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. Before sanctioning loan for a company, the bank takes certain important parameters into consideration. Some of the parameters are:
- Credit rating of the borrower and company must meet the expected standard.
- The company must show a continual growth and profit over the previous years.
- The business plan must justify the need for loan clearly.
- The business must show stability, integrity and good track record.
- Company must apply for a loan amount that they can easily repay in the given time period.
Features of RBL Bank Business Loan
Here are some of the features of RBL Bank Business Loan
- The loan amount ranges from Rs.10 lakh to Rs.35 lakh
- Loan tenure of RBL Bank business loan varies from 12 to 36 months
- No collateral or security is required for this loan scheme
- Interest rate start from 16% onwards. The rate of interest can vary depending on loan amount, applicant’s relation with bank and past track records
- Loan sum is to be repaid in the form of Equated Monthly Instalments (EMI), which is calculated based on loan amount, loan tenure and rate of interest charged
Eligibility Criteria for RBL Bank Business Loan
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).
Documents Required while applying for RBL Bank Business Loan
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 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:
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.10 lakhs
- 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.
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
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.
How to Apply for RBL Bank Business Loan
RBL Bank Business Loan offers multiple business loan products that cater to different sections of business aspects. 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.com along with the interest rate, services charges along with features and benefits.