RBL Bank has set up variety of business loan products to help the MSE sector. These products offer varied facilities which include working capital, term loan and non-fund based facilities. The business loan interest rate offered by RBL Bank is 19% onwards per annum.
RBL Bank Business Loan Interest Rate & Features – 2021
| Interest Rate | 19% onwards |
| Loan Amount | Min. Rs. 10 lakh & Max. up to Rs. 35 lakh |
| Repayment Tenure | From 12 months to 36 months |
| Collateral | Not required |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Also Check & Compare: Which bank offers the lowest interest rate for a business loan?
Eligibility Criteria
The applicants must fulfil the below mentioned criteria to qualify for a business loan from RBL Bank:
- Self-employed individuals or professionals, Sole Proprietorship, Partnership Firms and Private Limited Companies are eligible for the loan, provided their business shows profit over the past 3 years
- The applicant must be minimum 27 years of age while applying for a loan and maximum age allowed at the time of loan maturity is 65 years
- The applicant must be working in this business for at least 5 years and the business should be operated from the same city for at least past 3 years. Self-employed professionals should have at least 4 years of post-qualification experience before applying for the loan
- Minimum expected turnover for the business is Rs.1 crore for the professional and service sector. The borrower must have a minimum gross salary of Rs. 60 lakh
- The applicant must have either office or home registered under his name or jointly with family member(s)
| Fees and Charges – Business Loans and Small Business Loans | |
| Processing Fee | 3% of the loan amount, No processing fee below Rs. 5 lakh in case of Small Business Loans |
| Cheque Swap or Bounce Charges | Rs. 250 / instance |
| Last EMI payment charges | 2% additional interest per month on overdue |
| Issuance of Duplicate Certificate | Rs. 250 / instance |
| Foreclosure Charges | · No foreclosure permitted until repayment of 6 EMIs · 7 to 18 EMIs paid – 5% of principal outstanding · More than 18 EMIs paid – 3% of principal outstanding |
| Documentation Charges | Rs. 7000 for Small Business Loans below Rs. 5 lakh |
Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges.
Documents Required for Loan Application
The applicant must produce the following set of documents to apply for a business loan from RBL Bank:
- ID proof and Address proof
- PAN Card for Individual/ Partnership Firm/ Company
- Ownership proof of either office or residence in the applicant’s name or jointly with family members
- Business Continuity Proof like Sales Tax Challans, IT Returns, Partnership Deed, Bank Statement etc. dated 5 years old
- Passport size photograph of all applicants and co-applicants
- Business model or letter justifying the use of loan amount on Business Letterhead
- IT Returns, Balance Sheets, Profit & loss A/c details of previous 2 years audited by a registered practitioner
- Last 6 months bank statements
- Self-employed professionals must show a Degree Certificate and Professional Qualification Certificate
- Partnership Firms and Private Limited Companies must show additional documents like Partnership Deed, Latest shareholding pattern, Certificate of Incorporation etc.
Business Loan Products
RBL Bank offers customized products for the MSE sector. Some of the products with their features are mentioned below:
1. Unsecured Small Business Loan
- Loan for Individuals, Proprietor and Proprietorship firm who have minimum experience of 3 years in running their business successfully
- Minimum age to apply for a Unsecured business loan is 25 years
- Maximum loan amount provided is Rs.2.5 lakh
- Loan tenure can vary from 1 year to 5 years
- No collateral is required, since it is unsecured
- RBL offers competitive Interest Rates on their business loan products
- Easy and fast process of the loan application
2. Secured Small Business Loan
- Loan for Individuals, Proprietor and Proprietorship firm who have minimum experience of 3 years in running their business successfully
- Loan amount can go as high as Rs. 20 lakh
- Maximum loan tenure allowed is 7 years
- Residential as well as commercial property accepted as collateral
- Attractive interest rates are offers on secured small business loan
- Assessment based on ITR/VAT/Bank Statements
- Property should be authorized by respective authority and must be owned by applicant or blood-relative or co-applicant
- Co-applicant is compulsory
How to Apply for Business Loan in RBL Bank?
Applying for business loan is an easy process. One can apply online via the official website or visit a nearby branch of RBL Bank. One must be wise while choosing the loan amount and tenure to ensure that they do not fail in paying the EMI each month. If you are looking for options and want to apply for a business loan, you can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available. All the business loan products offered by the banks and NBFCs can be compared here at Paisabazaar.comg, along with the interest rate, services charges along with features and benefits.
Comparison of RBL Bank Business Loan vs Other Lenders
RBL Bank Business Loan Customer Care Number
| All India Toll-Free Number | 1800-123-8040 |
| Email ID | customercare@rblbank.com |
FAQs
Q. How do I get my RBL loan statement?
Ans. To get your RBL loan statement, you need to login to the official portal or use the net banking to download the loan statement.
Q. Can I pay my RBL loan online?
Ans. Yes, you can pay your RBL loan EMIs online by using net banking services or by creating standing instructions to make a schedule for auto debit of EMIs as per defined due date.
Q. How to check RBL business loan status?
Ans. You shall follow the below steps to get your loan status from RBL bank:
- Step 1: Visit: https://www.rblbank.com/product/loans/business-loan
- Step 2: Fill in all the required details, such as Unique Reference Number or Application number, along with your Full Name, Type of Loan and Registered Mobile number.
- Step 3: Click to tick the recaptcha and further click on ”Submit”
Q. What are the options to repay my RBL business loan?
Ans. There are several options to pay your business loan in the form of EMIs, such as Post Dated Cheque (PDC), Electronic Clearing Service (ECS) and Standing Instruction (SI).
Q. Can I prepay my RBL business or MSME loan and will I need to pay any additional charge on the prepayment of this loan?
Ans. The prepayment charges levied by the bank are as follows:
- No prepayment charge upto 15% of outstanding principal in one year
- Prepayment above 15% of outstanding to be charged at 2% of amount paid
Q. What is the minimum and maximum tenure of business loan in RBL Bank?
Ans. The repayment tenure of RBL bank business or MSME loan ranges from 12 months to 36 months.
Q. How much business loan amount can I take from RBL Bank?
Ans. The maximum business loan amount that can be availed is up to Rs. 35 lakh.
Q. What is the processing fee charged by RBL Bank on business loan?
Ans. The processing fee charged for MSME loan is mentioned below:
- No processing fee for MSE Loans (Loans upto Rs. 5 lakh)
- MSE Loans (above Rs. 5 lakh and upto Rs. 10 lakh) – 2.0% of Loan Amount
- Secured Loans (Rs. 10 lakh and above): 2.0% of Loan Amount
Q. Why should I calculate RBL Bank loan EMI before taking a loan?
Ans. You can fill in three basic loan details in the RBL bank’s business loan EMI calculator, such as desired loan amount, interest rate and repayment tenure to calculate your loan EMI.