HDFC Bank promotes business loans to develop your own business anywhere in India, be it large-scale ventures or small-scale firms. These schemes are made for people requiring funds to operate the business. Also, these are free of collateral. Its low interest rates and policy clarity make them one of the best business loan schemes in India.

What are the Features and Benefits of HDFC Bank Business Loans?
Here’s what makes HDFC Bank Business Loan different from other business loans:

· Collateral-free: HDFC Bank Business Loans do not involve any collateral or security, thus bringing you peace of mind.

· Transfer Business Loan Balance: This lets you transfer existing debts into a single consolidated Business Loan which is paid back at an easy monthly

· Competitive 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 selected locations without any collateral security.

· Dropline 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, and loan disbursal procedures are quick.

· Flexible Repayment Tenures: Pay back your loan within a flexible tenure of 12 to 48 months.

· Many Branches: you can apply for a Business Loan directly from 4,972 branches of HDFC Bank in India.

· Credit Protect Option: HDFC doesn’t just give you a Business Loan, but also provides credit insurance. The Credit Protect Scheme deducts the insurance charges from your loan amount and provides loan repayment protection cover. This credit protection comes with tax benefits.

What is the Interest Rates for HDFC Bank Business Loan?

HDFC Bank offers Business Loans at fixed interest rates of 15.50% to 18.30%, based on the eligibility of the borrower. However, the following are the factors that affect the interest rate for business loans:

· Credit score of the company or in the case of a new business the owner.

· Type of business: Proprietorship, Partnership, Private Limited or Public Limited

· Turnover of the business

· Profit made by the business

· Cash flow of the business

· Track record of business 

What are the Eligibility criteria HDFC Bank Business Loan?

For the HDFC Bank Business Loan, the applicant should meet the following eligibility criteria:

  • Any proprietor, self-employed individual, partnership firm, or private limited company involved in trading, manufacturing, or services can apply.
  • The applicant must be 21 years old at the time of borrowing and a maximum of 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 for the past 3 years.
  • The total business experience of the individual must be a minimum of 5 years.
  • The business should be in a profitable state for the last two years.
  • Lastly, the annual income (ITR) of the business must be a minimum of 1.5 Lakhs.
What are the Documents Required for HDFC Bank Business Loans?

The following documents are required along with your Business Loan application:

· PAN Card – For Company/Firm/Individual

· A copy of any of the following documents as identity proof:

· Aadhaar Card

· Passport

· Voter’s ID Card

· PAN Card

· Driving License

· A copy of any of the following documents as address proof:

· Aadhaar Card

· Passport

· Voter’s ID Card

· Driving License

· Bank statement of the previous 6 months

· Latest ITR along with computation of income, Balance Sheet, and Profit and loss account for the previous 2 years.

· Proof of continuation ITR/Trade license/Establishment/Sales Tax Certificate

· Other Mandatory Documents, Sole Prop. Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association 

About Finline!

Finline is an online platform for creating financial reports for getting bank loans and investments. It’s like ‘Canva’ but for financials. If you are an entrepreneur looking for a bank loan, you need to have a well-crafted project report. We, at Finline will help you with that. Our team will help you create a powerful business plan in ten minutes. That too in your language. Also, all public and private sector banks working in India accept our project report. Click to create your report.