RBL Bank Business Loan
RBL Bank offers both secured and unsecured business loans to Micro, Small, and Medium Enterprises (MSMEs) with interest rates starting from 16% per annum and repayment terms of up to 48 months. These loan schemes are designed to meet working capital needs and provide financing for purchasing machinery, equipment, repairs, renovations, and business expansion.
RBL Bank aims to process and decide on business loan applications within about 15 days of receiving the complete application and required documents. Additionally, the bank offers discounted interest rates on small-ticket secured and unsecured business loans specifically for women borrowers.
RBL Bank Business Loan Interest Rate, Fees & Other Charges
The interest rate, processing fees, and other charges of the RBL Bank Business Loan are given below:
| Particulars | Charges |
| Maximum Loan Amount | Up to Rs.75 Lakhs |
| Interest Rate | Starting from 16% p.a. |
| Processing Fee | 2% of the loan amount |
| Repayment Tenure | 12 to 48 Months |
| Foreclosure Charges | 5% + GST |
| Delayed EMI payment charges | 24% p.a on the outstanding overdue amount calculated on a daily basis |
| ECS/Cheque Dishonor Charges | INR 300 |
| Swap Charges (ECS to ECS) | INR 500 |
| Swap Charges (Post-dated cheques to ECS) | INR 500 |
Features & Benefits of RBL Bank Business Loan
- Collateral-Free Loans: Ideal for small and micro enterprises in manufacturing, processing, or service sectors.
- Loan Amount: Ranges from Rs.10 lakh up to Rs. 1 Crore
- Loan Tenure: Flexible terms from 12 to 60 months.
- Attractive Interest Rates: Competitive and flexible rates.
- Easy Documentation: Minimal paperwork and quick processing.
- Purpose: Suitable for various business needs, including expansion and working capital.
RBL Bank Business Loan EMI Calculator
Eligibility Criteria to Acquire RBL Business Loan
The eligibility requirements to avail RBL Bank Business Loans are:
- The age range of the loan applicant must be at least 22 years and a maximum of 65 years at the time of maturity of the loan.
- For individual applicants, 3 years of engagement in the current business and a minimum of 5 years of business experience are required.
- Entities including Partnership Firms, Sole Proprietors, Trusts, and Private Ltd. Companies associated with the business of Trading/ Manufacturing/Services are qualified for Fullerton Business loans.
- The company must be profitable for at least 2 years.
- The annual minimum turnover of a business must be INR 10 lakhs
- Minimum annual income should be INR 2 lakhs.
Also Read: What is Secured Business Loan?
Documentation Required for Business Loan
The following is a list of the documents required for your business loan application:
KYC Documents:
- Passport-sized photograph (not older than 6 months)
- PAN card of both the business and the applicant.
- Identity Proof (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address Proof of the applicant (Driving License/Passport/Voter’s ID Card/Aadhaar Card)
- Address proof of the business
Bank Statements: Bank and GST statements (last 6 months)
Income Documents:
- ITR along with Computation of Income (last 2 years)
- Profit loss statements (last 2 years)
- Audited balance sheet
Proof of Business Continuation:
- Establishment Certificate
- Sales Tax Certificate
- ITR
- Trade License
Other Documents:
- Certified copy of Partnership deed or Sole Proprietorship Declaration
- Certified copy of MoA & AoA, and Board Resolution.
Also Read: Unsecured Business Loan
How to apply for a Business Loan in RBL Bank?
You can apply for a RBL Bank Business Loan, by either visiting their nearest branch or going to the website and applying for the loan online.
Online Application Process
- Online Application: Visit RBL Bank Website and instantly apply by clicking the “Apply Now” button for an instant business loan online.
- Enter your required details in the Application form and click on the submit button. An RBL Bank representative will contact you shortly.
Offline Application Process
Download the loan application form from the website, fill it out and submit it at your nearest RBL Bank branch for further processing.
Also Read: Small Business Loans for Women
What are the Factors Responsible for business Loan
RBL Bank provides business loans at an interest rate starting from 15% per annum. Securing a business loan with favorable interest rates and a flexible repayment period is crucial for applicants.
Given the typically substantial loan amounts associated with business loans, various factors come into play in determining the interest rates for RBL Bank Business Loans.
These are:
- The Credit Score of the business owner or the company. Check your credit score for free.
- Category of the business
- Business Vintage
- Profit and Annual Turnover of the business
Frequently Asked Questions
Q. For how many months can I borrow a Business Loan?
RBL Bank offers convenient repayment options of up to 48 months depending on the profile of the customer.
Q. Is there any security that I need to provide to get a Business Loan?
RBL Bank provides business loans as unsecured loans, so you don’t need to offer any security or collateral to qualify for the loan.
Q. What is the RBL Bank business loan interest rate?
RBL Bank offers business loans with interest rates starting from 16% per annum. The exact rate depends on various factors such as your credit profile and business performance.
Q. What are the documents required for Business Loan?
To apply for an RBL Bank Business Loan, you’ll need:
- KYC Documents: Recent passport-sized photograph, PAN card, and valid identity and address proofs (Driving License/Passport/Voter’s ID/Aadhaar Card).
- Bank Statements: Last 6 months of bank and GST statements.
- Income Documents: Income Tax Returns (ITR), Profit & Loss Statements, Audited Balance Sheet.
- Proof of Business Continuation: Establishment Certificate, Sales Tax Certificate, Trade License.
- Other Documents: Certified copy of Partnership Deed or Sole Proprietorship Declaration, MoA & AoA, and Board Resolution.
Q. What is a Business Loan EMI calculator?
A Business Loan EMI calculator is an online tool that helps you estimate your monthly EMI (Equated Monthly Installment) based on the loan amount, interest rate, and repayment tenure. It provides an overview of how much you’ll need to pay each month, aiding in better financial planning.
Q. How much loan can I get for business from the bank?
The amount you can get for a business loan from the bank typically depends on your business needs, creditworthiness, and the bank’s lending criteria. For RBL Bank, business loans range from Rs.10 lakh Up to Rs.75 Lakhs.
Q. Which bank is best for a business loan?
The best bank for a business loan depends on your specific needs and preferences. Factors to consider include interest rates, loan amount, repayment terms, and additional benefits.
Some best Banks for Business Loan are:-
- SBI Bank
- ICICI Bank
- HDFC Bank
- Citibank
- IDFC Bank
Q. Can I get a business loan of 50 lakhs?
Yes, you can get a business loan of up to Rs. 50 lakh from RBL Bank, provided you meet the eligibility criteria and have a strong business case.
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