If you are someone who is willing to avail a personal loan, this article is for you. When it comes to going for this unsecured credit facility, it would not be wrong to say that there are plenty of lenders available in the marketplace. And, choosing the best one is definitely not an easy task.
So, in order to help you out with the same, we are here to help. Yes, today, in this article, we are going to talk about RBL Bank personal loan, one of the renowned names in the industry.
This lender by offering this unsecured credit facility ensures to meet the diverse needs of one and all. And, this is the reason why a majority of people prefer to avail this loan from none other than this reputed bank. But before you take that final decision, it is important that you should be aware of the hidden factors that can make your journey a hassle-free experience.
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Eligibility Criteria
Talking about personal loan eligibility, there is no denying the fact that most of the lenders before offering you the loan check whether an individual meets the set criteria or not. There are various eligibility norms on the basis of which they rate an individual such as age, income, credit score, job stability, work experience, relationship with a lender, etc. So, soon after checking the profile of an individual on these parameters, lenders then decide whether he is eligible for a loan or not.
Credit Score
As far as a credit score is concerned, it is one such vital factor that can either make or break the situation for you. Usually, a three-digit numeric summary of 700 or above out of 900 is considered to be good enough in grabbing the best deal. Thus, it is important for a borrower to maintain a score as it is one of the prime factors that can affect your journey. So, if an individual pays attention to his score, he/she would be able to get the lucrative deal.
EMI
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Make sure that your equated monthly installments should be pocket-friendly so that you can easily repay your loan in the future. The flexible EMIs you have, the better it is for you as it will ultimately ease your loan repayment burden. And, in order to ensure that your monthly payments should be affordable, you can use a personal loan EMI calculator online that lets you know the exact and accurate calculations in just a few minutes.
Interest Rates
Last but definitely not the least is the interest rate that plays a crucial role in your overall journey. And, if we are talking about RBL Bank personal loan interest rates, the lender offers an unsecured credit facility to one and all at an interest rate ranges between 13%-18% per annum. Talking about this rate, it helps in reducing your overall burden as the lower the rates, the better it is for you in the future.
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