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RBL BANK BUSINESS LOAN

About RBL Bank Business Loan :

RBL Bank earlier known as Ratnakar Bank. RBL Bank was established in 1943 at Mumbai. This bank is one of the oldest Indian private sector banks. For instance, the IFSC Code of RBL Bank in India is RATN0000213. It also offers a huge range of banking products and services to all customers.

Many people will have the vision of starting their own business or if one already has a business to expand it and build it into something better. Any person wanting to start a business or any individual wanting to expand their business needs funds to do so. This is where entrepreneurs and individuals take loans at a previously agreed rate of interest and time. Be it MNCs everyone will have need of funds at one point of time or another. Lenders like RBL Bank provide Business loans just for that purpose.

Benefits of RBL Bank Business Loan :

1. Attractive interest rate :

The business loan interest rate offered by RBL bank is 10.65% to 16.25%. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score.

2. Maximum loan amount :

RBL Bank business loan provides a maximum loan amount of Rs.35 lakh and it ranges from Rs.10 lakh.

3. Easy repayment tenure :

Loan tenure of RBL Bank business loan varies from 12 to 36 months. This business loan provides very best and short tenure for the customers who start their business.

4. No collateral or guarantor required :

This unsecured loan doesn't need to provide any collateral or security in exchange for the loan amount.

5. Simplified documentation :

RBL Bank required less documentation for the processing of business loans.The documents submitted by the customers are KYC, address proof and income proof with the loan application form. It is not required to submit so many documents for a business loan. The process of documentation is very simple and fast.

Fee and Charges of RBL Bank Business Loan :

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 principal outstanding amount is charges

Last EMIs payment charges

2% additional interest per month on overdue

Issuance of duplicate certificate

Rs.250/ instance

Eligibility Criteria for RBL Bank Business Loan :

ELIGIBLE

Self employed individuals, Self employed professionals, Sole proprietorship, partnership firms, private ltd company

AGE

27 Years at the time of availing the loan and 65 years at the time of loan maturity

EXPERIENCE

Minimum 5 years experience in the same business

Least 3 years of business establishment in the same city

INCOME

The borrower must have a minimum gross salary of Rs.60 lakh

TURNOVER

For professional and service sector : Minimum turnover is Rs.1 crore

Minimum 4 years of post qualification experience is required.

Documents required for RBL Bank Business Loan :

TYPE

Id Proof

Address proof

 

Income proof

Salaried

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 6 month bank statement, salary slip last 3 month

Self-employed

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 6 month bank statement, Form 16, Latest ITR along with Balance Sheet

Partnership Firms/private limited companies

Aadhar card, pan card, passport, voter id

Electricity bill, registry, rental agreement, voter id, Aadhar card telephone bill

Last 3 month bank statement, latest ITR, Registered Lease Document with other utility bills,

Sales Tax or VAT Certificate,

Shop & Establishment Act Certificate

Compare other bank business loan interest rate :

 

BANKS 

INTEREST RATE

HDFC Bank Business Loan

15.65% to 21.20%

Yes Bank Business Loan

16.25% to 19.99%

Citi Bank Business Loan

12% to 16%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

Other products of RBL Bank :

  1. RBL Bank Home Loan

  2. RBL Bank Personal Loan

  3. RBL Bank Credit Card

  4. RBL Bank Loan Against Property

  5. RBL Bank Car Loan

How to apply for RBL Bank Business Loans:

There are 2 processes by which one can apply for a business loan.

  • Offline : Visit to Branch

  • Online :

    • In online method go to RBL Bank website

    • Now click on “personal” section

    • In Personal menu go to “Loans”

    • In loans section click on “Business loan”

  • Fill the application form and submit it with attaching all mandatory documents

  • Bank associate will let you know in few minutes that you are eligible or not for the loan

  • After getting approval visit to RBL bank branch for further proceedings

How to calculate EMI of RBL Bank Business Loan :

Following formula is used to calculator EMI of RBL Bank Business Loan :

EMI = P x R x (1+R)^n/((1+R)^n-1)

P represents the Principal Amount.

R is the Rate of Interest.

N is the tenure given by the bank

How to contact with RBL Bank for business loan :

  1. By customer care number : +912261156300

  2. By customer care email id : customercare@rblbank.com

Financial products offered by Bank :

BUSINESS LOAN CAR LOAN COMMERCIAL LOAN  EDUCATION LOAN GOLD LOAN HOLIDAY LOAN 
HOME LOAN LOAN AGAINST PROPERTIES LOAN AGAINST SECURITIES PERSONAL LOAN

PROFESSIONAL LOAN

TWO WHEELER LOAN

RBL Bank Frequently Asked Questions :

1. How much interest rate is charged by RBL Bank business loan?

The interest rate charged by RBL Bank business loan is from 10.65% to 16.25% p.a.

2. What is the minimum and maximum loan amount of RBL Bank business loan?

The minimum loan amount is Rs.10 lakh and maximum loan amount is Rs.35 lakh of RBL Bank business loan.

3. Is age factor important to take a business loan from RBL Bank?

Yes, age factor is important to take a business loan from RBL Bank. The age required 27 years at the time to avail the loan and 65 years at the time of loan maturity.

4. How to apply for a business loan in RBL Bank?

We can apply online for a business loan in RBL Bank.

5. What is the processing fee charged in RBL Bank for business loan?

The processing fee charged in RBL Bank is 3% of the loan amount for business loans.

Last Updated on : 30/Jul/2020

Know More About

Rbl Bank Business Loan

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

Rbl Bank Business Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959