For every business person, a Business Loan is nothing short of a boon. Be it starting the business of your dreams or expansion of a growing one, a Business Loan is a tool that can help fill in the financial bridges that can bring speed-bumps in your business’s growth. While trying to adapt your business in line with the market’s changing needs, you need to opt for a business loan from someone you can trust. And when it comes to trust and reliability, the first name that comes to mind is HDFC.
With loans up to Rs. 40 Lakhs (Rs. 50 Lakhs in selected cities), HDFC Business Loan can help you fulfil almost all the financial requirements for your small to medium businesses. The loans offered are not just easy to get but are also made available at pocket-friendly interest rates.
When you plan to apply for an HDFC Business Loan, you would first have to check your eligibility for the same. Only after you meet the required criteria would your application for a business loan be considered.
Self-employed individuals, Proprietors, Private Limited companies and Partnership firms (which are into manufacturing, services or trading businesses) are eligible for HDFC Bank Business Loan.
Age |
21 years Maximum age: 65 years |
Turnover |
Minimum of Rs. 40 Lakhs |
Minimal Annual Income |
Rs. 1.5 Lakhs |
Business Stability |
Is in the prevailing business for at least 3 years, with 5 years of total business experience and Has been making a profit for the last 2 years |
Charges |
Details |
Interest Rate |
The rack interest rate is 11.90% to 21.35% per year |
Loan Processing Fee |
Up to 2.5% of the loan amount |
Stamp Duty charges |
As applicable |
Foreclosure Charges |
Up to 4% of the outstanding principal |
If you are planning to apply for a loan to start or enhance your business operations and maximize your future profits, HDFC can help you with the right business loan. You can check your instalments on the Business Loan EMI calculator. A Business Loan calculator is a helpful tool in quickly calculating the number of installments you will have to pay for the amount of loan you are seeking.
HDFC Business Loan calculator is quite easy to use, you simply need to enter the amount of loan, the tenure and the rate of interest. After this, within a few seconds, the digital calculator will show you the EMI that you would have to pay.
Using the business loan calculator, you can calculate the interests or EMI by entering your loan amount, tenure, and interest rate.
Yes, you can repay or pre-close your outstanding loan amount. However, only after 6 EMIs of loan can you repay the loan amount. You would have to pay the pre-closure fee too.
Yes, by visiting the official website of HDFC Bank, you can pay your EMI online. Log in to the website, open the loan page and proceed with the EMI payment option. Using your HDFC account balance, you can then pay the EMI. You can also pay through ECS, net banking or UPI.
If you want a collateral-free MSME loan, you need to apply for an unsecured Business Loan. This loan can be up to Rs. 50 Lakhs.
The process of applying for an HDFC Bank Business Loan is not very different from the regular one. Women applicants also need to fill in the application either online or offline and submit the required documents.
HDFC Bank Business Loans are available from Rs. 50,000 to Rs. 50 Lakhs. You can opt for a loan amount that best suits your business needs, and if you match the bank’s eligibility criteria, you will be able to get the loan.
Yes, it does. A score above 700 is a good score and can help in getting a Business Loan, while a score too low can also cause rejection of the application. However, keep in mind that the Credit Score, though important, is not the only criteria for approval of your loan application.
You can reach out to the HDFC Bank on this number 1860 267 6161. If you want to contact your city’s HDFC Bank, you can find the number here.