HDFC BANK
Business Loan

Note: HDFC Bank is powered by https://www.hdfcbank.com/ and the information mentioned here is provided by HDFC Bank. 

HDFC Bank Important Links: https://www.hdfcbank.com/personal/useful-links/important-messages/product-features-and-policy

Here's what makes HDFC Bank Business 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 10.00% p.a.
• Low processing fees:  Up to 2.00%* of the loan amount and NIL Processing Fees for loan facility up to ₹5 Lakhs availed by micro and small Enterprises subject to URC submission prior to disbursal.
• Flexible loan amount: Get a loan of up to Rs. 40 Lakhs (and  50 Lakhs in select locations) without any collateral, guarantor, or security.
• Dropline overdraft facility: Get dropline overdraft facility up to Rs. 5 Lakhs to Rs. 15 Lakhs Pay back your interest only on the utilised amount.

Additional Info: Also, check PSB Loans in 59 Minutes is a quick business loan portal for start ups.

• Business loan for all purposes: HDFC Business Loan lets you meet all your business-related financial requirements, including buying land, moving into a new office space, purchasing equipment, getting a capital boost for future growth, and so on. 
• Option of prepayment: You have the option of prepaying your business loan after 6 months at prepayment charges of 2% to 4%.
• 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 tenure: Pay back your loan within a flexible 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.

Additional Reading: What is commercial cibil score?

HDFC Bank offers Business Loans at lucrative fixed interest rates of 10.00% to 22.50%, based on the eligibility of the borrower. For business loan balance transfer cases, interest rate starts from as low as 15.75% p.a.

The HDFC Bank Business Loan EMI amount can be computed using the MyMoneyMantra's EMI Calculator. The Business Loan EMI Calculator lets you set parameters such as the loan amount, tenure, and interest rate to know what your monthly EMI amount comes to. To calculate your EMI for HDFC Bank Business Loan, follow the steps below:

• Visit mymoneymantra.com.
• Click on the 'EMI Calculator' tab given under 'Financial Tools' section.
• Enter the required loan amount, interested rate, and tenure of the loan (in years or in months).
• Hit the ‘Enter’ button.

You will get the EMI amount, Total Payable Interest and total loan payment (Principal + Interest).

This calculator provides the loan amortisation schedule as well. It gives you the year-wise breakup of your loan repayments. 

Here is an example of EMI calculation using MyMoneyMantra EMI Calculator:

Loan amount required: Rs. 40 Lakhs

Applicable rate of interest: 11.90% p.a.

Repayment tenure: 4 years

EMI to be paid by you each month: Rs. 1,05,139

Total interest to be paid: Rs. 10,46,675

Total amount to be paid by you to the lender: Rs. 50,46,675

Our EMI Calculator also provides the following amortization schedule:

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 Rs. 40 Lakhs.
• The applicant must be associated with the current business for the 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 2 years.
• The annual income (ITR) of the business must be minimum Rs. 1.5 Lakhs.

Additional Reading: Credit rating agencies in India

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 Licence
  • Passport
  • PAN Card
  • Voter's ID Card
• Address Proof (any of the following)
  • Aadhaar Card
  • Driving Licence
  • Passport
  • 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

HDFC Bank business loan comes with following charges:

• Processing fee: Up to 2.00%* of the loan amount and NIL Processing Fees for loan facility up to ₹5 Lakhs availed by micro and small Enterprises subject to URC submission prior to disbursal
• Prepayment charges: Prepayment is allowed only after repaying 6 EMIs. Prepayment charges are as follows:
  • 4% of principal outstanding - if prepayment is done between 6-24 months.
  • 3% of Principal Outstanding - if prepayment is done between 25-36 months.
  • 2% of Principal Outstanding - if prepayment is done after 36 months.

• Overdue EMI interest: 2% per month.
• Stamp duty & other statutory charges: As applicable by the State.
• Cheque swapping fee: Rs. 500
• Amortization schedule charge: Rs. 200
• Cheque bounce penalty: Up to Rs. 550 for per bounced cheque. 10% discount for senior citizens.
• Taxes: Government taxes & other levies as applicable will be charged over & above the fees and charges mentioned above.

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 the submit button.
• You will receive a call from MyMoneyMantra's Business Loan Specialist soon, guiding you further with the application and documentation process.

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,

Mumbai Central,

Mumbai-400008.

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.

Additional Info: HDFC Home Loan Customer Care Number