HDFC Bank Business Loan: Interest Rate, Eligibility, Processing Fee & Customer Care

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HDFC BANK BUSINESS LOAN:

About HDFC Bank Business Loan :

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.

Benefits of HDFC Bank Business Loan :

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.

Fee and charges for HDFC Bank Business Loan :

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

Eligibility criteria for HDFC Bank Business Loan:

  • 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

Documents required for HDFC Bank Business Loan :

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

HDFC Bank Business Loan

15.65% to 21.20%

Yes Bank Business Loan

16.25% to 19.99%

Citi Bank Business Loan

12% to 16%

RBL Bank Business Loan

10.65% to 16.25%

Indian Bank Business Loan

8.30%

How to apply online for HDFC Bank Business Loan : 

  • 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 :

  1. 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.

  2. HDFC BANK BUSINESS LOAN has become a popular choice for many business ventures due to its simplified documentation, flexible tenures and lower interest rates.

  3. They are quick in processing, competitive and customized to suit each of your business.

  4. 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

PROFESSIONAL LOAN

TWO WHEELER LOAN

How to calculate EMI of HDFC Bank Business 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.

Other products of HDFC Bank :

  1. HDFC Bank Car Loan

  2. HDFC Bank Business Loan 

  3. HDFC Bank Credit Card

  4. HDFC Bank Personal Loan 

How to contact with HDFC Bank :

  1. By customer care number : 18002664332

  2. By customer care email id : support@hdfcbank.com

HDFC Bank Frequently Asked Questions :

1. What is the minimum loan amount that I can borrow?

The minimum loan amount that you can borrow is Rs.50,000.

2. How much interest rate is charged by HDFC Bank Business loan?

The interest rate charged by HDFC Bank business loan is 15.65% to 21.20% p.a.

3. Will HDFC Bank check my CIBIL score before approving my business loan application?

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.

4. Will HDFC Bank require a guarantor to apply for the business loan?

No, the lender does not require business loan applicants to have a guarantor.

5. What is the minimum turnover required for HDFC Bank business loan?

The minimum turnover required for HDFC Bank business loan is Rs.40 lakh.

Last Updated on : 30/Jul/2020

HDFC bank business loan in jaipur

HDFC bank business loan in jaipur

Know More About

Hdfc Bank Business Loan

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

Hdfc Bank Business Loan Interest Rates

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

Loan Amount

|
1L
|
50L
|
100L
|
150L
|
2Cr

Interest Rate

%
|
5
|
10
|
12.5
|
17.5

Loan Tenure

|
1
|
10
|
20
|
25
|
0
|
120
|
240
|
300


Your Monthly Loan EMI


₹24,959