RBL Bank Business Loan Interest Rates
Last Updated : Dec. 3, 2019, 5:31 p.m.
As we all know that every business needs money to grow a business. Therefore, RBL Bank offers attractive interest rates on business loans. So don’t go here and there to search, here is the best option. So, apply for a business loan without collateral and get the best interest rate. The loan range starts from 10 Lacs- up to 35 Lacs. You can explore the RBL bank Business Interest rate and then apply accordingly.
RBL Business Loan Interest Rates and Charges
In the table below you can see how the interest rate is classified, depending on the nature of your business.
| Particulars | Interest Rate | Processing Fee |
|---|---|---|
| Proprietorship | 22.00% | 3% of the loan amount |
| LLP/ Partnerships/ Closely Held Public Limited Companies | 21.50% | 3% of the loan amount |
| Private Limited Companies | 21.00% | 3% of the loan amount |
| Business Loan-ABB Surrogate | 22.00% | 3% of the loan amount |
| Business Loan-GST Surrogate | 22.00% | 3% of the loan amount |
| Business Loan-OD Surrogate | 22.00% | 3% of the loan amount |
| Business Loan MCA (>15 Lacs) | 22.00% | 3% of the loan amount |
Charges of Business Loan
Some other most important charges that help in taking a business loan.
| Particulars | Details |
|---|---|
| Late Payment Charges | Per month 2% additional interest rate |
| Charges of Principal certificate/Duplicate interest | ₹250 |
| Charges for cheque swapping charges | ₹250 |
| Cheque Bounces Charges | ₹250 |
| NACH Bounces Charges | ₹50 |
| Cibil report charges | ₹50 |
| Foreclosure Charges for EMI | 0-6 Months- Not allowed 7-18 Months- 5% of principal outstanding 18 Months & more- 3% of principal outstanding |
| Foreclosure Charges for EDI | 180EDIs - Not allowed 181-550EDIs - 5% of principal outstanding Above 550EDIs- 3% of principal outstanding |
| Documentation Charges | ₹7000 |
Factors Affect the Business Loan Interest Rates
The interest rate is calculated on the basis of the borrower’s repaying capacity of loan. These are some important factors that help you get a low business loan interest rate .
CIBIL Score
The Cibil score starts at 3 numeric digits 300–900. So the 300 score goes as the lowest Cibil score while 900 as the highest Cibil score. This score helps the lender to check the borrower’s ability to repay the loan. A good credit score survives a good credit history. Basically, a good score would be considered above 700.
Business Vintage
Every business vintage plays an important role when taking a loan. Your business gets more popularity as it gets older. It shows the stability of your business by how long your time is running. Therefore a minimum of 5 years of experience in the same field of business is required, at least 3 years of establishment and operation in the same city.
Nature of Business
In every business nature matters. Businesses must be positive and active. When processing a business loan, lenders always check the past credit risk of your business based on the nature of your business. The nature of the business might be Trading, Service Provider or manufacturing.
Profit & Turnover
Your business profit and turnover gives the assurance to the lender how much you are able to pay off the loan. Hence good profit in business avails low-interest rates. RBL bank Business Loan interest rate will be low if you have a strong yearly turnover.
Repayment History
Another most important factor that affects the rate of interest charged is your repayment history. Therefore, if you have a good repayment history, you can get a low rate of interest and fast approval. Even if your credit score is good but repayment history record is bad then it depends on the lender how much interest rate they will charge. It may be a higher or lower interest rate.
Healthy Relationship
If you are an existing and true customer and you have a personal relationship with RBL Bank, you can get a low business loan interest rate. So you can enjoy more convenience like flexible repayment method, long tenure, and low-interest rate.