HDFC Bank Business Loan Details

HDFC Bank offers us the best business loan. 50 lakh loan at a Low Interest Rate and without mortgaging anything. The loan tenure is also 12 to 48 months & with the best pre-payment chargers. HDFC Bank Business Loan is one of the most promising banks. The loan can be availed without having to submit any collateral or security. You also get drop step service from the bank. Also, you can apply for your loan online or offline. It’s an easy and simple application and documentation process. An overdraft facility is also offered by the lender.

Interest Rate11.90% p.a. – 21.35% p.a. (rack interest rate)
Pre-Payment ChargesUp to 2.5% of the loan amount
Loan Processing FeeUp to 2.5% of the loan amount
Loan Tenure12 months to 48 months
Loan AmountUp to Rs.40 lakh (up to Rs.50 lakh in select locations)

Read More: ICICI Business Loan Interest Rate

How to Get a Business Loan from HDFC Bank

For HDFC Business Loan, you should apply by visiting the office HDFC Bank website.

Step1. To get a business loan from HDFC Bank, the bank’s eligibility strategy should be completed, and then you will get approval for the business loan. 

Step2. If you are a new customer, register with your mobile number for a business loan. If you are an existing customer, use your customer ID to log in to your HDFC net banking portal and apply for a business loan.

Step3. When you submit your business loan application, you will get a call from the managers on HDFC’s side.

Step4. If you give all the documents to the lender if the lender satisfies your document they approve the loan to you.

Step4. Once your Business Loan application is approved, then your loan amount is credited to your savings account.         

If you don’t apply for a business loan from HDFC Bank online so, you can go to the nearby HDFC Bank, apply offline for a business loan, and file the necessary documents with the application.

HDFC Bank Business Loan Interest Rate 

  1. You have to be self-employed, a worker, and a partnership should be a business proprietorship with a company so that you can apply for a business loan.
  2. The business is required to have a turnover of at least Rs.30 to 40 lakh.
  3. You should also have a total of 5 years of business experience.
  4. The head bank also has a requirement that your business has been running for 2 to 3 years.
  5. Your annual income should be at least 2 lakh; you have made a profit in the last 2 years.

HDFC Bank has a business loan prospect who work for 21 years and more than 65 years and cannot get a loan.

Documents Required TO APPLY for HDFC Bank Business Loans

HDFC Bank Business Loans
  1. Pan card
  2. The applicant can submit their passport, Aadhaar card, voter ID card, PAN card, or driving license as ID proof, etc.
  3. Address proof like electricity bill, pan card, aadhaar card
  4. Bank statements for the last 6 months
  5. Bank statements for the last 6 month
  6. Latest ITR documents & last 2-year income tax details & balance sheet.
  7. The applicant can submit their trade license, ITR, sales tax certificate, etc., as proof of business continuation.
  8. Certified copy of partnership
  9. Sole proprietorship declaration

Read More: Business Loans

Charges Levied by HDFC Bank for Business Loans

  • Overdue EMI interest: 2% per month on the overdue principal or interest, subject to a minimum charge of Rs.200
  • Amortization schedule charges:  Rs 200
  • Cheque bounce charges      : 1st return – Rs.450 + taxes per        instance, 2nd in a month- Rs.500 + taxes per instance
  • Cheque swapping charges: Rs 500