RBL Bank Personal Loan Eligibility Criteria

RBL Bank is one of the fastest-growing private banks of India that provides a wide range of financial products to customers. Among these products, one of the most popular ones among customers is the RBL Bank personal loan with which an individual can fulfill his or her personal needs without any hassle. Since a personal loan is an unsecured loan which means an individual doesn’t need to provide any collateral against the loan amount. That’s why it is important to understand the conditions that are important to fulfill for an individual.

These conditions make up the eligibility criteria for the personal loan from RBL Bank. One of the most important things when applying for a personal loan is to look for the eligibility conditions decided by the lender otherwise you may face rejection. In this article, we will be talking about the conditions that an individual needs to be fulfilled by a lender when going for an RBL Bank personal loan. Through these conditions, a lender tries to assess whether it would be suitable to give the required loan amount or not. Apart from the eligibility criteria, we will also talk about the required documents and features of this personal loan facility. Keep reading to know more.

RBL Bank Personal Loan Eligibility Conditions that You Need to Fulfill

The eligibility criteria help lenders to check the creditworthiness of an individual before going for a personal loan. For example, how would a lender know if the individual will repay the loan amount without any hassle? Well, for this, lenders check the credit score and monthly income of an individual. Well, you can check the RBL Bank personal loan eligibility criteria below. Have a look!

1. The first one is related to the monthly income. Any individual living in Mumbai and New Delhi must be earning INR 25,000 per month to be eligible for this loan facility. However, if an individual is living in any other city, the minimum income stands at IRN 20,000. For example, if you are living in Noida and earn INR 18,000 per month, you will not be eligible for this loan.
2. Coming to the second criteria related to the age of an applicant. At the time of loan sanction, an individual cannot be younger than 25 years. However, the maximum age at the time of loan maturity can be lower of 60 years or retirement age.
3. The third and last condition is related to the work experience of an individual. An individual must have a total work experience of 3 years out of which a minimum of 1 year should be in the current organization.

Now that you have enough information about the RBL Bank personal loan eligibility criteria, you should know about the list of documents that you will require at the time of loan application. Have a look!

1. Duly-signed personal loan application form with a passport-sized photograph
2. KYC — PAN Card, Proof of Identity & Age Proof (Aadhar, Passport, Driving Licnence, etc.)
3. Proof of Address — Aadhar Card, Voter ID Card, Utility Bill, etc.
4. Latest month’s salary slip for loan amount less than INR 7.5 lakh
5. Latest 2 months salary slips for a loan amount greater than INR 7.5 lakh

RBL Bank Personal Loan Features that You Should Know

Before applying for a personal loan from RBL Bank, you should have some information about a few key features of this loan facility. We are mentioning them below. Have a look!

1. With this personal loan facility, you individuals can use the personal loan amount for different purposes such as marriage, education, holiday, medical needs, home furnishing, etc. according to your convenience.
2. You can choose a loan amount ranging from INR 1 lakh to INR 20 lakh according to your monthly income and repayment capacity.
3. The loan repayment options can range from 12 to 60 months within which you can easily repay in installments.
4. With the RBL Bank personal loan, you can also improve your credit score if you pay the EMIs on time.