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Amir Azam
by on July 26, 2021
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RBL Bank personal loan to salaried persons to suit their personal needs. A personal loan from RBL Bank is an excellent choice for scenarios such as weddings, medical emergencies, house renovations, long-overdue vacations, higher education, and so on. The loan amount offered by RBL bank ranges from Rs. 1 lakh to Rs. 20 lakhs and can be repaid over a period of 12 to 60 months. 

RBL Bank Personal Loan Benefits  

  • Loan Amount: RBL Bank personal loans comes up to Rs. 20 lakhs to meet a variety of financial demands. 
  •  A tenure that can be changed: RBL Bank offers comfortable loan repayment options ranging from 12 to 60 months, giving loan applicants more flexibility in repaying their loans. 
  • Quick reference guide: The application process for an RBL Bank personal loan is straightforward, requiring only the submission of a few papers. 
  • No-hassle loan approval: Once you've submitted all of the appropriate paperwork and your loan has been approved, the funds are instantly transferred to your account. 

RBL Bank Personal Loan Interest Rates  

RBL Bank personal loan interest rate starts at 14% per annum. However, a bank's real interest rate to an application is determined by a number of parameters, including the loan amount, credit score, age, repayment history, and so on. 

Criteria for Eligibility 

  • You must be a salaried employee. 
  • An applicant’s minimum monthly income should be of Rs. 25,000. 
  • Applicant’s minimum age should be 25 years (at the time of loan approval) and maximum of 60 (at the time of loan repayment). 
  • You must have a minimum of one year of experience as well as three years of overall employment experience. 

Documents Required for RBL Bank Personal Loan 

  • ID proof,  
  • Driver's license, or voter's ID,  
  • Electricity bill, telephone bill, bank statement, or registered sale agreement or lease deed  
  • PAN Card Relationship proof in the form of a passport, driver's license, or voter's ID, electricity bill, telephone bill, bank statement, or registered sale agreement or lease deed (if requested by the bank) Photographs the size of a passport Bank statements reflecting the salary credit for the last six months The employer's most recent two months' pay stubs (Form 16) Income documentation of the salaried spouse Any other legal picture identity evidence provided by the state or the federal government (if the incomes are clubbed) 

RBL Bank Personal Loan Interest rates are generally determined by following factors. 

  • The applicant's earnings are as follows: One of the primary elements that determine the interest rate of the loan that will be granted is the applicant's income.  
  • The applicant's repayment history: If the applicant has a poor payback history, which will be reflected in his or her credit score, the bank will charge a higher interest rate. 
  • If the applicant has a solid relationship with RBL bank, such as having held an account with them for a number of years or having taken out a loan from them in the past, the interest rate provided is likely to be lower. 
  • The applicant's preferred tenure is: If the applicant chooses a short term, the interest rate will most likely be lower, as we have shown. 

Eligibility for an RBL Bank Personal Loan is influenced by a number of factors. 

  • Individuals over the age of 25 are eligible for RBL Bank personal loans. Individuals under the age of 25 are not eligible for loans since they represent a higher risk to the lender in terms of repayment. Personal loans are also not available to applicants over the age of 60. You can check your eligibility with RBL Bank personal loan eligibility calculator. 
  • Individuals with a monthly salary of Rs.25,000 or more are eligible for personal loans from RBL Bank. RBL Bank will not lend to those who earn less than this amount. If you have a decent salary, the lender will let you take out a larger loan. 
  • Personal loans are exclusively available to salaried individuals through RBL Bank. This is because salaried employees have a consistent monthly income, which reduces the likelihood of them defaulting on loan repayments. 
  • Work Experience: To qualify for a personal loan, you must have at least three years of work experience. You should also have completed a year of service with your present organization. Having a consistent job history demonstrates that you are financially secure, allowing you to borrow a larger loan amount from the lender. 
  • CIBIL Score: People who want to borrow money at low rates of interest should have a good credit score. Ideally, you should aim for a credit score of 700 or higher. 
  • Outstanding Liabilities: If you have other financial obligations, you may be unable to borrow as much money from the lender because your repayment ability will be reduced. 

How Can You Increase Your Chances of Getting a Personal Loan from RBL Bank? 

  • Make Sure You Meet the Lender's Eligibility Requirements: Only those who match the pre-determined eligibility criteria will be eligible for a personal loan from RBL Bank. As a result, it's a good idea to double-check the qualifying requirements before submitting your application to the lender.  
  • Wait until You Earn a Higher Salary: If you want to borrow a large sum of money, you should wait until your salary rises as well. As a result, if at all possible, see if you can postpone taking out a personal loan until you have a higher salary. 
  • Many Loan Applications Should Be Avoided: If you apply for multiple personal loans at the same time, your CIBIL score may suffer. As a result, it's a good idea to examine the features, benefits, and specifics of several loans before applying to a lender. 
  • Don't Borrow a Large Loan Amount: If you apply for a large loan amount, the lender may reject your personal loan application if your repayment capacity is insufficient. As a result, bear this in mind while deciding on a loan amount. 

Conclusion: 

To sum up, you check your RBL personal loan eligibility with the RBL personal loan eligibility calculator free of cost. You can also do the same with the Afinoz eligibility calculator and get a low-interest rate on RBL Bank personal loan. 

Posted in: Loan
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