Is RBL Personal Loan Interest Rate Too High? RBL Bank is a sheer force in the personal loan segment by providing credit at attractive terms and conditions. One such terms & conditions are the rate of interest at which you get an RBL personal loan. The rate determines the quantum of payment ahead of you. So, if you are transacting with RBL Bank for a personal loan, ensure you don’t strike a deal at a higher rate. It will hit your pocket hard else. So, you must compare RBL Personal Loan Interest Rateto that of others and see which gives you the right deal. Let’s sit together and find out the right deal for you. What Exactly is the RBL Personal Loan Interest Rate? RBL Bank sets interest rates based on the loan amount and the profession of an individual. Salaried and self-employed get the loan at interest rates of 17.50%-26% and 24%-26%, respectively. How Much Does SBI Charge on Personal Loans? SBI offers personal loans to defence personnel, public and private sector employees, etc. As of now, loans are available at interest rates of 10.55%-14.95% per annum. What About ICICI Bank Personal Loan? ICICI Personal Loan Interest Rates, which range from 11.25%-22% per annum, are based on the income, purpose and profession of an individual. Can RBL Compete Against HDFC Personal Loan Offer? The private biggie HDFC Bank is a frontrunner in India’s personal loan segment. It disburses the loan at an interest rate of 10.75%-21.30% per annum. The loans are mostly available for salaried professionals. Where Does RBL Bank Stand in Competition to Axis Bank? Axis Bank, a dominant player in the personal loanspace, provides the credit facility to salaried at 12%-24% per annum. Kotak Mahindra Bank Personal Loan Interest Rate
Kotak Mahindra Bank disburses personal loans at interest rates ranging from 10.99%-20.99% per annum. The setting of the rate will depend on the loan amount, individual’s gender and profession, etc. Verdict RBL Bank is not the first choice when it comes to ranking banks in terms of interest rates. But it can be considered given that it offers personal loans to both salaried and self-employed. Most lenders restrict this offer to just salaried. However, you must go beyond by checking the effect of interest rates on your repayment. How can you do it? Well, you can use the Personal Loan EMI Calculator to figure out the repayment estimates. The calculator takes into account the rate of interest, loan amount and tenure to compute the Equated Monthly Installment (EMI) and interest payable over the course of a loan. Greater the interest rate, higher would be the EMI and interest outgo. Can You Get the Loan Lower than the Card Rates? Yes, it’s a possibility provided your credit history is very impressive. One more factor that can go in your favour is your existing relationship with RBL Bank. Yes, if you have a salary account or any other relationship, the bank can soften its stance on interest rates. So, negotiate with them and ensure the rate is as low as possible. The loan deserves applause only when it saves you extra.