How to Get RBL Bank Business Loan RBL Bank offers loans that are ideally aimed at providing financial assistance for short term business requirements and working capital requirements. The financial needs of a business are suitably addressed through this type of unsecured loan which depends on the growth of the business for timely repayment. You can take a loan of up to Rs 35 lakh for a tenure of up to 3 years. You do not need to submit any collateral to avail business loan from RBL.
RBL Bank Business Loan
This unsecured loan is provided to those entrepreneurs and business owners who want to expand their business or want to improve the existing infrastructure related to the business. The loan thus taken can be used for business needs for a long period or anything spontaneous that presents itself as an opportunity.
Features of RBL Bank Business Loan
- Some of the features of RBL Bank Business Loan are:
- You can avail loan amount between Rs 10 lakh to Rs 35 lakh.
- The repayment tenure options range from 1 year to 3 years.
- No collateral or collateral is required for availing business loan from RBL.
Eligible for RBL Bank Business Loan
An unsecured loan, this business loan has certain eligibility criteria that the bank needs to meet for being able to sanction the loan. The eligibility requirements can be mentioned as follows
Applicants can be Individuals, Professionals, Sole Proprietorship, Partnership Firms and Private Limited Companies (including nearest Public Limited Companies), with a profitable business for the last 3 years
Applicants should be at least 27 years of age at the time of loan sanction and maximum 65 years at the time of loan maturity
Applicants must have at least 5 years of experience in the same business with at least 3 years of establishment and operation in the same city. In case of self-employed professionals, minimum 4 years post qualification experience is required
The annual turnover of the business should be at least Rs 1 crore, while the total receipts of the applicant in the professional/service sector should be at least Rs 60 lakh.
Applicants must either have a residence or office in their name or jointly with family members or reside at a place owned by an immediate family member
RBL Bank Loan Interest Rates
The interest rates for business loans will be at the discretion of the bank. The interest rate charged by the lender will depend on various factors like your loan amount, tenure, credit score, etc. You need to contact the lender to get more information about the interest rates before applying for the loan.
What documents are required during applying for Bajaj Business Loan
- The standard list of documents required to apply for this loan is as follows
- Proof of Identity: Any one of Voter ID, Driving License, Passport or Aadhar Card.
- Proof of Address: Utility Bill, Voter ID, Driving License, etc.
- Proof of Ownership: Prepare a document clearly mentioning that you are a proprietor/joint owner along with a family member of a residence or office.
- Proof of Business Continuity: Bank Statement, Sales Tax Invoice, IT Return, Partnership Deed, Certificate of Incorporation, Shops & Est. certificate, etc. The document must be at least 5 years old.
- A letter clearly certifying the end use of the business loan amount on business letterhead.
- Passport size photo.
For self-employed individuals
- Latest audited financial and income tax returns for the last two years.
- Bank statements from the borrower’s bank accounts for the last 6 months and 3 months of all other accounts mentioned in the balance sheet.
- Degree certificate and professional qualification certificate is to be submitted in case of professionals like doctors, chartered accountants, architects etc.
How to apply for a business loan from RBL Bank
Follow the steps given below to apply for business loan from RBL Bank
- Go to the Bank’s Business Loan section on the RBL website by clicking on the link https://www.rblbank.com/product/loans/business-loan.
- Click on the ‘Apply Now’ button.
- You will be directed to a new page containing the loan application form. Provide important details like your name, city and mobile number. Click on the drop-down menu under ‘Products’ and select ‘Business Loan’.
- Complete the security process and tick the box where you authorize the bank to contact you.
- Click on Submit.
- Follow the instructions to apply successfully for a business loan from RBL. Make sure that all the documents and application form submitted by you are correct.
- You can also visit the nearest branch of RBL Bank with all the required documents. A representative of the lender will assist you with the application process. Once you have submitted all the documents and application form, the bank will verify them. If all the details mentioned are found to be correct, your application for business loan will be approved, and the loan amount will be disbursed to your bank account immediately.