RBL Bank offers personal loans from Rs.1 lakh to Rs.20 lakh for repayment tenures ranging from 12 months to 60 months at attractive interest rates.
Let’s say that Mr. Ajay, an IT professional, who draws a monthly salary of Rs.50,000, avails a personal loan from RBL Bank. The amount borrowed by Mr. Ajay is Rs.1 lakh and tenure of the loan is one year. The interest rate applicable to the loan is 12% p.a., and RBL Bank levies a processing fee which is 3% of the loan amount. In this case, here’s what Mr. Ajay’s repayment schedule will look like:
|Year||Principal Paid (A)||Interest Paid (B)||Total Payment (A+B)||Outstanding Loan Balance|
As you can see from the above amortisation table, Mr. Ajay will be paying Rs.8,885 as his monthly EMIs until March 2020. The total amount he will be paying is Rs.1,09,619 (loan amount of Rs.1 lakh, processing fees of Rs.3,000, and total interest payments of Rs.6,619).
|Fees and Charges||Citibank||ICICI Bank||Standard Chartered Bank||Bank of Baroda|
|Interest Rate||10.50% p.a.||11.25% p.a.||12.00%||11.70% p.a.|
|Processing Fees||0.25% to 3% of the loan amount||2.25% of the loan amount + GST as applicable||3% of the loan amount||2% of the loan amount + GST as applicable|
|Foreclosure Charges||Up to 4% of the principal outstanding||5% of the principal outstanding + GST as applicable||2% to 5% of the principal outstanding||N/A|
|Late Payment Fees||Nil||24%||Rs.495 + GST as applicable||2% on the overdue EMI|
You can borrow a personal loan from Rs.1 lakh to Rs.20 lakhs depending on your eligibility and repayment capacity. The bank also takes into consideration other loans that you currently have.
You can repay the loan from anywhere between 12 months to 60 months.
You can repay the loan in Equated Monthly Instalments (EMI). The amount can be paid through ECS facility or can give a standing instructions to the RBL Bank account or through post-dated cheques.
Yes, you can club your income with your salaried spouse. Your spouse’s salary must be regular and documented.
No, RBL Bank offers personal loans as unsecured loan and hence you needn’t provide any security or collateral for availing the loan.
Interest rate starts from 14% and it is calculated on the monthly reducing balance.
Yes, you will be charged a processing fee of 3% on the loan amount.
You cannot foreclose the loan before the loan has completed 12 months. Foreclosure charges are levied by the bank based on the time at which the foreclosure is made. Until the repayment of 12 EMIs, prepayment or foreclosure will not be permitted. In case you opt for foreclosure any time after making 12 to 18 EMI payments, 5% of the principal outstanding will be levied as foreclosure charges. In case you opt for foreclosure after paying more than 18 EMIs, 3% of the principal outstanding will be charged as foreclosure fees.
Yes, the documentation will be easier if you hold a Current/Savings account with RBL Bank. You can also make the EMI payments through standing instructions provided to the bank.
No, you don’t need a guarantor while applying for the loan.
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