HDFC Bank Business Loan – Eligibility, Interest Rates, Documents & How to Apply

Want to start your own business or if you already have a business want to expand it or want to build it into something better? but due to a lack of funds, you are unable to complete your dream.

I am right?

For your business needs, you need funds that is where you need to take a loan, and Banks like HDFC Bank help you to finance your business needs and help you to develop your own business anywhere in India. HDFC Bank offers business loans of up to Rs.50 lakhs to help you with any business-related funding requirements. HDFC Bank provides business loans at very competitive interest rates and also without submitting any collateral or security to the lender.

Features and Benefits of HDFC Business Loan

  • Applicant can avail a loan up to Rs 50 Lakhs without any colletral or security.
  • Applicant can check their Business Loan eligibility at any branch or online in 60 seconds.
  • HDFC Bank disbursed the loan quickly into borrower account.
  • The interest rate on an HDFC Business loan start as minimum 11.90% per annum.
  • Flexible Loan Repayment Tenure over a period of 12 to 48 months.
  • You can also transfer your existing Business Loan to HDFC Bank at very low interest rate @ 15.75% with low processing fees 0.99%.
  • Dropline Overdraft Facility is also provided by the HDFC Bank.

HDFC Business Loan Eligibility

  • At the time of applying for the HDFC Business Loan, Applicant’s age should be minimum at least 21 years and at the time of loan maturity maximum 65 years.
  • To avail a business loan from HDFC Bank, Applicants are required to have been in their current business for at least 3 years.
  • The business should has been making profit for the previous two years and should have a minimum annual income (ITR) of Rs. 1.5 lakhs per annum.
  • To avail a business loan from HDFC Bank, Business should have a minimum turnover of Rs. 40 lakhs.
  • These are the categories of applicant that can avail business loan from HDFC Bank – Self employed individuals, Business owners, sole Proprietors, Public & Private Ltd. Co. and Partnership Firms involved in the business of Manufacturing, Trading or Services.

HDFC Business Loan Interest Rates

HDFC Bank interest rates on Business Loan at minimum @ 9.50% p.a and maximum interest rate @ 20.57% p.a. the final actual interest rate offered to an applicant depends on the age, income, Cibil score, and risk profile of the business, with 5 years of total business experience.

HDFC Business Loan Processing Fees & Charges

  • Loan Processing fees up to 2.50% of the loan amount (minmum Rs 1000 and maximum Rs 25000) for salaried customers and for self employed customers (minmum Rs 1000 and maximum Rs 75000).
  • Pre Payment charges- 4% of prepay amount, if borrower will paid loan amount between 06-24 months, 3% of prepay amount, if borrower will paid loan amount between 25-36 months, 2% of prepay amount, if borrower will paid loan amount after 36 months of loan disbursement.
  • Charges for late payment of EMI is 2% per month of EMI.
  • Cheque swapping charges – 500 Rs.
  • Cheque Bounce Charges – At 1st return Rs.450 + taxes per instance, At 2nd return in a month Rs.500 + taxes per instance & 3rd return Rs.550 + taxes per instance.
  • Stamp duty charges for loan documentation as per applicable state law.

Documents Required For HDFC Business Loan

  • PAN Card of the Individual / Firm / Company.
  • Identity Proof- Any one copy of the following documents : Aadhar Card, Pan Card, Passport, Voter’s ID card, Driving License.
  • Address Proof- Any one copy of the following documents : Aadhar Card, Passport, Voter’s ID card, Driving License.
  • Bank account statement of last 6 months.
  • Latest ITR should be with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being chartered accountant Certified/Audited.
  • Proof of continuation of business – any one copy of the following documents : ITR, Trade license, Establishment, Sales Tax Certificate.
  • Other Mandatory Documents required by HDFC Bank lender.

How to Apply for HDFC Business Loan

You can apply for HDFC Business Loan online through its official website and offline by visiting your nearby HDFC Bank branch.

Step 1 – First of all, before applying for HDFC Bussiness Loan you will need to check your eligibility criteria. you can check your Business Loan eligibility criteria at any branch or online in 60 seconds.

Step 2 – Once you check your eligibility criteria, you will need to click on Apply Now button which you will see at the bottom of the HDFC bank website.

Step 3 – After clicking on Apply Now button, HDFC bank redirected you to a new page where you will require to fill in the required details and complete the application form.

Step 4 – After submitting the online application, a lender from HDFC Bank will contact you. once your application is approved by the HDFC Bank lender, the loan amount will be disbursed to your bank account quickly.

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