Minimize EMI Burden of RBL Bank Personal Loan Interest Rates with These Tips

RBL Bank is one of the premier private banks engaged in offering a wide range of personal loans to meet varied requirements of marriage, education, medical emergency, etc. However, these loans come at a rate of interest which goes on to determine the quantum of EMIs applicable. The EMIs constitute interest, which only gets on the higher side with a greater rate. However, by employing a few tricks, you can get the RBL Bank Personal Loan Interest Rates reduced to comfort your wallet. Want to know such tricks? Well, that’s what the article is for. Keep reading to know the same.

Convince RBL Bank for Lower Interest Rates

As you would know, RBL Bank disburses personal loans to salaried and self-employed at varied interest rates dictated largely by the loan amount as well as the credit score. Salaried can get personal loans of below ₹5 lakhs at 16.50%-25% per annum. On the other hand, loans of ₹5 lakhs and above can be given at 15.50%-18%. Self-employed gets to service personal loans of less than ₹5 lakhs at 24% and 5 lakhs & above at 23% interest rate. You could see a range of interest rate above. Thus, you can negotiate to get the rate reduced to the lowest limit or something closer.

The factors that can help you do so is your income, repayment potential and credit score. A greater income translates into a higher repayment potential, empowering you to pay more and on time. On the other hand, a good credit score represents a sound creditworthiness. If you have these, a lower rate is very much a possibility.

Opt for a Relatively Shorter Tenure to Curtail the Length of EMIs

Well, a very long tenure can keep EMI amount down but not the overall interest payment. And, the motive should be to pay less interest if you care about your hard earned money. You can thus choose a relatively shorter tenure to cut short the length of EMI and the interest outgo. This will also help adjust for the hike in the installment amount.

Make a Part or Prepayment to Curtail EMIs

EMIs can also be curtailed by making a part payment or prepayment of the loan before the original tenure expires. As the name speaks itself, the part payment is a portion of the payment of principal outstanding. Whereas, the prepayment means the payment of the entire principal outstanding.

RBL Personal Loan EMI Calculator

The EMI calculator is the tool that can help you know the installments applicable over the course of RBL Bank Personal Loan. You can use the RBL Personal Loan EMI Calculator to know the indicative installments and interest outgo. All that you need to do is to use the loan amount, interest rate and tenure to compute the installments as well as the interest. You can even check through the calculator the repayment summary on a month-on-month or year-on-year basis. The calculator can even tell you the outstanding balance at different periods to help you strategize prepayment or part payment better.