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RBL Bank Personal Loan Eligibility

RBL Bank Personal Loan Eligibility Calculator India

Last Updated 03rd Mar 2021

Eligibility CriteriaSalaried Self Employed Professionals
ProfessionSalaried persons working in government, private or MNCs companies Professionals like Doctors, CA, CS, Architects
Applicant Age25 - 60 years25 - 65 years
Minimum Eligible Income ₹ 25,000 per month ₹ 15 Lakh gross annual receipts
Maximum Loan Amount Eligibility ₹ 20 Lakh ₹ 10 Lakh
Minimum Work Experience36 months 36 months
Interest Rate 13.99% - 18.00% 16.25% - 21.00%
Personal Loan Eligibility Calculator
*Insurance Details
RBL Bank Personal Loan Eligibility based on Age
  • Age: There is an age criteria for the approval of personal loan. The minimum age requirement for availing a personal loan is 25 years and maximum age is 60 years. RBL Bank offers personal loans for a maximum period of 60 months.
RBL Bank Personal Loan Eligibility based on Income and FOIR
  • Net Income : Your net income required to avail a personal loan is ₹ 25,000 per month. Your eligibility is determined by your income (Net take home salary). Your capability of paying EMI’s is judged on the basis of income earned as your loan EMI’s are not affecting your living standards.
  • FOIR : FOIR (Fixed Obligation to Income Ratio) is an important parameter that RBL Bank uses to find out your RBL Bank personal loan eligibility. RBL Bank takes all your fixed obligations (like rent or current EMIs) into account while estimating your eligibility. Minimum FOIR required to be eligible for personal loan from RBL Bank is 0.45. Calculate and compare your eligibility with RBL Bank personal loan calculator and apply online for the eligible loan amount hassle free.
  • Co-applicant : Adding a co-applicant increases your eligibility for a personal loan as it increases your repayment capacity. Ensure that you add a co-borrower who has good income flow, limited fixed obligations and a strong credit score.

Illustration- Mr. A who is 25 years old has a net income of ₹ 25,000. He wants to take a personal loan of ₹ 1 Lakh for 60 months. RBL Bank allows a maximum FOIR of 0.45.

Based on the information provided by the applicant, bank will calculate his eligibility using eligibility calculator. With a salary of ₹ 25,000, the maximum amount for which he is eligible is ₹ 4.84 Lakh. The interest he has to pay for this amount for 60 months is 13.99%.

RBL Bank Personal Loan Eligibility based on CIBIL Score

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers get captured in your CIBIL score. CIBIL score is the most important factor to define your eligibility to get a personal loan. When checking eligibility for a personal loan, RBL Bank will check the complete Credit report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application from RBL Bank will get approved. However, low CIBIL score decreases your eligibility to get a personal loan. RBL Bank requires a minimum credit score of 650 to be eligible for a personal loan.

There are a few factors which affect your credit score -

  • Late payments on past loans – Any delay in payments on your existing or past loans can negatively affect your CIBIL score and it may also reduce your chances of getting a personal loan from RBL Bank.
  • High number of unsecured loans – Always maintain a balance between secured and unsecured loans. Higher proportion of unsecured loans in your total borrowings can negatively impact your credit score.
  • Usage of credit limit – Your credit card bills and usage of credit limit determine your credit behaviour. Frequent withdrawals and spending more than your credit card limit can be seen as a sign of potential financial stress, credit indiscipline and hence, may pull down your credit score.
  • Multiple loan applications – If you apply for a personal loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from RBL Bank, improve your credit worthiness to get a good score and your loan application to get approved.

RBL Bank Personal Loan Eligibility based on other factors

There are other factors also which are responsible for the approval of the loan by RBL Bank. Check to understand the importance of the following factors -

  • Job stability and profession - Job stability is important to improve your eligibility to get a personal loan from RBL Bank. Your total work experience and current work experience are assessed to evaluate your job stability and profession. RBL Bank looks for a minimum total experience of 36 months and also looks for applicants who have been employed in the current job for a minimum of 12 months.
  • Residence place and stability – Banks are very particular about the residence of the borrower. There are few areas which are considered negative by the bank. RBL Bank has a pre decided list of area where the bank will lend the loan. The bank also has a negative list area of locations in which it will not lend depending on the past credit behavior of borrowers from such localities. RBL Bank also gauges your residential stability by checking on the number of years since when you have been staying in your current residence. If you are staying in your own residence, it improves your chance of getting a loan from RBL Bank. Minimum residence stability to be considered by the bank is 12 months.
  • Industry Type – RBL Bank has a negative list of professions and type of industry, defined as customer or industry segments to which they will not give the loan. So, your chances of getting a loan approval also depends on your profession and industry you are employed in.
  • Salary Mode – Most of the banks consider salary transferred to the bank account as a secure and stable income with adequate income proofs. If you are earning well but getting salary through cash or cheque then bank will not give you the loan because bank needs concrete evidence of your salary to support your loan amount. So, salary transfer mode of payment is preferred by RBL Bank if you apply for a personal loan.

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FAQs

What are the eligibility criteria to avail RBL Bankloan?

The minimum age of the applicant required to get a personal loan from RBL Bank is 25 years. The maximum age for salaried employees can go up to 60 years.

What should be my income to secure a personal loan from RBL Bank?

The minimum income for a salaried employee should be at least ₹ 25,000 per month to secure a personal loan from RBL Bank.

How much work experience is required for personal loan from RBL Bank?

The applicant must have at least work experience of 12 months in avail the benefit of RBL Bank personal loan.

What is the maximum loan amount an applicant can get?

The maximum loan amount an applicant can get under a personal loan from RBL Bank is up to ₹ 20 Lakh.

Will CIBIL Score affect my personal loan from RBL Bank?

Yes, CIBIL Score does have an impact on your personal loan. A good score indicates a good repayment record and hence most banks avoid giving loans if you have a low credit score. The minimum CIBIL score for personal loan is 650 and above.

Do I need to have a guarantor to apply for Personal Loan from RBL Bank?

Personal loan is an unsecured loan, so a bank may ask for a guarantor. However, if your credit score is good and there is no default in your past repayment history, then you do not need a guarantor to get a loan from RBL Bank .

What is the minimum loan amount from RBL Bank for pensioners?

Pensioners can apply for a minimum loan amount of ₹ 25,000 from RBL Bank.


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RBL Bank Personal Loan News - Mar 2021
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2020-10-30 : RBL Bank Q2 net profit surges to ₹144 cr
    RBL Bank reported almost a three times increase in profit in the quarter ended September backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Further, Net profit rose to Rs 144 crore in the quarter ended September 2020 up from Rs 54 crore a year earlier supported by 23% growth in retail advances year on year even as wholesale advances continued to shrink.
  • 2020-07-29 : RBL Bank posted a net profit of Rs. 141. 22 crores for June quarter.
    RBL Bank reported a net profit of ₹ 144 crores for Q1 FY 2021 against loss of Rs. 3,801 crores for Q1-FY 2020. NII aided by home, personal, gold, car and two-wheeler loans along with business and mudra loans stood at Rs. 1,773 crores. Further, Cost of Deposit which includes FD and RD improved by 64 bps to 4.65% and CASA increased to ₹ 1,04,315 crore as on June 30, 2020
  • 2019-04-15 : Bajaj Finserv RBL Bank SuperCard offers 5% cash back on shopping
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 is offering attractive cashback of up to 5% on shopping. The offer is available to all the SuperCard members from 20th March to 20th June where you can avail cashback of up to Rs. 1,000 per transaction. Besides this, the NBFC is also planning to achieve significant growth across is personal loans and fixed deposits.
  • 2019-04-10 : Bajaj Finserv RBL Bank SuperCard reaches the milestone of 1 million
    The SuperCard which has been jointly announced by the NBFC Bajaj Finserv and private sector lender, RBL Bank in 2017 has managed to reach one million milestones. The credit card is loaded with many unique features like affordable emergency loan facility, privileges like airport lounge access and exciting reward programs along with many benefits. In addition to this, this credit card also allows users to convert cash limit into a personal loan.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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