HDBFS

Years

Apply HDBFS Business Loan

About HDBFS

HDB Financial Services is a leading NBFC catering to the growing needs of an increasingly urban clientele. HDB Financial Services, a subsidiary of HDFC Bank, commenced operations in 2007 by concentrating on activities like lending and BPO services. HDBFS has earned a reputation for being a robust and reliable financial institution over the years.

The company offers a range of secured and unsecured loans to its customers. Over twelve years, the company has multiplied to more than 1000 branches spread across 22 states and three Union territories.

HDBFS Lending Services

HDBFS offers a range of loans that include business loans, loans against property, personal loans, vehicle loans, and so on. The company provides secured and unsecured loans, as well. Except for the home loan, HDBFS provides all kinds of mortgage and non-mortgage loans to its extensive clientele situated across the country.

HDBFS BPO Services

Other than lending, HDBFS offers BPO services such as form processing, document verification, finance and accounting services, and correspondence management. Besides these back-office services, the company provides front-office services like Outbound Marketing, Contact Centre Management, and Collection Services.

HDBFS Loans  - At a Glance

Loan Product Brief Characteristics

Personal Loan

  • Meet all individual needs of borrowers
  • Loans up to 20 lakhs
  • No collateral required
  • Tenure ranging from 12 to 60 months

New to Credit Loan

  • Loans to people not having any previous credit history (CIBIL score of 0 or -1)
  • Loans up to 1.50 lakhs
  • Tenure Six to 18 months

Doctors Loan

  • Loans to doctors to expand their scale of operations
  • No collateral required
  • Flexible tenure ranging between 12 and 60 months

Business Loan

  • Financing the business needs of the entrepreneur
  • Loans up to 30 lakhs
  • No collateral
  • Term ranging between 12 and 60 months

Auto Loan

  • Finance for new and used cars
  • Refinance facilities available
  • Finance up to 90% of the cost of the vehicle
  • Tenure ranging between 12 and 48 months

Two-wheeler Loan

  • Finance two-wheeler for personal use
  • Up to 95% of the on-road price of the bike
  • Tenure between 12 and 36 months

Gold Loan

  • Finance against gold ornaments for business and personal use
  • Loans up to 20 lakhs
  • Tenure up to 48 months

Loan against Property

  • Finance your business and individual needs
  • Loans up to 8 crore
  • Tenures extending up to 180 months

Enterprise Business Loan

  • Funding working capital or business expansion needs
  • Loans up to 30 lakhs
  • No collateral
  • Tenures between 12 and 60 months

Loan against Securities

  • Loan against Government securities like bonds
  • Loans available against NSC, LIC policies
  • Loans up to 50 lakhs

Credit Card Balance Transfer

  • Transfer your credit card balances to avail loan at lower rates of interest
  • Instant decision
  • The loan starts from 25,000
  • EMI options up to 12 months

Consumer Durables Loan

  • Loans for purchase of consumer durables
  • Zero % interest and minimum down payments
  • Easy repayment options

Commercial Vehicle Loan

  • Loans for purchasing commercial vehicles
  • Tenure up to 60 months

Construction Equipment Loan

  • Loans for purchase of construction equipment
  • Up to 100% finance
  • Tenure up to 48 months

Tractor Loan

  • Purchase of farm tractors
  • Easy repayment options
  • Tenure up to 60 months

HDBFS Business Loans

HDBFS offers a range of business loans. The features of business loans are as follows.

  • Cater to the business expansion and working capital needs of all businesses
  • Specific business loans for doctors, commercial fleet owners, construction equipment owners, and so on
  • Finance all business activities of the MSME sector
  • Collateral free loans available
  • Simplified eligibility norms
  • Attractive rates of interest
  • Secure repayment options with convenient tenures depending on the income generation
  • Minimal documentation
  • Facility to apply for business loans online
  • Online repayment facilities possible
  • Business loans available for people who do not have any credit record
  • Doorstep service available

HDBFS Business Loans How to apply

Applying for an HDBFS Business Loan is a convenient process.

  • Access the website of HDBFS and click on the Apply Now option
  • Provide your details like name, gender, mobile number, PAN, email, type of loan, and so on.
  • Enter the OTP (1 time PW) sent to your registered mobile
  • Enter the details of your business and specify your requirements
  • Get the best offers

HDBFS marketing official will contact you to complete the formalities.

HDBFS Business Loans Details

Business Loan

Purpose of the loan

  • Finance working capital requirements of the business entity
  • Set up new machinery for enhancing production
  • Acquire business assets for expansion purposes

Features and Benefits

  • Loans up to 30 lakhs
  • No guarantor or collateral necessary
  • Tenure ranging from 12 to 60 months
  • Doorstep service
  • Rates of interest up to 36% per annum
  • Hassle-free documentation process

Eligibility Criteria

Self-employed professionals includes Doctors, Chartered Accountants, Architects, and so on

  • Minimum age 22 years
  • Maximum age at the time of the closure of the loan 65 years
  • Business continuity Minimum of three years
  • Minimum annual income 1 lakh at metro locations and 75,000 at other locations

Self-employed individuals sole proprietors, partners and directors in Manufacturing, trading, and services sector

  • Minimum age 21 years
  • Maximum age 65 years at the maturity of the loan
  • Business experience Minimum of four years with at least two years in the same business
  • Minimum annual income 1 lakh at metros and 75,000 at other locations

Self-employed Non-individuals Partnership firms and Private Limited Companies

  • Minimum age 22 years
  • Maximum age 65 years (maturity of the loan)
  • Business continuity At least four years with a minimum of two in the same business
  • Minimum Annual Income 1 lakh at metro cities and 75,000 at other locations
  • It should be a profit-making enterprise for the previous two years
Enterprise Business Loan

Similar to the HDBFS Business Loan in all respects

The features are as follows in brief

  • Loans available up to a maximum of 30 lakhs
  • No requirement of guarantor or collateral
  • Special offers are available for self-employed doctors.
Doctors Loan

Purpose of the loan

  • Expansion of scale of operations
  • Machinery and equipment to ensure better treatment facilities
  • Development of clinic, nursing homes, and pathological laboratories
  • Setting up operation theatre
  • Purchase of office equipment like computers, furniture, air conditioners, and so on
  • Purchase of car and ambulance
  • Renovations to existing clinics and nursing homes
  • Working Capital requirement for stocking medicines

Features of the loan

  • Loans available to individual doctors and medical practitioners
  • No collateral or guarantors
  • Flexible repayment mandates ranging between 12 and 60 months

Eligibility Criteria

  • Maximum age 65 years on the date of the sanction of the loan
  • Graduate doctors, Post-graduate doctors with a minimum of four years post-qualification experience
  • Have an own house or clinic in HDBFS area of operation

Specific Documents

  • ITR for the last two years
  • Professional qualification services
  • KYC documents
  • Proof of ownership of property
  • Medical Registration Certificate
Commercial Vehicle Loan

Purpose

  • Meet the business requirements of the commercial fleet operators

Features

  • Customised financing solutions to meet individual requirements
  • Financing available for buses, trucks, LCVs and SCVs
  • Finance also available for used vehicles
  • A top-up facility on existing vehicle loans
  • Assistance for purchase the vehicle
  • Repayment tenures up to 60 months
  • Simplified documentation

Target

  • Large, medium, and small fleet owners
  • Individuals
  • First-time entrepreneurs
  • Partnership firms and proprietorship concerns
  • Pvt and Public limited companies

Eligibility Criteria

  • No specific criteria
Construction Equipment Loan

Purpose of the loan

  • Financing all types of construction equipment such as excavators, cranes, self-loading concrete mixers, road rollers, bulldozers, tippers, rock breakers, and so on

Features

  • Finance available up to 100% of the cost of the asset
  • Finance for used equipment
  • Top-up available on existing loans
  • Simple documentation
  • Repayment tenure up to 48 months

Target profile

  • First-time buyers
  • Hirers of construction and earthmoving equipment
  • Small and medium contractors of Government and private agencies
  • Small and medium mine or quarry owners
  • Contractors of civic and municipal bodies

Eligibility

  • No specific criteria

HDBFS Business Loan Documents Required

KYC Documents

Identity Proof Documents and Address Proof papers One document from the following

  • Passport
  • Voters ID Card
  • Driving Licence
  • PAN Card of the individual
  • PAN Card of the entity if applicable
  • Aadhar Card
  • Photo
Address Proof Documents of the Entity
  • Driving Licence
  • Voter's ID Card
  • Utility Bill not more than two years old
  • Registered Rental Agreement
  • Leave and licence agreement
  • Letter of allotment of accommodation
Date of Birth Proof
  • Driving Licence
  • PAN Card
  • Passport Copy
  • Birth Certificate
  • Std X or Std XII mark sheet
Bank Statements
  • Bank passbook or statement for the last six months
Income Proof Documents
  • Latest ITR along with the computation of income
  • Balance Sheet for the previous two years
  • Profit and Loss statements for two years
  • If audited, tax audit reports and Statutory Audit Report
Borrower Specific Documents
  • Partnership deed
  • Copy of MOA and AOA
  • Copy of Board Resolution
  • Registration Certificate
  • Certificate of Incorporation
  • Professional Qualification Certificate
  • Necessary Licences

HDBFS Business Loans Charges

Type of charge Business and Enterprise Business Loan Commercial Vehicle and Construction Equipment

Application Fee

Up to 3,500

Up to 5,000

Loan Processing fee

2% of the loan amount

1.50% of the loan amount

HDBFS Business Loans  - Frequently Asked Questions

What type of business loans does HDBFS offer?

HDBFS offers all kinds of business loans. The company finances the business needs of micro, small, and medium enterprises. The requirements can range from meeting day-to-day working capital needs to purchase long-term assets for business expansion. HDBFS also finances vehicles if the same is required for business purposes.

Does HDBFS stipulate collateral when sanctioning business loans?

Loans up to a maximum of 30 lakhs are available without any collateral. If the requirements are more than 30 lakhs, the borrower can avail facilities like loan against property for business purposes. However, the assets created out of HDBFS finance are available as primary security.

Is it necessary to have business experience to avail HDBFS Business Loans?

Yes, it is necessary to have business experience if you are looking for a working capital loan for your day-to-day business requirements. The minimum business experience should be three to four years, depending on the type of loan you opt for. In the case of loan for commercial vehicles and construction equipment, first-time buyers are also acceptable. However, it is always better to have experience.

How do you apply for your HDBFS Business loan?

Borrowers can apply for the HDBFS Business loan in many ways. The easiest way to do so is online mode. A suitable alternative is to approach the nearest branch office of the company. HDBFS has an extensive network of DSAs who can help you with applying for business loans. The company has arrangements with vehicle manufacturers and construction equipment manufacturers. It facilitates the financing of these assets.

What is the extent of HDBFS finance in the case of commercial vehicles and construction equipment?

HDBFS sanctions up to 95% of the cost of commercial vehicles and 100% of the value of the construction equipment. The reason is that these loans are secured fully by the asset financed by the company. If needed, the company can seek additional collateral.

How does HDBFS calculate interest on the business loans?

HDBFS calculates interest on the monthly reducing balance on its loans. This method entails that the company calculates interest on the closing balance of the previous month. This method is different from that the commercial banks apply. The banks calculate interest on daily reducing balances. It is the most beneficial method of calculating interest for the borrower.

What is the average rate of interest on the business loans at HDBFS?

The annual average rate of interest on business loans is between 18% to 20% per annum. The individual rates of interest can go up to 36% in the case of unsecured loans.

What factors determine the rate of interest charges by HDBFS?

The following external factors affect the rate of interest charged by HDBFS.

  • The risk profile of the customer
  • The market condition
  • The fund position
  • The cost of funds

How do you repay the HDBFS Business loans?

Borrowers can repay HDBFS loans online on the official website of the company. The most convenient mode of repayment of business loans is the PDC or ECS mode.

Is the CGTMSE guarantee cover available to HDBFS business loans?

No, the CGTMSE guarantee cover is not available to HDBFS business loans. It explains the comparatively higher rate of interest charged on these loans.

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