A personal loan from RBL bank can be availed by both salaried and non-salaried professionals or individuals. There is no collateral needed to avail of a loan from RBL bank
The eligibility criteria for applying to RBL Bank Personal Loan:
- The individual must be 25 years of age
- The minimum salary should be Rs. 25,000
- The minimum work experience required is 1 year
Proper documentation is needed and thus proper identity proof and valid address proof are necessary.
RBL Bank provides low-interest rate loans, with no hidden charges and the documentation is also minimal. The amount that can be availed as a loan is between Rs. 50,000 to Rs. 2,00,000. The repayment period is also long and with the part-prepayment option, the borrower does not feel the burden of the debt.
Advantages of the RBL Personal loan:
- Low-interest rate
- No security or collateral needed
- The paperwork is very less
- The tenure of the loan is long
- The minimum income requirement is also low
- The repayment is comfortable and also long
- The documentation is also a hassle-free process
As per the EMI calculator of the RBL bank, the EMI for a loan of Rs 20 lakhs and a tenure of 60 months with an interest rate of 14% is Rs. 46,537. The total interest payable on the loan is Rs. 7,92,220. The total payment for this loan will be 27,92,220.