What does Ratnaafin Capital lend?

Ratnaafin Capital writes cashflow financing, dropline overdraft, machinery loan, operating lease, overdraft / cash credit, purchase invoice discounting and 3 further products. Across those, observed facilities run ₹20 lakh to ₹8 cr.

What ticket size does Ratnaafin Capital offer?

Facilities observed on live transactions run from ₹20 lakh to ₹8 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.

What rate does Ratnaafin Capital charge?

Rates observed on live transactions fall between 13% and 21% a year. Tenures run 6 to 24 months. These are observed figures, not a quote, and the rate you are offered depends on your file.

How long does Ratnaafin Capital take to disburse?

About 11 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.

What are Ratnaafin Capital's eligibility criteria?

The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

Lender profile

Ratnaafin Capital business loans

Ratnaafin Capital is on Recur Club's lender panel, writing cashflow financing, dropline overdraft, machinery loan and 6 other products. Observed tickets run ₹20 lakh to ₹8 cr, priced between 13% and 21%. Median turnaround from application to disbursal is about 11 days.

✓Tickets from ₹20 L – ₹8 Cr across 9 products
✓Indicative pricing 13% – 21%, as quoted on live transactions
✓Around 11 days from application to disbursal when the file is clean
✓We check your fit against every lender on the panel, not just this one

Check your fit →See a typical term sheet

Products live

₹1.5 Cr

Median sanction

Days median turnaround

Sanction letters read

— The screen your file has to clear

The screen your file has to clear

What is checked before anything else, and applies to every product below.

Rejects

Lien on FD is not allowed as per our policy
Credit has rejected the CTP case
Not comfortable with the Secutech case; rejection reason shared over email
Not recommended for further exposure given continued increasing losses (PBT loss grew from ₹93L in 7M FY26 to ₹8Cr in FY26), no fresh capital raise since RCPL sanction, and elevated credit risk

20 more ▾

Not comfortable with Ocean Drinks case — low gross margins, high burn, stagnant growth in past years, thin networth
Not comfortable with the Arochem case due to heavy unsecured business loan inquiries in the last three months, sanctioned loans being unsecured business loan, and the industry facing challenges
CTPL not okay
Mahakaushal not okay with industry
Not comfortable funding NTL
Will not go ahead with the case due to the geopolitical situation
"Not doable" for a civil developer case due to a corporate governance issue
Learnfluence was rejected earlier under a non-FLDG structure; still not comfortable with it
Flagged NCLT cases between group companies as a reason for not being comfortable with the case
We are not taking up proprietorship cases
Not comfortable with the case (G S Pharmbutor)
As per current policy, not considering cases based in Bihar.
Doesn't do companies serving / catering non-vegetarian food
Lender will not proceed due to past history and high debt servicing
lender is not looking textile industries right now
Loan end-use identified as security deposit creation and lease improvements (capex) does not align with working capital financing, with no working capital gap observed in financials
Not comfortable with the case as turnover is below Rs 100 Cr and it is in the textile industry
Multiple existing business loans (BLs) on the borrower — lender most likely won't do the deal
Cannot process the loan for the proposed amount due to non-standard machine and supplier as per policy
Revolving line not possible — almost 10 business loan inquiries since July with only 3 loans disbursed

Wins

Feels Scale-sourced deal quality could be better
Likes the AICA tool and wants to showcase it internally to their teams
Cautious on revolving line exposure to steel, oil, textile sectors; prefers the entity be rated (exception made for a D2C apparel brand)
Presence of a bank lender in the facility adds comfort

21 more ▾

For startups seeking a revolving line, escrow and personal guarantee add comfort
…more in playbook
Feels Scale-sourced deal quality could be better
Likes the AICA tool and wants to showcase it internally to their teams
Cautious on revolving line exposure to steel, oil, textile sectors; prefers the entity be rated (exception made for a D2C apparel brand)
Presence of a bank lender in the facility adds comfort
For startups seeking a revolving line, escrow and personal guarantee add comfort
In low-comfort deals, prefers adjusting the loan quantum rather than restructuring the security structure
Comfortable extending credit (e.g. INR 100L/24m) when the facility is structured as a lease
Prefers companies with higher promoter shareholding
Views absence of a holding-company corporate guarantee or promoter personal guarantees as a weakness, especially when the parent is an overseas entity (e.g., Singapore holdco)
Wary of companies with increasing year-on-year losses
Prefers higher promoter shareholding; uncomfortable when promoter stake is relatively low
For one case, will only proceed if both directors join the deal and provide UDCs, pending a positive promoter reference check
Prefers to wait 3-4 months before taking up a case and to structure it with hypothecation
views current outstanding as appropriate against total turnover
ZFW seen as dicey from customer side; prefer pushing Holisol instead
Not very comfortable with food service sector
Mindmap deal being deprioritised for now
Committee not comfortable with debtors ageing on this deal (Convegenius)
Suggested reviewing the deal under an FLDG structure

Behaviour & gates

Borrower: age ≥2y (sales invoice discounting, secured term loan)
age ≥3y (machinery loan)
CIBIL ≥650 (cohort ≈736)
avoid: Financial Services, Gambling and Betting, Tobacco Products (varies by product)
Private Limited, Public, Limited Liability Partner
Financials: EBITDA ≥₹-50cr (cohort ≈4.2) (secured term loan)

28 more ▾

EBITDA ≥₹-50cr (sales invoice discounting)
rev ≥₹50cr (cohort ≈76.3) (secured term loan)
rev ≥₹75cr (cohort ≈147) (purchase invoice discounting)
rev ≥₹75cr (working capital demand loan)
rev ≥₹50cr (machinery loan, sales invoice discounting)
TOL/adjusted tangible net worth ≤5
debt/EBITDA ≤4 (cohort ≈0.3×)
networth ≥₹5cr (cohort ≈36.2) (secured term loan)
networth ≥₹10cr (cohort ≈24.2) (purchase invoice discounting)
networth ≥₹10cr (working capital demand loan)
networth ≥₹5cr (machinery loan, sales invoice discounting)
debt/networth ≤4 (cohort ≈0.3×)
DSCR ≥1 (cohort ≈1.4×)
Deal: rate 13–16%
ticket ₹0–7cr (range across products — see matrix)
tenure 12–18mo (range across products — see matrix)
no PEP
Security (observed): Personal Guarantee Of Promoters / Directors / Property Owner (100%)
FD margin 10–15% (61%)
median ticket ₹3cr
median rate 15%
median turnaround 11d
Security asked in : Personal Guarantee Of Promoters/Directors (×2), 1st/pari-passu charge on current assets (×1), Fixed Deposit <5% (×1), FD margin 5–10% (×1)
Security asked in : Personal Guarantee Of Promoters/Directors (×50), FD margin 10–15% (×37), 1st/pari-passu charge on current assets (×34), FD margin 5–10% (×27)
Security asked in 2026: Personal Guarantee Of Promoters / Directors / Property Owner (×67), FD margin 10–15% (×41), FD margin 5–10% (×24), Escrow Of Cashflows (×7)
share → in-principle approval (initial interest): ≈16d
in-principle approval → sanction (underwriting): ≈2d
sanction → disburse (closing): ≈5d

— Products & indicative terms

What Ratnaafin Capital lends, and on what terms

What has actually been offered on live transactions, not brochure numbers. Treat them as the band you are likely to be quoted inside, not a promise. Open a row for that product's credit box.

Product	Ticket	Pricing	Tenure
Cashflow Financing▾▴ Turnaround ~9d Wins Asks for Other (×4) — e.g. Audit report to be shared Asks for Legal / KYC (×1) — e.g. KYC data to be submitted by company; CIB report expected the following day Asks for Term sheet (×1) — e.g. Revised datasets list to be shared based on the new term sheet Behaviour & gates Offered terms (past deals): rate 14.5–17–21% ₹0.2–0.8–2 Cr 6–12–18 mo Turnaround: ≈9 days (share→disburse) Doesn't do companies serving / catering non-vegetarian food (×1 latest ) 12 more ▾ ▴ Case deferred citing equity already sitting in the bank Client concentration flagged as a risk factor Deal deferred as overall debt ceiling of ₹50cr has been hit Approvals typically take 1-2 days; lender processing is somewhat slower right after year-end Basic KYC closed; approval pending for a deal sized around ₹0.50 Cr under DCM Deal impacted by geopolitical risk Approved deal of ₹75 Lacs for 12 month tenure Company's tenure expectation for this deal is 9 months Customer traveling until end of February; follow up in March Deal facing challenges related to security and cheque requirements War and geopolitical risk flagged as a concern for the industry rate and processing fee remain unchanged from prior terms	₹0.2–2 cr	14.5–21%	6–18 mo
Purchase Invoice Discounting▾▴ Turnaround ~50d Rejects Negative sectors Financial ServicesOthersGambling and BettingTobacco ProductsTextilesPaper & Packaging Wins Director overdue: 0.001 INR Cr Company types: Private Limited, Limited Liability Partner, Public Director CIBIL: 650 → funded cohort ≈726 Min EBITDA (₹cr): 0 → funded cohort ≈8.15 19 more ▾ ▴ Min revenue (₹cr): 75 → funded cohort ≈147 Debt / EBITDA: 4 → funded cohort ≈2.22 Min Networth: 10 INR Cr → funded cohort ≈24.23 Debt Service Coverage Ratio: 1 → funded cohort ≈2.92 Debt / Net worth: 4 → funded cohort ≈0.75 Offered terms (past deals): rate 14–14–16% ₹0.5–1–1 Cr 12–12–12 mo Turnaround: ≈50 days (share→disburse) Asks for Other (×17) — e.g. Company PAN card requested Asks for GST / integration (×7) — e.g. GST consent details requested Asks for Debt schedule / sanction letters (×4) — e.g. Signed sanction letter of Vanik Finance Private Limited required as co-lending d Asks for Legal / KYC (×3) — e.g. Self-attested KYC required for shareholders holding 10%+ (direct/indirect) and a Asks for Receivable/inventory ageing (×3) — e.g. Debtors and creditors aging reports requested Asks for Provisional financials (×2) — e.g. CA-certified provisional financials required Asks for Term sheet (×2) — e.g. Recent stock statements requested Asks for Bank statements (×1) — e.g. Recent bank statements required across all operating banks (Axis, Karnataka Bank Asks for Cap table / equity (×1) — e.g. Letterhead documents required: bulk upload, UDC with covering letter, BO declara Asks for MIS (×1) e.g. Requires company KYC (MOAAOAGST CertificateCOI)latest debt profilelate Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 0 Max tenure (mo): 12 Months Min rate (%): 13 Politically Exposed Person: No Max ticket (₹cr): 5 31 more ▾ ▴ Security required: ['Fixed Deposit 5 - 10%', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'] Max rate (%): 16 rate — stated 13–16%, actually offered 14–16% → within stated band Amount — stated 0–5 Cr, actually offered 0.5–1 Cr → within stated band Tenure — stated 12–12 mo, actually offered 12–12 mo → within stated band Flagged NCLT cases between group companies as a reason for not being comfortable with the case (×1 latest ) Lender will not proceed with the case due to past history and high debt servicing (×1 latest ) Not comfortable with the case (G S Pharmbutor) (×1 latest ) We are not taking up proprietorship cases (×1 latest ) Lender will not proceed due to past history and high debt servicing (×1 latest ) lender is not looking textile industries right now (×1 latest ) Ratnaafin passed on the deal citing repeated auditor changes (3rd time in 3 years), ongoing continuous capex, industry volatility due to global scenario, and the Chhattisgarh location (×1 latest ) Multiple existing business loans (BLs) on the borrower — lender most likely won't do the deal (×1 latest ) Not comfortable with the case as turnover is below Rs 100 Cr and it is in the textile industry (×1 latest ) Will not proceed with the case because it is a proprietorship firm based out of Haryana (×1 latest ) Will not proceed with the loan case due to hygiene concerns and ongoing litigation issues (×1 latest ) Not going forward with the case due to thin margin, sales dip, high working capital cycle, and TOL/TNW above 7 in trader's profile (×1 latest ) Avoids borrowers with complex group structures (×1 latest )	₹0.5–1 cr	14–16%	12 mo
Sales Invoice Discounting▾▴ Turnaround ~9d Rejects Negative sectors Financial ServicesGambling and BettingTobacco ProductsOthersTextilesPaper & Packaging Wins Director overdue: 0.001 INR Cr Company types: Private Limited, Public, Limited Liability Partner Min company age (yr): 2 Years Director CIBIL: 650 15 more ▾ ▴ Min EBITDA (₹cr): -50 Min Runway: 0 Months Min revenue (₹cr): 50 Debt / EBITDA: 4 Equity Raised: 0 INR Cr Min Networth: 5 INR Cr Debt / Net worth: 4 Debt Service Coverage Ratio: 1 Offered terms (past deals): rate 13–13.5–14% ₹8–8–8 Cr 12–12–12 mo Turnaround: ≈9 days (share→disburse) Asks for MIS (×2) — e.g. Requires bank statements (HSBC & SBI), GST 1 & 3B returns, provisional financial Asks for Other (×2) — e.g. Requires latest ITR of promoters/guarantors Asks for Receivable/inventory ageing (×2) — e.g. Requires institution-wise breakup of long/short term borrowings and party-wise d Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 0 Max tenure (mo): 18 Months Min rate (%): 13 Politically Exposed Person: No Max ticket (₹cr): 5 13 more ▾ ▴ Security required: ['Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 5 - 10%'], ['Fixed Deposit 5 - 10%', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Escrow Of Cashflows'], ['Charge On Current Assets - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner', 'Escrow Of Cashflows'] Max rate (%): 16 rate — stated 13–16%, actually offered 13–14% → within stated band Amount — stated 0–5 Cr, actually offered 8–8 Cr → exceeded stated ceiling Tenure — stated 12–18 mo, actually offered 12–12 mo → within stated band Not keen on this deal; reasons to follow separately (×1 latest ) Credit team has apprehensions regarding the war/geopolitical situation (×1 latest ) Deal placed on hold per committee direction due to global/geopolitical tensions; otherwise doable, revisit in a couple of months Expects clarification/explanation for GST/PF payment delays and DPDs on existing facilities before proceeding Monitoring documents expected to be shared on a priority basis once due Numbers look okay overall, but lender is unsure about the company's compliance delays	₹8 cr	13–14%	12 mo
Secured Term Loan▾▴ Turnaround ~37d Rejects Negative sectors: Financial Services, Gambling and Betting, Tobacco Products, Textiles, Paper & Packaging Wins Director overdue: 0.001 INR Cr Company types: Private Limited, Public, Limited Liability Partner Min company age (yr): 2 Years Director CIBIL: 650 → funded cohort ≈736 22 more ▾ ▴ Min EBITDA (₹cr): -50 → funded cohort ≈4.15 Min Runway: 0 Months Min revenue (₹cr): 50 → funded cohort ≈76.35 Debt / EBITDA: 4 → funded cohort ≈0.32 Equity Raised: 0 INR Cr Min Networth: 5 INR Cr → funded cohort ≈36.22 Debt / Net worth: 4 → funded cohort ≈0.28 Debt Service Coverage Ratio: 1 → funded cohort ≈1.42 Offered terms (past deals): rate 13–14–15.5% ₹1–1.2–5 Cr 9–15–24 mo _(excl. 1 multi-product deal — no per-product split on record)_ Turnaround: ≈37 days (share→disburse) Asks for Other (×18) — e.g. CIBIL consent to be shared by borrower Asks for Provisional financials (×8) — e.g. Requires detailed schedules for Provisionals of FY24-25 ahead of PD Asks for Term sheet (×8) — e.g. Lender wants clarification on employee attrition and EPF payment delays. Asks for MIS (×7) — e.g. Requires latest debt profile, current year provisional financials, debtor and cr Asks for Bank statements (×6) — e.g. Requires GST consent, last 12 months of bank statements, FY22-23 audit report, U Asks for Receivable/inventory ageing (×5) — e.g. Latest debtor ageing statement required. Asks for Debt schedule / sanction letters (×3) — e.g. IDFC Bank sanction letter required in the data room to proceed further Asks for GST / integration (×3) — e.g. Requires PAN card and GST registration certificate Asks for Legal / KYC (×2) — e.g. Urgent request for Company KYC and Directors KYC documents Asks for Audited financials (×1) — e.g. Requires a clear explanation for delay in filing audited financials to proceed Behaviour & gates Min tenure (mo): 12 Months Min ticket (₹cr): 0 Max tenure (mo): 18 Months Min rate (%): 13 Politically Exposed Person: No Max ticket (₹cr): 7 31 more ▾ ▴ Security required: ['Personal Guarantee of Promoters / Directors / Property Owner', 'Fixed Deposit 5 - 10%'], ['Fixed Deposit 5 - 10%', 'Personal Guarantee of Promoters / Directors / Property Owner'], ['Charge On Current Assets - Second Charge', 'Personal Guarantee of Promoters / Directors / Property Owner'] Max rate (%): 16 rate — stated 13–16%, actually offered 13–15.5% → within stated band Amount — stated 0–7 Cr, actually offered 1–5 Cr → within stated band Tenure — stated 12–18 mo, actually offered 9–24 mo → floor & ceiling breached As per current policy, not considering cases based in Bihar. (×1 latest ) Will not proceed with the case as the entity is unrated, with turnover less than Rs.100 crore and net worth less than Rs.10 crore. (×1 latest ) Loan end-use identified as security deposit creation and lease improvements (capex) does not align with working capital financing, with no working capital gap observed in financials (×1 latest ) Not comfortable with the case as turnover is below Rs 100 Cr and it is in the textile industry (×1 latest ) Revolving line not possible — almost 10 business loan inquiries since July with only 3 loans disbursed (×1 latest ) Not comfortable funding a company in the year of its SME IPO, especially when revenue doubles immediately post-IPO, as financials appear managed (×1 latest ) Not comfortable taking an unsecured call on this sector (×1 latest ) Not willing to look at companies at Series B+ funding stage (×1 latest ) Not willing to look at heavily loss-making companies (×1 latest ) Not comfortable to proceed with the case (×1 latest ) Not comfortable proceeding with the case due to recent defaults (×1 latest ) Rejected due to the business model and equity dilution (×1 latest ) R'fin (Ratnafin) not okay with revolver facility (×1 latest )	₹1–5 cr	13–15.5%	9–24 mo

Also offered, with no terms observed yet: Working Capital Demand Loan, Dropline Overdraft, Machinery Loan, Operating Lease, Overdraft / Cash Credit.

— Typical term sheet

What a sanction from Ratnaafin Capital actually looks like

Reconstructed from real sanction letters. Small samples, so read them as observed rather than as a rule.

Specimen sanction

Representative of the median file. Your actual terms will move with rating, security cover and relationship.

Indicative

How often each clause appears

Share of the 41 sanction letters carrying the clause.

Other standing covenants44%

— Security & covenants

What they will ask you to pledge

Counted across the sanction letters read. A combination is normal, and most files carry more than one.

Cash security deposit3 letters
Cash Security Deposit3 letters
Post-dated cheques / auto-debit mandate2 letters
Cash Deposit2 letters
auto-debit mandate2 letters
Cash Collateral / Security Deposit1 letters

Cash security deposit ×3, Cash Security Deposit ×3, Post-dated cheques / auto-debit mandate ×2, Cash Deposit ×2, auto-debit mandate ×2, Cash Collateral / Security Deposit ×1

— Common questions

What borrowers ask about Ratnaafin Capital

What does Ratnaafin Capital lend?: Ratnaafin Capital writes cashflow financing, dropline overdraft, machinery loan, operating lease, overdraft / cash credit, purchase invoice discounting and 3 further products. Across those, observed facilities run ₹20 lakh to ₹8 cr.
What ticket size does Ratnaafin Capital offer?: Facilities observed on live transactions run from ₹20 lakh to ₹8 cr. The band differs by product, so the figure that applies to you depends on which facility you are asking for.
What rate does Ratnaafin Capital charge?: Rates observed on live transactions fall between 13% and 21% a year. Tenures run 6 to 24 months. These are observed figures, not a quote, and the rate you are offered depends on your file.
How long does Ratnaafin Capital take to disburse?: About 11 days from application to disbursal at the median, where the file is complete. Missing financials, unresolved security or a pending no-objection from an existing lender are what usually stretch it.
What are Ratnaafin Capital's eligibility criteria?: The first screen is the bureau: a borrower CIBIL of at least 650. Revenue, leverage and debt-service thresholds apply on top and vary by product. The full credit box for each product is set out on this page.

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Last updated 29 September 2026

Lender intelligence dossier - screening gates, per-product terms and sanction observations, derived from lender policy documents and observed transactions. Figures are observed from a sample and are not an offer, a commitment, or a statement of Ratnaafin Capital's current policy. Terms are set by the lender at the time of sanction.