RBS Personal Loans2 min read

The Royal Bank of Scotland is one of the oldest banks in the United Kingdom. The Bank played a huge role in shaping up the country’s banking sector. RBS personal loans range from £1,000 to £50,000 with repayment terms up to 10 years. However, the loans are only available to current mortgage and credit cardholders.

While rates depend on your current circumstances, income, credit rating, loan size, among other factors, RBS offers one of the lowest APRs ranging from 3.9% to 29.9%.

How RBS Personal Loans Work

Illustrative APR:

Representative 3.9% APR applies to loans between £7,500 and £19,950.

6.2% APR for loans between £25,050 – £50,000.

19.9% APR for loans between £3,000 – £4,950

Let’s assume you borrow £14,000 over a period of 60 months. Based on an APR of 3.9%, you’ll pay a total of £256.76 per month. At the end of the loan term, you will have paid a total of £15,405.60.

RBS offers very flexible repayment terms depending on the loan amount. For example, if you borrow between £7,500 and £50,000 to help you finance home renovations, you’ll have up to 10 years to repay the loan. If it’s for a different purpose, the bank will give you up to 8 years. Loans from £1,000 up to £7,450 have a repayment period of up to 5 years.

If you decide to pay off your loan before your term ends, early repayment charges will apply. The bank will charge you 58 days interest in addition to your outstanding loan and any interest.

Loan Application

 Applying for RBS personal loan is fast and easy. You only need to meet the following requirements;

  • You must be at least 18 years old 
  • Be a UK resident
  • Have an RBS current account( active for more than 3 months)
  • Not have declared bankruptcy in the past 6 years

If you want to get a rough idea of your loan repayments, you can use the bank’s loan calculator. The bank also offers a soft check with pre-qualification. This allows you to see estimated interest rates without hurting your credit score.

Keep in mind the bank will ask about the purpose of the loan. This helps the lender to evaluate the level of risk.