Compare & Choose from the Best Business Loan Offers 
HDFC Bank Business Loan Highlights – October 2022 | |
| Rack Interest Rate Range | 10.00% – 22.50% p.a. |
| Processing Charges |
|
| Loan Amount | Up to Rs. 50 lakh |
| Collateral/Security | Not required |
| Repayment Tenure | From 12 months to 48 months |
Note: HDFC Bank’s 1-year MCLR is 8.20%, with effect from 7th Sep 2022. Rate of Interest updated as on October 2022.
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Comparison of Business Loan Interest Rates offered by Top Banks/NBFCs
| Bank/NBFCs | Interest Rate | |
| HDFC Bank | 10.00% – 22.50% p.a. | Apply Now |
| FlexiLoans | 1% per month onwards | Apply Now |
| ZipLoan | 1% – 1.5% per month (Flat ROI) | |
| Axis Bank | 14.25% – 18.50% p.a. | Apply Now |
| IDFC First Bank | 14.50% onwards | |
| Kotak Mahindra Bank | 16% – 19.99% | Apply Now |
| Fullerton Finance | 17% – 21% | |
| Bajaj Finserv | 17% p.a. onwards | Apply Now |
| RBL Bank | 17.50% – 25% p.a. | Apply Now |
| ICICI Bank | 17% onwards | |
| Indifi Finance | 1.5% per month onwards | Apply Now |
| Lendingkart Finance | 1.5% – 2% per month | Apply Now |
| Tata Capital Finance | 19% p.a. onwards | Apply Now |
| NeoGrowth Finance | 19% – 24% p.a. | Apply Now |
| Hero FinCorp | Up to 26% p.a. | Apply Now |
Note: Business loan interest rates are updated as on October 2022.
Also Check: Which bank has lowest interest rate on business loan?
Fees & Charges
| Fee & Charges | |
| Prepayment- Part/Full Charges |
|
| Pre-payment Charges* |
|
| Cheque swapping charges | Rs. 500 |
| Cheque Bounce Charges | Rs. 550 per cheque bounce |
| Amortization Schedule charges | Rs. 200 |
| NOC Certificate | Nil |
| Loan Closure Letter | Nil |
| Solvency Certificate | Not applicable |
| Duplicate Loan Closure Letter | Nil |
| Charges for Late Payment of EMI | 2% per month on EMI/Principal overdue subject to a minimum amount of Rs. 200 |
| Loan cancellation charges | Nil |
| Charges for changing from fixed to floating interest rates or vice-versa | Not applicable |
**NIL Foreclosure/ Prepayment Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises and Closure from Own Source.
Note: Government Taxes shall be levied and charged additional over and above the mentioned Fees & Charges. Senior Citizen Customers are eligible for discount of 10% on all service charges.
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Types of Business Loans from HDFC Bank
- Term Loans
- MSME Loans
- Working Capital Loans
- Working Capital for Contractors
- Working Capital for Transporters
- Business Loan to Manufacturers
- Business Loan to Traders
- Loans to Self-Employed Individuals
- Business Loan to CAs
Business Loan Balance Transfer
- Interest rate: 15.75% p.a. onwards
- Processing fee: 0.99%
Dropline Overdraft Facility
- Loan amount limit is defined in the separate current account of the applicant/account holder which drops monthly till the end of the tenure
- Interest rate is paid only on the utilized loan amount
- Overdraft Limit: From Rs. 5 lakh to Rs. 15 lakh
- Collateral/Security not required
- No Guarantor required
- Tenure ranging from 1 year to 4 years
- No Foreclosure/part Closure shall be permitted during the first 6 months of loan tenure
Eligible Entities
Self-employed individuals, Proprietorships, Private Limited Companies, and Partnerships engaged in the businesses related to the manufacturing, trading, or services sectors are eligible.
Eligibility Criteria
- Age: Minimum: 21 years & Maximum: 65 years (At the time of loan maturity)
- Annual Business Turnover: Minimum 40 lakh
- Minimum Business experience of 5 years with at least 3 years in the current business
- Business Profitability Tenure: Minimum 2 years
- Minimal Annual Income (As per ITR): Rs. 1.5 lakh per annum
How does your Credit Score impact your loan approval
As soon as you submit your loan application, the bank firstly checks your credit score and on behalf of it bank sanctions the loan. Credit score is considered the most important factor in availing any loan or credit card. As having a low credit score can be interpreted as having low creditworthiness, it can reduce the chances of availing a business loan. Therefore, to improve the chances of loan approval, you must maintain a healthy credit score of 750 or above.
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Documents Required
- Identity Proof: Passport, Aadhar card, PAN card, Driving License – Any One
- Address Proof: Passport, Aadhar Card, Driving License, Voter ID card – Any One
- PAN Card of the Individual, Company or Firm
- Bank account statement for last 6 months
- Latest ITR along with computation of income; Last 2 years’ Balance Sheet and Profit & Loss account – CA Certified/Audited
- Business address, vintage, and establishment proofs
- Proof of Continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
Additional Mandatory Documents required
- Certified Copy of Sole Prop. Declaration or Partnership Deed
- Certified true copy of Memorandum & Articles of Association (certified by Director)
- Original Board resolution document
Customer Care Numbers
- 1800-202-6161 / 1860-267-6161 (Across India)
- For Customers Travelling Abroad: +9122 61606160
Note: Loan services are available between 8:00 a.m. to 8:00 p.m. on all days, including Sundays and Bank Holidays.
HDFC Bank Chat Options
Webchat, SMS or Click2talk
Click on the below link to get Toll Free Numbers for Indian customers
https://www.hdfcbank.com/personal/find-your-nearest/find-phone-banking
Click on the below link to get Toll Free Numbers for NRIs
https://www.hdfcbank.com/htdocs/nri_banking/NRI-TollFreeNos.htm
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FAQs
Q. Is there a part-payment option for the HDFC Bank business loan?
Ans. Yes, HDFC bank offers both part-payment and prepayment options both, to its customers availing business loans.
Q. How do women entrepreneurs get a business loan from HDFC Bank?
Ans. There is no different criteria for women entrepreneurs to avail loans, as they can simply fill in the loan application form online to apply for a business loan or any other type of loan.
Also Read: What are some of the entrepreneur friendly loans for women entrepreneurs in India?
Q. How can I pay my HDFC business loan EMI online?
Ans. You can use ECS, net banking, UPI to pay HDFC bank business loan EMIs online.
Q. What is a Cash Credit account in HDFC Bank?
Ans. A Cash credit account in HDFC bank is a type of overdraft facility offered to its customers to meet their working capital requirements. Cash credit is a short-term loan offer on the basis of the credit history of the applicant.
Q. How do I avail overdraft facility from HDFC Bank?
Ans. To avail an overdraft facility with HDFC bank, the applicant should be a current or savings account holder with the bank for the last six months. The applicant should have a good relationship with the bank and can apply online or via visiting the nearest bank branch.
Q. How can I get a collateral-free MSME loan from HDFC bank?
Ans. To avail collateral-free MSME loan from HDFC bank, an applicant can apply for unsecured business loans up to Rs. 50 lakh or can apply for loan schemes initiated by Govt. of India, such as Mudra loan under PMMY, CGTMSE, PSB loans in 59 minutes, PMEGP, etc.