HDFC Bank Business Loan

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About HDFC BANK

HDFC is India's leading Housing Finance Company established in the year 1977. The organization works with an aim of increasing the flow of resources to housing sector by integrating housing sector with financial markets. HDFC Ltd has three overseas offices located in Dubai, London, and Singapore providing Home Loans to NRIs and persons of Indian origin. They have an enhanced distribution network and distribution via HDFC Sales, HDFC Bank, and several channel partners.

About HDFC BANK BUSINESS LOAN

Converting a chance into a profitable opportunity is a key to business growth and its revenue. Finance is the most important thing that is continuously required in business for its future sustainability. HDFC Bank's business loan helps you in maintaining the continuity of funds in the business. HDFC Bank offers quick and easy business loan at a competitive rate of interest which can either be fixed or floating.

  • Fixed rate of interest means you can borrow loan at a fixed price that won't change during the loan tenor. The rate may change only in case there would be any change in bank's benchmark rate. However, the loan at a fixed rate of interest should only be chosen when you are not expecting any change in rates in future.
  • On the contrary, floating rate of interest changes with the minor change in bank?s benchmark rate. This type of rate should only be chosen in case you can take risk of increase in the rate of interest in future.

Why apply for a HDFC Bank Business Loan

  • For business expansion
  • For working capital
  • For child's education
  • For home renovation

 

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HDFC Bank Business Loan Features & Benefits

  • Loan Amount: HDFC Bank offers business loan of minimum amount of Rs. 5 lacs that can go up to maximum amount of Rs. 50 lacs.
  • No Collateral/ Mortgage: HDFC Bank Business loan can be availed without any mortgage or collateral. You can borrow business loan from HDFC Bank without any guarantor.
  • Business loan can be used for multipurpose: Business loan from HDFC Bank can be used for to fulfil multiple business requirements including business expansion and need for working capital.
  • Balance Transfer of Business Loan: HDFC Bank offers the facility of loan balance transfer from another bank to HDFC Bank. You can easily transfer your business loan with another
  • Quick and easy loan disbursal: HDFC Bank is one of the banks in the country which helps you in calculating your loan eligibility within 60 seconds. After the submission of required documents, the bank disburses loan in quick time.
  • Loan Tenor: HDFC Bank offers business loan at flexible tenor that ranges between 12 months to 36 months. The loan tenor in case of loan amount more than Rs. 10 lacs can go up to 48 months.
  • Easy accessibility and convenient borrowing: HDFC Bank provides easy accessibility via chat bots, SMS facility and phone banking. You can anytime clarify your queries regarding business loan through the options available.
  • HDFC Bank insurance scheme: With HDFC Bank Business loan you can insure yourself against any discrepancy.
  • Payment Options: The loan EMIs can be repaid via several payment options including PDCs (Post Dated Cheque), ECS (Electronic Clearing System) and Standing Instructions to auto debit your HDFC Bank account.

 Credit Protect Scheme:

Business Loan by HDFC Bank comes with an added advantage of Credit Protect. Under the scheme, you can cover your loan by paying a nominal amount of premium.

  • In case of natural or accidental death of the customer, nominee can avail claim under Payment Protection Insurance (Credit Protect Scheme). This scheme insures the outstanding principle amount of loan to the maximum of the loan amount.
  • The amount of premium is deducted from the amount of loan at the time of disbursal after levying all the applicable taxes and charges notified by government.

Advantages of Credit Protect Scheme:

  • This scheme protects family from the burden of loan liability in case of death of the borrower by paying off the loan amount.
  • The coverage is for lifetime that gives peace of mind to the borrower.
  • The scheme helps you to preserve the savings as the loan amount is paid off by the insurance amount.
  • The borrowers covered under this scheme also get tax benefits under Income Tax Act.
  • Business Loan with HDFC Bank is a dual advantage pack including loan and insurance subject to certain terms and conditions.

HDFC Bank Business Loan Eligibility Criteria

  • Who can apply? - HDFC Bank Business Loan can be applied by individuals, self-employed individuals, proprietors, and private limited companies, partnership firms involved in the business of manufacturing, trading and services.
  • Business Turnover: The business turnover for business loan from HDFC Bank should be at least Rs. 40 lacs in a year.
  • Business Experience: individuals who have an experience of at least three years in current business and total of five years of experience in business are eligible for HDFC Business Loan.
  • Annual Income: The minimum annual income of the business should be at least Rs. 1.5 lacs.
  • Age: The age of the borrower at the time of applying loan should be at 21 years and above and should not be more than 65 years at the time of loan maturity.
  • Business Profit: Only those individuals are eligible for loan whose business is earning profits from past two years.
  • CIBIL Score: One of the important factor that affect loan eligibility is CIBIL Score that should be 650 and above.

  • Interest Rate 15.50% - 18.30%
  • Loan Amount1L - 50L
  • Processing Fee 2%
  • Tenor3 Years

  • Quick Apply

HDFC Bank Business Loan Fees & Charges

 Fees Amount
 Processing Fee Up to 2%
 Pre-payment Fee 
  • No charges until 6 months
  • Up to 24 months- 4% of principle outstanding
  • 24- 36 months- 3% of principle outstanding
  • More than 36 months- 2% of principle outstanding

 

HDFC Bank Documentation

 

 Type of documentDescription 
Identity Proof 

A copy of any one of the following:

  • Aadhar Card
  • Passport
  • Voter's ID Card
  • PAN Card
  • Driving License
Address Proof 

A copy of any one of the following:

  • Aadhar Card
  • Passport
  • Voter's ID Card
  • Driving License
Bank Statements 
  • Bank statement of recent 6 months
  • Latest ITR Forms
  • Balance sheet and P & L statement for previous 2 years audited by CA
Continuation proof- 

  ITR/Trade license/Establishment/Sales Tax Certificate

Other Documents 
  • Sole Prop. Declaration Or Certified Copy of Partnership Deed,
  • Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)

 

Other Available products from HDFC Bank

EMI CALCULATOR

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)