HDFC Business Loan starts with an interest rate of 11.90% per annum with a loan amount up to Rs. 50 lakhs. Every business faces a problem of funding at some point in time, HDFC can support you in that time by facilitating business loans without any collateral.
Features and Benefits
- Get a loan up to Rs. 40 lakhs and Rs. 50 lakhs for selected areas.
- You can get a loan without any collateral, guarantor, or security.
- Interest rates start at 11.90% pa and go up to 21.35% pa.
- Balance transfer facility also available.
- You can use the amount of the loan to expand your business, in day-to-day expenses, buy inventory, and more.
- You have the option to apply for a loan online or offline.
- The repayment tenure is ranging from 12-48 months.
- You can contact them via SMS or chat through the website 24×7.
Eligibility to apply for HDFC Business Loan
- Self-Employed Individual
- Sole Proprietors
- Private companies
- Partnership firms
- Business of Manufacturing, Trading, or services
- The minimum turnover of a business must be Rs. 40 lakhs
- Business must be 3 years old.
- You must have 5 years of overall business experience.
- Business must have been making a profit from previous 2 years.
- Business must have a minimum annual income of Rs. 1.5Lakhs.
- The minimum age at the time of application is 21 years.
- And not be older than 65 years at loan maturity.
- PAN card
- ID Proof (Aadhar card/passport/voter ID/Driving license)
- Address proof(Aadhar card/passport/voter ID/Driving License)
- Bank statements of past 6 months
- Balance sheet, P/L account of last 2 years certified by CA.
- Business Proof
- AOA, MOA, Partnership deed, and other documents as per your business kind.
Fee and Charges
|SL.No||Fee and Charges||Rates|
|1||Rate of Interest||Minimum 11.90% pa, Maximum 21.35% pa.|
|2||Processing fee||up to 2.50% of the loan amount or a minimum of Rs. 1000.|
|3||Prepayment in Part/Full||Not permitted|
|4||Part repayment||Permitted after 12 EMIs up to 25% of the remaining loan amount and only for one time in F.Y. and two times during loan tenure.|
|5||Pre-payments charges||2-4% of the loan amount|
|6||Penalty for delay in paying interest EMI||2% of the loan amount|
|7||Cheque Bounce charge||Rs. 450+Taxes|
How to apply for an HDFC Business loan?
You can apply Online or Offline
- Go to the HDFC Bank website.
- You will see a box written “Personal Banking Service, What are you Looking For”.
- Select ‘loans’ in the first box.
- Select ‘Business loans’ in the second box.
- Now, Click on apply. A new page will be opened.
- Enter your mobile number.
- HDFC representative will call you regarding the same.
- They will guide you through the further processes.
Go to your closest HDFC branch with all documents and fill out the application form you get there. And submit the form. Professionals present over there will help you through the loan process.
Call – 1800 202 6161 / 1860 267 6161
Website – HDFC Bank
1] What is a Balance transfer facility?
Balance transfer means ongoing loans with some other banks you can transfer to HDFC to get low-interest rates and better options.
2] What is cheque Bounce charges?
Charges are applied if your cheque bounces. The charges are fir 1st bounce of Rs. 450+taxes. For 2nd bounce Rs. 500+Taxes, For 3rd bounce Rs. 500+Taxes.
3] Do I require a solvency certificate to apply for an HDFC Business loan?
No, you do not require a solvency certificate.
4] What are the minimum and maximum repayment periods of HDFC Business loans?
The minimum repayment period is 12 months, the maximum repayment period is 14 months?
5) What is the interest rate for transferring existing business loans to HDFC Business loans?
Interest rates apply are a minimum of 15.75% on existing loan transfers.