RBL Bank Personal Loan Eligibility

Factors Affecting RBL Bank Personal Loan Eligibility

1. Age: RBL Bank offers personal loans to individuals who are above the age of 25 years. Individuals under 25 years of age are not offered loans since they pose more of a risk to the lender in terms of repayments. Applicants who are over 60 years of age cannot apply for personal loans, as well.
2. Income: RBL Bank offers personal loans to individuals who earn a minimum monthly income of Rs.25,000. Those who earn lesser than this will not be eligible to borrow loans from RBL Bank. If you earn a good income, the lender will allow you to borrow a higher loan amount.
3. Employment Status: RBL Bank only allows salaried individuals to borrow personal loans. This is due to the fact that salaried employees earn a steady income on a monthly basis, thus reducing the chances of them defaulting on loan repayments.
4. Outstanding Liabilities: If you have other financial liabilities, you may not be eligible to borrow much from the lender since your repayment capacity will go down.

How to Improve Your Chances of Getting an RBL Bank Personal Loan?

1. Check if You Meet the Lender's Eligibility Criteria: You will only be able to borrow a personal loan from RBL Bank if you meet the pre-specified eligibility criteria. Thus, it is best to check the eligibility criteria before you submit your application to the lender.
2. Wait Until You Earn a Higher Salary: If you are looking to borrow a high loan amount, it is best to wait until your salary also increases. Therefore, if it is possible, you should check if you can put off taking a personal loan until you earn a better income.
3. Avoid Submitting Multiple Loan Applications: If you submit multiple personal loan applications at the same time, your CIBIL score may reduce. Hence, it is advisable to compare the features, benefits, and particulars of multiple loans and apply to a suitable lender accordingly.
4. Don't Borrow a High Loan Amount: If you apply for a high loan amount, there is a chance that the lender will reject your personal loan application if your repayment capacity is low. Thus, ensure that you keep this in mind when opting for the loan amount.

RBL Bank Personal Loan Details

RBL Personal Loan Eligibility Criteria

RBL Bank offers the EMI calculator facility to its customers. You can use this facility to check the EMIs you will have to pay based on the loan amount you wish to avail, the repayment tenure, and the rate of interest levied. We will list down the steps through which you can use this facility and check the EMI payable on a monthly basis:

1. Visit the official website of RBL Bank
2. Click on 'Products', under which you will have to click on 'Loan'. Click on 'Personal Loan' under the 'Loan' section. You will be directed to the personal loan page.
3. Under 'Quick Links' click on 'Personal Loan EMI Calculator'.
4. You will be directed to the Personal Loan EMI Calculator page.
5. Enter the loan amount you wish to avail followed by the tenure and the rate of interest at which you would like to repay the loan.
6. Click on 'Calculate'.
7. You will be able to see the Loan EMI, total interest payable, and the total amount you will have to pay. You can also see the breakdown of the amount you will have to pay on a monthly basis in a tabular format.
8. You can enter other loan amount, tenure, and interest rate in order to figure out the personal loan EMI you will have to pay. Once you are sure regarding the loan amount, tenure, and rate of interest, you can then apply for a personal loan from RBL Bank.

You can also visit the BankBazaar website and use the Personal Loan EMI Calculator to check the EMI you will have to pay on a monthly basis.

What are the documents that I will need to submit to borrow a personal loan from RBL Bank?

1. PAN card
2. ID proof
3. Address proof
4. Relationship proof
5. Passport-size photographs
6. Salary account statements
7. Payslips
8. Form 16
9. Income documents of the salaried spouse (if clubbing incomes)

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