HDFC Bank Business Loan

 

About HDFC Bank Business Loans

The Housing Development Finance Corporation Limited or HDFC came into being in August 1994. It is one of the leading banking and financial services company in India. Headquartered in Mumbai, the company has 98,061 employees on its rolls (as of March 31, 2019) and a total asset base of US$ 150 billion. HDFC is also the largest Indian bank in terms of market capitalisation and the largest private sector lender in India (based on assets). The company offers a wide range of financial products and services such as business loans, personal loans, home loans, retail banking, auto loans, consumer durable loans, two wheeler loans, credit cards, lifestyle loans and wholesale banking.

HDFC understands that all successful businesses are bound to reach a point where they are faced with the perfect opportunity to scale new heights. It is at such times that they need financial assistance without any obstacle. The company offers a perfect financial solution in the form of its business loan which is not just based on the borrower’s needs, but what they deserve. Their business loan product offers a host of benefits and can be customised to meet the unique requirements of the business. Below we have provided details related to HDFC Bank business loan eligibility criteria, features and charges.

Business Loan Eligibility Criteria

HDFC Bank business loan can be applied for by self-employed professionals and self-employed businesspersons who have constituted their businesses as partnership firms, private limited companies or proprietorships, and are involved in services, trading or manufacturing operations. To avail this loan, your business’ annual turnover should be minimum ₹ 40 lakh. The person running the business should have been at it for minimum 3 years, and have at least 5 years business experience overall. In addition, the business should have been filing a minimum annual ITR of ₹ 1.5 lakh and should be making some profit since the last 2 years. The applicant’s age must be minimum 21 years at the time of loan application and no more than 65 years at the expiry of loan’s tenure. More specific details related to HDFC Bank business loan eligibility criteria are given below.

3

Years in currert business

₹ 50Lacs

Minimum Turnover

HDFC Bank Business Loan Features / Details

Coming to the HDFC Bank business loan features, you can take a loan of maximum ₹ 40 lakh (₹ 50 lakh in case of select locations) without the need of any security, guarantor or collateral, to fulfil whatever business need you might have. Any existing business loans with some other bank or NBFC can also be transferred to HDFC Bank at a lower interest rate and a reasonable processing fee. HDFC Bank business loan can be repaid in a flexible manner, with a tenure ranging from 12 months to 48 months. The company also offers an insurance product to provide coverage for the loan, in case of accidental or natural death of the applicant. Following are more specific details related to HDFC Bank business loan features such as the offered interest rate, minimum/maximum loan amount, repayment mode etc.

17.00%

Interest Rate (Min)

1 – 4 Years.

Loan Tenure

₹ 75k – 75Lacs

Loan Amount (Min – Max)

HDFC Bank Business Loan Fees / Charges

HDFC Bank charges a business loan processing fee of up to 2.5% of the loan amount (maximum ₹ 88,500) or a minimum of ₹ 2359, on all the business loan applications. You’re not allowed to make any prepayment before 6 EMIs. The prepayments made between 7 to 24 months of disbursal attract a prepayment charge of 4% of the principal outstanding. It is 3% of principal outstanding for the payments made between 25 to 36 months of disbursal and 2% of principal outstanding for prepayments made after 36 months. Various other charges like overdue EMI interest, stamp duty, cheque swapping charges, cheque bounce charges, loan cancellation charges etc. might also apply depending upon the circumstances. You can find details of all these charges below.

2.00% of Loan Amount.

Processing Fees

0% of amount prepaid.

Pre-payment Charges

No

Part Payment Facility

0%

Part Payment Processing Fees