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Business Loan from RAR Fincare
A loan to meet your business’s financing needs—be it for expansion, buying more equipment, meeting your cash flow needs, launching new products or boosting production. Whether you need to obtain a secured loan against your property and machinery or get an unsecured loan, RAR Fincare has you covered.
Contact your nearest RAR Fincare branch or reach out to us via the website to get your loan in a hassle-free manner and get the competitive edge you need to succeed.
Check your business loan eligibility
We provide loans to all types of business entities, be they limited companies, partnership firms, sole proprietary firms, trusts, government bodies, or unincorporated associations. We rely on your business and cash flow data for approving loans. Therefore, it helps if you share the list of documents detailed in the documentation section.
We request you to visit the nearby RAR Fincare branch or fill out the form so that our representative will reach out to you.
*The eligibility for a loan and the applicable interest rate are subject to change depending upon the customer’s credit appraisal, credit rating, and availability of security, among various other factors.
Documents required for a business loan
KYC Documents
The mandatory set of documents includes identity proof, address proof, signature verification, and photographs.
Business Proof
A brief description of your business and certificate of practice is to be submitted.
Income Proof
Audited business financial statements for the past 3 years and projected statements for the next 3 years. If financial statements are not available, then CA certified net-worth statements are to be submitted.
Bank Statement Copy
Past 12 months’ bank statements (CC/OD/CA) as well as Repayment Track Record (RTR) details of existing loans.
ITR & GST Returns
Past 3 years’ ITR / GST returns are to be submitted.
Documents required for a business loan
What is the interest rate on a Business Loan?
Our business loan interest rates are competitive amongst the other players in the industry. Depending on loan eligibility, income, your business and other criteria, we determine the best interest rate for your business loan requirement.
When you apply for a Business Loan with RAR Fincare, you do not have to worry about any hidden charges. Whether it is related to processing fees, foreclosure charges or delayed EMI payments, all information is transparently provided for smooth processing of your business loan application.
| Fee & Charges* | Amount |
|---|---|
| Loan processing fee | 1% to 3% + Applicable tax |
| Due diligence charges | INR 1000 to INR 2000 |
| Initial Money Deposit | INR 3000/- (Non-refundable) |
| Cancellation Charges | INR 5000 or 0.50% of the loan amount, whichever is higher |
| Prepayment Charges Term Loan | Term Loan - 4% of the principal outstanding |
| Foreclosure Charges | 4% of the principal outstanding at the time of foreclosure |
| Cheque Bounce Charges | INR 400 |
| ECS Failure Charges | INR 400 (To be charged for every instance) |
| Repayment Mode Swap Charges / Swapping Charges (PDC to ECS) | INR 400 (Based on customer request only) |
| Legal verification | At actuals |
| Valuation charges | At actuals |
| Stamp Duty/Stamping Charges | At actuals (To be charged as per state stamping law) |
| Mortgage fees | At actuals |
| Franking Charges | At actuals (To be charged on the day of disbursement) |
| Credit Shield | At actuals |
| Fire Insurance premium charges | At actuals (Will vary from application to application. Needs to be user defined.) |
| Loan Reschedulement charges | INR 2500 |
| Loan Restructuring charges | INR 3500 |
| Duplicate NOC or No Due Certificate | INR 250 per request (Original NOC to be provided to customer free of cost at the time of loan closure subject to all conditions being met) |
| Charges towards legal expenses in case of overdue/ default/ recovery / Legal action under Section 138 of Negotiable Instruments Act, 1881, and/or Section 25 of Payments and Settlements Systems Act, 2007 | At actuals |
| Cash collection charges | 1% of the collection amount for Rs. 50000 and above in cash (Free below the amount of INR 50,000) |
| Duplicate Repayment Schedule | INR 300 |
| Loan Statement / Statement of Account charges | INR 200 |
| Prepayment Statement charge | INR 200 |
| Duplicate foreclosure statement charges | INR 200 (Original foreclosure statement to be provided at the time of case closure - free of cost) |
| Copy of property documents | INR 500 |
| Copy of loan agreement | INR 500 |
| Commitment charges | To be decided |
| CERSAI Charges Only in case of secured - property | INR 250 to 500 /- |
| Other Charges - Miscellaneous | At actuals |
*Charges may be updated from time to time. Please refer to the loan agreement for applicable charges.
General eligibility criteria for business loans
- Your turnover must show an upward trend
- Current net-worth of your company must be positive
- Your business should be profitable in the previous two financial years
- Your balance sheet must be audited by a registered Chartered Accountant
Our Unique Features & Benefits
RAR Fincare has established high-quality relationships with customers and provides excellent services in its focus market areas. Our priorities are customer satisfaction & prudent growth, and we have designed tailor-made products to meet the requirements of our customers.
Funds up to Rs. 2 Cr
Get ample amount sanctioned meeting your requirements
Repayment made flexible
Flexible repayment options (EMI and bullet) and longer tenure
Simple application
Streamlined loan journey, and we’re available to help you throughout
Attractive interest rates
An interest rate of 12% onwards for eligible borrowers
4 simple steps to get your Business Loans
1
Raise your Requirement
Enter your personal, business & bank details to get a fair loan offer
2
Submit Documents
Our team assists you throughout to complete the application
3
Get Sanctioned
Accept loan offer and execute loan documents
4
Instant Cash
Choose from flexible repayment options and start receiving funds
Frequently Asked Questions
How To Apply
RAR Fincare has established high-quality relationships with customers and provides excellent services in its focus market areas. Our priorities are customer satisfaction & prudent growth, and we have designed tailor-made products to meet the requirements of our customers.
Why RAR Fincare for your Business Loan?
We have developed a smooth and simple loan application journey with the help of a robust technology solution. From the start of the loan application till the disbursement of the fund, our representative will help throughout the loan journey.
Keeping in mind the myriad requirements of our customers, we have allowed flexible repayment options, longer tenure, and higher loan amounts at attractive interest rates.
We do not enforce stringent security requirements for eligible customers and offer loans without any collateral. For others, we accept a wide range of securities – be it your property, machinery, or stocks and receivables.
How is EMI calculated?
The formula which is used to calculate the equated monthly instalments that you are required to pay RAR Fincare for availing the loan is
P x R x (1+R)^N/[(1+R) ^ (N-1)]
where P stands for the principal amount, R is the rate of interest, and N is the loan tenure.
What happens if I miss one EMI payment?
RAR Fincare will charge a penalty fee if a borrower misses an EMI payment. A missed or delayed instalment payment will reflect on your credit report. Not making loan due amount payments on time can have a negative effect on your credit score.
How long will it take to receive my funds?
Once the application is duly submitted, it’ll take approximately 4 business days to disburse funds to your bank account.
What is the maximum tenure for a business loan?
We allow up to 7 years for secured business loans and up to 3 years for unsecured business loans.
What is the minimum CIBIL score required?
If your CIBIL score is above 650, then you will be eligible to obtain a loan from us. Customers with CIBIL scores below 650 would undergo additional checks from our side before sanctioning the loan.
What all is accepted as collateral for a business loan?
We accept the following list of collaterals as part of the business loan application: –
- Plant and Machinery (New or existing)
- Residential Property (Self Occupied or rented out)
- Commercial Property (Self Occupied or rented out)
- Industrial Property
- Residential-cum-Commercial property
- Plot (bounded by wall)
- Acceptable Liquid Instruments
- Stocks and Receivables
Will my EMI change in the future or remains the same?
If repayment has not defaulted at any point, then your EMI amount will remain the same throughout the tenure of the loan.
Find the right loan for you
MSME Loans
Expand your micro, small and medium enterprises and take them to the next level with our customized financial solutions.
Onward Lending
Catering to the fund requirement of financial institutions up to INR 10 crores with long term repayment tenure.
Personal Loans
It is easy and simple, and the fund gets disbursed to your account within 48 hours.