Do RBL Bank Personal Loan Fees & Charges Come Under My Budget?

Yes, sure they do, because RBL Bank Personal Loan is an affordable product for the customers via which they can meet financial needs. And taking care of your needs RBL Bank charges a very affordable interest rate and some nominal charges for the loan processing. RBL Bank Personal Loan interest rate is starting from 14.005 per annum, which means you will get an affordable EMI on your loan repayment. And with a flexible tenure of 1 to 5 year, you can decide your own repayment schedule. So, if you want to know more about RBL Bank Personal Loan fees and charges, read this article below.

The One-Time Fee

For an RBL Bank Personal Loan, you need to pay a processing fee. And this processing amount is a one-time non-refundable charge. Your RBL Bank Personal Loan processing fee will be deducted from your disbursed loan amount. So you don’t need to make any upfront payment for this. As stated in RBL Bank official website, a processing fee up to 4% of the loan amount will be charged. And in case you are an existing customer, you can negotiate for a lower processing fee.

The Fixed Charge on Your RBL Bank Personal Loan

RBL Bank puts a fixed interest rate on your borrowed loan amount throughout the tenure. So your aim should be to grab the lowest interest rate, and how you could do that by following the below tips.

  1. Income and EMI Ratio – Ensure that your income and EMI ratio maintains a balance so it would be easy for you to manage your day to day expenses along with the EMI payment.
  2. Monthly obligation – Reduce your unnecessary expenses and make space for RBL Bank Personal Loan EMI
  3. Income – You must check before applying that your income is at least INR 20,000 or INR 25,00 (if you live in Delhi and Mumbai). Because low income can result in less loan limit and high interest charge.

Mid-term Charges on RBL Bank Personal Loan (Optional)

After a year of RBL Bank Personal Loan EMI repayment, the borrower can do prepayment/foreclosure of his/her personal loan. And for your information let us tell you that there are two ways to do prepayment/foreclosure –

  1. Balance Transfer
  2. Own Fund

When you use the balance transfer facility for RBL Bank Personal Loan prepayment/foreclosure, the following charges will apply as per your date of prepayment/foreclosure.

Month of Prepayment/Foreclosure Percentage of Prepayment/Foreclosure Fee
Between 13 to 18 months 5% of the principal loan balance
After 18 months 3% of the principal loan balance

On the other hand, if you do prepayment/foreclosure using your own fund after 12 EMI payments, no prepayment/foreclosure charges will apply on your RBL Bank Personal Loan.

Late Payment Fee for RBL Bank Personal Loan

If you delay in RBL Bank Personal Loan EMI payment, next month you need to pay the due EMI along with a penalty interest of 2.00%. You should note that the penalty interest would apply each month whenever you make a default on your RBL Bank Personal Loan. To cope with such issues, you should take help of RBL Bank Personal Loan EMI calculator. This tool directs you to choose a suitable tenure, so the EMI payment won’t be due for any month.

And if you use the auto-debit payment for your RBL Bank Personal Loan, you will never miss an EMI. Just make sure that your linked bank account maintains a minimum balance so the repayment goes swimmingly without any trouble.