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HDFC Bank Business Loan

How to get HDFC Bank Business Loan?

HDFC Business Loan | HDFC Business Loan Status | HDFC Business Loan Interest Rate | Documents Required for Business Loan in HDFC Bank | Business Loan HDFC Bank

HDFC Business Loan – Dear Readers, many people want to start their own business and want to establish a new dimension in business. Maybe you, too, want to start a business of your own. But friends, the inflation has become so high that it has become a very difficult task for the common person to deposit money to start a business. Everything has become so expensive that it has become difficult for the common person to save or deposit money. Due to which anyone is unable to start his own business.

Are you also facing this problem? Do you also want to start your own business? But you do not have enough money to start a business. If you want to do your business and do not have money for this, there is no need to panic. Through this post, I am going to tell you how you can start your own business. Because many banks are providing loans for doing business, today, I will provide detailed information about HDFC Bank business loans.

In this post, I will tell you That the procedure is to take HDFC Bank Business Loan? What is the interest rate on HDFC Bank Business Loan? What is the tenure of HDFC Business Loan? Along with this, detailed information will be provided on various other questions. If you want to start your own business and get a business loan from HDFC Bank, you must read this post till the end.

Features of HDFC Business Loan

HDFC Bank is providing business loans with attractive interest rates to encourage individuals to start their businesses. HDFC Bank Business Loan has the following features-

Meet your every need

HDFC Bank provides business loans up to Rs 400000, while business loans are provided up to 50 lakhs in some locations. To get a loan from any bank, the person taking the loan has Collateral or Guarantor (guarantor is the person who guarantees the payment by another person, i.e., a guarantor becomes a supporter and in case of defaulter) assumes responsibility). It may have securities in the form of collateral. But HDFC Bank provides business loans up to Rs 40-50 lakh without collateral for business loans.

Through HDFC Bank Business Loan, you can start your business as well as expand your business. Along with working capital, children can meet every need of education or home renovation and business. 

Transfer loan balance easily 

HDFC Bank provides the facility to transfer business loans taken from any other bank to HDFC Bank with low EMI. If you have also availed a business loan from any other bank, you can transfer it to HDFC Bank at a 15.75% interest rate and a .99% processing fee. Click Here to transfer business loans from other banks to HDFC Bank.

Dropline Overdraft Facility

HDFC Bank provides the facility without any security. The loan limit is set separately in the current account, which keeps on coming months until the tenure. Interest is paid only on the amount utilized under this facility.

The bank provides a Dropline overdraft facility on HDFC Bank Business Loan for an amount ranging from ₹ 500000 to ₹ 1500000.

HDFC Bank provides the facility of dropline overdraft facility without any guarantor/security.

HDFC Bank offers a Dropline Overdraft facility for a tenure of 12 to 48 months at an attractive interest rate.

HDFC Bank permits no foreclosure or partial closure during the first six months of setting the limit under the Dropline Overdraft facility.

Quickly check eligibility and disbursal.

HDFC Bank provides a facility to check eligibility for a business loan online or through a branch. Using this facility, you can know your eligibility for HDFC Bank Business Loan within just 1 minute. The new loan will be disbursed based on the bank’s previous repayment of home loan, auto loan, and credit card.

Flexible Turnover

HDFC Bank provides flexible tenure to the borrower. HDFC Bank Business Loan offers the facility to repay the loan amount within 12 to 48 months.

Credit Insurance Plan

HDFC Bank offers Credit Insurance Plan on Business loans, which protects the family from loan payments.

Convenient Credit

HDFC Bank provides various options for getting assistance concerning business loans like SMS, Website, Click2Talk and Phone Banking, etc. Any customer can contact the bank representative to get information related to his loan using any means mentioned above.

Protection of family members from loan payments

HDFC Bank also offers a business loan and a credit product plan to cover the loan at very low premiums to protect your family members from loan repayments in case of an unpleasant situation.

Benefits of HDFC Bank Business Loan

HDFC Bank offers business loans to its customers and a host of other facilities from which the customers get the following benefits.

  • HDFC Bank protects the family by paying off the loan amount through a credit protection plan if the customer dies after availing of a business loan.
  • HDFC Bank provides life coverage with business loans so that there is no need to use additional savings to pay off the loan, thereby leaving the customer comfy and peaceful.
  • Tax exemption under applicable laws by the tax department.
  • HDFC Bank Business Loan offers a convenient package of loans as well as insurance.
  • The premium for this product will be deducted from the loan amount after levying Service Tax and applicable surcharge/cess at the rates as applicable by the Government.
  • HDFC Bank offers the facility of Payment Protection Insurance (Credit Protection) on the maximum amount of the Business Loan, the benefit of which can be availed by the customer or nominee in the event of natural or accidental death.

Who can get HDFC Bank Business Loan?

The following people are provided with the facility of availing business loans by HDFC Bank.

Self Employed Professional – 

If you are a doctor or architect or in any other professional profession, you can be provided with a business loan by HDFC Bank. HDFC Bank offers you customized Business Loans as per your requirement for the latest equipment, solutions to invest in your business and revamp your studio space.

Self Employed Non-Professional – 

Whether you are new to the business or old, HDFC Bank can meet your cash flow needs through Business Loan, which you can use to stock up on your inventory. The customer can customize the HDFC Bank loan based on his financial requirement and repayment capability.

Business Loan for MSMEs – 

If you run your Medium or Small Enterprises in the field of Construction, Education or Infotech, HDFC Bank Offers Customized HDFC Bank Business Loan For Your Business Requirement, New Equipment, Raw Material, Factory or Warehouse repair to boost your business.

Eligibility for HDFC Bank Business Loan

The following eligibility conditions are required to be fulfilled to avail of HDFC Bank Business Loan-

  • Self-employed individuals, proprietors, limited private corporations, and partnership firms engaged in manufacturing, trading and services may be eligible for HDFC Bank Business Loan.
  • The applicant should have a business with a minimum turnover of up to Rs 4000000.
  • Individual applicants should be associated with the current business for at least three years and should have experience of up to 5 years.
  • The business of the applicant should be in a profit position for the last two years.
  • The applicant should have a minimum income of Rs 1.5 lakh per annum from the business.
  • The applicant should be at least 21 years of age when availing of HDFC Bank Business Loan.
  • The applicant’s age should not be more than 65 years at the time of maturity of the loan.

Documents Required for HDFC Business Loan

The applicant requires the following documents to get a business loan from HDFC Bank.

  • The applicant should have a PAN card of the company/firm/individual.
  • Applicant should have any one of the following ID proof-

 (a) Aadhar card

 (b) passport

 (c) Voter ID Card

 (d) PAN Card

 (m) Driving License

  • Address proof should be any one of the following documents-

 (a) Aadhar card

 (b) passport

 (c) Voter ID Card

 (d) Driving License

  • Bank account statement of last six months
  • The latest ITR and computation of Income, Balance Sheet, and profit or Loss account for the last two years as certified by a Chartered Accountant.
  • Continuity Certificate of ITR / Trade License / Establishment / Sales Tax Certificate etc.
  • Other Required Documents-

 (a) Attested copy of sole proprietor declaration or partnership deed

 (b) Memorandum and Articles of Association (copy attested by the director) and original board resolution.

HDFC Bank Business Loan Fees & Charges

HDFC Bank levies charges on business loans as per the table given below-

S.No.FeeCharges
1Rack interest rate rangeMinimum 11.90% and Maximum 21.35%
2Loan processing charge2.5% of the loan amount will be minimum 1000 and maximum up to ₹ 25000 for a salaried person while minimum ₹ 1000 and maximum up to ₹ 75000 for self-employed customers.
3Prepayment part and fullA prepayment facility is not provided till the first six installments are not completed from the commencement of the loan. A part-payment facility is provided after paying 12 EMI, which cannot exceed 25% of the principal outstanding. The facility is provided once a year and only twice in the loan tenure.
4Prepayment charges4% of principal outstanding for 6 to 24 months3% of Principal Outstanding from 25 to 36 months2% of principal outstanding after 36 months
5Loan closure letterNo fee.
6A duplicate loan closure letterNo fee.
7Solvency CertificateNot Applicable.

If you want to get a HDFC Bank Business Loan, you can apply for an HDFC Business Loan online or visit your nearest HDFC Bank branch and contact the bank representative.

How to apply for HDFC Bank Business Loan?

If you want to start your new business or want to expand the old business but don’t have sufficient funds to start a new business or expand the old business, HDFC Bank will solve your problem through HDFC Business Loan.  

If you want to apply for HDFC Bank Business Loan, then follow the steps given below.

How to Check HDFC Bank Business Loan Status?

If you have applied for HDFC Bank Business Loan and want to check your HDFC Bank Business Loan status (application status) online, follow the below steps.

  • First of all, click on the link HDFC Bank Business Loan Status provided by HDFC Bank.
  • Once you click on the link for HDFC Bank Business Loan Status, the Status of Loan Applications form will open.
  • Fill in any one of the Application Name or Reference/Proposal Number in the given column at your convenience.
  • Fill any one of the Date of Birth or Mobile Number in the given column at your convenience.
  • After that, click on the submit button. The status of your application for HDFC Bank Business Loan will be displayed on the screen as soon as you click on the submit button.
  • HDFC Bank provides loan status checking facility under Personal Loan, Business Loan, New Car Loan, Used Car Loan, Car & Cash Loan, Commercial / Construction Equipment Loan, Two Wheeler Loan, Loan Against Property.

HDFC Bank Business Loan FAQs

Q.1- What is a Business Loan?

A business loan is provided for any business to cover various types of expenses incurred under the business. HDFC Bank provides Business Loan to the customer without pledging any collateral.

Q.2- How can I check my Business Loan Status?

HDFC Bank provides an online facility to check business loan status. Follow the steps given below to check HDFC Bank’s business loan status.
Click on the link of  HDFC Bank Business Loan Status to know your business loan status.
Enter your name, proposal number, date of birth or mobile number.
Click on the submit button.
Your HDFC Business Loan Status will open on your screen.

Q.3- What are the benefits of HDFC Bank Business Loan?

Overdraft facility under which interest is to be paid only on the amount utilized.
Facility to transfer loan balance easily.
Payment of interest only on the utilized portion of the fund.
The flexibility of business loan tenure.
Unsecured Loan / Unsecured Loan
Minimum documents required.
Facility to check business loan eligibility in just 1 minute.
Facility to top up existing business loan for additional funds.
Credit protection scheme facility.

Q.4- How does HDFC Bank Business Loan work?

You can get an amount up to ₹ 5000000 through HDFC Bank Business Loan. You can check eligibility for a business loan through the HDFC Bank website in a few steps. You can apply for HDFC Bank Business Loan online or by visiting the nearest HDFC branch. Minimum documents are required for application. The application and delivery process is seamlessly accelerated.

Q.5 – How to apply for HDFC Bank Business Loan?

If you want to apply for HDFC Bank Business Loan, then you can apply for a Business Loan using any one of the below-mentioned medium-
Through SMS.
Via Virtual Chat (EVA Bot).
Through the Click2Talk feature.
Through phone banking.
By visiting the nearest HDFC Bank branch.
Through HDFC Bank Net Banking.

Read Also :- What is SBI Breen Remit Card?

Guru
Guruhttps://paisaproblem.com/
I am student and part time blogger. I am interest to share my views on financial issues.
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