RBL Bank Personal Loan Interest Rate starts from 14%. The lowest EMI for Rs. 1 lakh is Rs. 2,326 when borrowed on the lowest rate and for 60 months’ tenure. The loan amount is between Rs. 1 lakh and Rs. 20 lakhs. You can apply for this loan if you are salaried or a self-employed professional. People from the age group of 25 years to 60 years can avail the funds. The processing fee is up to 2% of the loan amount + taxes. You can choose part-payment or foreclose the loan.
In the post below we will discuss about RBL Bank Personal Loan features, other charges, factors that influence the rate of interest, illustration of loan’s total cost, interest calculation, EMI calculation, and frequently asked questions.
Here are the features:
You need to know about the other fees and charges apart from the interest rate. This will help you calculate the total cost of the loan. It will also help you take an informed decision on the borrowing.
The bank will assess your financial liabilities, loan amount, tenure, employment information, monthly income, credit history, and other factors to determine a rate of interest. Here are a few factors that the lender will consider:
Here is an illustration of interest outgo for Rs. 1 lakh at 14% over different tenures:
The lowest EMI per Rs. 1 lakh is Rs. 2,362 on personal loan RBL Bank. The monthly instalment depends on the tenure, loan amount, rate of interest, your monthly income, and other employment information. EMI is equated monthly instalment. You need to pay this fixed amount on a fixed date every month till end of tenure.
Here is another illustration of monthly instalments for different loan tenures and borrowing amounts at 14% rate:
Here are the RBL Bank personal loan FAQs:
To get a better interest rate, you should have a good repayment capacity, high credit score, great relationship with the bank if possible, and sufficient monthly income or disposable income. The bank will review all these details, and check your fulfilment of the eligibility criteria. Then it will analyse your ability to afford the EMIs, tenure, and loan amount before determining the interest rate.
The amount you can borrow from RBL Bank as a personal loan is between Rs. 1 lakh and Rs. 20 lakhs. As the loan amount influences the total borrowing cost, you must borrow only the amount you need. The loan amount you are eligible for will also be decided by the bank. You can either borrow the maximum loan amount you are eligible for, or a lower amount.
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