Royal Bank of Scotland was established in Edinburgh, and they started their operations in India since 1921. With in-depth local knowledge and a fantastic global network, Royal Bank of Scotland (RBS) meets clients requirements for various financial services. Most of their clients are blue-chip Indian corporations, leadings MNCs, large financial institutes, India Government, and individuals with high net-worth. They serve over 30 million people worldwide in various countries like United Kingdom, Europe, the Americas, the Middle East, and Asia.
Royal Bank of Scotland Personal Loan Eligibility
To apply for a Royal Bank of Scotland Personal loan, you need to meet the below eligibility criteria:
- Salaried individual.
- Self employed, like a doctor, lawyer, etc.
- You should be 18 years or above.
- Your CIBIL score should be good.
- You should possess the repaying capability with a source of both fixed and stable income.
- A rating of the company you work for, from other banks.
You would also require to have a set of documents that will need to be provided, this is generally the documents required by any bank and isn’t too much to fill up. The documents you will need are:
- Identity proof such as passport, voter’s ID, driving license etc.
- 3 - 6 months bank statement or if you’re a salaried employee, 3 - 6 months statement of your salary account.
- Salary slips for 3 - 6 months for salaried individuals
- Residence proof such as ration card, residential agreement, property ownership documents etc.
- For self - employed individuals you’ll also need to provide the balance sheets, profit and loss statements, any partnership deeds or other related documents.
Factors affecting Royal Bank of Scotland Personal Loan Eligibility
- Income- this is will be the most important factor while applying for a personal loan from Royal Bank of Scotland, the bank will need to have the confidence that you’ll repay the EMIs regularly and on time as well.
- Age - To apply for this kind of loan from Royal Bank of Scotland you need to be a minimum age of 18 years and should have the credibility to pay the loan
- CIBIL score - The bank will look into your credit score recorded for previous loans taken and if the score is satisfactory the chance of getting the loan approved are higher.
- Type of employment - The type of employment you have being either salaried or self - employed is another factor. For example a salaried individual is given more preference since his income is a stable sum for a month, in comparison to a self - employed individual.
How CIBIL score affects your Royal Bank of Scotland Personal Loan Eligibility?
If you think that your CIBIL score doesn’t matter while applying for a personal loan from Royal Bank of Scotland, think again because it’s one of the biggest deciding factors. The score actually determines your ability to get the loan and gives a history of how you make your payments towards the loan. The higher you CIBIL score the better, the scores range from 300 - 900 any score above 700 is a great score and will help your chances of getting the loan. The score is a calculation based on your credit or loan history, including previous loans, credit cards, applications of loans, credit cards etc. Any bank will first check your CIBIL score and if they find you have a poor score then your application gets rejected at the very beginning.
How to increase Royal Bank of Scotland Personal Loan eligibility?
Following the below steps will help in increasing your eligibility for a personal loan from Royal Bank of Scotland, without the hassles:
- Existing Loans - Before applying for a loan, try to finish off with your existing loans to ensure you have enough funds to repay your loans on a month on month basis. This will surely help in increasing your chances.
- Ensure the form is filled correctly - The form needs to be filled out correctly, any mistakes or incorrect information on the application tends to be rejected at once. If you need help with the form filling you can always clear them with the bank.
- Over borrowing - Just borrowing money because you can should be avoided, it’s better to borrow what you need than a extremely high surplus, making it difficult to repay and also reduces your monthly income. The bank in turn will question your ability to repay the loan and may reject it.
- Good CIBIL score - A good CIBIL score will help in increasing your eligibility for a personal loan from Royal Bank of Scotland, maintaining your score by making regular and timely payments.
- Mixture of loans - Having a good mix of unsecured and secured loans, shows the bank you have attained assets over time and are able to repay your loans and not just built credits.
FAQs on Royal Bank of Scotland Personal Loan Eligibility
Q. Who is eligible for a personal loan from Royal Bank of Scotland?
A. Any one above the age of 18 years, with a salaried or self - employed record. They should have a good CIBIL score and have good repaying ability.
Q. Is there a maximum amount for which I am eligible?
A. You can borrow up to your capability to repay, the EMI should not cross the limit of 40% of your gross earnings after deducting other loans as well.
Q. Can I apply for this loan with a co - applicant?
A. Yes, you definitely can. You can also increase your chances if your co - applicant has a good CIBIL score.