RBL Banks provides Business loans to provide financial aid to help the MSE factor. This loan is beneficial for those who are in urgent requirement of funds. No collateral is required to avail of the loan.
RBL Bank provides business loans of up to Rs. 35 Lakhs, with a repayment tenure of up to 3 Years. The interest rates on RBL Bank Business Loan start from 19% per annum onwards.
|
Particulars |
Details |
|
Interest Rate |
19% per annum to 26% per annum |
|
Loan Amount |
Up to Rs. 35 Lakhs |
|
Loan Tenure |
Up To 36 Months |
|
Processing Fee |
Up to 2% - 3% of Loan Amount |
|
Collateral |
Not Required |
In order to avail of RBL Bank Business loan, an individual has to meet certain eligibility criteria put up by the bank.
|
CRITERIA |
DETAILS |
|
Minimum Age |
27 Years (At the time of Application) |
|
Maximum Age |
65 Years (At the time of Loan Maturity) |
|
Business Annual Turnover |
For professional and service sector: Minimum turnover is Rs.1 crore Minimum 4 years of post-qualification experience is required. |
|
Experience |
|
|
Entities that can avail of business loan |
|
In order to avail of the RBL Bank Business loan, an individual has to provide certain documents required by the bank.
Financial Documents Required
|
Category |
List of Documents |
|
Self-Employed Individuals / Sole Proprietorships |
|
|
For Self-Employed Professionals |
|
|
For Partnership Firms / Private Limited Companies |
- Partnership Deed and partnership authority letter for partnership firms - Memorandum and Articles of Association and Board Resolution from the company |
The following are the key fees and charges other than interest charges applicable to a Business loan from RBL Bank:
|
TYPE |
CHARGES |
|
Processing fee |
3% of the loan amount |
|
Tenure |
12-36 months |
|
Loan amount |
Rs.10 lakh to Rs.35 lakh |
|
Part-payment charges |
Nil |
|
Cheque bounce charge |
Rs. 250/ instance |
|
Cheque swapping charge |
Rs. 250/ instance |
|
Documents fee |
Rs. 7000 |
|
Foreclosure fee |
Allowed after 6 EMIs After 7 EMIs to more than 18 EMIs : 3% to 5% of the principal outstanding amount is charged |
|
Last EMIs payment charges |
2% additional interest per month on overdue |
|
Issuance of duplicate certificate |
Rs.250/ instance |
|
BANKS |
INTEREST RATE |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
A Business loan calculator helps you to know the amount of EMIs that you need to pay towards your Business Loan.
As a Business loan can go from 20 - 30 years, so you have to be aware of your monthly installments in advance. For that, you can use the EMI Calculator provided by BankSathi to calculate your monthly EMIs on your Business Loan.
The formula for the same is:
[P x R x (1+R)^N]/[(1+R)^N-1], where
There are 2 processes by which one can apply for a business loan.
You can contact the RBL bank customer care if you have any query or complaints or when you need any assistance regarding the RBL bank Business loan.
Here is the RBL Bank Business loan customer care number:
+9122 6115 6300
FAQs On RBL Business Loans
The Maximum Business loan amount of RBL Bank Business Loan is Rs. 35 Lakhs.
The maximum tenure approved for repayment by RBL Bank for a Business loan is up to 3 Years.
RBL Bank Business loan charges processing fees are up to 2% - 3% of the loan amount.
The age required for salaried employees is 27 years at the time of application for loan to 65 years at the time of the loan maturity.
Last Updated on : 10/Apr/2021Know More About
You're eligible for a Rbl Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Rbl Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 10.65% - 16.25% |
| Processing Fees | 3% of loan amount |
| Loan Tenure | 1 year to 3 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Business Loans EMI Calculator