HDFC Bank Business Loan

HDFC Bank offers various kinds of business loans to help enterprises and traders secure funds to set up a business or to meet working capital requirements. These loans allow you to opt for loan amounts ranging up to ₹75 Lakhs.

One of the main benefits of applying for an HDFC Bank business loan is that you can enjoy lower interest rates. The interest rates on these lending facilities range from 10%, depending on various factors. 

These competitive rates allow you to save significantly on the cost of borrowing, which you can channel for your business expansion and growth.

The eligibility criteria for different business loan offerings from HDFC Bank vary. However, there are certain basic eligibility requirements you need to meet to avail of this lending facility. These include:

• Self-employed individuals, proprietorship firms, partnerships, and private firms can apply for these loans

• Eligible businesses include those involved in manufacturing, trading, and services sectors

• The age of the borrower must be between 21 and 65 

• The applicant must have a business experience of at least 5 years

• The business must be in existence for at least 3 years

• The business must be profitable for at least the last two years 

• The minimum annual revenue of your business needs to be ₹1.5 Lakhs 

• The businesses must also have a minimum annual turnover of ₹40 Lakhs

The documents required for availing of a business loan vary depending on the lending offer you choose. Here is a list of basic documentation you need to provide when opting for a business loan:

• Proof of identity

• Proof of residence

• The company’s PAN Card

• Sole proprietorship declaration, certified copy of partnership deed, or director-certified copy of Memorandum and Articles of Association

• An original copy of the board resolution 

• Bank statement of the last 6 months

• Income Tax Returns (ITR), Balance Sheet, and Profit and Loss Account of the last two years audited and certified by a Chartered Accountant

• Proof of business continuation in the form of ITR, trade licence, establishment, or sales tax certificate

The online process to apply for an HDFC Bank business loan is quite simple. Here are the steps you need to follow:

• Step 1: Visit the official HDFC Bank website and select the ‘SME’ category 

• Step 2: Click on the ‘Borrow’ section once you get redirected to a new page

• Step 3: Choose the type of business loan for which you wish to apply

• Step 4: Click on the ‘Apply Now’ button and fill in the application form with relevant information

• Step 5: Select the loan amount and loan tenure 

• Step 6: Verify your details to complete the application process and click on the ‘Submit’ button 

The bank will review your application and offer a loan if you meet the eligibility criteria set by them.

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