Business Loan: Apply For Business Loan Online

Business Loan

For business owners seeking to launch or grow their companies, Business Loans are essential. The Business Loan offered by RBL Bank is an ideal option for your needs in terms of working capital and short-term financing. With RBL Bank at your disposal, you can concentrate on expanding your company while we handle the financing requirements. The Business Loan from RBL Bank is the perfect source of finance for all your expanding needs, whether your company is new or already established.

Key Benefits

Loan amount from INR 10 lakhs up to INR 50 lakhs
Convenient loan repayment option of up to 48 months depending on the profile of the customer
No security or collateral required to avail this loan

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.
The applicant’s age should be minimum of 27 years at the time of application and a maximum of 65 years during 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 as per the last 12 months GST return (Net Turnover) wherever applicable as per program specification. If GST return is not required or not applicable, then the business turnover based on the financial turnover disclosed in the last year income tax return.
Applicant must own either residence or office in his name or jointly with family members or must reside in a residence owned by an immediate family member.

PAN Card: For Individuals/Partnership Firm/Company
Identity Proof: Any one (e.g. Voter ID/Driving License/Passport)
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 the 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/COI/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

For 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 the 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 the 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 borrower's main account/s for the 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.
Certificate of Incorporation (COI) for companies.
Latest shareholding patterns for Private/Public Ltd. companies.

How much loan amount can I borrow in a Business Loan?

You can borrow loan amount from INR 10 Lakhs to INR 50 Lakhs depending on your eligibility basis the financial documents submitted, repayment capacity and loan amount limit in your respective location.

How will I repay my Business Loan?

We offer Business Loan as a term loan which can be repaid in easy EMIs (Equated Monthly Installments). EMI can be paid through ECS facility, Standing Instruction to debit your RBL Bank account or though Post Dated Cheques with your EMI amount. EMI amount can be calculated using ‘EMI Calculator’

For how many months can I borrow a Business Loan?

We are updating as We offer convenient repayment options of up to 48 months depending on the profile of the customer.

Is there any security that I need to provide to get a Business Loan?

RBL Bank offers Business loan as an unsecured loan and hence you do not need to provide for any Security or Collateral for availing a Business Loan.

Do I have to pay any Processing Fees or Charges to avail a Business Loan?

A processing fee of a maximum of 2% of the loan amount (plus Service Tax at the prevailing rate) is required to be paid. This fee will be deducted from the Loan amount at the time of the disbursal of your loan.

Is there an option to prepay the Business Loan earlier? Are there any charges?

No foreclosure is allowed before the loan has completed 6 months. However, you can prepay the business loan after having paid 6 EMIs with applicable foreclosure charges (plus Service Tax at the prevailing rate). Foreclosure charges of 5% of the principal outstanding will be charged, if you foreclose the loan before 12 months. Foreclosure charges of 3% of the principal outstanding will be charged post completion of 12 months of the loan. Loan can be foreclosed by paying the foreclosure amount through a Demand Draft / Cheque at any of the RBL Bank branch.

Are there any benefits of having a Current/Saving Account with RBL Bank for my Business loan?

You get the benefit of easier documentation if you have a Current / Savings Account with RBL Bank. You can avail paying your EMI through Standing Instructions to debit your RBL Bank Account for the loan. This will be taken into consideration at the time of disbursal of the loan.