2017
    • RBL Bank Personal Loan
      "Don't take loan from cheats"
      0.5 0.5/5 "Unacceptable"
      Third class bank third class services lots of hidden charges they are deducting every month third class representative nobody takes responsibility to answer your questions. Minus infinity rating don't even think to take loan from this third class bank.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 31, 2017
    • RBL Bank Personal Loan
      "Good Services"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with Ratnakar Bank. The services was good. The response is good too. They contacted me on time. But the loan could not be processed due to the banking norms. The rate of interest was average. Not sure on the processing charges.
      Was this review helpful? 2
      , chennai
      Reviewed on Mar 17, 2016
    • RBL Bank Personal Loan
      "Good experience "
      0.5 5.0/5 "Blown Away!"
      The service provided by Ratnakar bank was really good based on the personal loan application being submitted.I am very happy with the service provided by ratnakar.They are able to complete the loan process within a weeks time.They have applied charges around 2% for the processing.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Feb 11, 2016
    • RBL Bank Personal Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      Ratnakar bank was good in their services for my personal loan. In the initial stage of the process they informed me that their bank is new at Nagpur and will take a little time as the approval has to come from their Mumbai office. I was happy about that. They also offered me a pleasing rate of interest. The processing charges was normal.
      Was this review helpful? 1
      , nagpur
      Reviewed on Oct 05, 2015
    • RBL Bank Personal Loan
      "Excellent Services"
      0.5 4.0/5 "Great!"
      My personal loan is from Ratnakar Bank. The services was good. They responded very well. They initially told me that the rate of interest is of 17%. Later they informed me it is of 18.5%. I negotiated with them and finally got a interest rate of 17%. The processing charges was reasonable. It was of 3500.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 18, 2015
    • RBL Bank Personal Loan
      "Average"
      0.5 4.0/5 "Great!"
      I have taken my loan from Ratnakar bank. The services has been good. They kept me informed about all the details before I received the loan. The rate of interest was a bit high and also their processing charges are high compared to HDFC Bank. But am happy that I was informed all the details required before I took the loan.
      Was this review helpful? 4
      , chennai
      Reviewed on Jul 31, 2015
    • RBL Bank Personal Loan
      "Satisfied but interest is high.."
      0.5 4.0/5 "Great!"
      Interest rate for personal loan was very high because I got for 18%. I have availed the loan because I had a need or for this rate I would not have opted. Response of Ratnakar bank was very fast as got instant call from the executives. Charges are also somewhat high.
      Was this review helpful? 3
      , bangalore
      Reviewed on Jul 17, 2015
    • RBL Bank Personal Loan
      "Average service "
      0.5 4.0/5 "Great!"
      I would say it was a average experience with RATNAKAR BANK while getting this personal loan.The customer service provided was good and the interest rate offered was also average rate.They required more documents for processing this loan and the loan amount was disbursed within 15days of time.
      Was this review helpful? 9
      , bangalore
      Reviewed on Jun 04, 2015
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