What is RBL Personal Loan Interest Rate?

What is RBL Personal Loan Interest Rate?

RBL, also known as Ratnakar Bank Limited, is one of the oldest private sector banks in India. It offers banking services to customers, such as personal loans. The RBL personal loan interest rate is low in comparison to other loan providers. What is the RBL bank personal loan interest rate? How to calculate the RBL loan EMI? In the given article we will know about the RBL personal loan, its benefits & more.

Features of RBL personal loan RBL Bank offers personal loans to both salaried & self-employed applicants. It provides an instant personal loan to the customer to meet their urgent cash requirements. Personal loans can be used for any purpose and the bank does not ask for collateral. You can use the amount for emergency medical treatment, wedding expenses, foreign vacation, child’s education, and to pay off the debts. With an attractive interest rate, RBL Bank provides you a loan from Rs. 1 lakh to 20 lakh.

The RBL personal loan interest rate ranges from 17.5% to 24%.

Simplified loan procedure with quick documentation and instant loan disbursal procedure.

RBL personal loan EMI calculator The RBL EMI calculator helps in determining the monthly EMIs of the personal loan which the user has to pay to the bank. This tool takes the necessary loan details like loan amount, loan tenure and interest rate to calculate the EMIs. Suppose a person has taken a personal loan of Rs 3 lakh at interest of 17.99% on a tenure of 38 months. The EMI calculator calculates the total payable monthly EMI amount which would be Rs. 11,416 with the total interest rate.

RBL personal loan EMI payment You can easily pay the monthly EMIs of your loan via ECS or post-dated cheque. The ECS facility automatically debit the EMI amount from your account, this makes the EMI payment easier for the customer. The cheque method is another alternative to pay the EMI but you need to provide the cheques to Bank or lender every month.

Eligibility for RBL personal loan The eligibility criteria for a personal loan may not be similar in every bank. It may vary from bank to bank depending on the personal loan amount & other factors like age, salary, etc. Eligibility to apply for RBL personal loan is as follows: ● ● ● ● ●

Minimum net monthly income of INR 25,000.

Minimum age at loan sanction should be 25 years Maximum age during loan maturity should be lower than 60 years.

Minimum 1 year of experience in the current employment Total work experience of 3 years is required.

Ways to apply for RBL personal loan & required documents

You can easily request an RBL personal loan if you have an existing savings account with the bank. The user just needs to visit RBL Bank and fill the personal loan application form. Also, you can apply for a personal loan by visiting RBL Bank official website. The documents required to apply for RBL personal loan are:

● PAN Card – For Individual ● Voter ID / Driving License / Passport. ● Address Proof – (Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement) ● Passport Size Photographs ● Latest 6 months Salary credit Bank Statements ● Latest 2 months payslips and Form 16 issued by the employer