RBL Bank provides loans that are ideally aimed to provide financial aid towards short term business needs and working capital requirements. Financial needs of a business are aptly addressed through this variant of unsecured loan that relies on the growth of a business for its timely repayment.
This unsecured loan is provided to entrepreneurs and business owners who wish to expand their business or improve upon existing infrastructure related to the business. The loan thus availed can be used for business needs for the long term or anything spontaneous that presents itself as an opportunity.
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 INR 1 crore, while in the professional/service sector, the applicant’s total receipts must be of a minimum sum of INR 60 lakhs
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
Business Loan from RBL Bank can be either a demand loan or a working capital one with repayment periods of up to 3 years.
Based on the credit-worthiness of the applicant, validity of documents and value of the securities, RBL Bank can provide loans within a range of INR 10 lakhs to INR 35 lakhs.
Interest rates for a Business Loan could depend on the bank’s base rate (10.65% per annum) and be anything less or more than the prime lending rate (16.25% per annum). Changes to the rates are based on RBL Bank’s discretion. The mentioned rates are as per November 2015.
The standard list of required documents for applying for this loan are mentioned as follows –
PAN Card: For Individual, Partnership Firm, Company
Identity Proof: Either of Voter ID, Driving License, Passport or Aadhaar Card