HDFC Bank Business Loan
Funds are the lifeline of every business. From running day-to-day operations, paying employees, miscellaneous expenses, buying equipment, and machinery, partnering with logistics and servicing customers - all aspects require money, and accessing funds in the case of emergencies may become difficult.
India's leading private-sector commercial bank, Housing Development Finance Corporation (or HDFC) Bank Limited lets organisations run their businesses smoothly without worrying about money by offering lucrative term deposits and Business Loans. If youlack funds for your business operations, apply for HDFC Bank Business Loan.
|HDFC Bank Business Loan Interest Rate - March 2020|
Loan turn around period
7- 30 Days
Up to 2.50% of loan sanctioned + Taxes
Who can apply?
500 per instance
2,783 Per Lakh
About HDFC Bank Business Loan
HDFC Bank Limited started its operations in August 1994 and has evolved into a leading private bank in India since then. Headquartered in Mumbai, it brings cutting-edge Business Loans to proprietors, and self-employed individuals private limited companies, and partnership firms that are into business of trading, manufacturing and services. HDFC lets you meet your growing business needs through Business Loans with zero security involvedat competitive interest rates.
Why HDFC Bank Business Loan?
A Business Loan lets you meet your financial requirements related to business. Be it buying land, moving into a new office space, purchasing equipment, or getting a capital boost for future growth, a Business Loan helps your business continue its operations and grow without the need of worrying about finance. When a business is in its initial stages,acquiring funds is often a problem. Getting investors is hard,and this is where an HDFC Bank Business Loan comes in.
An HDFC Bank Business Loan lets you pay back in flexible tenures of 12 to 48 months. You have the option of foreclosing your Business Loan after 6 months at foreclosure charges of 2% to 4%.
Features and Benefits of HDFC Bank Business Loan
Here's what makes HDFC BankBusiness Loan different:
- Collateral-free: HDFC Bank Business Loans do not involve any collateral, security and guarantor, thus bringing you peace of mind.
- Business Loan Balance Transfer: Business Loan balance transfer lets you transfer existing debts into a single consolidated Business Loan which is paid back at easy monthly
- Competitive Interest Rates: Low interest rates, starting at 15.0% p.a.
- Low Processing Fees:Processing fee starts at 0.99%.
- Up to 40 Lakhs Loan Amount:Get a loan of up to 40 Lakhs (and 50 Lakhs in select locations) without any collateral, guarantor, or security.
- Dropline Overdraft Facility:Pay back your interest only on the utilised amount.
- Quick Eligibility Check and Loan Disbursal:Your loan eligibility is checked in less than 60 seconds,and loan disbursal procedures are quick, giving you the required funds instantly.
- Flexible Repayment Tenures: Pay back your loan within aflexible tenure of 12 to 48 months.
- Many Branches:There are over 4,972 branches of HDFC Bank in India where you can apply for a Business Loan directly.
- Credit Protect Option: HDFC don't just give you a Business Loan, but also provide credit insurance. The Credit Protect Scheme deducts the insurance charges from your loan amount and provides loan repayment protection cover so that your family doesn't have to worry about the payment of outstanding loan amount in the event of accidental or natural death. This credit protection comes with tax benefits.
HDFC Bank Business Loan Interest Rates
HDFC Bank offers Business Loans at lucrative fixed interest rates of 15.0% to 30.0%, based on the eligibility of the borrower.
HDFC Bank Business Loan Eligibility
To avail HDFC Bank Business Loan, applicant should meet following eligibility criteria
- Any proprietor, self-employed individual, partnership firm, or private limited company involved in trading, manufacturing or services can apply for HDFC Business Loan.
- The applicant must be 21 years old at the time of borrowing and maximum 65 years old at the time of maturity of the loan.
- Minimum business turnover must be 40 Lakhs.
- Applicant must be associated with the current business since past 3 years.
- The total business experience of the individual must be minimum 5 years.
- The business should be in a profitable state for the last two years.
- The annual income (ITR) of the business must be minimum 1.5 Lakhs.
HDFC Bank Business Loan Processing Fees, Other Charges
HDFC Bank Business Loans come with following charges:
- Processing Fee: Up to 2.50% of the sanctioned loan amount (minimum 2,359 and maximum 88,500).
- Prepayment charges: Prepayment is allowed only after repaying 6 EMIs. Prepayment charges are as follows:
- 4% of principal outstanding - if prepayment is done between 7-24 months.
- 3% of Principal Outstanding - if prepayment is done between 25-36 months.
- 2% of Principal Outstanding - if prepayment is done after 36 months.
- Late EMI Payment Charges: 2% of EMI or principal overdue/ per month (minimum 200)
- Stamp Duty/ Other Statutory Charges: As applicable by the State.
- Cheque Swapping Fee: 500
- Amortization Schedule Charge: 200
- Cheque Bounce Penalty: 500 for per bounced cheque.
Documents Required for HDFC Bank Business Loan
The following documents are required when the applicant applies for an HDFC Business Loan online:
- PAN Card - for individual/firm/company
- Identity Proof (any of the following)
- Aadhaar Card
- Driving License
- PAN Card
- Voter's ID Card
Address Proof (any of the following)
- Aadhaar Card
- Driving License
- Voter's ID Card
Bank Statement of last 6 months
Recently filed ITR with computation of income - certified/audited by CA
Balance Sheet for the previous 2 years - certified/audited by CA
Last 2 years Profit & Loss Statement - certified/audited by CA
- Other documents
Certified copy of Partnership Deed or Sole Proprietorship Declaration,
Certified copy of M&AA (Memorandum and Articles of Association) - duly certified by Director
Original Board Resolution
Other Products by HDFC Bank
HDFC Bank offers Business Loans not just to business owners, but to professionals too, including:
- Chartered Accountants
- Company Secretaries
- Self practicing professionals
Apart from Business Loan, HDFC also provide other loans including:
- Personal Loan
- Home Loan
- Loan Against Property
- Education Loan
- Car Loan
How to Calculate HDFC Bank Business Loan EMI?
The HDFC Bank Business Loan EMI amount can be computed using the MyMoneyMantra's EMI Calculator. The EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rate which lets borrowers know what their monthly EMI amount comes to. To calculate your EMI for HDFC Bank Business Loan, follow the steps below:
Click on 'EMI Calculator' tab under 'Financial Tools' section.
Enter the required loan amount, interested rate, and tenure of the loan (in years or in months).
Click on 'Calculate'.
You will get the EMI amount, Total Payable Interest and total loan payment (Principal + Interest).
Why Apply for HDFC Bank Business Loan On MyMoneyMantra?
HDFC Bank gives business owners convenient and flexible Business Loans to meet their customised requirements. When you borrow through HDFC, you get instant loan approvals and disbursals in as little as 5 working days. Furthermore, round-the-clock customer care support and nationwide outlets make availing Business Loans a breeze through HDFC. Sometimes it's difficult to acquire funds at a moment's notice,and this is where the HDFC Advantage lies. If you're struggling to get funding or if you own a seasoned business which requires a bit of cash funding, HDFC Bank is there to help you.
At MyMoneyMantra we are committed to making the process of availing a Business Loan from HDFC convenient and hassle-free. Not only do we guide you to the scheme which is best suited to your requirements, but we also assist you in the application process. Our team helps complete your documentation,collects your kit from your home and deposits it to the bank. We also hand-hold you through the approval and disbursement process.
How to Apply for HDFC Bank Business Loan on MyMoneyMantra?
Applying for HDFC Bank Business Loan through MyMoneyMantra is easy and quick, all you need to do is:
- Visit our official website - mymoneymantra.com.
- Click on Business Loan tab under Loans
- Enter the required details including your employment type, name, e-mail address, city you are currently living in, type of business, annual income, required loan amount, and mobile number.
- Provide your consent.
- Choose HDFC Bank as your Business Loan partner.
- Fill in the form by providing some basic details like your gender, marital status, PAN Number, and others and click proceed.
- Enter your financial details and proceed.
- Enter your address details and click on submit button.
- You will receive a call from MyMoneyMantra's Business Loan Specialist soon, guiding you further with application and documentation process.
HDFC Bank Business Loan Customer Care
You can contact HDFC Bank Customer Care regarding any loan related query at the following Toll-Free number:
1800 266 4332
You can reach them at their following address:
82, Cyrus Avenue, Khatija Mansion, Dr AnandRao Nair Rd,
HDFC Bank's virtual assistant 'EVA' answers customer question through voice and chat-based channels. In addition to automated customer care and answering FAQs, HDFC Bank's customer care department is available round-the-clock through the toll-free number, email, Click2Talk, and Onchat messenger service.
HDFC BANK BUSINESS LOAN Latest News
HDFC Bank and Google Partner Up to Provide Instant Customised Loans to Users
Google partners with four leading Indian banks for providing instant loans online through the Google Pay platform. Pre-approved loans will be given to applicants from these leading banks, among which HDFC Bank is included. Google Pay was previously named Google Tez which was launchedon September 2017. Users will be able to customize their loan requirements and transfer their disbursements directly to their bank accounts for immediate use. Other digital giants like Facebook and Ant-Financial are gearing towards bringing financial services in India.
HDFC Raises its MCRLs by 20 bps, with One Year Rate Standing at 8.60%
HDFC Bank, the nation's largest private-sector commercial player in finance, raised its Marginal Cost of Funds-Based Lending Rate (MCLR) by 20 bps. The 1-year MCRL rate, w.e.f. September 2018 is set at 8.60%.
Meet TteNew Humanoid IRA 2.0 by HDFC Bank in Bengaluru
The new humanoid IRA 2.0 was unveiled in the Koramangala branch in Bengaluru. HDFC Bank also added 'EVA' an AI-powered virtual assistant among its Fintech offerings. EVA answers customer questions and queries on the official website through voice and chat-based channels and has an 85% rate of accuracy.
Economic Times Report: HDFC Retains Top Rank in 'WPP and Kantar Millward Brown's BrandZ 75 Most Valuable Indian Banks' Awards
HDFC Bank's small loans initiative and sustainable financial servicing model made it retain its top spot as India's most valuable financing brand the 5th time in a row this year.
HDFC Sells its 1,000 Crore EssarStell Loan to Edelweiss ARC
HDFC sold its 1000 Crore EssarStell Loan to Edelweiss ARC this year which was later sold to other financial investors, including international players who wished to remain unidentified.
HDFC Business Loan - FAQs
Can I transfer my existing Business Loan from other banks to HDFC?
Yes. HDFC Bank lets you transfer your existing Business Growth Loan to HDFC Bank at a lower interest rate and lower EMIs.
What is the repayment tenure available for HDFC Business Loan?
You can repay your HDFC Business Growth Loan within a period of 12 to 48 months.
What should be my business turnover to avail the loan?
The turnover of your business should be minimum 40 Lakhs.
What is the processing fee applicable on loan?
HDFC Business Growth Loan comes with a processing fee of up to 2.50% of the loan amount, which is subject to a minimum of 2,359 and a maximum of 88,500
When can I prepay my loan?
The prepayment can be done only after repaying 6 EMIs.
How much loan amount can I avail under the loan?
Under HDFC Business Growth Loan, you can avail up to 40 Lakhs ( 50 Lakhs in select locations).
Who can apply for the loan?
Anyone who meets the following criteria is eligible to apply for the loan:
- The age of the applicant must be 21 years at the time of application and up to 65 years at the time of loan maturity.
- Proprietors, Self-employed individuals, Private Ltd. Co., Partnership Firms involved in Manufacturing, Trading, or Services.
- The minimum turnover of the business should be 40 Lakhs
- Individuals must be in the current business for at least 3 years and should have total business experience of 5 years.
- The business must be profit-making for the last 2 years
- The Minimal Annual Income (ITR) of the business should be 1.5 Lakhs per annum