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    Ratnakar Personal Loan Eligibility Calculator is Rated as "Great!" by 10 Users

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    Overview about RBL Bank Personal Loan

    RBL Bank is one of India’s fastest growing scheduled commercial banks. It has been rated as the best bank in the growth in the mid-sized bank segment as per Business Today and KPMG study.

    Perfect Personal Loan Deals for you

    Ratnakar Bank offers personal loans to salaried resident individuals to meet their immediate financial requirement. The loan amount starts from Rs.1 lakh and goes up to Rs.20 lakhs. The borrower can easily repay the loan in the span of 12 to 60 months. No collateral is required to avail the loan. It requires simple documentation and the disbursal procedure is hassle free. RBL Bank offers attractive interest rates on the personal loan as well.

    RBL Bank Personal Loan Eligibility

    To avail personal loan from RBL Bank, the applicant:

    • Must be salaried and earning a minimum monthly net income of Rs.25,000 per month.
    • His minimum age while sanctioning the loan must be 25 years.
    • His maximum age at loan maturity must be either 60 years or the retirement age, whichever is lower.
    • He must have work experience of minimum 1 year at the current place of employment and a total of 3 years of work experience.

    Factors affecting RBL Bank Personal Loan Eligibility

    There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.

    • The borrower needs to have a minimum net monthly income of Rs.25,000 per month.
    • The area of residence also plays an important role in deciding if the applicant is eligible. If he lives in a metro city, his chances of getting a loan sanctioned is higher.
    • The maximum loan allowed is only Rs.20 lakhs.
    • The bank also checks if you have any other EMIs to pay off.
    • CIBIL Score also affects the eligibility. The borrower must have at least 750 score and a healthy credit history.
    • RBL bank prefers applicants above the age of 25 years.

    How CIBIL score affects your RBL Bank Personal Loan Eligibility?

    CIBIL TransUnion Score plays an important role in the loan application process. After the applicant has applied for the loan with RBL Bank, the bank will check the credit score and credit report of the applicant.

    If the credit score is low, RBL Bank will not even consider the application and will then reject it. If the applicant’s credit score is high, then RBL Bank will look into the credit report and check for the repayment history and the closed credit and the mix of the secured and unsecured type of loan.

    RBL Bank will also check if there has been any further remarks on your credit report and check if you have settled any credit. If you have settled any credit, then that information stays on your report for 6 years and the Bank will be hesitant to offer you a loan as then you will not be good for it or they might offer you a secured loan or an unsecured loan with a high interest rate.

    How to increase RBL Bank Personal Loan Eligibility?

    To increase the personal loan eligibility, you could do the following:

    • Start by paying off your credit card bills if you have any.
    • Do not default on any payments.
    • Choose a longer loan tenure on your current loans, so that the EMI is lower and it will be affordable and you will not default on paying the instalment.
    • If you have existing loans, then make sure that you are not missing out on any of the EMIs.
    • If you have limited number of EMIs left on your existing loans, then pre-pay it.
    • Do not go overboard on taking a loan. Take a loan for the amount that is required.
    • If you have a credit card, then do not utilise all the credit on it and make sure you use the credit that you can afford to repay.
    • Have both secured and unsecured credit.
    • Do not apply for a loan at multiple banks as the banks will run a credit check and it will be recorded in the credit history and it affects the CIBIL Score as well.

    FAQs on RBL Bank Personal Loan Eligibility

    Q. Is there a minimum age requirement to avail the personal loan from RBL Bank?

    A. Yes, the borrower must be 25 years of age at the time of sanctioning the loan.

    Q. Is there an employment experience requirement to get a personal loan from RBL Bank?

    A. Yes, the applicant must have a minimum 1 year experience at the place of his current employment and a 3 years’ experience in total.

    Q. Should I have a minimum monthly income?

    A. Yes, the minimum net monthly income must be Rs.25,000.

    Q. Should I provide any collateral to avail the loan?

    A. No, you need not provide a collateral to avail personal loan at RBL Bank.

    Q. What is the minimum and maximum loan amount sanctioned for RBL Bank Personal Loans?

    A. The minimum loan amount sanctioned is Rs.1 lakh and the maximum loan amount that can be sanctioned towards personal loan is Rs.20 lakhs.

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