RBL Bank Personal Loan Interest Rate 2023

RBL Bank
4.5

One of the most well-known banks in the nation right now is RBL Bank. The bank offers personal loans with competitive interest rates and a wide range of other financial services. Depending on the borrower's profile, the personal loan interest rate with RBL Bank ranges from 14.5% to 23%. The bank bases its decision to issue a personal loan on various criteria, including the borrower's employment status, income level, credit history, and ability to repay. To get a loan, you must have a strong credit score. One might bargain with the bank for reduced interest rates if the financial profile is strong.

  • RBL Bank Personal Loan Interest Rate

    Personal Loan offer for You

  • 14% - 23%

    Interest Rate (p.a.)
  • ₹1L - ₹20L

    Tenure(1 - 5 Years)
  • ₹2,327 - ₹2,819

    EMI Per Lakh

Check Latest Personal Loan Offer From RBL Bank

  • RBL Bank Personal Loan Interest RatePersonal Loan offer for You
  • 14% - 23%

    Interest Rate (p.a.)
  • ₹1L - ₹20L

    Tenure(1 - 5 Years)
  • Up to 2% of loan amount

    Processing Fee

RBL Personal Loan Rate Comparison with Other Banks

Comparing personal loan interest rates will determine how superior RBL's personal loan is to other products. Following is the table below is a comparison of RBL’s Personal Loan Interest Rates with other banks and lenders.

  • Starting Interest Rate (p.a)
  • Processing Fee
  • Rating
  • Min. Loan Amount
  • CASHe Personal Loan Interest Rate

    CASHe PL Interest Rate

  • 27%

  • We offer a 2.50% interest rate per month (Equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

  • 4.5

  • ₹1K - ₹4L

    Tenure(7 - 45 Years)

  • 50 K
  • 1 Cr
Years
  • 1
  • 5
%
  • 8
  • 25

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

RBL Bank Personal Loan Rate of Interest

RBL Bank PL Interest Rate is available starting at 17.50% p.a. for loans amounting to Rs 20 lakh and for terms up to 5 years. It provides quick personal loan approval to other applicants who match the bank's eligibility requirements, as well as pre-approved personal loans to a small group of RBL customers. 

RBL Personal Loan Interest Rate by Schemes

Leading private sector bank in India, RBL Bank has a sizable customer base and provides a wide range of goods and services to retail and business clients. Treasury and financial market activities, wealth management, agricultural banking, NRI banking, MSME banking, DEMAT services, insurance, loans, credit cards, and many more are among the various banking segments.

For qualified consumers, the bank offers personal loans with reasonable interest rates and convenient payback terms. The information on RBL Bank's personal loans and the application requirements are provided below.

The loans that a lender can offer to a qualified applicant are personal loans. These loans need the least paperwork and are handled more quickly than other loans (for example, home loans). These loans may be used for any of the following purposes:

  • Emergency medical care for oneself or any family members
  • Spending on one's own or one's children's education
  • Marriage-related costs for oneself or any other family members
  • Traveling costs
  • Furnishings and repairs for homes

The loans are easily accessible for any of the uses mentioned above and can be repaid during the loan in equal monthly instalments.

RBL Personal Loan Interest Rates for Salaried and Self-Employed

The RBL personal loan interest for salaried and self-employed are different, and given below is the detailed information:

RBL Personal Loan Interest Rate for Salaried Employees

The table below shows RBL Personal Loan Interest rates for Salaried Employees 

Individual’s Income Rate of Interest (%)
New to Credit 24%
Metro Mirco Loan 26%
Rs 1 Lakh and above 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%

RBL Personal Loan Interest Rate for Self-Employed Individuals

The table below showcases RBL Personal Loan Interest Rates for self-employed individuals.

Loan Type Rate of Interest (%)
Amount less than Rs. 5 Lakh 26%
Ticket Size equals to or higher than Rs. 5 Lakhs 22.50%
MCA (Ticket Size equals to or less than Rs. 5 Lakhs) 25%
MCA (Ticket Size higher than Rs. 5 Lakh but less than Rs. 15 Lakhs 21.50%
Small BIL Doctor 20%

RBL Personal Loan Interest Rate for Salary Account

Numerous advantages are available to customers with an RBLBank personal loan account. To find out if they qualify for a personal loan that has already been pre-approved, interested candidates can visit the bank's official website and supply particular information. Like other lenders, RBL Bank offers pre-approved personal loans to borrowers with strong credit ratings and on-time repayment history. Salary accounts at RBL bank have interest rates that begin at 17.50% per year.

RBL Pre-Approved Personal Loan Interest Rate

If a person has a strong credit rating and all the required paperwork, they may be eligible for an RBL personal loan with a pre-approved interest rate. Customers can quickly obtain a pre-approved personal loan at a good interest rate from RBL Bank.

RBL Personal Loan Balance Transfer Interest Rates

A personal loan balance transfer refers to moving your active personal loan from one bank to another. Being able to save money makes it a practical amenity. Depending on how much of the existing loan is still outstanding, even a 0.50 to 1% change in the interest rate will significantly reduce your EMIs and produce further cost savings.

RBL Bank personal loan balance transfer interest rates at a commendable interest rate of 11.50%.

RBL Personal Loan Interest Rates and Charges

You should familiarise yourself with the associated fees and charges before applying for an RBL Bank Personal Loan. Knowing these will make it easier for you to calculate the total cost of the borrowed money:

Loan Details Charges Applicable
Rate of Interest 11.50%-23%
Fees for Processing the Loan 4% of the amount of the loan
Tenure of Loan Minimum - 1 Year (12 Months) Maximum - 5 Years (60 Months)
Amount of Loan Minimum Amount - Rs. 1,00,000 Maximum - Rs. 20,00,000
Status of Employment Salaried
Score of Credit 750 or higher
EMI per Lakh (Lowest) Rs. 2,405
Pre-Closure After 12 EMIs have been paid, prepayment is permitted. 5% of the outstanding Principal for EMIs between 13 and 18 More than 18 EMIs and 3% of the outstanding principal NIL- if at least 12 EMIs are paid in full without any late payments, then foreclosure must be carried out with own cash.

Factors Affecting RBL Personal Loan Interest Rates

There are a lot of factors that affect the RBL Bank personal loan interest rates, given below are some of the significant factors:

Applicant’s Income

One of the key elements that determine the interest rate of the loan that will be provided is the applicant's income. The higher an individual's income, which must be at least Rs. 25,000, the more likely the personal loan interest rate will be fixed at a lower level.

Applicant’s Repayment History

The interest rate provided by the bank will be greater if the applicant has a history of late payments, which will be reflected in their credit score.

Applicant’s Relationship with the RBL Bank

There is a chance that the interest rate provided will be reduced if the applicant has a positive relationship with RBL bank and has maintained an account with them for several years or has previously taken out a loan from them.

Tenure of the loan applied.

The interest rate will probably be reduced if the applicant chooses a brief term.

How to Get Low-Interest Rates on RBL Personal Loan?

To get low-interest rates on an RBL Personal Loan, you need to be aware of certain factors directly proportional to its availability. You should be aware that since the loan is a credit, the bank will also want you to pay back the interest. However, there are a few simple ways to help you get the greatest deal. Here are some of them:

Great CIBIL Score.

This is because your credit report, or CIBIL, includes details about your past payment history. If you have a track record of making on-time payments and a credit score of at least 750, it will be easier for the bank to trust you to return the loan in the future. Using a PAN card, you can also check your CIBIL score for free.

Employment

Working for a recognised firm is a plus because it dramatically affects the interest rate depending on the employer type.

Good Income

As opposed to home loans, where the property's value is a significant consideration, paying the EMI is more straightforward when one has a steady and predictable source of income. Therefore, the bank will think about giving you the best rate.

The Age Factor

It can be helpful to be young when applying for a loan because you have fewer financial responsibilities now. Citibank requires self-employed applicants to be between the ages of 21 and 26. (for salaried).

RBL Personal Loan Interest Rate Calculation

RBL Bank EMI calculator for personal loans can be used to determine the EMI. The simplest way to verify your loan payments is with this tool, which is accessible online. The interest calculator or EMI calculator not only gives you the monthly EMI but also displays the overall interest expense and payback amount results. The essential information, including the loan amount, the annual interest rate, and the length of time you desire the loan, is considered when calculating all these findings. Additionally, you receive an amortisation schedule and a table showing the balance after each year.

Or 

One can use the following formula to calculate the EMI:

EMI = [P x R x (1+R)^N]/[(1+R)^N-1]

Frequently Asked Questions (FAQs)

What is the current interest rate of an RBL personal loan?

The current interest rate of RBL personnel is somewhere between 14% to 23%.

How can I reduce my interest in RBL personal loan?

One can reduce the interest rate in RBL personal loan by maintaining a great credit history, making timely payments, and negotiating with your lender.

Is RBL personal loan a floating-rate loan or a fixed-rate loan?

RBL offers personal loans at floating and fixed rates.

Do RBL demand collateral or security for personal loans?

No, RBL doesn’t demand collateral or security for personal loans.

Can individuals pay off their RBL loans EMI early?

People can pay off their RBL loans EMI early by paying off the foreclosure fee.

What is the EMI for a 1 lakh personal loan?

The lowest EMI for a personal loan of 1 Lakh is Rs. 2,327.

What is the EMI for a 10 lakh personal loan?

The lowest EMI for a personal loan of 10 Lakh is Rs. 48,013.

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