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.
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.
To avail personal loan from RBL Bank, the applicant:
There are various factors that affect the eligibility criteria while taking a personal loan from RBL Bank.
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.
To increase the personal loan eligibility, you could do the following:
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.