RBL Bank Limited Business Loan

 

About RBL Bank Limited Business Loans

Counted amongst the fastest growing and finest private sector banks in India, Ratnakar Bank Limited or RBL Bank, is a scheduled commercial bank which is rapidly expanding its presence across the country. Headquartered in Mumbai, India, the bank is active in 5 different sectors: retail banking, institutional & corporate banking, agricultural development, financial market access and commercial banking. It services 6.5 million+ customers through its 993 business correspondent branches, 324 owned branches, 341 ATMs and a workforce of around 5000 employees. Its total assets were valued at US$ 7 billion in 2017.

RBL Bank business loan serves as the ideal solution for business owners to service their working capital and short-term finance requirements. The company offers a business loan product that enables you to focus solely on the business growth and leave the finances to them. They essentially offer unsecured business loans at attractive interest rates and a flexible tenure. Please see below for more details related to RBL Bank Limited business loan eligibility criteria, features and charges.

Business Loan Eligibility Criteria

In order to be eligible for RBL Bank Limited business loan, you should be a self-employed professional or businessperson having incorporated your business as a partnership firm, private limited company, sole proprietorship or a closely held limited company, with a profitable business running since the past 3 years. The applicant should be at least 27 years old at the time of applying for the loan, and no older than 65 years at the time of loan’s maturity. Self-employed businesspersons should have minimum 5 years’ experience in the same line with the last 3 years in the current business. Self-employed professionals on the other hand must have minimum 4 years’ post-qualification experience. Self-employed professionals should have gross annual receipts of at least ₹ 60 lakh and businesspersons should have a turnover of minimum ₹ 1 crore per annum. In addition, the applicant should own either his/her residence/office solely or jointly with his/her family members. More specific details on RBL Bank Limited business loan eligibility criteria are provided below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

RBL Bank Limited Business Loan Features / Details

RBL Bank Limited business loan serves as the ideal lending product for self-employed professionals and businesspersons. You can avail a loan amount ranging from ₹ 10 lakh to a maximum of ₹ 35 lakh. The repayment tenure can be flexible depending upon your needs and can be between 12 months to 36 months. As this is an unsecured loan, you don’t need to pledge any collateral or security to avail it. Please note, as is expected in all such loan products, you will need to furnish a handful of documents to prove your eligibility for the loan product. Please see below for more details related to RBL Bank Limited business loan.

17%

Interest Rate (Min)

1.5 – 3 Years.

Loan Tenure

₹ 3Lacs – 50Lacs

Loan Amount (Min – Max)

RBL Bank Limited Business Loan Fees / Charges

You will need to pay a non-refundable fee of up to 2% of the loan amount (plus GST) for processing of your business loan application. This fee will be deducted from your loan amount at the time of disbursal. Prepayments are allowed after 6 months of availing the loan, in which case you’ll be asked to pay an additional 5% of the outstanding principal amount if you foreclose between 6 to 12 months. These charges will be reduced to 3% if the prepayment is made after 12 months. Various other charges like cheque bounce charges, cheque swapping charges, documentation charges etc. might also apply. Details on all these charges can be found below.

2% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees