Yes. Business owners can take personal loans from RBL Bank. The maximum loan amount limit is capped at Rs. 20 Lakhs, and the loan tenure options are flexible. 

What Are The Features of Personal Loans From RBL Bank For Business Owners

The following are the features RBL bank personal loan for business owners: 

  • Loan amount in the range of  Rs.1 lakh up to Rs. 20 lakhs
  • Viable Loan repayment option of 12 to 60 months.
  • No security or collateral required to procure this loan 
  • Easy and quick documentation
  • Affordable interest rates

What Are The Factors Affecting RBL Personal Loan Eligibility Criteria For Business Owners

  • Age: The applicant should not be too old or young
  • Profitability of the business: lenders lend easily to profitable ventures.
  • Credit score/history: A business with a good credit score carries higher chances of availing of a personal loan.
  • Longevity of the business:  Long years in business will help in getting loans easily 
  • Business registered under GST and other Statutory frameworks: If the business is registered under GST and other statutory frameworks, then lenders feel comfortable to offer a line of credit to the business owner. 

Eligibility Criteria And Documents For Personal Loans From RBL Bank For Business Owners

The standard list of required documents for applying for this loan are as below. 

  • Pan Card for individuals, partnership firms, or companies.
  • Identity proof - Either voter ID, driving license, passport, or Aadhaar Card.
  • Address proof: Utility bills, voter ID, driving License, etc.
  • Proof of ownership: produce a document which clearly states that you are the owner/joint owner along with a family member of a residence or an office.
  • Proof of business continuity: Either one of the following: bank statement, sales tax challans, IT returns, partnership deed, certificate of incorporation, shops and Est. certificate, etc. The document must be minimum 5 years old.
  • A letter clearly certifying the purpose of the business loan amount on the business letterhead.
  • Passport size photographs.