RBL Bank Personal Loan Interest Rates

Bank Personal Loan is available at 17.50% p.a. for loan amounts up to Rs 20 lakh and tenures of up to 5 years. It provides pre-approved personal loans to select RBL customers and rapid personal loan approval to all other applicants who match the bank's eligibility standards.

Continue reading to learn more about RBL Bank Personal Loan.

Details of the RBL Bank Personal Loan Schemes

 

RBL Bank Rate of Interest for Personal Loan

14% p.a. - 23% p.a.

Processing Charges

4%

Term

60 months

Maximum Amount

Rs.20 lakh

Required Income

Rs.25,000 per month

Employment

Salaried

CIBIL

750

Prepayment Charges

Up to 5%

Characteristics of the Personal Loan Scheme from RBL Bank

  • RBL Bank provides personal loans ranging from Rs. 1 lac to Rs. 20 lacs.
  • A loan tenure period ranging from 12 months to 60 months is offered.
  • RBL Bank does not require any security for a personal loan.
  • The bank has streamlined the procedure of obtaining a personal loan. The paperwork submission process is similarly quick and simple.
  • RBL Bank provides competitive interest rates on personal loans.
  • The bank offers a speedy loan disbursement policy, and the hassle-free process improves the client experience.

RBL Bank Personal Loan Rate of Interest

Following are the RBL Bank Personal Loan Rate of Interest-

a) RBL Personal Loan Rate of Interest for the Salaried

 

Income

Interest Rate

New to Credit

24%

Metro Micro Loan 

26%

Above Rs 1 lakh

17.50%

Rs 75,000 to < Rs 1 lakh

18%

Rs 50,000 to < Rs 75,000

19%

Rs 25,000 to < Rs 50,000

22%

Rs 20,000 to < Rs 25,000

24%

b) RBL Bank Interest Rate on Personal Loan for the Self-employed

 

Type

Interest Rate

Small BIL Doctor

20%

MCA (Ticket size > Rs 5 lakh < Rs 15 lakh)

21.50%

MCA (Ticket size <= Rs 5 lakh)

25%

Ticket size >= Rs 5 lakh

22.50%

Loan amount< Rs 5 lakh

26%

Other Charges of the RBL Bank Personal Loan

 

Processing Charges

2%

Prepayment Charges

3% - 5%

Overdue Interest

2%

What is the Eligibility Data to Apply for the RBL Bank Personal Loan?

  • Age range: 25-60 years old or retirement age.
  • Minimum monthly net income: Rs 40,000.
  • Work Experience: 3 years total, one year in present employment.
  • RBL Bank, like other lenders, may analyze applicants' credit scores, job profiles, and employer profiles when determining personal loan eligibility.

What are the Documents Needed to Apply for RBL Bank Personal Loan schemes?

  • Completed application form with a colour photograph
  • KYC documentation: PAN Card/Age/Identity Proof (Aadhar card, passport, driving license, voter ID)
  • Aadhaar card, voter ID, driving license, passport, utility bill (electricity bill, telephone/mobile bill- not older than two months)
  • The Bank statement for the previous 3 months with pay credited.
  • Salary statements: 1 recent salary slip for loans less than 7.5 lakh

 

How to Apply for the RBL Personal Loan?

RBL Bank provides several methods for approaching them for a personal loan-

  • The easiest and fastest method to get a personal loan is through an online application on the website.
  • One can go to the nearest bank branch, meet with a bank representative, and make the entire submission there.
  • The customer service team also assists in the dissemination of information about personal loans. They also handle inquiries and can accept personal loan application requests.

What are the Factors that Affect the Interest Rates of the Personal Loan from RBL Bank?

  • The applicant's income: The applicant's income is one of the primary elements that determine the interest rate of the loan that will be offered. With the minimum income requirement set at Rs.25,000, the higher the individual's income, the more likely the personal loan interest rate will be set lower.
  • If the applicant has a solid relationship with RBL bank by keeping an account with them for a number of years or has taken out a loan from them in the past, chances are that the interest rate provided will be lower.
  • The applicant selected the following tenure: If the applicant chooses a short term, the interest rate will most likely be cheaper as well.
  • The applicant's repayment history: The bank's interest rate will be greater if the applicant has a bad repayment track record, which will be reflected in his/her credit score.

Other Bank's Personal Loan Charges

 

Banks/NBFCs

Interest Rates (p.a.)

SBI

10.30%-15.10%

ICICI Bank

10.75% onwards

Kotak Mahindra Bank

10.99% onwards

IndusInd Bank

10.49% onwards

IDFC First Bank

10.75% onwards

HDFC Bank

11.00% onwards

Bajaj Finserv

13.00% onwards

Tata Capital

10.99% onwards

Axis Bank

10.25% onwards

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