If you are a salaried individual and are in need of funds for a personal need, RBL Bank Personal Loan is the perfect choice for you. You can avail a RBL Bank personal loan whether it is a medical emergency, vacation, wedding, home renovation, purchase of consumer durables or debt consolidation. Personal loans disbursed by RBL can be for amounts up to Rs. 20 lakh. Also, with convenient loan repayment option, you can repay the loan within tenure ranging from 12 to 60 months.
RBL Bank Personal Loan Eligibility Criteria
Currently RBL Bank does not offer personal loans to self-employed individuals. The following are the eligibility criteria for salaried individuals seeking personal loans from the bank:
- You should be a salaried individual
- Your minimum monthly net income should be at least Rs. 20,000. If you are living in Mumbai or New Delhi, your minimum monthly income should be at least Rs. 25,000
- You should be at least 25 years old (at the time of loan sanction) and your maximum age should be 60 years or retirement age (at the time of loan maturity)
- You should have a total work experience of 3 years and you should be employed with your current organisation for at least 1 year
RBL Bank Personal Loan Eligibility Calculator
Before you apply for RBL Bank Personal Loan, it is important to know your eligibility to avoid rejection of loan application. To know your eligibility online, you can take help of Paisabazaar’s Personal Loan Eligibility Calculator. Here is how it works:
- Go to the personal loan application page
- Fill required details like loan amount you need, monthly income, mobile number, employer, etc. Then click on “Proceed”
- On the subsequent page, you will see the different personal loan offers you are eligible for including RBL Bank Personal Loan (if eligible)
How to Improve your RBL Bank Personal Loan Eligibility?
- Maintain a high credit score: Credit score plays an important role in evaluating your creditworthiness and personal loan eligibility. If you have a high credit score (such as 750 or higher), your chances of approval are higher if you apply for a personal loan. If your credit score is low, you should take measures to improve it before applying for a loan. This helps you to avoid rejection of personal loan application
- Know your eligibility: Before you apply for a personal loan with a specific lender, thoroughly check if you meet the eligibility criteria for that specific lender. If yes, you can proceed with your loan application otherwise check for loan offers from other lenders
- Reduce outstanding debt: Pay off your existing debt such as credit card bills and loans or at least a major portion of it before you apply for another loan. This will increase your debt-to-income ratio, hence lenders may consider you for another loan
Q1. What is the interest rate of RBL Bank Personal Loan?
The interest rate of RBL Bank Personal Loan starts from 12% p.a.
Q2. How can I repay my personal loan?
You can repay your personal loan through ECS (Electronic Clearing Service) facility, post-dated cheques or standing instruction to debit your RBL Bank account.
Q3. Can I prepay my personal loan?
You can only prepay your personal loan after completing 12 EMIs. If you complete your personal loan foreclosure between 12 to 18 months, the applicable charges would be 5% of principal outstanding. Similarly if you foreclose your personal loan after 18 months, the applicable charges would be 3% of the principal amount outstanding.
Q4. How do I get in touch with the customer care of RBL Bank?
You can get in touch with RBL Bank customer care department by calling (+91)22-6115-6300 or you can send an email on firstname.lastname@example.org
Q5. Where can I find the nearest branch of RBL Bank?
You can find the nearest branch of RBL Bank by using the branch locator on the RBL Bank website.