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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.

HDFC Bank Business Loan Features & Benefits

HDFC Business Growth Loans are loans that are hassle-free for the applicant. After all, the aim of a Business Loan is to decrease the pressures on an entrepreneur, and the easy and simple-to-follow procedures do just that. Let us take a look at the features and benefits of HDFC Bank Business Loan:

  1. High loan amount: For a small to medium business, a loan amount of Rs. 40 Lakhs ( up to 50 Lakhs in some cities) can make a lot of difference.

  2. Affordable Rate of Interest: HDFC offers its customers a competitive rate of interest. Currently, the HDFC Business Loan interest rate is 15.75% annually. However, these interest rates are subject to change.

  3. Minimal Changes: If you get your existing loan transferred to HDFC, there is a nominal processing fee of 0.99% of the loan amount. Otherwise, the processing fee can be up to 2.5% of the loan amount, which can be a minimum of Rs. 2,359 and a maximum of Rs. 88,500.

  4. Flexible loan tenure: When it comes to repaying the loan amount, you can opt for tenure between 12 months to 48 months.

  5. Overdraft facility: This is a unique advantage that HDFC Business Growth Loan offers. Set in a different account, as a borrower, you only need to pay interest on the amount of the overdraft money that you are using. You can get this facility when you choose an amount between Rs. 5 Lakhs to Rs. 15 Lakhs. Another advantage is that there is no need for security or guarantor to avail of this facility.

  6. Easy eligibility criteria: The HDFC Business Loan eligibility that is laid down by the company is quite simple. You have the easy option to check your eligibility online through the company website or by visiting your nearest HDFC branch. You can check your eligibility in just 60 seconds and quicken the process of your loan application.

  7. Credit Cover: In order to ensure that an unforeseen incident does not ruin your business, HDFC offers the benefit of Credit Protect. With this cover, in case of the death of the borrower, the remaining loan amount is paid off. So, along with the loan, one can avail of many other advantages along with peace of mind.

HDFC Business Loan Eligibility

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

HDFC Business Loan Interest Rates

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

Factors Affecting HDFC Business Loan Rates

There are certain factors that help HDFC, as a banking institution, to decide the amount of loan and tenure that can be offered to an individual/ company seeking a Business Loan. However, it must be noted that the final decision of disbursement of the loan remains with the institution. Any legit and good profit-making company can apply for a loan from HDFC Bank. Let us take a look at the factors that can affect the interest rates:

  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.

HDFC Business Loan EMI Calculator

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.

How to Apply for HDFC Bank Business Loan

Planning and applying for a loan is never a bad idea if you have a good credit score, and a Business Loan is no exception to it. By following a few simple steps, you can easily apply for a Business Loan on the official website of HDFC. You need to complete the following steps to successfully apply for the loan:

  • 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.

Documents Required for HDFC Business Loans

When applying for an HDFC Business Loan, you will be asked for certain documents to complete the verification process. Given below are the documents that you will need to provide while applying for the business loan:

  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).

FAQs on HDFC Bank Loan

  • ✔️How to calculate Interest/EMI on HDFC Business Loan?

    Using the business loan calculator, you can calculate the interests or EMI by entering your loan amount, tenure, and interest rate.

  • ✔️Can I prepay the outstanding loan amount and pre-closure my loan account?

    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.

  • ✔️How can I pay my HDFC Business Loan EMI online?

    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.

  • ✔️How can I get a collateral-free MSME loan from HDFC Bank?

    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.

  • ✔️How do women entrepreneurs get a Business Loan from the HDFC Bank?

    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.

  • ✔️How can I get a small/startup Business Loan?

    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.

  • ✔️How does your Credit Score impact your loan application?

    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.

  • ✔️How can I get in touch with HDFC customer care?

    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.

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