HDFC Bank Business Loan
Get a business loan from HDFC Bank for up to Rs. 50 lakhs at a low interest rate of 11.90 percent per annum. Applicants who are self-employed are eligible for a loan of up to Rs. 75 lakhs. The loan has a variable repayment period of 12 to 48 months. To obtain the loan, a processing charge of up to 2.50 percent of the sanctioned amount must be paid.
Get a business loan from HDFC Bank for up to Rs. 50 lakhs at a low interest rate beginning at 11.90 percent p.a. Self-employed candidates are eligible for a loan of up to Rs. 75 lakhs. The loan may be repaid over a period of 12 to 48 months. To get the loan, a processing charge of up to 2.50 percent of the sanctioned amount must be paid.
The Benefits of an HDFC Bank Business Loan
Here are some of the things that set HDFC Bank Business Loan apart:
Collateral-free: HDFC Bank Business Loans do not require collateral, security, or a guarantor, giving you peace of mind.
Business loan balance transfer: A business loan balance transfer allows you to combine your current loans into a single consolidated business loan that is paid back in convenient monthly instalments.
Interest rates that be competitive: Low interest rates begin at 11.90 percent per year.
Processing costs are low: A processing charge of up to 2.50 percent of the loan amount is levied.
Loan amount is variable: Borrow up to Rs. 40 lakhs (and up to Rs. 50 lakhs in specified regions) with no collateral, guarantor, or security.
Dropline overdraft: Get a dropline overdraft facility ranging from Rs. 5 Lakhs to Rs. 15 Lakhs. Only pay back the interest on the amount you used.
Why Should You Apply for an HDFC Bank Business Loan?
All-purpose business loan: HDFC Business Loan enables you to satisfy all of your company financial needs, such as land acquisition, relocating to a new office space, purchasing equipment, obtaining a capital boost for future development, and so on.
Prepayment option: You have the option of prepaying your business loan after 6 months at prepayment rates ranging from 2% to 4%.
Quick eligibility verification and loan disbursement:Your loan eligibility is reviewed in less than 60 seconds, and loan disbursement processes are rapid, providing you with the money you desire immediately.
Flexible repayment terms: You can repay your loan over a period of 12 to 48 months.
There are several branches: HDFC Bank has over 5000 branches in India where you may apply for a Business Loan immediately.
Option for credit protection: HDFC not only provides a Business Loan, but also credit insurance. The Credit Protect Scheme deducts the insurance payments from your loan amount and offers loan repayment protection cover so that your family does not have to worry about repaying your debt if you die in an accident or from natural causes. This credit protection has tax advantages.
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Interest Rates on HDFC Bank Business Loans
Based on the borrower's eligibility, HDFC Bank provides Business Loans at attractive fixed interest rates ranging from 11.90% to 21.35%. Interest rates for business loan balance transfers start as low as 14.75 percent p.a.
Calculating the EMI on an HDFC Bank Business Loan
The Business Loan EMI Calculator allows you to enter factors such as loan amount, length, and interest rate to get your monthly EMI amount. Follow the steps below to calculate your EMI for an HDFC Bank Business Loan
Eligibility for Business with HDFC Bank
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To be eligible for an HDFC Bank Business Loan, applicants must satisfy the following criteria:
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Any entrepreneur, self-employed person, partnership business, or private limited company engaged in commerce, manufacturing, or services is eligible to qualify for an HDFC Business Loan.
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The applicant must be at least 21 years old at the time of borrowing and no more than 65 years old when the loan matures.
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A minimum company turnover of Rs. 40 lakhs is required.
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The candidate must have worked for the present company for at least three years.
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The individual's overall business experience must be at least 5 years.
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For the previous two years, the company should have been profitable.
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The business's yearly revenue (ITR) must be at least Rs. 1.5 lakhs.
Charges for HDFC Business Loans
The following fees apply to HDFC Bank business loans:
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Processing fee: up to 2.50 percent of the loan amount sanctioned, with a minimum of Rs. 1,000 and a maximum of Rs. 25,000 for salaried clients and Rs. 75,000 for self-employed customers.
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Prepayment penalties: Prepayment is permitted only once the first six EMIs have been paid in full. The following are the prepayment fees:
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If prepayment is made between 6 and 24 months, the penalty is 4% of the outstanding principal.
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If prepayment is made between the ages of 25 and 36 months, the penalty is 3% of the outstanding principal.
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If prepayment is made after 36 months, the penalty is 2% of the outstanding principal.
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Interest on past-due EMIs is charged at a rate of 2% each month.
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Stamp duty and other statutory taxes are levied in accordance with state law.
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The price for switching a cheque is Rs. 500.
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Charge for amortization schedule: Rs. 200
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Cheque bounce penalty: Rs. 550 per bounced cheque (Senior people get a 10% discount )
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Taxes: Government taxes and other levies, if applicable, will be levied in addition to the fees and charges listed above.
FAQ
Anyone who satisfy a given requirements may apply for the loan:
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The applicant’s age must be 21 at the time of application and up to 65 at the time of loan maturity.
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Owners, self-employed individuals, legal entities, and partnership firms engaged in manufacturing, trading, or providing services.
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The company’s minimum annual revenue should be Rs. 40 lakhs.
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Individuals must have been in the present company for at least three years and have a total of five years of business experience.
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The company must have been profitable over the previous two years.
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The business’s Minimal Annual Income (ITR) should be Rs. 1.5 Lakhs per year.
You may get up to Rs. 40 lakhs with an HDFC Business Growth Loan (Rs. 50 Lakhs in select locations).
You have 12 to 48 months to repay your HDFC Business Growth Loan.
Your company’s annual revenue should be at least Rs. 40 lakhs.
The processing charge for the HDFC Business Growth Loan is up to 2.50 percent of the loan amount, with a minimum of Rs. 1,000 and a maximum of Rs. 25,000 for salaried customers and Rs. 75,000 for self-employed clients.
Yes. HDFC Bank would allow you to transfer your current Business Growth Loan to HDFC Bank at a cheaper interest rate and EMI.
Prepayment is only possible when 6 EMIs have been paid.
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