Advantages of RBL Bank Personal Loan

Some of the benefits of the RBL Bank Personal loan that can be beneficial for you while applying for the personal loan are mentioned below - 

• Simplified and Quick Documentation - RBL Bank makes the loan process smoother with minimal paperwork. This means less hassle for you and quicker access to your funds without being stuck down by tedious formalities.

• No Security or Collateral Required - For a personal loan with RBL Bank, you don’t need to pledge any assets to get a loan. You can borrow with confidence, knowing you don’t have to put your property, savings, or other valuables at risk.

• Attractive Interest Rates - RBL Bank offers competitive interest rates that make it easier for you to manage your loan repayments. The lower interest means lower overall costs and more savings over time.

• Flexible Borrowing - RBL Bank personal loans come with flexible borrowing options. You can choose the loan amount and tenure that suit your financial needs. This gives you full control over your repayments which will be easier for you to repay according to yourself. 
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• Quick Approval - RBL Bank ensures a fast approval process and helps with the access funds you need, without delay. This quick turnaround is ideal for urgent financial needs and lets you move forward without waiting too long.

Factors Affecting RBL Bank Personal Loan Interest Rate

These are the factors that might affect your personal loan interest rates for different borrowers - 

• Income of the Applicant: The applicant's income plays a key role in determining the interest rate offered on a personal loan. While the minimum income requirement is set at ₹25,000, individuals with higher incomes have a greater likelihood of securing a lower interest rate on their loan. 

• Repayment History: If the applicant has a poor repayment history, as a record and whatever is reflected in their credit score, the bank is likely to offer a higher interest rate on the loan.

• Relationship with the RBL Bank: If the applicant has maintained a long-standing relationship with RBL Bank, such as holding an account for several years or having taken a loan in the past, there is a higher likelihood of being offered a lower interest rate.

• Repayment Tenure Chosen by the Applicant: The loan tenure directly impacts the interest rate. Choosing a shorter tenure often results in a lower interest rate, while longer tenures may lead to higher rates.

Calculating EMIs on RBL Bank Personal Loans at Different Interest Rates

To quickly and simply calculate your EMIs for a personal loan from the RBL Bank, use the Wishfin online personal loan EMI calculator.

You can simply put the following details - 

• Loan Amount

• Tenure

• Interest Rate

The equal monthly payments (EMIs) for a ₹2,00,000 personal loan with an interest rate of 18%  per annum which can go up to 24% per annum, depending upon your loan application, for terms of one to five years are shown in the table below. To better meet your needs, you can modify the loan amount and other information.

What Should You Do in Order to Fetch the Lowest Interest Rate from RBL Bank?

You can get a low-interest deal from RBL Bank if you bear the following points in mind:

• Maintain a Good Credit Score: It is always said that to maintain your credit or CIBIL Score, always pay your obligations on schedule and stay out of default to maintain a high credit score. Having a high credit score can help you get better rates and is an indication of financial prudence.

• Select a Shorter Loan term: A shorter loan tenure poses less risk to the bank since the risk is spread over a shorter period. As a result, choosing a shorter loan term often leads to lower interest rates.

• Negotiate with the Bank: Always negotiate with the bank on the basis of your application and CIBIL Score which will eventually help you to have a lower interest rate than is already decided. 
   
• Increase Your Income: Demonstrating a higher income can significantly increase your chances of securing a lower interest rate on a personal loan. Lenders view applicants with higher incomes as more financially stable, which reduces the risk of default. Since higher-income individuals are perceived as having a greater ability to manage monthly repayments comfortably, lenders are more inclined to offer them favorable terms, including lower interest rates.

• Apply During Promotional Periods: Keep an eye out for promotional offers or special interest rate reductions that RBL Bank may offer during certain periods. Applying during these times can help you lock in a lower rate.

Documents Required for a Personal Loan from RBL Bank

Here is the list of documents that are required for the personal loan application ➖

• Complete Loan Application  

• Three passport-sized photos

• Identification documentation (photocopies of a passport, driver's license, voter ID card, or IT PAN card)

• Residence proof in the form of photocopies of current phone and electricity bills.

• Bank Account/Pass Book Statement for the previous six months

• Form 16/IT returns for salaried personnel for the previous two financial years

• IT Returns of the last 3 years for the Self - Employed Individuals. 

Other Charges of RBL Bank Personal Loan

Here are the additional fees or charges that might be applicable while availing the personal loan from RBL Bank -