Categories
Categories
Amir Azam
by on October 19, 2021
56 views

RBL Bank offers personal loan to salaried customers ranges from Rs.1 lakh and Rs.20 lakh with a personal loan interest rates from 14% to 23% p.a. Customers can pick a flexible tenure between 1-5 years and are charged a processing charge of 3% of the loan amount by RBL Bank. To be eligible to apply for the loan, customers should be at least 25 years of age and have a limit of 60 years of age. RBL Bank likewise charged a penal interest for late increments of 2% each month and 5% as foreclosure charges.  

Components Influencing RBL Personal Loan Fees  

  • The income of the candidate: The income of the candidate is one of the fundamental factors that choose the interest rate of the loan that will be offered. With the minimum income required is set at Rs.25,000, the higher the income of the person, the odds of the interest rate being set lower is more.   
  • The repayment history of the candidate: If the candidate has had a helpless repayment history which will be reflected in his/her CIBIL rating, the interest rate offered by the bank will be higher.  
  • In case that the candidate has a relationship with RBL: If the candidate has had a decent connection with RBL bank by holding a record with them for various years or has availed a loan from them before, odds are the interest rate offered will be lower.  
  • The tenure picked by the candidate: If the tenure picked by the candidate is short, then, at that point, the interest rate will in all probability be lower also.  

FAQs  

  • Q. What are the age rules to be eligible for a personal loan from RBL?  

Candidates must be at least 25 years and have a limit of 60 years or a period of retirement (whichever is prior) to be eligible to apply for an RBL personal loan.  

  • Q. What are the employment criteria to apply for an RBL personal loan?  

Candidates should have at least 3 years of experience and 1-year experience in the current organization to be eligible to apply for an RBL personal loan.  

  • Q. What documents would it be advisable for me to submit while applying for an RBL personal loan? 

Candidates need to submit bank statements, loan documents, identity and address proof, PAN card, and passport size photos.  

  • Q. Do I have to submit collateral to avail myself a personal loan from RBL?  

RBL offers unsecured personal loans which imply that no guarantee will be needed to avail a personal loan.  

  • Q. Would I be able to apply for a personal loan online?  

Actually no, not yet.  

In case you are hoping to apply for a personal loan, the following are a couple of tips that will assist you with availing a lower rate of interest:  

  • Develop Your Loan Score: A high credit score shows that you are reliable. Banks and financial institutions offer the most reduced personal loan interest rate to candidates who have a high credit score. Accordingly, you should check your CIBIL score prior to applying for a personal loan. In case that your credit score is lesser than 750, you should search for approaches to further develop it. There are more possibilities of you getting a personal loan at a low interest if your CIBIL rating is more than 750.  
  • Try not to Miss Repayment: If you miss a loan or Mastercard repayment, your CIBIL assessment might be unfavorably influenced. Loan lenders generally consider your repayment history prior to choosing the personal loan interest fees. The people who have paid their past EMIs and credit card charges on time are probably going to be charged a lower interest.  
  • Watch out for Offers: Banks and financial institutions generally offer unique loan costs for a restricted timeframe during festive occasions. In case you apply for a loan while a particular offer is running, you might be offered a lower rate of interest.  
  • Think about Interest Rates: Before applying to a specific bank for a personal loan, it is important to analyze the personal loan interest rate charged by different NBFCs and banks. This will assist you with availing of a personal loan at a competitive interest rate.  
  • Negotiate with the Lender: If you are a current client of a bank or have a decent connection with the loan supplier, you can negotiate for a most reduced interest rate. While doing this, it is advisable to present a formal composed request to the loan lender. 

Conclusion: 

Lastly, you can get a low RBL Bank personal loan interest rate and this can only be possible if you take care of the above-mentioned factors. You can also apply for a low personal loan interest rate via Afinoz for hassle-free processing. 

Posted in: Loan
Be the first person to like this.