HDFC Bank offers business loans of up to Rs.50 lakh to help you meet any business-related funding requirements. Prospective loan borrowers need not submit any collateral or security to the lender to avail this loan.
|Interest Rate||15.65% p.a. to 21.20% p.a. (rack interest rate)|
|Loan Processing Fee||Up to 2.5% of the loan amount|
|Pre-Payment Charges||Up to 4% of the outstanding principal|
|Loan Amount||Up to Rs.40 lakh (up to Rs.50 lakh in select locations)|
|Loan Tenure||12 months to 48 months|
HDFC Bank allows prospective applicants to apply for business loans online through its official website. The steps to do so are as follows:
Step 1: Check Your Eligibility Criteria – Before you apply to HDFC Bank for a business loan, you will need to check the lender’s eligibility criteria. The lender will only approve your business loan application if you meet the pre-specified eligibility criteria.
Step 2: Apply Online through the HDFC Bank Website – Once you check HDFC Bank’s business loan eligibility criteria, you will need to click on ‘Apply Now’, which you will find on the bottom of the lender’s website. Upon doing this, you will be redirected to another website, wherein you will need to key in the required details and click on ‘Submit’.
Step 3: Receive Approval – Once you submit the online application form, a representative from HDFC Bank will contact you. You will also have to submit the required documentation to the lender, after which you will receive approval. Once your application is approved, the loan amount will be disbursed into your savings bank account.
Alternatively, if you do not want to apply for a business loan from HDFC Bank online, you can visit the nearest branch of the lender and submit the application form and required documents. In this case, your loan application will be approved after a physical verification of your application form and documents is done by the lender.
For your business loan application to be considered by HDFC Bank, you will be required to submit certain documents along with your application form. The documents that you will need to submit are as follows:
Charges Levied by HDFC Bank
Apart from the interest rate and processing fee, the charges that may be levied by HDFC Bank for business loans are as follows:
The minimum loan amount that you can borrow is Rs.50,000.
Yes, the lender will check your CIBIL score since it is an indicator of your creditworthiness and repayment ability. If you are looking to borrow a business loan at a reasonable rate of interest, it is advisable to maintain a credit score of over 700.
Yes, you can prepay and pre-close your loan at any time, provided that at least 6 monthly EMIs have been paid to the lender. At the time of pre-closing your loan, you will need to pay the pre-closure fee/penalty.
You will need to repay the loan amount in the form of equated monthly installments or EMIs via post-dated cheques, Electronic Clearing System (ECS), or through a standing instruction to debit the amount from your HDFC Bank account.
No, the lender does not require business loan applicants to have a guarantor.
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