RBL Bank provides secured loans that are ideally aimed to provide financial aid towards personal or business needs by utilising the value of an owned property.
This secured loan is provided to salaried and self-employed individuals alike on properties that are commercial or residential. The loan thus availed can be used for personal or business needs for any term (subject to the repayment period)
A secured 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) but compulsorily Indian residents
Applicants should be at least 23 years of age when the loan is sanctioned and at most 60 years (salaried) or 65 years (self-employed) of age at the time of loan maturity
The minimum gross salary or net profit per financial year should be INR 150000
Co-applicants are mandatorily required
Loan against Property from RBL Bank is a specific term loan with repayment period of up to 15 years.
Based on the credit-worthiness of the applicant, validity of documents and value of the property, RBL Bank can provide loans up to INR 10 crores.
Interest rates for a Loan against Property 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.
What documents are required during applying for RBL Loan against Property?
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
Address Proof :Either of Voter ID, Driving License, Passport, Telephone Bill, Electricity Bill, Registered Lease Deed or Sale Agreement or Bank Statement
Ownership proof of either residence or office either in the name of applicant or jointly with family members
Business Continuity Proof – Any one of the mentioned documents dated 5 years old (Bank Statement, Sales Tax Challans, IT Returns, Shops & Establishment Certificate, Certificate of Incorporation, Partnership Deed)
Letter certifying end use of the business loan funds on official business letterhead
Passport Size Photographs of all applicants and co-applicants
Financial documents required while applying for the loan will include and might not be limited to -
Latest audited ITR and financials for the last 2 years or latest 3 month salary slip or latest Form 16
Bank statements from the main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet (For salaried, 6 months’ credit of salary should be reflected in the bank statements)
Partnership Deed and partnership authority letter for partnership firms
Memorandum and Articles of Association and Board Resolution from the company
Certificate of Incorporation (COI) for companies
Latest shareholding patterns for companies
The Loan against Property from RBL Bank is an unsecured loan that requires no guarantors or collaterals and is a really good financing option for urgent financial needs on business grounds.
Some key features of this specialised loan are as follows
Loan tenure or repayment period can be as high as 180 months
Minimal documentation and faster approval
Commercial as well as residential property accepted as collateral
Fixed interest rate for the first 3 years
High loan amounts up to INR 10 crores
The loan can be applied for through RBL Bank’s website, as well as forms can be downloaded, filled and submitted along with relevant documents at a local branch. Additionally, one could call or mail RBL Bank requesting an executive assistance for application process.
One can also apply for RBL Bank Loan against Property through BankBazaar, wherein eligibility charts, EMI calculators and infographics can guide one through the application process.