RBL Bank Business Loan Interest Rate Oct 2019

RBL Bank Business Loan

RBL Bank offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from RBL Bank:

• Co- applicant mandatory if age on login is above 60
• Flexible loan repayment options upto 60 months
• No collateral or guarantor required

• You can foreclose your entire Business loan anytime after paying 12 EMI's at foreclosure charges - NIL foreclosure charges
• RBL Bank has over 111 branches in India where you can avail service

RBL Bank Business Loan Interest Rate Calculator

There are multiple factors on which basis bank calculates your interest rate. Some of these factors are -

• Loan amount: Business loan rate in RBL Bank depends upon the loan amount you apply for. Higher the loan amount, lesser will be the interest rate. Bank gives loan of minimum ₹ 1 Lakh to upto ₹ 10 Lakh. Interest rate for high loan amount can be lower resulting in lower EMIs.
• CIBIL Score: RBL Bank offers loan at higher interest rate if your CIBIL score is low or vice versa. However, to get loan from RBL Bank, your CIBIL score should be atleast 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.
• Revenue: RBL Bank will offer you loan at lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 25,00,000.
• Time in Business: RBL Bank offers loan at lower rates if you have significant business experience. Minimum business existence to get loan from RBL Bank is 36 months.

RBL Bank Eligibility Criteria

Bank have a detailed criteria to determine the eligibility of a borrower for business loans. Some of the key criteria are:

Eligibility Criteria	Description
Age:	25 to 65 years
Minimum Turnover	₹ 25,00,000
Business Existence (in months)	36 months
ITR (months)	12 months
Loan Amount	₹ 1 Lakh to ₹ 10 Lakh
Loan Tenure	36 months
Owned House or Place of Work	Required
CIBIL Score	750 and above

RBL Bank Business Loan Eligibility Calculator

Eligibility of Business loan in RBL Bank relies on two important factor:

1.Your ability to repay the loan and
2.Your past track record in repayment of loans.

The main factors on which the eligibility of an applicant depends are

• Age: Age plays an important role to know your eligibility and repayment capacity. RBL Bank offers loan to those who are at least 25 years old at the time of loan approval and maximum 65 years at the time of loan maturity.
• Loan Amount: Based on the loan amount eligibility, bank gives you loan ranging from ₹ 1 Lakh to ₹ 10 Lakh. To improve chances of approval, apply for a loan amount that you can comfortably service.
• Profitability and Revenue: Loan eligibility significantly depends upon profitability on your turnover, revenue and profitability. RBL Bank requires profit for minimum 2 years and minimum business turnover of ₹ 25,00,000.
• Business Stability: Future business prospects and its stability is important to improve your eligibility for business loan. RBL Bank requires minimum business track record of 36 months. The bank will also look for minimum growth in sales for the last three year. A decline in sales for a certain period or below a certain limit might impact your eligibility to get loan.
• ITR and Banking: Bank gives loan only after checking your income tax return and bank statements. Your ITR details for minimum 12 months and bank statement for minimum 6 months will be required by RBL Bank.
• CIBIL Score: When checking loan eligibility, RBL Bank will look at the complete CIBIL report. RBL Bank will check your repayment history for all current and past loans and credit cards. Bank advise you to maintain a score of 750 and above to get loan approval.

RBL Bank Business Loan EMI Calculator

RBL Bank Business Loan EMI is a fixed amount that you pay each month towards the repayment of your loan till the end of tenure. Lowest EMI offered by RBL Bank is ₹ 3,716 per lakh loan amount. EMI of RBL Bank depends on factors like:

• Interest Rate: Higher the interest rate, higher will be the EMI. For a 36 months loan from RBL Bank at an interest rate of 20.00% per annum, EMI will be ₹ 3,716 per Rs. one lakh loan amount. At an interest rate of 22.00% for the same loan, the EMI will be ₹ 3,819 .
• Loan tenure: Longer the loan tenure, lesser your smonthly EMI. At interest rate of 20.00% per annum, the EMI on RBL Bank business loan would range from ₹ 9,263 to ₹ 3,716 for loan tenure ranging from 12 to 36 months.
• Amount Borrowed: RBL Bank Loan EMI will be high if you apply for a high loan amount. For amount borrowed ₹ 1 Lakh, the EMI at 20.00% for 36 months would be ₹ 3,716 . Similarly for amount borrowed ₹ 10 Lakh, the EMI at 20.00% for 36 months would be ₹ 37,164 .

• Business loan EMI calculator of RBL Bank helps you to calculate your monthly EMI at different rate of interest
• RBL Bank EMI calculator helps you to know your capacity to repay the loan after meeting your regular monthly expenses
• You get a rough idea about your monthly EMI and can plan your monthly budget accordingly

RBL Bank offers customized products for specific customer segments designed to meet their loan requirements. Some of the popular products with their basic features are as follows:

Description

• Get loan up to Rs. 10 lakh for small business requirements
• Flexible loan tenure up to 60 months
• No need of any collateral
• This loan is offered to self employed to fulfill business credit requirements.
• No collateral required

Who is eligible?

• Self Employed Professionals and Businessmen with 3 years of business existence, current residence and business place
• Individuals, Proprietors and Partnership Firms

In addition to interest rates, business loan also carry some other charges which include:

• Foreclosure Charges- These charges are to be paid in case you want to repay your entire loan amount before the end of tenure period. RBL Bank allows prepayment of loan after paying 12 EMI’s with prepayment charges - NIL foreclosure charges
• Processing Fee- RBL Bank asks for a processing fee of 3% of loan amount with applicable service tax

• Address proof of individual: Aadhaar Card, Voter’s ID Card, Bank statement, registry copy, rent agreement , utility bills
• Identity proof of individual: Passport, Driving License, PAN Card, Aadhaar Card, Voter’s ID Card
• Business existence proof: PAN, sales tax/ excise/ VAT/ service tax registration, copy of partnership deed, trade license, certificate of practice, registration certificate issued by RBI, SEBI
• Copy of Income Tax PAN for 24 months
• Bank statement of last 6 months

Compare RBL Bank Business Loan with other banks

FAQs on Business Loan RBL Bank

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