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HDFC Bank Business Loan

Getting business loans from the first-class bank- HDFC Bank is quick, easy and very attractive. Use the flexible online business loan EMI calculator in Finance Buddha to know more about the EMI you will have to pay for the amount you borrow. If you are looking for a bank that can give approval in just few minutes for a business loan, HDFC bank is the ideal place. Business loan can be availed upto 30 lakhs according to where the applicant is located and for tenure of 3 years. Irrespective of what your business need is make use of the HDFC banking service for availing a business loan.

Thinking of starting a business or upgrading your business? Then HDFC Bank is the best option for you to propel in your business venture. You can expand your business and upgrade the equipment by using the business loan which is hassle free and quick enough to boost your business. Here are the benefits and features.

Features and Benefits of HDFC Bank Business Loan

  • Check your Business loan eligibility in a minute which is available across the branches all over India.
  • Higher loan rate for self-employed customer.
  • Interest rates, charges and loan amount provided for HDFC bank A/c holders are the best in class.
  • Loan amount provided up to Rs. 15Lakhs(Selected locations up to Rs. 50Lakhs)
  • Business loan also provided to repay home loans.
  • Protects the family/ business with a Credit Protect Insurance Loan that covers the loan at a nominal rate.
  • Contact HDFC through SMS, Web chat, Phone Banking across all the branches.
  • No any guarantor/ security / collateral required.
  • Speedy Approval.
  • Protects your loved ones in paying off the loan in case of a natural /accidental death of the customer.
  • Life Coverage.
  • Tax Benefits.
  • Convenient package – Insurance with loan.

Why would you choose HDFC Business Bank Loan?

HDFC Bank has surpassed all its peers in the number game and the growth record has been unsurpassed by the world’s biggest leaders. HDFC Bank has been confident and steady making millions of customers contended from past 25 years making it the most valuable lender.

When a loan is taken from HDFC Bank all the charges will be communicated up front with the loan quotation. The service provided will be hassle free and at competitive rates.

This bank provides special offers, interest rates and charges for all account holders. Easy documentation processing as well as 100% transparency on every transaction is offered. Maximum Loan given is up to INR 3 million for 3 years. Special and flexible interest rates are given for women borrowers along with fastest loan approval facility – as fast as 10 Seconds.  Repayment options are very flexible ranging from 1 year to 3 years. Loan is offered for even First Time Loan Borrowers who is looking for fund for a start up with no hidden charges, low processing fee & flexible repayment options.

How to apply online for HDFC Bank Business Loan?

Finance Buddha is an online platform for all the business loan requirements. Here are the details required for knowing more about the application:

  • Borrower name
  • Company name
  • Year of Incorporation/VAT/Service Tax Registration
  • Loan amount range
  • Turnover
  • Choose the city
  • Net profit after tax
  • Mobile Number
  • Depreciation amount range
  • Email ID
  • Director /Partner salary

HDFC Bank Business Loan Eligibility Criteria

HDFC Bank provides business loans for Entrepreneurs, Private Ltd. Cos. and Partnership Firms involved in Manufacturing, Trading or Services Business.

Below are the different eligibility criteria for availing a business loan from HDFC Bank.

Criteria

Requirement

Min. Age

21 years

Max. Age

65 years at maturity of loan

Business Age

Min. 3 years

Total Business Experience of Applicant

Min. 5 years

Min. Turnover

₹ 6 million, with profit in last 2 years

Min. Annual Income (ITR)

Category A City: ₹ 250,000

Category B City: ₹ 200,000

Category C City: ₹ 150,000

Eligibility Criteria for Different Employment Types

  • Limited or Private Limited Company
    Net income of the concern should be more than ₹ 150,000 per annum for business loan up to ₹ 1.5 million and over ₹ 300,000 for business loan above ₹ 1.5 million.
  • Partnership or Proprietorship Firm
    A minimum of 25% stake each can be clubbed to the income of the concern
  • Chartered Accountant / Self Employed Professional
    Who possess diploma or degree in any of these discipline like art / craft /profession or Who possess the skill that is considered as a profession from banks perspective shall be considered for any financial assistance. For example: Dental Surgeons, Accountants, Medical Practitioners, Engineers, Craftsmen, Management consultants, Construction contractors etc.

Factors Deciding HDFC Bank Business Loan Eligibility

To be eligible for a business loan from HDFC Bank there are a lot of factors that are considered. HDFC Bank looks into many criteria prior to sanctioning it. Few important ones are:

  • Age Limit: The applicant should be min 21 years & max. 65 years.
  • Income: Business should be profit making at least for the past 2 years.
  • Turnover: Rs. 150,000 p.a. should be the minimum annual income.
  • Co-applicants: This is optional to the applicant, not mandatory in case of business loan.

Checklist of the Documents Required for a HDFC Business Loan

  •  Identity proof - Voter ID card / Passport / Driving License/ PAN Card and MAPIN card
  • Proof of Residence - Passport /Ration card /electricity Bill/ Lease agreement /Sales Tax certificate/Trade licence
  • Copy of  Bank Statement
  • Latest ITR and statement of computation of Income for last 2 yrs.
  • Proof of continuity of business
  • Other Mandatory Documents that is Sole Proprietorship Declaration, Certified copy of Memorandum & Articles of Association certified by a director
  • Original Board resolution (If Pvt ltd Co. Then Partnership Authorization Letter/ co-borrower if partnership firm just a co-borrower
  •  Financials audited/ certified  by a CA

List of Common Documents

  • Application form with applicant’s signature and photograph.
  • Valid Proof for Identity: Passport /Ration card /electricity Bill/ Lease agreement  / Sales Tax certificate/Trade licence
  •  Residence Proof: Ration card Tel/ Lease agreement/ Electricity Bill/ Passport/Trade license /Sales Tax certificate
  • Age Proof: Passport, PAN card, Voter’s identity card
  • Financial Documents: Copy of IT returns for last two years and latest Bank statements for 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A.
  • a. Self Employed (Private Ltd. Co. and Partnership Firms): Copies of IT returns for the last two years and Profit and Loss balance sheet for the last two years audited by a C.A
  • b. Self Employed Individuals - Professionals: Copies of IT returns for the last two years and Bank statements for last 6 months along with the Profit and Loss balance sheet for the last two years audited by a C.A
  • c. Self Employed Individuals - Non Professionals: Profit and Loss balance sheet for the last two years audited by a C.A and the Copies of IT returns for the last two years.

Self Employed (Private Ltd. Co. and Partnership Firms)

  • Identity proof of private limited company: PAN ID /VAT /Service tax / Sales tax /Excise registration, / IT return of the concern/ Electricity bill /Water bill/ Registration under Shops and Establishment Act/Municipal tax bill in the name of the concern, Articles of Association and Memorandum  
  • Proof of identity to be submitted for the authorized signatories (2 Directors which includes the managing director) (any one of the following): PAN card, Voter’s identity card, Passport and Driving license

Self Employed Individuals – Professionals

  •  Identity Proof of sole proprietorship
  •  PAN ID / IT return of the concern or Municipal tax, Water bill and Electricity bill in the name of the concern
  • The identity proof to be submitted for the sole proprietor : Passport, Voter’s identity card ,Driving license, PAN card,
  • Address Proof for the sole Proprietor: Driving license, Voter’s identity card ,Ration card, Passport

Self Employed Individuals - Non Professionals:

  • Identity proof of the sole proprietorship
  • Individual identity proof
  • Income tax returns minimum 3 years
  • Sales tax returns minimum 3 years
  • Copy of periodic stock, age wise book-debt and creditors-statement for latest three months
  • Copy of bank statement of main banker / copy of bank statement for the term loan for last  months

It is mandatory to fill in the Business Loan Application form, irrespective of which business loan you are looking for, without the application the loan will not be processed.

HDFC Business Loan Interest Rates, Fees & Charges:

The below table will give an overview of the rates and charges by HDFC Bank. This will help you to check if your business needs can be met through a business loan from this bank.

Fee

Charges

Interest Rate Charges

15.50% to 18.30%

Loan Processing Charges

Up to 2.50% of the loan amount subject to a minimum of ₹1,000/- & Maximum of ₹ 75000/-

Prepayment

No pre-payment permitted until repayment of 6 EMIs

Pre-payment charges

07-24 Months - 4% of Principal Outstanding

25-36 Months - 3% of Principal Outstanding

>36 Months - 2% of Principal Outstanding

No Due Certificate / No Objection Certificate (NOC)

NIL

Duplicate no due certificate / NOC

NIL

Solvency Certificate

Not applicable

Charges for late payment of EMI

@ 24%  p.a.

Charges for changing from fixed to floating rate of interest

Not applicable

Charges for changing from floating to fixed rate of interest

Not applicable

Stamp Duty & other statutory charges

As per applicable laws of the state

Credit assessment charges

Not applicable

Nonstandard repayment charges

Not applicable

Cheque swapping charges

₹ 500/-

Amortization Schedule charges

₹ 200/-

Loan cancellation charges

NIL (However Interest would be charged for the interim period between date of loan disbursement and date of loan cancellation and processing fees would be retained)

Cheque Bounce Charges

₹ 550/- per cheque bounce

Legal / incidental charges

At actual

CIBIL Report Copy Charges

₹ 50 Per Copy

 

IRR

Q IV (2016-17)

Min. IRR

11.00%

Max. IRR

19.15%

Avg. IRR

15.73%

 

Annual Percentage Rate offered to customer during the period of January'17 to March'17.

APR

Q 1V (2016-17)

Min. APR

11.25%

Max. APR

21.15%

Avg. APR

16.17%

 

Frequently Asked Questions

How much business loan amount can be availed through HDFC bank?

From INR 50,000 to INR 4,000,000 can be availed depending on the income of the applicant.

How do I repay my business loan?

It should be repaid through EMIs- Equated Monthly Installments; it can either be through standing instructions and post-dated cheque.

Is there any need for security to obtain a Business loan?

There is no need for collateral or security for availing a business loan.

What is the business loan tenure?

It can be between 12 months to 36 months depending on the applicant’s requirement.

Is there an option to pre-close the business loan?

Yes, the option is available however only after 1 year.

What is the average approval time for a business loan?

Loan will be approved by an average 3 days’ time if all documents are accurate and if the applicant meets the eligibility criteria.

What are the documents required for business loan?

The below documents are required: Income proof, bank statement and one photograph KYC-PAN, address & ID proof

Is there part-payment option for HDFC bank business loan?

No, this option is not available in HDFC bank for business loan.

What is the age limit to apply for a business loan?

The applicant should be between 21 years to 60 years to apply for a business loan.

Is there any processing fee for HDFC bank business?

Fortunately, the answer is no, there is no one-time fee requirement.

Reviews

My overall experience with the HDFC Bank is quite good. My business loan was approved by them at 15.50% P.A. and the processing fees was also low. The documentation process was completed in 4 days and on the 6th day I was having the money in my account. I will recommend to use HDFC BANK to others also if they are in need of any kind of loan. They are the best bank to help you.

 5/5

My business loan was approved with HDFC Bank. The interest rate and the processing charges all were fine. But when it comes to the processing time it took them more than 10 days to approve my loan. The processing requires to be a bit faster. I will give 4 stars to HDFC Bank.

 4/5

I applied my business loan with some other Bank but they were taking much time in the process and I was even not sure that my application will be approved so I withdraw my application and applied for my business loan with HDFC Bank. My experience here was totally different from earlier one. My application was approved in 5 days.

 5/5

I am having my business loan with HDFC Bank. The service provided by the HDFC Bank is really amazing. They are very fast in processing and even the interest rates offered by them are very reasonable and affordable by a common man.

 4/5

From the past few years I was trying to enhance my family business but I was not able to do so because I was lacking financially. One of my friend suggested to go with HDFC Bank. I applied for the business loan with HDFC Bank and I was very happy with their response. The processing started from the next day I filled application and my loan was approved in 6 days. Thank you HDFC for helping me when I was in need.

 5/5

I am pleased with the service provided with the HDFC Bank. I am having my business loan with them. My loan was approved in only 5 working days. This fast approval was a result of fast processing by the Finance Buddha executives and HDFC team as well.

 5/5

Finance Buddha was suggested to me by one of my relative. I went through the portal and applied for my business loan with HDFC Bank. My loan was approved at reasonable interest rate and there were no hidden charges. So if you are in a need of business loan then go with HDFC Bank without second thinking.

 5/5

I am having my business loan with HDFC and One of the benefit of having your loan with HDFC is that you can contact HDFC through SMS, Web chat, phone banking across all the branches. So if you are facing any kind of problem or doubt then you can contact the bank directly.

 4/5

At the HDFC Bank there is speedy documentation process. The documentation process for my business loan was completed in just 3 days. And my loan was approved on the 4th day. I was surprised at such a fast processing.

 5/5

I am quite amused with the service provided by the HDFC Bank. They approved my business loan at 14% P.A. there were no hidden charges and the processing of the loan application was really fast. HDFC bank business loan is the best business loan for women.

 5/5

You can go with HDFC Bank if you are looking for a business loan. There is no security or guarantor required. The interest rates offered are also good and processing charges are low.

 4/5

Thank you Finance Buddha and HDFC for supporting me in extending by business. My business loan was approved by HDFC Bank at an interest rate of 15.50% p.a. and the processing charges were comparatively low. The processing was enough to meet my needs on time.

 4/5

HDFC is one of the largest private banks in India and they have proved others that why they are so. They are really very fast at their service and fulfilling their customer’s needs is their top priority. My business loan with HDFC was approved within 4 working days and the process was smooth enough.

 5/5

I am satisfied with the service provided by the HDFC Bank. They are very quick and reliable. I am saying this as I am having my business loan with HDFC bank my application form was processed in 5 working days. I am very happy with the fast service.

 5/5

I have never thought that arranging money for your business will be this much easy. But I was able to do so with the help of Finance Buddha and HDFC Bank. I applied for a business loan with HDFC through Finance Buddha portal. My loan was approved within 5 working days and the amount was in my account on the 7th day.

 4/5

I took my business loan from HDFC Bank. I found that there was a very fast processing for the loan application. My loan was approved in 6 working days and the processing was completely hassle free and smooth.

 4/5

I applied for my business loan through Finance Buddha portal with HDFC Bank. My loan was approved at an interest rate of 16% P.A and the processing charges were low comparatively this was the main reason I went with HDFC Bank.

 4/5

One of my friend told me about Finance Buddha to take help from for supporting my business. I applied for the business loan through the Finance Buddha portal with HDFC Bank and within 5 working days my loan was approved. Thank you Finance Buddha and HDFC for the support.

 5/5

I took business loan from HDFC Bank to expand my business. The interest rate at which I got the loan is 15.50% P.A and the processing fees was 1.09%. I am happy with the rate and charges they offered to me.

 5/5

I am having my business loan with HDFC Bank and trust me it’s the best bank ever. There is no need of any collateral or security in business loan with HDFC bank. No other bank offers you this facility. The rates offered here are also affordable to the common people.

 4/5

Thank you HDFC bank for helping me with a business loan during difficult times of my business with low interest rates. Banking with HDFC is the best experience I have had.

 5/5

I applied for a business loan with two other banks and there was no progress and finally I applied with HDFC bank and got the loan approved within 13 days.

 5/5

HDFC bank is best for business loan. I have recommended this to my friends.

 5/5

I had a savings bank account with HDFC bank; this helped me to get a business loan easily. There was very less documentations required and bank checked my income status directly. Business loan was approved at 16.5% rate of interest; this is very low as compared to other major banks in India that offer business loan.

 5/5

I was informed by my friend that HDFC bank will offer business loan within 7 days. Though I felt that time line is not realistic, I applied for a loan with HDFC bank and was surprised to get the loan approved within 5 days. HDFC bank is very fast and reliable. Thank you Prasad for referring HDFC bank to me.

 5/5

I had taken a business loan from HDFC bank for 2 years tenure but decided to pre-close it after 6 EMIs. Bank agreed to this and they processed the pre-closure request. Very less amount was charged as fee for pre-closure service.

 5/5

HDFC bank executives deliver services according to what is promised to its customers. I got business loan from HDFC bank through Finance Buddha within 8 days. This is a very quick turnaround time and processing fee was waived off due to Christmas and New Year offers.

 5/5

I took a business loan from HDFC bank for business expansion purpose. The process was very quick and everything was very neatly organized. I would recommend this bank for business loan to everyone who is looking for hassle-free loan processing.

 5/5

HDFC bank is known for excellent and fast processing of loan. And the rate of interest is also low. I thought all these are offered only for personal loan but now I realized these offers are available for business loans as well. I got the cheapest business loan deal from HDFC via financebuddha.com.

 5/5

Anyone who is looking for business loan should try with HDFC bank. As per my personal experience I feel this is the best bank for business loan. Loan is offered by HDFC bank for different types of business requirements.

 5/5