RBL Business Loan

Overview

RBL Bank is one of India’s older private commercial banks and was incorporated in 1943. It offers an array of specialized services and banking products in the wholesale and retail sector. It has a network of 197 branches across India.

RBL Business Loan

Is your business facing setbacks due to restricted cash flow? Do you need some financial support for expanding the business, investing in office or factory space, buying equipment or machinery or expanding inventory? Almost all business owners know the pain of getting a business loan sanctioned. Are you one of those facing issues in getting your business loan approved? A Business Loan from RBL might put you on track. Read on to know more about RBL Bank Business Loan offers.

RBL Business Loan Features

There are various features that makes taking a business loan from RBL beneficial:

• The application process is simple and quick.
• Requires minimal documentation.
• Does not require any security or collateral.
• Attractive interest rates.
• Flexible loan amount, tenure and repayment methods.
• Funding available from Rs. 10 lakhs up to Rs. 35 lakhs.
• Flexible tenure ranging from 12 months to 36 months.

RBL Business Loan Eligibility

You are eligible for a Business Loan from RBL if you are a:

• Self-employed individual
• Self-employed professional
• Sole proprietorship firm
• Partnership firm
• Private limited company (including closely-held public limited company)

You must be in a profitable business for the past 3 years.

You should be a minimum 27 years of age at the time of RBL Business Loan application and maximum 65 years at the time of maturity of the loan.

You must have a minimum experience of 5 years in the current line of business, with at least 3 years of profitable business establishment & operation in the same city.

For self-employed professionals, a minimum of 4 years of post-qualification experience is necessary.

Minimum business turnover should be Rs. 1 crore and for Professional / Service Sector, applicant’s gross receipts should be at least Rs. 60 lakhs.

The applicant should own either residence or office in his name or jointly with family members or reside in a residence owned by an immediate family member.

RBL Business Loan Interest Rate

RBL offers attractive interest rates on its business loans. It depends on a host of eligibility criteria which might include but is not limited to - your credit history, current outstanding loans / EMIs, and other factors that reflect your financial capability and behavior. It is best to contact the bank directly for the most up to date interest rates.

RBL Business Loan Documents

The documentation required is simple and straightforward. Following are some of the documents which will be required:

• Application form with Passport Size Photographs of all applicants and co applicants
• PAN Card
• Identity Proof – Voter ID / Driving License / Passport / Aadhar Card (Any one can be submitted)
• Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / Bank Statement (Any one can be submitted)
• Ownership proof of either residence or office either in the name of applicant or jointly with family members
• Business Continuity Proof – Any one document dated 5 years old (Bank Statement / Sales Tax Challans / IT Returns / Shops & Est. Certificate / Certificate of Incorporation / Partnership Deed)
• Letter certifying end use of the business loan funds on Business Letterhead

List of Financial Documents Required

For Self-Employed Individuals / Sole Proprietorships

• Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Past 6 months Bank statements from the borrower's main account/s and 3 months of all other bank accounts mentioned in the Balance Sheet

For Self-Employed Professionals

• Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Past 6 months Bank statements from the borrower's main account/s and 3 months of all other bank accounts mentioned in the Balance Sheet
• Educational certificate, Professional Qualification Certificate and Degree Certificate for professionals like Doctors, Architects, Chartered Accountants etc.

For Partnership Firms / Private Limited Companies

• Latest audited ITR and financials for the last 2 years. (Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules.)
• Past 6 months Bank statements from the borrower's main account/s and 3 months of all other bank accounts mentioned in the Balance Sheet
• 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 Private Ltd. / Public Ltd. companies

RBL Business Loan FAQs

What is the minimum and maximum amount that I can get for my business?

You can get anywhere from Rs. 10 lakhs up to Rs. 35 lakhs.

How much time does it take to process my application?

It depends on the completeness of the documents furnished. Once everything is found to be order, the processing could take between two to four weeks.

What is the available tenures of the loan?

RBL offers flexible tenure options which can range from between 12 months to 36 months.

On what basis, will my loan limit be determined?

Your loan amount will be decided as per your business revenue.

Is there any processing fee included?

Yes, a nominal processing fee would be levied which is communicated at the time of application for the loan.

RBL Business Loan Review

The simplified processing formalities facilitates loan borrowings from RBL with ease. It offers an array of finance products to suit every need and budget. The loan is disbursed as soon as you are found to be creditworthy and your net worth is satisfactory.

How to Get Business Loan from RBL

You can get a business loan from RBL in the following ways:

• Online - by filling the Online Application Form on their website. A bank representative will get in touch with you.
• In person - by visiting the nearest RBL bank branch and submitting the application and required documentation.
• By phone - you can call customer care for help with your RBL Business Loan application.

Need help? If you think you need help with your RBL Business Loan Application and advice on loan eligibility, CreditMantri can guide you through the entire process and match you with the loan offer that best suits your profile.