The full abbreviation of HDFC is Housing Development Finance Corporations. HDFC Bank is an Indian banking and financial services company. It was established in August 1994 and their headquarters at Mumbai. It is one of India leading private banks. HDFC Bank offers a wide range of financial products and banking services to customers. The IFSC code of HDFC Bank India is HDFC0000054. The bank started operations as a scheduled commercial bank in January 1995 under the RBI’s liberalization policies. It is the first in new generation commercial banks.
A business loan is a loan specifically intended for business purposes. Setting up a new business is never easy. Setting up a new business is mainly dependent on loans for almost all of their business requirements. Are you the one of them who wants to increase their business but facing financial issues? So, don’t worry here HDFC bank have the best option for you i.e. HDFC Business loan. In this loan you can get a loan up to Rs. 40-50 lakhs without any collateral, guarantor, or security, to fulfill your every business need, from business expansion and working capital, to your child's education or a home renovation.
1. Competitive interest rate :
The bank offers a balance transfer facility. A competitive interest rate of HDFC Bank business loan starts from 15.65% p.a. and the maximum interest rate is 21.20% p.a. and a processing fee of upto 2.50% of loan amount is offered when you transfer your existing loan to HDFC Bank. Basically the rate of interest will be decided by the bank according to the customer age, employment type, overall profile and the most probably Cibil score. So, there will be a very good chance for the customer to get a business loan at an attractive and best interest rate.
2. Minimal documentation process :
HDFC Bank business loan provides less and minimal documentation for the customers. It is not required to submit so many documents for a business loan. The process of documentation is very simple and short. The documents submitted by the customers are KYC, address proof and income proof with the loan application form.
3. Loan disbursed quickly :
The business loan can be disbursed from HDFC Bank within 60 seconds. It is very easy and fast approval of the business loan so customers don't wait so many times for loan approval.
4. Flexible tenures :
The HDFC Bank business loan can be repaid flexible repayment tenures ranging from minimum 12 months up to a maximum of 48 months. It should be the best and convenient loan tenure for the customers
5. No guarantor required :
This unsecured loan can be availed without having to submit any collateral or security.
6. Easy to apply online :
HDFC Bank provides business loan approval in a very speedy way for the customers so they don't have to waste their precious time for loan approval. They can easily get approval for the business loan online. With the online method customers can easily apply for business loans from HDFC Bank.
|
TYPE |
CHARGES |
|
Processing Fee |
Upto 2.50% of loan amount |
|
Prepayment fee |
No charges apply within 6 months 07-24 Months - 4% of Principal Outstanding 25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding |
|
Loan closure letter |
NIL |
|
Repayment time |
12-48 months |
|
Loan amount |
Min Rs 50, 000 to Max. Rs 40 lakh ( Rs 50 lakh in selected locations ) |
|
Loan cancellation charges |
NIL |
|
Duplicate loan closure letter |
NIL |
|
Overdue EMI interest |
2% p.m. on EMI |
|
Cheque swapping charge |
Rs 500 |
|
Cheque bounce charge |
Rs 500/- per Cheque bounce |
Following people eligible for HDFC Bank Business Growth loan
Self-employed individuals
Proprietors
Private Ltd. Co.
Partnership Firms
The business should have a at least turnover of Rs. 40 lakhs
With 5 years total business experience an Individuals who have been in the current business for a minimum of 3 years.
Those whose business has been good track record for the previous 2 years
The business should have a ITR of Rs.1.5 lakhs per annum
At the time of applying for the loan the borrower should be at least 21 years, and should be no older than 65 years at the time of loan maturity
|
TYPE |
DOCUMENTS |
|
ID PROOF |
Aadhaar Card, PAN Card, Voter id |
|
ADDRESS PROOF |
Electricity bill, Passport, Driving license |
|
INCOME PROOF |
Last 6 months bank statement, Latest ITR with the computation of income, Last 2 years profit & loss account, Balance sheet after being CA certified/audited Certified copy of article of association, certificate of memorandum copy/partnership deed |
Compare other banks interest rate :
|
BANKS |
INTEREST RATE |
|
15.65% to 21.20% |
|
|
16.25% to 19.99% |
|
|
12% to 16% |
|
|
10.65% to 16.25% |
|
|
8.30% |
Applicant first visit to HDFC Bank website
After that click on “personal”
In personal menu now click on “Borrow”
After that go to popular loan and click at Business Loan
Fill the application form and submit it with attaching all mandatory documents
Bank associate will let you know in few minutes that you are eligible or not for the loan
After getting approval visit to HDFC bank branch for further proceedings
Why to choose HDFC Bank Business Loan :
Under a BUSINESS LOAN, an entrepreneur can borrow a loan amount to use it for business growth and expansions or to fund a startup venture.
HDFC BANK BUSINESS LOAN has become a popular choice for many business ventures due to its simplified documentation, flexible tenures and lower interest rates.
They are quick in processing, competitive and customized to suit each of your business.
HDFC has introduced a variety of business loan products to cater to the needs of individuals,trading and manufacturing units and self employed proprietorship/partnership firms.
Financials products offered by banks :
| BUSINESS LOAN | CAR LOAN | COMMERCIAL LOAN | EDUCATION LOAN | GOLD LOAN | HOLIDAY LOAN | |
| HOME LOAN | LOAN AGAINST PROPERTIES | LOAN AGAINST SECURITIES | PERSONAL LOAN |
|
TWO WHEELER LOAN |
With the following formula we can calculate EMI of HDFC Bank business loan
EMI = P x R x (1+R)^n/((1+R)^n-1)
where,
P stands for the loan amount.
R stands for the interest rate per month.
N is the time period given by the bank for repayment.
How to contact with HDFC Bank :
By customer care number : 18002664332
By customer care email id : support@hdfcbank.com
The minimum loan amount that you can borrow is Rs.50,000.
The interest rate charged by HDFC Bank business loan is 15.65% to 21.20% p.a.
Yes, the lender will check your CIBIL score since it is an indicator of your creditworthiness and repayment ability. If you are looking to borrow a business loan at a reasonable rate of interest, it is advisable to maintain a credit score of over 700.
No, the lender does not require business loan applicants to have a guarantor.
The minimum turnover required for HDFC Bank business loan is Rs.40 lakh.
Last Updated on : 30/Jul/2020HDFC bank business loan in jaipur
Know More About
You're eligible for a Hdfc Bank Business Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Business Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Hdfc Bank Business Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 15.65% - 21.2% |
| Processing Fees | Upto 2.50% of loan amount |
| Loan Tenure | 1 year to 4 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
Business Loans EMI Calculator