RBL Bank Business Loan

Some of the features of RBL Bank Business Loan are:

1. You can avail a loan amount ranging between Rs.10 lakh and Rs.35 lakh.
2. The repayment tenure options are between 1 year and 3 years.
3. No need of any collateral or security in order to avail a business loan from RBL.

Who is eligible for RBL Bank Business Loan?

An unsecured loan, this business loan has a few eligibility criteria to be met in order for the bank to be able to sanction the loan. The eligibility requirements can be mentioned as follows

• Applicants can be individuals, professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies), with a profitable business for the past 3 years
• Applicants should be at least 27 years of age when the loan is sanctioned and at most 65 years of age at the time of loan maturity
• Applicants must have a minimum of 5 years of experience in the same line of business with at least 3 years of establishment and operation in the same city. In case of self-employed professionals, a minimum of 4 years of post-qualification experience is required
• The business annual turnover should be at least Rs.1 crore, while in the professional/service sector, the applicant’s total receipts must be of a minimum sum of Rs.60 lakh.
• Applicants must own either residence or office in their name or jointly with family members or must be staying in a place owned by an immediate family member

Interest rates of RBL Business Loan

Interest rates for a Business Loan will be at the discretion of the bank. The interest rate charged by the lender will depend of variety of factors such as your loan amount, tenure, credit score, etc. You must get in touch with the lender to find more information about the interest rates before applying for a loan.

Documents required to apply RBL Business Loan

The standard list of required documents for applying for this loan are mentioned as follows -

• PAN Card: For Individual, Partnership Firm, Company.
• Proof of identity: Either of Voter ID, Driving License, Passport or Aadhaar Card.
• Proof of address: Utility bills, Voter ID, Driving License, etc.
• Proof of ownership: Produce a document which clearly mentions that you are an owner/joint owner with a family member of a residence or an office.
• Proof of business continuity: Either of bank statement, sales tax challans, IT Returns, Partnership Deed, Certificate of Incorporation, Shops and Est. Certificate, etc. The document must be at least 5 years old.
• A letter clearly certifying the end use of the business loan amount on business letterhead.
• Passport size photographs.

For Self-Employed Individuals

• Latest audited financials and income tax returns for the past two years.
• Bank statement from the bank accounts of the borrower for last 6 months and 3 months of all other accounts mentioned in the balance sheet.
• In case of professionals such as doctors, chartered accountants, architects, etc. Degree Certificate and Professional Qualification Certificate is to be submitted.

For Private Companies and Partnership Firms

• Latest audited financials and income tax returns for the past two years.
• Bank statement for last 6 months and 3 months of all other accounts mentioned in the balance sheet.
• Certificate of Incorporation (COI).
• Latest shareholding patterns.
• Letter of partnership deed and partnership authority.
• Memorandum and Articles of Association and Board Resolution to be given by the company.

Fees and Processing charges

How to apply for a business loan from RBL Bank?

Online

Follow the steps given below to apply for a business loan from RBL Bank:

1. Visit the business loan section of the bank on RBL website by clicking the link https://www.rblbank.com/product/loans/business-loan.

1. Click on the 'Apply Now' button.
2. You will be directed to a new page which will contain the loan application form. Provide important details such as your name, city, and mobile number. Under 'Product' click on the drop-down menu and select 'business loan'.
3. Complete the security process and tick the box where you authorise the bank to get in touch with you.
4. Click on 'Submit'.
5. Follow the instructions to successfully apply for a business loan from RBL. Make sure all the documents and application form submitted by you are correct.

Offline

You can also visit the nearest branch of RBL bank along with all the necessary documents. A representative from the lender will help you with the application process. Once you submit all the documents and the application form, the bank will verify them. If all the details mentioned are found to be correct, then your application for the business loan will be approved, and the loan amount will be immediately disbursed to your bank account.