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Eligibility Criteria for a Personal Loan from RBL Bank

Rbl Bank Personal Loan Eligibility

The eligibility criterion for RBL Bank personal loans is very basic and is set as such to provide the benefit of personal loans to maximum applicants. The eligibility criteria are multifold and include many parameters which have to be met by the applicants to avail of the loan.

The details of the same are mentioned below,

Eligible applicants

RBL bank provides personal loans to salaried individuals. Self-employed persons are not eligible for personal loans from the bank

Age of the applicant

RBL Bank has set specific age restrictions for the applicant to be eligible for personal loans. These age restrictions are applicable to all categories of applicants.

The bank requires the applicants to of minimum 25 years of age and a maximum of 60 years of age at the time of maturity of the loan

The income of the applicant

The income of an applicant is an important parameter for determining eligibility for the personal loan of the bank in order to ensure that the applicant is able to repay the loan sanctioned and reduce the risk of default. The minimum net monthly income set by the bank is different for applicants from Mumbai and Delhi and the rest of the country. The details of the same are tabled below.

Location 

Minimum Net Monthly Income

Mumbai and Delhi

Rs. 25,000

Rest of the country

Rs. 20,000

Work experience

Work experience is another criterion set by the bank for eligibility for a personal loan. The bank requires the applicants to have a minimum work experience of 1 year in the current employment. The total work experience needed by an applicant is 3 years to be eligible for the personal loan of the bank.

Salient Features of RBL Bank Personal Loans

The personal loans of the bank are available at faster processing and low processing charges. The documentation process is also not lengthy and there are also pre-qualified loans that can be availed instantly.

The features of the personal loans of the bank are mentioned below.

Category

Details

Amount of loan

Minimum loan amount  - Rs. 1,00,000

Maximum loan amount – Rs. 20,00,000

Rate of interest

Starting from 14% up to 23%

Tenure

Minimum - 12 months (1 year)

Maximum – 60 months (5 years) 

Processing charges

4% of the loan amount (negotiable for existing customers)

Foreclosure charges

  • Allowed only after paying 1st EMI
  • 5% of principal outstanding if loan prepaid between 13 months and 18 months
  • 3% of principal outstanding if the loan is repaid after 18 months
  • No charges if loan repaid after 12 EMIs using own funds

What is a personal loan eligibility calculator?

A personal loan calculator is a tool available on the website of the RBL bank. Customers can find this tool at the following link

Home >> Personal >> Loans >> Personal Loans >> Calculate EMI 

This facility can be used by the applicants to calculate the amount of loan that can be sanctioned based on their eligibility. The inputs needed for this tool are,

  • Age of the applicant
  • Net monthly Income of the applicant
  • Net monthly expenses of the applicant
  • External liabilities (if any)
  • Loan amount
  • Tenure
  • Rate of interest

The personal loan eligibility calculator of the bank can be used to calculate EMI as well.

About Personal Loans from RBL Bank

RBL bank is a leading private sector bank in India that has a huge customer base and offers a huge range of products and services to retail customers as well as corporate customers. The other banking segments include treasury and financial market operations as well as wealth management, NRI banking, agricultural banking, MSME banking, insurance, DEMAT services, loans, credit cards and much more.

The personal loans of the bank are available at competitive interest rates and for comfortable repayment tenure for the eligible borrowers. Given below are the details of personal loans from RBL Bank and the eligibility needed for the same.

Personal loans are the easiest loans that can be granted by a lender to an eligible person. These loans can be availed for minimum documentation and are processed quicker than other loans (for example home loans). The purpose of these loans can be any of the following reasons,

  • Medical emergency for self or any family member
  • Education expenses of self or children
  • Marriage expenses for self or any other member of the family
  • Travel expenses
  • Home furnishing and repairs 

The loans can be easily availed for any of the above purposes and can be repaid in equal monthly instalments over the period of the loan.

FAQs – Personal loan eligibility – RBL Bank

1. Can self-employed persons apply for an RBL bank personal loan?

A. No. Self-employed persons are not eligible for personal loans from RBL Bank.

2. What are the documents needed for RBL Bank personal loans?

A. The documents needed for RBL bank personal loans are,

  • Application form for a personal loan with a photograph
  • Identity proof (Aadhaar card, Passport, Driving License, Voter ID)
  • Address proof (Passport, Aadhaar Card, Driving License, Voter ID, latest utility bills
  • Income proof (latest 3 months bank statements showing salary credit)
  • 1 latest Salary slip (if the salary is less than Rs. 7,50,000)
  • 2 latest Salary slip (if the salary is more than Rs. 7,50,000)

3. How much time does it take for the personal loan to be processed?

A. The personal loan can be sanctioned and credited to the account of the applicant within one day of the application if all the documents submitted by the applicant are in order.

4. Does the applicant need to provide any collateral for a personal loan?

A. No. Personal loans of RBL bank are unsecured loans and do not need any collateral.

5. Can a person apply for a personal loan jointly?

A. Yes. A person can apply for the personal loan jointly provide the co-applicant are his/her spouse and children

6. What are the factors reviewed for personal loan eligibility?

A. The factors reviewed for personal loan eligibility are,

  • Age of the applicant
  • The income of the applicant
  • Location of the applicant
  • Work experience of the applicant
  • The credit score of the applicant
  • Relationship with the bank

7. How can I repay the personal loan of RBL Bank?

A. the modes of repayment of RBL personal loans are,

  • Post-dated cheques
  • Standing instructions to debit the EMI from the account of the borrower
  • NACH facility

Rbl Bank Personal Loan Eligibility - Customer Reviews

4 / 5 (10 Reviews)
1 Aug 2018

Excellent Services

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