During this pandemic, a lot of people are going through a financial crunch. Their savings have dried up to manage the expenses. In such circumstances, if one faces a financial emergency, instant cash could help. RBL Bank personal loan is one of those lenders who could provide help instantly.
It offers loans for medical bills, education fees, home furnishing or any other requirement. In this short post, we will explore the details. Then you can apply easily.
RBL Bank Personal Loan Details
RBL Bank personal loan is a fine choice to encounter the cash crunch. It offers a decent loan amount with a competitive interest rate.
RBL Bank offers loan amounts up to Rs 20 lakhs.
The interest rate starts at 14% P.A
The loan tenure is up to 5 years.
The processing fee is up to 3.5% of the loan amount.
The lowest EMI is Rs 2,405 per lakh.
The foreclosure charge is between 3% and 5% allowed after 12 EMIs have been cleared.
The convenience charge is Rs 999.
The interest on delayed payment is 2% per month on the overdue EMI.
The RBL Bank Personal Loan Eligibility Criteria
In order to apply, you need to qualify for minimum RBL Bank personal loan eligibility criteria.
The applicant should be a salaried person.
The applicant age should be a minimum of 25 year and the maximum should be 60 years at the maturity time.
The applicant's minimum income should be at least Rs 25,000 per month.
The applicant should have minimum 3 years of working experience.
RBL Bank Personal Loan EMI Calculator
The RBL Bank personal loan EMI calculator is a tool to determine the monthly EMI. This personal loan EMI Calculator tells you the monthly EMI needed to pay. Open the calculator; enter the loan amount, loan tenure, and the interest rate.
Now, click on calculate. It will show the monthly EMI, the total interest payment and the total payment you will have to pay. As said, this personal loan EMI calculator is easy and quick to use.
Comparing RBL Bank Personal Loan with other Lenders
Fees and Charges ICICI Bank Standard Chartered Bank Citibank
Rate of interest 10.75% p.a. onwards 11.49% p.a. onwards 9.99% p.a. onwards
Processing charge 2.25% of the loan amount 2.25% of the loan amount Up to 3%
Foreclosure Charges 5% of the principal outstanding 1% to 5% Up to 4%
Late Payment Fees 24% Rs.495 + GST Nil
Features of RBL Personal Loan
RBL Bank personal loan offers a huge loan amount up to Rs 20 lakhs to cover the unexpected expense.
The loan tenure is flexible up to 5 years.
The entire process is quick and hassles free without any hiccup.
It requires minimal documentation.
Required Documents for RBL Bank Personal Loan
The loan application form
Identity proof – Aadhar card, PAN card, Driving license or Voter ID card
Address proof – The electricity bill, utility bill, telephone bill, water bill
Bank statement for the last 3 months
Salary slips for the past 3 months
How to apply for RBL Bank Personal Loan
There is a very easy way to apply for RBL Bank personal loan. First, visit Afinoz.com, which is an online financial marketplace. Go there, register and apply. You will receive offer from the RBL Bank. Then you can decide whether to go ahead with the offer or not.
Conclusion
There is no doubt RBL Bank personal loan is the good lender. However, before you apply, analyse your requirement to make sure you only need the loan amount.
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