Tag: HDFC Bank Business Loan interest rates

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HDFC Bank Business Loan

HDFC Bank Business Loan

HDFC Bank Business loan 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 it 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 Loans?
Features and benefits of HDFC Bank Business Loan are as follows:
  • Collateral-free: HDFC Bank Business Loans do not involve any collateral, security, or 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 old 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 an HDFC Loan Application?
  • Duly filled application form with passport-sized photographs
  • Business Plan/Project Report
  • Identity proof: Passport, PAN card, Aadhaar card, Driver’s 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 the 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 a balance sheet, income statement, and computation of income
  • Business address, vintage and establishment proofs
  • Copy of licenses, certificates, permissions, if any
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. Our reports are accepted by all public and private sector banks working in India. Click to create your report.

 

Categories
Articles

HDFC Bank Business Loan

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.