HDFC Bank Business Loan

1. Monetary Policies: The lender may be able to tweak the interest rates a little, but it is the policies of the Reserve Bank of India that determine the Business Loan interest rates. Some other factors that can affect the interest rates are - the inflation rate, position of the stock market etc.
   

2. Company’s credit score: The company’s ability to repay the loan amount plays an important role. A bank would find it more profitable to approve a company’s loan amount and offer a lower interest rate if there's a good track record and credit score.

3. Type of company: Another important factor involved is the type of company you own, like Partnership, Public Demand, Private Limited, or Proprietorship. Generally, companies that have a high-risk factor may end up paying a higher rate of interest.

4. The company’s turnover: It's good news if your company has a good turnover, as you are more likely to pay off the loan amount and thus you may get a good deal from the bank.

5. Profit of the business: The more profitable your business, the higher your chances of getting the desired loan amount at a pocket-friendly interest rate.

• Check your Eligibility

Before you start the process of filing the loan form, you must have a careful look at the eligibility criteria of HDFC Business Loan. There are some simple criteria that you need to fulfil and only then can you become eligible to apply for the loan. In case you lag somewhere, it is better to contact the bank before you apply for the business loan.

• Visit the website

Go to the HDFC Bank website and open the lender’s page at the bottom of the page. Here, after checking your eligibility criteria, you need to click on “Apply Now”.

If you are already a member of the HDFC family, you can use your ID and password to login into the net banking portal and continue the further process. However, if you are a new applicant, you can enter your mobile number and authorize the bank. The bank will then connect with you regarding the Business Loan amount.

• Approval

After successfully submitting your Business Loan application, soon a company executive will contact you on the details provided by you. You will be asked to submit your documents for verification. Once these processes are cleared, your loan will be marked as approved, and the amount will be disbursed in your mentioned bank account.

Apart from the online method, you can also visit your nearest HDFC Bank branch and get your loan amount sanctioned after approval.

1. PAN Card (Individual/ Company/ Firm)

2. Any 1 proof of identity (passport, Adhaar card, voter’s ID card, PAN card, or driving license).

3. Any 1 address proof (passport, Adhar card, driving license, or voter’s ID card).

4. Past 6 months’ bank statement

5. ITR (the latest one)

6. Balance sheet, computation of income, past 2 years profit and loss account and the profit and loss account after being Audit/CA certified.

7. A continuation proof (Sales Tax Certificate/Trade License/ ITR/Establishments)

8. Original Board Resolution and a few other mandatory documents (Certified true copy of Memorandum and Articles of Association certified by Director, Certified Copy of Partnership Deed or Sole Proprietor Declaration).

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