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RBL Bank Business Loan Jul 2021

RBL Bank Business Loan Interest Rates India

Last Updated 19th Jul 2021

RBL Bank offers Business Loan starting at interest rate of 18.50%. The rates vary by loan amount, occupation and type of loan availed. Check Best Offers

Interest Rate 18.50%
Processing Fee 2.50-3.00% of loan amount
Tenure From 12 months to 36 months
Lowest EMI per lakh ₹ 3,640
Loan Amount Min ₹ 1 Lakh and Max ₹ 10 Lakh
Part Payment Facility Not allowed
Foreclosure Facility Allowed after 12 EMI's, NIL foreclosure charges

Co- applicant mandatory if age on login is above 60

Apply for Business Loan @ 14.00%*

RBL Bank Business Loan Details

RBL Bank offers multiple business loan products for self-employed professionals and non-professionals at low rates. Below-mentioned are the details of the business loan RBL Bank.

Key Features of RBL Bank Business Loans
  • Purpose of Loan: You can avail RBL Bank business loan to expand or modernise your business, purchase assets, set up new units etc.
  • Loan available for self employed professionals and non-professionals.
  • Borrowers within the age group of 27 and 65 years can avail RBL Bank business loan.
  • Security: Both Secured & Unsecured
  • Loan Tenure can range from 12 to 36 years.
  • RBL Bank business loan interest rates are in the range of 18.50% to 21.00 %.
  • RBL Bank Bank business loan EMI per lakh starts from ₹ 3,640.
  • Processing Fee: 2.50-3.00% of loan amount
  • Special schemes: Some of the special business loan offers of RBL Bank are:

What are the Features and Benefits of RBL Bank Business Loan?

You can apply for RBL Bank business loan to expand your business or for working capital requirements such as purchasing machinery, paying salaries etc. Some of the benefits and features that RBL Bank business loans offer to the borrowers are listed as follows:

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

Factors affecting RBL Bank Business Loan Rates

There are multiple factors on which RBL 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 amounts can be lower resulting in lower EMIs.

CIBIL Score

RBL Bank offers business loans at higher interest rate if your CIBIL score is low or vice versa. However, to get a loan from RBL Bank, your CIBIL score should be at least 700. Higher the CIBIL Score, higher the chances of getting a loan at lowest business loan interest.

Revenue

RBL Bank will offer you a loan at a lower interest rate if you have higher monthly revenue. Bank gives loan to the borrowers whose annual turnover is at least ₹ 1,00,00,000

Time in Business

RBL Bank offers loans at lower rates if you have significant business experience. Minimum business existence to get a business loan from RBL Bank is 36 months.

Lowest RBL Bank Business Loan Interest Rates

With effect from 30 Jun, 2021, RBL Bank offers business loans starting at 18.50%. The lowest business loan rates offered by RBL Bank have been hiked by 2.25%, from the earlier rate of 16.25%.

RBL Bank Business Loan Rate Trends of Last 1 Year

Last Updated Date Interest Rates
30 Jun, 2021 18.50%
31 Mar, 2021 16.25%
25 Mar, 2021 16.25%
07 Jan, 2021 16.25%

RBL Bank Business Loan Eligibility Criteria

To avail RBL Bank business loan, you need to fulfill the eligibility criteria as mentioned below:

  • Age : RBL Bank offers business loan to those who are at least 27 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, RBL Bank gives you loan amount 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 : RBL Bank requires profit for minimum 2 years and minimum business turnover of ₹ 1,00,00,000.
  • Business Stability : RBL Bank requires a 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 a loan.
  • ITR and Banking : RBL Bank gives loan only after checking your income tax return and bank statements. The bank requires you to submit your ITR details and bank statements for a minimum of 12 months & 6 months respectively.
  • CIBIL Score : RBL Bank will check your repayment history for all current and past loans and credit cards. The Bank advises you to maintain a score of 750 and above to get loan approval.

RBL Bank Business Loan Products

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:

Loan for Professional Use
  • Loan for professional use by RBL Bank is designed to serve the working capital requirements of businesses run by self-employed professionals like chartered accounts, lawyers, or doctors amongst others. The loan amount can range from Rs 10 lakhs to up to Rs 35 lakhs.
Loan for Business Use
  • Loan for business use by RBL Bank is designed to serve the working capital requirements of businesses.
  • The loan amount can range between Rs 10 lakhs to up to Rs 35 lakhs.
  • The tenure of the loan can range between 12 to 36 months.
Loan for Business Expansion
  • RBL Bank provides loan for business expansion to add to the growth of the business and to fund the working capital requirement.
Small Business Loan
  • Get loan up to ₹ 10 lakh for small business requirements
  • Flexible loan tenure up to 60 months
  • No need of any collateral

RBL Bank Business Loan Fees and Charges

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 2.50-3.00% of loan amount with applicable service tax

Documents Required for RBL Bank Business Loan

To apply for RBL Bank business loan, you need to submit the following documents:

  • 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

RBL Bank Business Loan Eligibility Calculator

You can calculate your eligibility for RBL Bank business loan using an online RBL Bank business loan eligibility calculator. It is an online tool that gives you an estimate about your loan eligibility, amount of loan and the best interest rate offer you can avail. It calculates the business loan eligibility on multiple factors. These factors include age, loan amount, loan tenure and Income etc. to calculate the loan amount eligibility of its borrowers.

How to Apply RBL Bank Business Loan Online at MyLoanCare?

  • In order to get the best offers on a business loan and compare RBL Bank business loans with other banks, you can apply online through MyLoanCare here.  
  • MyLoanCare will give you a detailed comparison of business loan schemes of all banks, calculate your business loan eligibility and connect you to the customer representatives of the  RBL Bank.
  • Further, you will also be assisted by a dedicated MyLoanCare loan executive who will ensure that the process of getting a loan is smooth, convenient and quick.

FAQs

Why to take business loan from RBL Bank?

RBL Bank is one of the largest Private Bank sector banks in the country that provides lowest business loans starting at 18.50%. The bank also charges a low processing fee starting from 2.50-3.00% of loan amount. Along with that, the bank also offers special business loan schemes such as Loan for Professional Use , Loan for Business Use & Loan for Business Expansion etc.

Has RBL Bank reduced the business loan interest rate?

No, RBL Bank has increased its business loan rates by upto 2.25%. RBL Bank business loan rates have been hiked to 18.50% from 16.25% earlier. The new rates are effective from 30 Jun, 2021.

What is the interest charged on RBL Bank business loan?

RBL Bank offers business loans at attractive rates ranging from 18.50% to 21.00%.The bank also provides various customised offers for self employed professionals to get loan at a very low rate of interest.

What is the lowest EMI per lakh on business loan from RBL Bank?

If you apply for loan from RBL Bank, your lowest EMI per lakh will be ₹ 3,640.You can calculate your EMI on business loan for different tenures at min business rate starting at 18.50% using MyLoanCare business loan EMI calculator.

What is the minimum and maximum tenure of business loan in RBL Bank?

These loans are shorter tenure loans. You can repay your loan in a flexible period of minimum 12 months to maximum 36 months.

How much business loan amount I can borrow from RBL Bank?

RBL Bank offers you business loan for loan amount ranging from ₹ 1 Lakh to a maximum amount of ₹ 10 Lakh. Loan amount eligibility in RBL Bank further depends upon your income, and repayment capability.

What is the processing fee charged by RBL Bank on business loan?

RBL Bank charges a processing fee 2.50-3.00% of loan amount with applicable tax.The processing can be negotiated if you are an existing customer or have a good track record.

Is age an eligibility factor to get loan for business from RBL Bank?

Yes, age is an important eligibility factor to get a business loan as you should be at least 27 years old at loan approval time and 65 years old at loan maturity time.

What are the prepayment charges on business loan from RBL Bank?

Bank charges a prepayment fee in case you want to repay your entire loan amount before the end of tenure period. The fee charged by RBL Bank is NIL foreclosure charges .

What are the business products offered by RBL Bank?

RBL Bank offers various business products for self-employed professionals and non-professionals. These are listed below:

  • Loan for Professional Use
  • Loan for Business Use
  • Loan for Business Expansion
  • Loan for Short Term Finance
  • Small Business Loan

What is the time period of repayment of business loans in RBL Bank?

RBL Bank provides business loans for a maximum tenure of 36 years. You must repay your loan at the end of this loan tenure to avoid any late payment penalty.

RBL Bank Business Loan Customer Care Toll Free Number
City Customer Care Number
Agra 1800-123-8040
Ahmedabad 1800-123-8040
Ambala 1800-123-8040
Anand 1800-123-8040
Aurangabad Bihar 1800-123-8040

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RBL Bank Business Loan News - Jul 2021
  • 2021-03-09 : RBL Bank planning branch expansion
    RBL Bank plans aggressive branch expansion over the next few years and target to open at least 75 new branches annually. The expansion will help the bank to increase its loan and deposits portfolio.
  • 2021-01-28 : RBL Bank posted a Q3 net profit of ₹147 crore
    RBL Bank reported a 110% rise in its net profit year-on-year at ₹147 crore in the quarter ended December 31, 2020. In the corresponding quarter, the bank posted a net profit of ₹6,995 crore. The bank’s total revenue backed by home, personal, car, two-wheeler and gold loans along with business and mudra loans grew by 6% year-on-year to ₹1,488 crore .
  • 2020-10-30 : RBL Bank Q2 net profit surges to ₹144 cr
    RBL Bank reported almost a three times increase in profit in the quarter ended September backed by retail loans like home, personal, car, two-wheeler and gold loans along with business and mudra loans. Further, Net profit rose to Rs 144 crore in the quarter ended September 2020 up from Rs 54 crore a year earlier supported by 23% growth in retail advances year on year even as wholesale advances continued to shrink.
  • 2020-07-29 : RBL Bank posted a net profit of Rs. 141. 22 crores for June quarter.
    RBL Bank reported a net profit of ₹ 144 crores for Q1 FY 2021 against loss of Rs. 3,801 crores for Q1-FY 2020. NII aided by home, personal, gold, car and two-wheeler loans along with business and mudra loans stood at Rs. 1,773 crores. Further, Cost of Deposit which includes FD and RD improved by 64 bps to 4.65% and CASA increased to ₹ 1,04,315 crore as on June 30, 2020
  • 2019-07-11 : RBL Bank plans to raise 150  million dollars in debt funding from IFC to augment its growth in MSME segment
    RBL Bank is planning to raise 150 million dollars in debt funds from International Finance Corporation (IFC). Out of the total funds, about 100 million dollars would be used to support the lender to expand its micro, small and medium enterprises (MSME) and individual business loans portfolio in the cities where there is less or no access to financial credit.
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