When you urgently need money, a personal loan, most of the time, can come to your rescue. The reason: customers don’t need to submit any security against the loan amount. Lenders provide the loan amount without asking for any guarantee from the borrower. Several Banks and Non-banking Financial Companies (NBFCs) provide a personal loan facility to customers at an affordable rate of interest. RBL Bank Personal Loan is one of the popular choices among customers due to several reasons behind it. Some of them are its lenient eligibility norms, flexible repayment tenure, Lower Processing Fees, etc.
But here, we will be talking about the eligibility of RBL Bank Personal Loan. The reason behind this is it is one of the most important aspects of a personal loan. Since a personal loan is a collateral-free loan, everything is decided by checking the eligibility of an applicant. So, in this article, we will be talking about the conditions that are necessary for an individual to qualify if he or she wants to obtain a personal loan in a hassle-free manner. On missing any of the conditions, you will not be getting the loan amount. If you want to know them, keep reading.
Conditions that are necessary to fulfill to get an RBL Bank Personal Loan
We are showing some of the important conditions that an individual needs to qualify. Have a look below!
- To get an RBL Bank Personal Loan, the individual must be earning INR 20,000 per month. However, if he or she is living in Mumbai and New Delhi, the minimum income eligibility criteria are INR 25,000 as both are metro cities. Monthly income also plays a huge role in determining your loan amount. Individuals with a higher income and fewer existing obligations (Other EMIs of personal loan and credit cards) can get a higher loan amount and vice versa.
- The second eligibility condition is related to the age of an applicant. An individual cannot be less than 25 years old if he or she wants to opt for a personal loan. However, when we talk about the highest age, an applicant can be 60 years at the age of maturity. It means, if an individual is 56 years of age, he cannot opt for a 5-year tenure as he would be 61 years at the time of maturity.
- The third and last point related to your eligibility is the work experience. To get an RBL Bank Personal Loan, it is important that an individual have a work experience of a minimum of 1 year at the current employment and a total of 3 years of employment experience. Through this factor, lenders estimate the repayment history of an individual whether he would be eligible for this or not.
Now that you know these important conditions related to the eligibility of an RBL Bank Personal Loan, you should also know that RBL Bank verifies the authenticity of an individual by checking the validity of documents. It will include the background check of your personal and professional information, and then makes a decision regarding the eligibility. So, what are these documents that an individual needs to submit at the time of application for the RBL Bank Personal Loan? Well, we are showing them below. Do check!
- Application Form properly signed by the applicant with Passport-sized photograph
- KYC, which includes PAN Card, Age of Proof, and Age of Address ( Aadhar, Passport, Driving License)
- Latest one or two months salary slips depending on the loan amount you are seeking