After establishing itself in the housing department, the company now caters to business or MSME who need finance to establish a new venture or to expand the current one. The company has lot of products in its kitty to cater to the needs and requirement of different sectors of business/ firms. By MSME we mean micro small and medium enterprises. The company has various products for both manufacturing and service rendering MSMEs/ business/ firms. Following are the loans/ scheme provided by DHFL:
Types of SME Loans from DHFL – 2020
- Business Loan:
The objective of this loan is finance an existing business for its expansion and growth. Loan term the maximum term for which this loan can be taken is 5 years.
Eligibility Criteria for DHFL Business Loan
Following are the eligibility criteria for DHFL Business loan: Doctors and self-employed person who have entities like proprietorship, partnership, limited companies, private limited companies, limited liability partnership can apply for a business loan from DHFL
Documents Required for DHFL Business Loan
Below mentioned are some of the documents that are required if you want to apply for business loan
- Proof of identity (Aadhaar, PAN, Voter ID)
- Proof of address (PAN, Passport, Aadhaar, Voter ID)
- Income Proof (Bank statement, last two years financials with audit report, Income Tax Returns)
- Loan against residential property:
- The objective of this loan is aid to the financial need of the individual, which he can use to for new business venture, expansion of the current business or for personal use.
- Term of loan against residential property can be up to 15 years.
- Eligibility for the loan all individual whether salaried or business holder including partnership, proprietorship, limited liability partnership, limited companies, private limited companies can apply for this loan.
Eligibility Criteria for loan against property:
If you are looking to apply for a business loan, you need to meet the eligibility criteria of the financial institution –
- The loan applicant should be salaried or self-employed.
- The loan applicant should be above the age of 22 to apply for a business loan.
- Loan applicant holders including Partnerships, proprietorships, limited liability partnerships, private limited and limited companies can apply for business loan from DHFL
- Loan against property requires collateral in the form of residential plot and residential property.
- Loan against commercial property:
- The loan amount can be used to finance both business use as well as personal use.
- Term of loan against commercial property is up to 15 years.
- Eligibility for loan against commercial property includes all individuals whether salaried or business holder including partnership, proprietorship, limited liability partnership, limited companies and private limited companies can apply for this loan.
- Collateral for loan against commercial property includes immovable property like commercial plot, commercial property.
- Commercial property Purchase Loan:
- The objective of this loan is to provide finance to business houses to purchase properties like office space and other establishments to run business.
- Term of Commercial property purchase loan is up to 15 years.
- Eligibility for commercial property purchase loan: Both salaried and self-employed individuals can apply for this loan.
- The immovable property that is being purchased is to be considered as the collateral for the loan amount.
- Lease rental discounting:
- This loan scheme can be used for business development, expansion and personal requirements.
- Loan term for lease rental discounting is up to 12 years.
- Eligibility for lease rental discounting include both salaried and self-employed individuals with partnership, proprietorship, limited liability partnership, limited companies, private limited companies can apply for this type of loan.
- All immovable properties can be kept as collateral for this loan from which rent is received.
- Plant and machinery loan:
- The objective of this loan is to provide finance to purchase new machinery and plants or for refurbishing of the already existing plant and machinery for business expansion.
- Loan term for Plant and machinery loan is up to 6 years.
- Eligibility for Plant and machinery loan includes self-employed individuals including proprietorship, private limited companies, limited companies, partnership.
- Collateral for this loan includes the machinery for which the loan is being taken. No extra collateral is required for loan up to Rs.2 crore.
- Property Term Loan:
- The objective of this loan is to finance the business/ firms to meet the cost of expansion or working capital depending on the requirement of the firm.
- Loan term for Property term loan is up to 15 years.
- Eligibility for property term loan includes self-employed individuals with proprietorship, private limited companies, limited companies, partnership.
- The collateral consists of immovable properties such as commercial property, institutional property, and mix of commercial and residential property, industrial property and plot.
- Medical Equipment Loan:
- The objective of this loan is to finance medical facilities in their business expansions.
- Loan term for medical equipment loan is up to 6 years.
- Eligibility for Medical Equipment loan include doctors, nursing home, hospital, clinics and entities that are eligible for this loan include proprietorship firm, partnership firm, private ltd companies, limited companies, partnership with limited liabilities and societies
- Collateral includes the medical equipment for which the loan is being taken. No extra collateral is required for loan up to Rs.2 crore.
DHFL Business Loan Interest Rate and Charges
DHFL Business Loan interest rate depends on the financial profile of the loan applicant. The other fees and charges of DHFL Business loan are as mentioned:
|Services||Fees and Charges|
|Processing Fee||2% plus the applicable GST|
|Foreclosure Charges||Till 6 months of agreement date : No foreclosure allowed|
7-24 months of loan agreement : 5% plus applicable GST
25-36 months of loan agreement : 3% plus applicable GST
After 36 months of agreement : 2% plus applicable GST
|Cheque Bounce Charges||Rs.500 plus applicable GST charges|
|ECS charges||Rs.250 per swap plus applicable GST|
All the above policies have charges and processing fees which vary from plan to plan and also on the term of the loan. Business expansion and growth is a big challenge where business loans play a crucial role. So, businesses can avail of the above-mentioned loans for financing their business needs.
How to Apply for DHFL Business Loan?
DHFL Business loan offers multiple business loan products that cater to different sections of business aspects. If you are looking for options and want to apply for a business loan, you can visit at Paisabazaar.com where all the comparisons of banks business loans along with interest rate and features are available. All the business loan products offered by the banks and NBFCs can be compared here at Paisabazaar.com.