HDB Finance Business Loan

Highlights of HDB Business Loan
Interest Rate	8%-26% p.a.
Loan Amount	As per applicant’s profile
Tenure	Up to 5 years

Note: Rates as of 8th November 2024

Interest Rates for HDB Business Loan

Loan Products	Interest Rates (p.a.)
Commercial Vehicle Loan	8%-26%
Construction Equipment Loan	8%-24%
Tractor Loan	9%-25%

Types of HDB Business Loan

HDB Business Loan

Purpose: HDB regular business loan is an unsecured small business loan offered to MSMEs to fulfil their financial requirements for their business and business related activities, such as revamping the current business, purchasing inventory, setting up new machineries and meeting working capital requirements. Applicants are not required to submit collateral or security for small business loans.

Loan Amount: Up to Rs 30 lakh

Tenure: Up to 4 years

HDB Loan for Doctors/Medical Practitioners

Purpose: HDB Doctor’s loan, an unsecured business loan facility, is offered to doctors for the following purposes:

• To finance the personal and professional requirements of doctors and medical practitioners
• To meet their working capital requirements including medicine stocks
• For purchasing medical or diagnostic equipments, setting up of operation theatre, etc.
• To develop their clinic/clinic-cum-residence, nursing home, pathology labs
• To purchase car, ambulance, etc.
• For purchasing office equipments such as computer, ACs, furniture, fax, etc.
• For expansion/renovation/modernization of existing premises/clinic/nursing home

HDB Enterprise Business Loan

Purpose: HDB Enterprise Business Loans are customised, unsecured loans offered to meet the financial requirements for small businesses in the shortest time possible

Loan Amount: Up to Rs 30 lakh

Tenure: Up to 5 years

HDB Commercial vehicle Loan

Purpose: HDB Commercial Vehicle Loans are offered to transport businesses to purchase a variety of vehicles, both new as well as second hand, such as tempo, cargo, bus, vans, trucks, light and heavy commercial vehicles. HDB Financial services also offers top-ups on existing commercial vehicle loans. It provides customized financing solutions for individual requirements

Tenure: Up to 5 years

HDB Construction Equipment Loan

Purpose: HDB Construction Equipment Loans are offered for purchasing construction equipments such as Backhoe loaders, excavators, dumpers, tippers, transit mixers, self-loading concrete mixers, cranes, wheel loaders, compactors, road rollers, dozers, pavers, drills, crushing plants, RMC plants, etc. HDB Financial Services also provides business loans for purchase of used equipments (through refinance and repurchase). It also offers customized financing solutions to meet individual requirements.

Tenure: Up to 4 years

HDB Tractor Loan

Purpose: HDB Tractor loans are offered for purchasing tractors or tractor related implements for personal and commercial purposes. Such loans can be availed to purchase new as well as second hand tractors. Applicants can also apply for online instant tractor loans.

Tenure: Up to 5 years

Eligibility Criteria for HDB Business Loan Applicants

For HDB Business Loans/Enterprise Business Loans

For Self-employed professionals- Doctors, CAs, architects and CS

• The age of the applicant at the time of loan application should be 22 years and age at the time of loan maturity should be 65 years
• Applicant should have been in the business for at least 3 years
• Minimum annual income should be Rs 1 lakh p.a. for metro cities and Rs 75,000 p.a. for other locations

For Self-employed individuals- Sole Proprietors, Partners and Directors in the business of manufacturing, trading or services

• Minimum age of the applicant at the time of loan application should be 22 years and at the time of loan maturity should be 65 years
• Applicant should have an experience of 4 years in business with at least 2 years in the same business
• Minimum annual income of the applicants residing in metro cities should be Rs 1 lakh p.a. and that for those in other locations should be Rs 75,000 p.a.

Self-employed (private companies and partnership firms)

• Minimum age of the applicant at the time of loan application should be 22 years and at the time of loan maturity should be 65 years
• Applicant should have an experience of 4 years in business with at least 2 years in the same business
• Business must be making profit for the last 2 years
• Minimum annual income of the applicants should be Rs 1 lakh p.a. for metro cities and Rs 75,000 p.a. for other locations

Loans for Doctors and Medical Practitioners

• Maximum age of the applicant should be 65 years on the date of loan sanction
• Graduate doctors (MBBS/BDS), Post Graduate Doctors (MD/DM/MS/MCH/MDS) with at least 4 years of post-qualification experience are eligible for Doctors’ loan.
• Doctors having their own house/clinic (parental/own house in any location where HDB Financial Services operates)

Tractor Loan

Minimum age of the applicant should be 21 years and at the time of loan maturity should be 58 years

HDB Financial Services has not mentioned any specific eligibility criteria for its other business loan products. However, their eligibility criteria might depend on the nature of loan product and loan facility to be availed.

Documents Required for HDB Business Loans

HDB Business Loans/Enterprise Business Loans

Self-employed (Professionals):

• ID Proof- Passport, voter ID, Driving License, PAN Card, Aadhar card or Proof of Possession of Aadhar number, photo
• Address Proof- Address Proof of entity, proprietors, partners, directors, security providers and guarantors like Driving License, voter ID, utility bill, Registered Rental Agreement, Letter of allotment of accommodation from employer, leave and license agreements with employers allotting official accommodation
• Proof of Date of Birth- PAN card, Driving License, Passport, Birth Certificate, 10^th/12^th marksheet bearing date of birth
• Latest bank statement/bank passbook for past 6 months
• Latest ITR along with income computation, B/S and P&L account for last 2 years certified by a CA along with schedules and notes to accounts, statutory audit reports, tax audit reports

For Self-employed Non-Professionals (Sole Proprietors) & for Private Companies /Partnership firms (including their Partners and Directors)

• ID Proof and Address Proof- Voter ID, Passport, PAN Card, Driving License, Aadhar card, utility bill, Letter of allotment of accommodation from the employer, Registered Rental Agreement, leave and license agreements with employers allotting official accommodation
• Latest bank statements or bank passbook updated within past 3 months
• Latest ITR along with income computation, B/S and P&L account for past 2 years certified by a CA
• Continuation Proof- Trade License/establishment/sales tax certificate

Other Mandatory Documents-

• Sole Proprietor Declaration or Certificate
• Copy of Partnership Deed
• Certified copy of MOA, AOA and Board resolution

Loans for Doctors and Medical Practitioners

• Identity Proof and Address Proof
• ITR for past 2 years
• Medical Registration Certificate
• Education Qualification Certificates
• Proof of property ownership (office/residence)

For Commercial Vehicle Loan/Construction Equipment Loan/Tractor Loan

• ID Proof and Address Proof- Voter ID, Passport, PAN Card, Driving License, Aadhar card, utility bill, Letter of allotment of accommodation from the employer, Registered Rental Agreement, leave and license agreements with employers allotting official accommodation
• Driving License and documents to prove relevant experience for first time users
• Land Holding Proof in case of farmers
• Fleet list details
• ITR and financial statements for past 2 years, with schedules and P&L account
• Partnership deed, proprietorship declaration, MOA/AOA, board resolution