RBL Bank is there to help entrepreneurs and professionals in need of funds to expand and promote their business. The business loan offered by the bank is beneficial for the people in urgent need of funds . No collateral is required to avail the loan. The loan is available for the amount ranging from Rs.10,00,000 to Rs.35,00,000. The interest of 17%p.a is charged on the loan and 2% – 3% of the loan amount is to be paid as processing fee. The loan can’t be terminated before the tenure of 6 months. However, after 6 months pre-payment charges are applicable.
| Particulars | Details |
|---|---|
| Interest Rates | 19.00% - 26.00% |
| Minimum Amount | Rs.10,00,000 |
| Maximum Amount | Rs.35,00,000 |
| Loan Repayment Tenure | 12 months to 36 months |
| Maximum Loan Tenure | 3 years |
| Processing Fee | 2% - 3% of loan amount |
| Late EMI Payment Charges | 2% additional interest per month |
| Cheque Swapping Charges | Rs.250 |
| Bounce Cheque Charges | Rs.250 |
| Charges for CIBIL Report | Rs.50 |
| Foreclosure Charges | 3% - 5% ( No foreclosure allowed before 6 months) |
As per your eligibility, you can apply for the RBL Bank business loan. You can file in the application by visiting the nearest bank branch or from home using the online banking facility. Login bank’s official website and apply online.
The loan has to be repaid in the form of Equated Monthly Installments (EMIs). The EMI amount comprises part of principal amount and interest amount. This amount can be computed using the Business Loan EMI Calculator . The calculator eases the EMI calculation and tells the accurate amount to be paid.
For Example, a person takes a loan of Rs.35,00,000 from bank to enhance his business for the period of 3 years. He will repay the loan amount in 36 monthly installments along with the interest charged. The bank charges interest @17%p.a. His monthly installment amount or EMI will be Rs. 1,24,785. The total amount he will be paying by the end of tenure will be Rs. 44,92,244 .
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs.35,00,000 | 1 year | 17%p.a | Rs. 3,19,217 | Rs. 3,30,600 | Rs. 38,30,600 |
| Rs.35,00,000 | 2 years | 17%p.a | Rs. 1,73,048 | Rs. 6,53,150 | Rs. 41,53,150 |
| Rs.35,00,000 | 3 years | 17%p.a | Rs. 1,24,785 | Rs. 9,92,244 | Rs. 44,92,244 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 976,164 | Rs. 521,256 | Rs. 2,523,836 |
| 2 | Rs. 1,155,671 | Rs. 341,749 | Rs. 1,368,165 |
| 3 | Rs. 1,369,908 | Rs. 129,230 | Rs. 0 |
Features and Benefits
Fill in the following details in the application form to avail the loan benefit:
Documents Required:
Financial Documents Required
| Category | List of Documents |
|---|---|
| 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 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 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 main account/s for 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 |
You can check your loan status online. Login the official website and fill up the details. Enter your loan application number or loan acknowledgment number. Fill in the correct security code displayed on the page.
The borrower has to pay the interest on the loan amount to the lender bank. The interest amount is included in EMI. The interest rates are revised from time to time. The current rate of interest at which the RBL Bank issue the business loan is 17%p.a.
For all your queries and doubts regarding the product contact the customer care executive on helpline number. The RBL bank helpline number is
