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Compare Personal Loan - SBI vs RBL Bank

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Bank
Parameters
Interest Rate
Interest Rate
9.60% - 15.65%
14.00% - 23.00%
Processing Fees
Processing Fees
1.00%
Upto 3.5%
Loan Amount
Loan Amount
₹ 50,000 to ₹ 15 Lakh
₹ 1 Lakh to ₹ 20 Lakh
Loan Tenure
Loan Tenure
6 to 72 Months
12 to 60 Months
Lowest EMI Per Lakh
Lowest EMI Per Lakh
₹ 1,832
₹ 2,327
Part Payment Charges
Part Payment Charges
Not Allowed
Not Allowed
Foreclosure Charges
Foreclosure Charges
Allowed after 6 months at 3%
Allowed after 18 months at 3%-5%
Eligible Age
Eligible Age
21 to 58 Years
25 to 60 Years
Minimum Income
Minimum Income
₹ 24,000
₹ 25,000
Current Work Experience
Current Work Experience
12 Months
12 Months
Total Work Experience
Total Work Experience
24 Months
36 Months
Customer Ratings (Read Reviews)
Customer Ratings (Read Reviews)
3.6/5.0
4.5/5.0
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Compare EMI of SBI and RBL Bank Personal Loan

Loan Amount SBI RBL Bank
₹ 1 Lakh ₹ 1,832 ₹ 2,327
₹ 5 Lakh ₹ 9,162 ₹ 11,634
₹ 10 Lakh ₹ 18,325 ₹ 23,268
₹ 12 Lakh ₹ 21,990 ₹ 27,922

Which is a better bank for Personal Loan – SBI or RBL Bank?

SBI offers lower Personal Loan EMI at 1832 on a Personal Loan for 72 Months as compared to RBL Bank with a minimum EMI of 2327 for 60 Months. Average customer ratings for SBI is currently at 3.6/5.0 which makes it a good choice for taking a Personal Loan.

How does SBI Personal Loan compare with RBL Bank Personal Loan?

It is important to do a detailed comparison of SBI and Personal Loan on all loan terms and conditions to understand their differences and take an informed decision. Keep in mind that each bank’s scheme has its own pros and cons that have to be evaluated before choosing the best offer. Some of the key results of the comparison between the two banks are:

  • Lowest Interest rate of SBI Personal Loan is 9.60%, which is lower than the lowest interest rate of RBL Bank at 14.00%. Hence, SBI is offering a cheaper loan option.
  • When compared on other Personal Loan charges such as processing fees, SBI charges a processing fees of 1.00% while RBL Bank charges a processing fees of Upto 3.5%.
  • RBL Bank offers Personal Loan upto an amount of ₹ 20 Lakh while SBI offer Personal Loan upto an amount of ₹ 15 Lakh. RBL Bank can be a better option if you are looking for a high value amount.
  • One feature that makes Personal Loan a better option is foreclosure facility. SBI gives the option to close the loan after 6 months at 3% and RBL Bank gives the option to close the loan after 18 months at 3%-5%. This makes SBI a better option for Personal Loan.
  • RBL Bank has an average customer ratings of 4.5, while SBI has an average customer rating of 3.6, based on which it is clear that RBL Bank has a high customer service focus, an easy Personal Loan process and a quick turnaround.

Which bank offers lower interest rate on Personal Loan – SBI or RBL Bank?

As per the current rates, SBI offers a lower interest rate of 9.60% on Personal Loan when compared to RBL Bank which offers a Personal Loan at 14.00%.

Know all about Personal Loan

Know more about SBI Personal Loan

Know more about RBL Bank Personal Loan

Compare SBI Personal Loan With Other Banks

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Personal Loan News - Jun 2021
  • 2021-06-14 : IDFC First Bank’s helping hand for the covid-affected families of employees
    To help the families of employees who lost their lives due to covid, IDFC First Bank is offering compensation of upto 4 times of the CTC along with a salary of two years. Along with that, the bank is also wavering the loans of such employees to reduce the burden on the employees’ family.
  • 2021-06-11 : YONO to offer fast-tracked two-wheeler loans and express credit
    The State Bank of India YONO app is going to offer fast track two-wheeler loans and express credit, a high-value personal loan. SBI is planning to expand the YONO product basket. YONO will be offering two-wheeler loans along with personal loans of small ticket size, between Rs 5-10 lakhs.
  • 2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
    MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
  • 2021-06-11 : MyLoanCare collaborates with three of the top app-based lenders
    MyLoanCare Ventures Pvt Ltd has collaborated with three of the top app-based lenders - MoneyTap, EarlySalary, and Paysense to make Instant Small Ticket Personal Loans convenient, transparent and much quicker.
  • 2021-06-10 : Rural Loan Collections to be affected by the Second wave
    As the borrowers are continuously facing the issues created by the pandemic, India Ratings - a rating agency reported that the collections of Rural Loan which includes Home Loan, Loan Against Property, Business Loan, Personal Loan, etc. will be vastly affected because of the second wave of Covid-19.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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