Urban Money

RBL Bank Business Loan

RBL Bank
4.5

Small firms and entrepreneurs can use business loans to aid them with their cash needs. There are numerous financial institutions across the nation that offer specialised business loans with low interest rates to meet your demands. Where RBL Bank offers Business loans with flexible terms and rates starting at 17.5 % p.a. for amounts up to Rs. 35 lakhs.

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Urban Money

Business Loan Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

RBL Bank Business Loan Interest Rate

17.5% - 21%

2.5% - 3%

₹1L - ₹35L

Tenure(1 - 3 Years)

Details

Features & Benefits of RBL Business loan

Take a look at the following features and benefits offered by the RBL Bank when applying for a business loan:

  • The borrower can avail a loan amount that ranges from Rs.10,00,000 and Rs.35,00,000.
  • The loan repayment tenure option ranges between 12 months to 36 months.
  • To avail a business loan in RBL Bank, there is no need for collateral or security.

RBL Business Loan Overview

RBL Bank, located in Kolhapur, Maharashtra, is one of India's oldest private sector banks. The bank has a total business size of around INR 64,000 crores and serves over 3.15 million clients. Corporate and Institutional Banking, Commercial Banking, Retail Banking, Agriculture & Development Banking, and Financial Markets are the five sectors in which it offers a variety of banking products and services.

Eligibility Criteria and Factors Affecting RBL Business loan Eligibility

  • Proprietors, Private Ltd. Co. Self-employed individuals, and Partnership Firms that are involved in a manufacturing or trading business can avail this loan.
  • They must have at least five years of experience in the same line of business. The business must have an existence of at least 3 years in the same city. Minimum 4 years of post-qualification is required for the self-employed professionals.
  • The business must have a turnover of at least Rs 1 crore and for the service/professional sector, the gross receipt must be at least Rs 60 lakhs. 
  • The business must be incurring profits for at least three years.
  • For applying this loan, the applicant must be at least 27 years and not older than 60 years at the time of loan maturity. 

Factors that can Affect the RBL Bank business loan Eligibility:

Credit history: Credit history is among the most important factors that helps to determine the eligibility of the applicant for a business loan. A credit score of 750 or above is usually required to qualify for a business loan. Despite having an excellent CIBIL score, other variables may limit your ability to obtain a business loan.

Business Performance: Every lender prefers to lend to successful firms because it raises the likelihood of prompt payback. The performance of your firm is measured using a variety of tools, including your balance sheet, bank records, and tax filings. Insufficient yearly revenues on your balance sheet will have a negative impact on your ability to obtain a company loan.

Age of Your Business: The age of your company has a big influence on your ability to obtain a business loan. In general, a firm that has been in operation for less than two years may find it difficult to obtain a business loan. Companies that have been in existence for a few years can submit financial stability documentation such as ITRs, bank statements, and balance sheets.

RBL Business Loan Fees and charges

Processing Fee 3% of the loan amount, No processing fee below Rs. 5 lakh in case of Small Business Loans
Cheque Swap or Bounce Charges Rs. 250 / instance
Last EMI payment charges 2% additional interest per month on overdue
Issuance of Duplicate Certificate Rs. 250 / instance
Foreclosure Charges No foreclosure permitted until repayment of 6 EMIs 7 to 18 EMIs paid – 5% of principal outstanding More than 18 EMIs paid – 3% of principal outstanding
Documentation Charges Rs. 7000 for Small Business Loans below Rs. 5 lakh

RBL Business Loan Interest Rates

The interest rate of business loan at RBL Bank will be at its discretion. The rate of interest charged by a bank mostly depends on various factors such as the loan amount, credit score, tenure etc. You have to contact the bank to find out about the interest rate that will be applicable to your loan amount when you Apply for RBL Bank business loan.

Loan Amount Rs. 10,0,000/- to Rs.35,00,000/-
Tenure Minimum of 12 months to Maximum of 36 months
RBL Bank Business Loan Interest Rate 10.65% to 16.25%
Loan Processing Charges Up to 3% of the loan amount

Factors Affecting RBL Business Loan Interest Rates

Any person who is running a legitimate business can apply for a business loan if they have a good business turnover. The criteria and the rate of interest depends on various factors and different banks have different requirements to validate and authenticates the business of a person. After evaluating all these details, the loan tenure, amount and RBL bank business loan interest rate is decided by the bank. Some of the other factors that are taken into consideration are as follows:

  • Credit score of the business or that of the owner of the business
  • Type of business: Partnership, Proprietorship, Private Limited or Public Limited
  • Business turnover
  • Profit incurred by the business
  • Cash flow of the business
  • Track record of business

Documents Required for RBL Business loan

To apply for a business loan from RBL Bank, the applicant must fulfil the following RBL Bank business loan requirements:

  • KYC papers of the applicant and co-applicant
  • PAN Card for Individual/Partnership Firm/Company
  • KYC documents of the applicant and co-applicant
  • Proof of ownership of an office or a home in the applicant's name or jointly with family members.
  • IT returns, balance sheets, and profit and loss accounts for the last two years, audited by a certified practitioner
  • Bank statement from the previous six months
  • Partnership Deed, Current Shareholding Pattern, Certificate of Incorporation, and other documents
  • Any additional documentation that the RBL Bank requires

How the EMI Calculation works for RBL Business Loans?

Once your loan details are confirmed, there are loan EMI calculators accessible online that can be used to calculate your monthly interest and principle payments, as well as keep track of the amount paid and the amount owed, which is important if you want to prepay the loan.

How RBL Compares with other Lenders?

Overview RBL Bank HDFC Bank ICICI Bank
Lowest interest rate 18.5% 11.9% 16.5%
Maximum loan tenure 36 months 48 months 36 months
Processing fee 2.5-3% of loan amount Rs 499 Starting from 0.99%, up to 2%
Foreclosure charges Allowed after 12 EMI’s, NIL foreclosure charges Allowed after 12 EMI’s, 2-4% Allowed after 6 EMI’s, 5%

RBL Business Loan Customer Care Number

RBL Bank is committed to providing the highest standards of customer service. You can reach them at the following customer care numbers:

Customer care number: 1800-123-8040

Banking Queries

Call at: +91 22 6115 6300 Email: customercare@rblbank.com

FAQs

From refinancing to reducing your interest, we have the answers right here.

How can I speed up my loan approval?

You can speed up your loan approval by applying for a paperless loan. Also, if your credit score is above 750, the approval of your loan application will increase. 

What is loan foreclosure?

Loan foreclosure refers to the full repayment of the remaining loan amount in a single payment and not in multiple EMIs. This is also the existing part of the loan process that you can repay the loan before the scheduled EMI period.

What is the minimum turnover requirement for a Business Loan?

The company must have a minimum revenue of Rs. 40 lakhs. Individuals having a minimum of 3 years in the present business and a total of 5 years in the business. Those who have made a profit in their firm over the last two years.

Does RBL Provide business loan at the best rate?

Yes, RBL Bank is known to offer attractive interest rates to you when you apply for a business loan. Their business loan interest rate ranges from 18.5% to 21%.

What is the interest rate of business loan in RBL?

RBL Bank is known to offer attractive interest rates ranging from 18.5% to 21%. This bank also provides customised services for the self-employed professionals at a very low interest rate. 

What are the benefits RBL Provides on business loan?

  • You can avail a business loan amount of Rs 10,00,000 to Rs 35,00,000. 
  • No need for any collateral or security
  • Flexible loan repayment options

Does RBL have a fixed rate of interest on a business loan?

RBL Bank business loans are available to borrowers between the ages of 27 and 65. The term of a loan might range from 12 to 36 years. The interest rates for RBL Bank business loans vary from 18.50 percent to 21.00 percent. The EMI for an RBL Bank business loan begins at 3,640 per lakh.

What are the documents required in RBL for a business loan?

The documents required for RBL Bank business loan are:

  • PAN Card, 
  • Driving License, 
  • Aadhar Card, 
  • Voter ID Card, Proprietor, 
  • partner of Director (if a company), 
  • Registered Lease Deed, 
  • Sale Agreement, 
  • Bank Statement, 
  • Legal Passport, 
  • Utility bill, 
  • Property tax bill, etc.

How to apply for a business loan in RBL online?

Many banks, such as RBL Bank, feature sections on their websites where you may apply for a business loan. For RBL Bank business loan online application, you have to go to the website and click the Apply button. Fill out the form with the requested information, and their application process will begin.

How to check business loan Status in RBL?

You must follow the below steps to get your loan status from RBL bank:

Check out the steps below to know your business loan status in RBL Bank:

  • Visit: https://www.rblbank.com/product/loans/business-loan
  • Fill in all the required details, such as Unique Reference Number or Application number, along with your Full Name, Type of Loan, and Registered Mobile number.
  • Click to tick the ReCAPTCHA and further click on” Submit”

Does RBL Checks for CIBIL Score for business loan?

Yes, RBL checks for CIBIL score for business loan. To be eligible for a business loan, your CIBIL score must be above 750.  

What is the maximum and minimum business loan amount I can get from RBL?

You can take a business loan of Rs 10,00,000 minimum and maximum Rs 35,00,000.

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