How Can RBL Bank Personal Loan Interest Rate Reduce to Sweeten Your Repayment?

RBL Bank is constantly on the drive to acquire new customers for personal loans and add to its growing base. The bank offers the loan for a variety of purposes such as marriage, education, travel, medical reimbursement, etc. You can apply for RBL Bank Personal loan on the website of the lender or at the nearest branch. The loan would, however, be sweeter if RBL Bank charges less interest rate. The bank charges an interest rate of 11%-23% per annum based on the income earned by an individual and the loan amount applied by him/her. There are pivots based on which you can be successful in getting the rate reduced and bring down the liability. Want to know those pivots? Check out this article that showcases those and other critical information.

Factors That You Can Consider to Get RBL Bank Personal Loan Interest Rate Reduced

You can read the below factors and use them to negotiate for a lower rate.

Strong Income - Earning a handsome amount can very well result in a lower rate of interest. Good earnings create an impression of you being able to pay off the debt easily. Keeping that in mind, RBL Bank can consider reducing the rate of interest.

Good Credit History - As personal loans come without any collateral, lenders such as RBL Bank would like to get the proof of your creditworthiness. Actually, RBL Bank, upon receiving the application, would pull out your credit report to check the credit score you may have generated. The credit score is assigned to individuals servicing the debt for a minimum of 6 months. Ideally, the score has to be more than 750 for hassle-free loan approval at lower rates of interest.

Repute of the Organization You Work at - What also matters in your quest for a lower interest rate is the organization you work at. If you work in a top-notch company reporting healthy business year after year, you can then expect to grab a lower rate deal. Working in such organizations can make RBL Bank believe your job stability to be good, thus ensuring a regular flow of income to pay off with ease.

Existing Relationship - If you have an existing relationship with RBL Bank be it in the form of savings & current account or any other services, it can work in your advantage. The bank would like to sweeten the relationship further by extending loans at attractive rates to make it easy for you.

Check RBL Bank Personal Loan EMI Calculator to Be Aware of Repayment Variables in Advance

You can even glance at the EMI calculator to know what lies ahead of you. The calculator, backed with smart algorithms, helps compute the Equated Monthly Installment (EMI), which combines a portion of both interest and principal towards the loan. You can thus experiment with different interest rates to figure out the effect of rates on the repayment.

After doing all such due diligence shall you apply for a personal loan and live an affordable repayment life. The savings realized from lower rates can be utilized effectively to achieve other goals of life.