HDFC Bank Business Loan Interest Rate

HDFC Bank Business Loan – Highlights
Rack Interest Rate Range	10.00% – 22.50% p.a.
Processing Charges	Up to 2% of the sanctioned loan amount NIL – For loan amount up to Rs. 5 Lakh availed by Micro & Small Enterprises subject to URC submission prior to disbursal
Loan Amount	Up to Rs. 50 lakh (Rs. 75 lakh – Limited Offer Deal)
Collateral/Security	Not required
Repayment Tenure	From 12 months to 48 months

HDFC Bank offers unsecured business loans, also termed HDFC Business Growth Loan, up to Rs. 40 lakh (Rs. 50 lakh in select locations). The loan amount is offered without any collateral, security or guarantor. The business loan interest rate range offered by the HDFC bank is 10.00% – 22.50% p.a. along with the repayment tenure from 1 year to 4 years. HDFC Bank also allows existing business loan borrowers of other lenders to transfer their loans at lower interest rates.

Also Know – Which bank is offering lowest interest rate on business loan?

Additional Fees & Charges

Apart from the interest rates as well as the terms and conditions mentioned above, the fees and charges applicable on business loans are as follows:

Pre-payment charges	07-24 Months – 4% of Principal Outstanding 25-36 Months – 3% of Principal Outstanding More than 36 Months – 2% of Principal Outstanding
Charges for changing from floating to fixed rate of interest	Not applicable
Stamp Duty & other statutory charges	As per applicable laws of the state
Loan Processing Charges	Up to 2.50% of the loan amount subject to a minimum of Rs. 2359/- & Maximum of Rs. 88500/-
Credit assessment charges	Not applicable
Non-standard repayment charges	Not applicable
Cheque swapping charges	Rs 500/-
Amortization Schedule charges	Rs 200/-
Loan cancellation charges	NIL
Cheque Bounce Charges	Rs 550/- per cheque bounce
Legal/incidental charges	At actual
Charges for changing from fixed to floating rate of interest	Not applicable
Loan Closure Letter	NIL
Duplicate Loan Closure Letter	NIL

Note: The above-mentioned fees and charges may change and shall depend on the sole discretion of the bank and RBI.

Eligibility Criteria

Eligible Entities	Self-employed individuals, Proprietors, Private Ltd. Co., and Partnership Firms
Age group	21 years to 65 years
Minimum turnover	Rs. 40 lakh
Business in existence	3 years with 5 years of business experience
ITR	Rs. 1.5 lakh per annum
Loan amount	Up to 40 lakhs (up to 50 lakhs in selected location)

Also Know How the EMI is calculated in a business loan from bank?

Documents required for Loan Application

• PAN Card for Company/Firm/Individual
• Copy of Aadhaar Card/passport/Voter’s ID Card/PAN Card/Driving Licence as identity proof and as address proof
• Bank statements for past 6 months
• Latest ITR along with computation of income, balance sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited
• Proof of continuation (ITR/Trade License/Establishment/Sales Tax Certificate)
• Sole Prop. Declaration or Certified Copy of Partnership Deed is Mandatory
• Certified true copy of Memorandum & Articles of Association (Certified by Director) & Board resolution (Original) are Mandatory

You can seek guidance from the information centre of the respective bank for better understanding. It’s better to always check and re-check before applying for any loan and so on.

Features and Benefits

HDFC Bank has become the first choice for fast-growing business loan seekers because of its promise to provide some business-friendly benefits. The salient features and benefits of HDFC bank business loans are:

• Provide up to 40 lakhs (up to Rs. 50 lakh in selected locations) without any collateral, guarantor or security.
• Transfer loan balance at the lowest interest rate of 15.75% with a processing fee of 0.99% of the sanctioned loan amount.
• Pay the interest only on the amount utilized
• Convenient borrowing via SMS, Webchat, Click2Talk and Phone Banking
• No payment after in case of death of the customer
• Lowest EMI per Lakhs

Customer care numbers: 61606161 / 6160616

FAQs

Q.:  How much loan I can avail under HDFC Business Loan Scheme?

Ans: You can avail a loan of Rs. 50,000 to Rs. 50 lakh depending on the income, repayment capacity, and respective location.

Q.: How do I repay my Business Loan?

Ans: You can pay your loan by Equal Monthly Instalments (EMIs) or Post-dated Cheques. It can also be paid through Electronic Clearing System (ECS) or a standing instruction to debit your HDFC bank account with the EMI account.

Q.: Is there any processing fee included?

Ans: Yes, a nominal amount has to be paid according to the type of loan. All the instructions will be provided with the application form itself.

Q.: How to check HDFC business loan status?

Ans: You can track your business loan status via login to your account. Else, you can always call to HDFC bank’s customer care to meet your queries.

Q.: Can I get a Business loan for a start-up/small business? 

Ans: Yes. You can get Business loan for start-up/Small Business. To avail that you have to meet certain criteria fixed by the bank. You can apply online or directly approaching the branch by providing all the required documents.