RBL Bank gives attractive interest rates to the RBL Bank personal loan customers.  The interest rates are in the range of 14 to 23% per annum. The rate of interest charged on a personal loan is determined based on the applicant’s income, credit score, loan amount, and the loan tenure. If the borrower is an existing customer of RBL Bank, he/she may have a small edge over the others with respect to interest rates. 

What Are The Factors Affecting RBL Bank Personal Loan Interest Rates?

Credit Score:

Those having higher credit scores are offered RBL bank personal loans at lower interest rates compared to others. Hence, try to maintain a good credit score. Good financial habits like repaying your credit card bills and EMIs by their due dates, avoiding numerous loans or credit card applications within a short period, and keeping up a minimum credit utilization ratio will help you maintain a high credit score. 

Income:

When you have a higher income, you can get an RBL Bank personal loan at lower interest rates. This is because a higher income puts the bank at a lower risk of lending. Hence, they may offer you the loan more readily. 

Existing relationship with the bank:

You may get a lower interest rate on RBL bank personal loans if you are an existing customer and if you have a good credit relationship with the bank. This means, that if you have maintained a good repayment track record with the bank, then you may be eligible for the most affordable interest rates. 

Employer Profile of the applicant: 

RBL Bank considers the employer profile of their personal loan applicants while setting their interest rates.  Salaried individuals may usually be charged lower interest rates than the self-employed ones due to the former’s higher-income assurance. Among salaried people, government and PSUs are usually given lower interest rates due to their job stability and income certainty. Then, follow the personal loan applicants employed with MNCs and reputed private sector organizations as such establishments are usually considered to have higher chances of resisting economic downturns than other private sector firms.