RBL Bank Business Loan
Last Updated : Nov. 1, 2016, 7:25 a.m.
RBL Bank is there to help entrepreneurs and professionals in need of funds to expand and promote their business. The business loan offered by the bank is beneficial for the people in urgent need of funds . No collateral is required to avail the loan. The loan is available for the amount ranging from Rs.10,00,000 to Rs.35,00,000. The interest of 17%p.a is charged on the loan and 2% – 3% of the loan amount is to be paid as processing fee. The loan can’t be terminated before the tenure of 6 months. However, after 6 months pre-payment charges are applicable.
RBL Bank Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | 19.00% - 26.00% |
| Minimum Amount | Rs.10,00,000 |
| Maximum Amount | Rs.35,00,000 |
| Loan Repayment Tenure | 12 months to 36 months |
| Maximum Loan Tenure | 3 years |
| Processing Fee | 2% - 3% of loan amount |
| Late EMI Payment Charges | 2% additional interest per month |
| Cheque Swapping Charges | Rs.250 |
| Bounce Cheque Charges | Rs.250 |
| Charges for CIBIL Report | Rs.50 |
| Foreclosure Charges | 3% - 5% ( No foreclosure allowed before 6 months) |
RBL Bank Business Loan Eligibility Criteria:
- Business Loans can be availed by self-employed individuals, self-employed professionals, sole proprietorships, partnership firms and private limited companies (including closely-held public limited companies), with a profitable business for the past 3 years
- Applicant’s age at the time of application should be at least 27 years and maximum 65 years at loan maturity
- Minimum 5 years of experience required in the same line of business with at least 3 years of business establishment & operation in the same city. For self-employed professionals, minimum 4 years of post-qualification experience is required
- Minimum business turnover required is Rs. 1 Crore and for Professional / Service Sector, applicant’s gross receipts should be at least Rs. 60 Lakhs
- Applicant must own either residence or office in his name or jointly with family members or reside in a residence owned by an immediate family member
How to Apply for RBL Business Loan
As per your eligibility, you can apply for the RBL Bank business loan. You can file in the application by visiting the nearest bank branch or from home using the online banking facility. Login bank’s official website and apply online.
Also Read about RBL bank loan against property
RBL Bank Business Loan EMI Calculator
The loan has to be repaid in the form of Equated Monthly Installments (EMIs). The EMI amount comprises part of principal amount and interest amount. This amount can be computed using the Business Loan EMI Calculator . The calculator eases the EMI calculation and tells the accurate amount to be paid.
For Example, a person takes a loan of Rs.35,00,000 from bank to enhance his business for the period of 3 years. He will repay the loan amount in 36 monthly installments along with the interest charged. The bank charges interest @17%p.a. His monthly installment amount or EMI will be Rs. 1,24,785. The total amount he will be paying by the end of tenure will be Rs. 44,92,244 .
Table Showing EMI, Total Interest Outgo and Total Amount
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs.35,00,000 | 1 year | 17%p.a | Rs. 3,19,217 | Rs. 3,30,600 | Rs. 38,30,600 |
| Rs.35,00,000 | 2 years | 17%p.a | Rs. 1,73,048 | Rs. 6,53,150 | Rs. 41,53,150 |
| Rs.35,00,000 | 3 years | 17%p.a | Rs. 1,24,785 | Rs. 9,92,244 | Rs. 44,92,244 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 976,164 | Rs. 521,256 | Rs. 2,523,836 |
| 2 | Rs. 1,155,671 | Rs. 341,749 | Rs. 1,368,165 |
| 3 | Rs. 1,369,908 | Rs. 129,230 | Rs. 0 |
Features and Benefits
- Simplified documentation
- Easy repayment option of 12 months to 36 months
- No collateral required
- Quick disbursement
RBL Bank Business Loan Application Form Details
Fill in the following details in the application form to avail the loan benefit:
- Loan Details ( Loan amount, tenure, reason of taking loan)
- Non- individual details (if applicable)
- Registered address and operating address of the entity
- Contact Details
- Financial Details
- Individual Applicant Details ( Name, residential address, contact details)
- Co- Applicant Details
Documents Required:
- PAN Card – For Individual / Partnership Firm / Company
- Identity Proof – Any one (e.g. Voter ID / Driving License / Passport / Aadhar Card)
- Address Proof – Any one (e.g. Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill / Registered Lease Deed or Sale Agreement / 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 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
- Passport Size Photographs of all applicants and co-applicants
Financial Documents Required
| Category | List of Documents |
|---|---|
| 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.) - Bank statements from the borrower's main account/s for last 6 months 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.) - Bank statements from the borrower's main account/s for last 6 months and 3 months of all other bank accounts mentioned in the Balance Sheet - Professional Qualification Certificate and Degree Certificate for professionals. (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.) - Bank statements from the main account/s for last 6 months 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 |
RBL Bank Business Loan Application Status
You can check your loan status online. Login the official website and fill up the details. Enter your loan application number or loan acknowledgment number. Fill in the correct security code displayed on the page.
RBL Bank Business Loan Interest Rate
The borrower has to pay the interest on the loan amount to the lender bank. The interest amount is included in EMI. The interest rates are revised from time to time. The current rate of interest at which the RBL Bank issue the business loan is 17%p.a.
RBL Bank Customer Service Number
For all your queries and doubts regarding the product contact the customer care executive on helpline number. The RBL bank helpline number is
1800 123 8040.