# 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. Source: https://www.recurclub.com/lenders/ratnaafin-capital Last updated: 2026-09-29 ## Products and indicative terms Observed on live transactions. Not an offer or a quote. | Product | Ticket | Rate | Tenure | |---|---|---|---| | Cashflow Financing | ₹0.2–2 cr | 14.5–21% | 6–18 mo | | Purchase Invoice Discounting | ₹0.5–1 cr | 14–16% | 12 mo | | Sales Invoice Discounting | ₹8 cr | 13–14% | 12 mo | | Secured Term Loan | ₹1–5 cr | 13–15.5% | 9–24 mo | | Working Capital Demand Loan | - | - | - | Also offered, with no terms observed yet: Dropline Overdraft, Machinery Loan, Operating Lease, Overdraft / Cash Credit. ## Eligibility ### Will not fund - 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 - 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 ### Prefers - 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 - …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 ### Screening gates and observed behaviour - 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) · 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 ## Sanctioned terms (from 41 real sanction letters) ### Sanctioned amount: median ₹1.5 cr (₹25L–₹7 cr) · NEW ×13 · RENEWAL ×4 - median ₹1.5 cr (₹25L–₹7 cr) · NEW ×13 · RENEWAL ×4 ### Typical security: 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 - 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 ### Typical covenants: - Other standing covenants — 44% of letters (e.g. "Borrower(s) agree to intimate the Lender in writing within 30 days of any update/change/alteration/correction in KYC/officially valid documents, including but n…") - Other standing covenants — 44% of letters (e.g. "Borrower(s) agree to intimate the Lender in writing within 30 days of any update/change/alteration/correction in KYC/officially valid documents, including but n…") ### Term sheet by ticket size: (facilities, largest first) - (facilities, largest first) ## Common questions ### 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. --- Check which lenders fund a business like yours: https://www.recurclub.com/recur-market All lenders: https://www.recurclub.com/lenders 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.