HDFC Bank Business loan helps offers business loans to help you develop your own business anywhere in India, be it large-scale ventures or small-scale firms.
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.
HDFC Business loans are free of collateral. Its low-interest rates and policy transparency make them one of the best business loan schemes in India.
HDFC Bank Business Loan Interest Rates
The HDFC Bank business loan interest rate starts at 15.50% but varies as per individual profile. Banks update their interest rates as per RBI guidelines.
HDFC Bank Business Loan Details
|Loan Amount||Min Rs. 50,000 and Max Rs. 50 Lakh|
|Interest Rate||15.50% to 18.30%|
|Loan Tenure||12 months to 48 months|
What are the Features and Benefits of HDFC Bank Business Loan?
Features and benefits of HDFC Bank Business Loan are as follows:
- Collateral-free: HDFC Bank Business Loans do not involve any collateral, security, and guarantor.
- Business Loan Balance Transfer: Business Loan balance transfer lets you transfer existing debts into a single consolidated Business Loan which is paid back at an easy monthly
- Interest Rates: Low-interest rates, starting at 15.75% p.a.
- Low Processing Fees: The 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 security.
- Overdraft Facility: Pay back your interest only on the utilized amount.
- Quick Eligibility Check and Loan Disbursal: Your loan eligibility is checked in less than 60 seconds, giving you the required funds instantly.
- Flexible Repayment Tenures: 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 doesn’t just give you a Business Loan, but also provides credit insurance. This credit protection comes with tax benefits.
What is the HDFC Bank Business Loan Eligibility?
- Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms involved in the business of Manufacturing, Trading, or Services.
- Individuals who have been in the current business for a minimum of 3 years, with 5 years total business experience.
- The business should have a minimum turnover of Rs. 40 lakhs
- The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum
- Those whose business has been profit-making for the previous 2 years
- The applicant should be at least 21 years at the time of applying for the loan and should be no older than 65 years at the time of loan maturity.
What are the Documents Required for HDFC Loan Application?
- Duly filled application form with passport-sized photographs
- Business Plan/Project Report
- Identity proof: Passport, PAN card, Aadhaar card, Driving license, Voter’s ID card
- Address proof: Aadhaar Card, Driving license, Voter’s card, Passport
- Age Proof: Birth certificate, Class X certificate, Passport
- PAN Card of the applicant, partners, directors
- Bank account statement for last 6 months
- Income Tax returns duly filed with the income tax department for a minimum of 2 financial years
- ITR should be accompanied by balance sheet, income statement, and computation of income
- Business address, vintage and establishment proofs
- Copy of licenses, certificates, permissions, if any