If you are a business owner, it is crucial to consider obtaining a business loan. This is because the average individual does not possess sufficient funds to expand their business significantly. That’s why they take out a business loan to grow their business or cover expenses. There are many banks or NBFCs that offer business loans. Today, we will discuss the interest rate, eligibility criteria, and application process for a Reliance Business Loan.
Reliance Money has successfully provided loans to four lakh MSMEs in the past decade. Reliance Money provides loans specifically tailored to the specific requirements of small and medium enterprises. Reliance business loans are customized to serve the distinct needs of companies across different sectors, with a special focus on the following 5 businesses:
- Equipment Loans
- Education Infrastructure Loans
- Healthcare Infrastructure Loans
- Loans Against Property
- Hotel Infrastructure Loans
- Emerging Markets Business Loans
Features of Reliance Business Loan
- Loans can be used for different business needs such as funding working capital or buying equipment.
- You don’t need to provide any financials for equipment loans up to 60 lakh.
- Equipment loans up to 2 crore do not require any additional collateral.
- The loan can be paid off early after 6 months from the date of borrowing.
- You have the option to borrow a maximum of 80% of the amount you plan to invest in plant and machinery, depending on how much you are eligible to borrow.
- You can choose between Electronic Clearing System (ECS) or Post-dated cheques (PDCs) to make your loan repayments.
Interest Rates & Charges of Reliance Business Loan
| Particulars | Details |
|---|---|
| Interest Rate | Customized |
| Tenure | 6 months to 4 years |
| Cheque Bounce Charges | Rs 1000/- |
| Cheque Swapping Charges | Rs 500/- |
| Overdue Interest | 26% p.a. |
| EMI Cycle Date Change | Rs 2000/- |
| Reschedulement Charges | 2% of the Principal Outstanding |
| Loan cancellation charges | Rs 2000/- |
| Non Refundable Fee | N/A |
| Charges on Part Disbursement | N/A |
Eligibility Criteria for Reliance Business Loan
Individual Applicant:
- Age should fall within the range of 24 to 65 years.
- Turnover of More than 2.5 crores.
- Profit after tax should have been Positive for the past two years.
Partnership Firms & Limited Companies:
- Profitable Operations for 3 years.
- The geographical stability of operations must be maintained for a minimum of two years.
- Turnover of More than 2.5 crores.
- Profit after tax should have been Positive for the past two years.
Documents Required for Reliance Business Loan
- Office address proof.
- Repayment track record.
- 2 years ITR of directors/partners.
- Invoice for the equipment to be financed.
- Certified copies of MOA / AOA /Partnership deed.
- Audited Financial statements for the past 2 years.
- Passport-sized photographs of all applicants / co-applicants.
- 6 months bank statement of main operating account.
- Professional qualification certificate in case of Doctors /CA/Lawyers/Architects.
Guarantor for Reliance Business Loan
Have you ever wondered if you need a guarantor to get a Reliance business loan? Well, the answer is yes, you will indeed need a guarantor to avail of this loan.
For sole applicant – One adult family member to be a co-applicant.
For Partnership Firms & Limited Companies – Co-applicants will include partners/Promoter Directors.
How do You Repay a Reliance Business Loan?
You can make partial pre-payments of at least Rs 50,000 after 6 months from the initial loan disbursement date.
This pre-payment can only be done once per financial year, up to a maximum of 25% of the outstanding balance on your loan at the beginning of the financial year.
Stages Involved in Availing Reliance Business Loan
- Application
- Processing
- Documentation
- Sanctioning of the loan
- Disbursement
Reliance Business Loan EMI Calculator
Reliance business loan EMI calculator is a tool that helps customers determine the amount of their monthly instalment. Its purpose is to provide customers with an easy way to calculate their EMI by inputting just a few parameters.
To illustrate, let’s consider an example involving an individual named Chintu. Chintu requires a loan of Rs. 30 lakhs, so he visits the Reliance business loan EMI calculator and enters this amount as the loan amount. Chintu needs the loan for a duration of 3 years, at the rate of interest say 20% p.a, his monthly EMI will amount to Rs. 1,11,490.75.
How do you apply for a Reliance Business Loan?
Ready to take your business to the next level with a Reliance business loan? Simply head over to the Reliance Money website where you’ll find options like product details, EMI calculator, apply now, and my loans. Click on ‘product’ to view the list of loans available, then select ‘business loan’.
Have questions? Check out the FAQs on the website. If you encounter any issues applying online, don’t worry – you can reach out to Reliance Money customer care for assistance.
Contact: 022-47415800. Available from 10:00 am to 6:30 pm, excluding 2nd & 3rd Saturdays, Sundays, and Public Holidays.
FAQs
What are the charges for bounced cheques in a Reliance business loan?
Rs 1000/-
What are the Stages Involved in Availing Reliance Business Loan?
1. Application, 2. Processing, 3. Documentation, 4. Sanctioning of the loan, 5. Disbursement
How much time will it take to process the loan?
It takes about 4 to 5 days to process loans once all the paperwork is done.
