HDFC Bank Business Loan

HDFC Bank offers business loans to help businesses meet their financial requirements. These loans can be used for various purposes such as business expansion, working capital, purchasing equipment, and more. The loan amount, interest rates, and repayment terms may vary based on the specific needs of the business. HDFC Bank business loans are designed to provide financial support to small, medium, and large enterprises.

Keep reading further to get detailed information about the eligibility criteria, interest rates, and application process for HDFC Bank Business Loan.

HDFC Bank Business Loan Highlights

HDFC Bank Business Loan provides financial support for businesses with features such as high loan amounts, no collateral requirement, and balance transfer benefits. Here are the key highlights of the HDFC Bank Business Loan:

Loan Amount Up to ₹50 lakhs (& up to ₹75 lakhs in selected locations)
Purpose Business expansion, working capital, or any other personal need
Loan Tenure 12 - 48 months
Minimum Business Turnover Rs. 40 Lakhs
Terms No collateral, guarantor or security required

HDFC Bank Business Loan Interest Rates

HDFC Bank offers business loans at low-interest rates depending on the specific needs of the business. This allows you to save a significant amount on the cost of borrowing thus helping you expand your business.

Here is the overview of the interest rate and charges on HDFC business loans:

Interest rate 10.00% - 22.50% p.a.
Processing Fee Up to 2.00%* of the loan amount.
Zero Processing Fees for loans up to ₹5 Lakhs availed by micro and small Enterprises subject to URC submission before disbursal
Prepayment Charges 06 – 24 months: 4% of total principal outstanding,
25 – 36 months: 3% of total principal outstanding
More than 36 months: 2% of total principal outstanding
Note: Please note that the interest rates, and processing fees are subject to change as per the market risks and the economic conditions. Please visit HDFC Bank's Website for current updates.

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Other Fees & Charges Applicable For HDFC Business Loan

Overdue EMI Interest 2% per month
Stamp Duty & Other Statutory Charges As applicable by the State
Cheque Swapping Fee Rs. 500
Amortization Schedule Charge Rs. 200
Cheque Bounce Penalty Up to Rs. 550 per bounced cheque. 10% discount for senior citizens.
Taxes In addition to the fees listed above, HDFC Bank will charge any relevant government taxes and other mandatory levies that are applicable.

HDFC Bank Business Loans Eligibility Criteria

Are you considering applying for a Business Loan with HDFC Bank? Here are the eligibility criteria you need to know before you apply:

  • Self-employed individuals, proprietors, private limited companies, and partnership firms involved in manufacturing, trading, or services are eligible.
  • The business should have a minimum turnover of ₹40 lakhs.
  • Individuals should have been in the current business for a minimum of 3 years, with a total of 5 years of business experience.
  • The business should have been profit-making for the previous 2 years.
  • The business should have a Minimal Annual Income (ITR) of ₹1.5 lakhs per annum.
  • The applicant should be at least 21 years old at the time of applying for the loan and should not be older than 65 years at the time of loan maturity.

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Documents Required for HDFC Bank Business Loans

Before you submit your Business Loan application, it's important to be aware of the required documentation. Here's a list of the documents you need to prepare in advance:

1. PAN Card: Required for Company/Firm/Individual.

2. Identity Proof: Provide a copy of any of the following documents:

  • Aadhaar Card
  • Passport
  • Voter's ID Card
  • PAN Card
  • Driving License

3. Address Proof: Submit a copy of any of the following documents:

  • Aadhaar Card
  • Passport
  • Voter's ID Card
  • Driving License

4. Bank statement of the previous 6 months.

5. Latest ITR along with computation of income, Balance Sheet, and Profit & Loss account for the previous 2 years, after being CA Certified/Audited.

6. Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate).

7. Other Mandatory Documents:

  • Sole Proprietor Declaration or Certified Copy of Partnership Deed.
  • A certified true copy of the Memorandum & Articles of Association (certified by the Director) & Board resolution (Original).

Type of Business Loans Offered By HDFC Bank

HDFC offers different types of business loans that cater to diverse business needs including working capital, assets purchase, business expansion, farm needs, and vehicles. Here is a summary of various business loans offered by HDFC Bank.

Loan Purpose Loan Amount Loan Tenure
HDFC Bank Business Loan for Manufacturers Working capital needs, business expansion Up to Rs 40 lakh (Rs 50 lakh in select locations) 1 to 4 years
HDFC Bank Business Loan for Traders Working capital needs, purchasing stocks Up to Rs 40 lakh (Rs 50 lakh in select locations) 1 to 4 years
HDFC Bank Business Loan for Self-Employed Working capital needs, business expansion, purchasing machinery/equipment Up to Rs 50 lakh (Rs 75 lakh in select locations) 1 to 4 years
HDFC Bank Business Loan for Chartered Accountants (CA) Working capital needs, office construction/renovation, practice expansion Up to Rs 40 lakh (Rs 50 lakh in select locations) 1 to 4 years
HDFC Bank Business Loan for Doctors Buying medical equipment, managing working capital needs Up to Rs 75 lakh (in select locations) based on credit history 1 to 6 years

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Features & Benefits of HDFC Bank Financing

Explore the comprehensive offerings of HDFC Bank's Business Loan, which includes flexible loan amounts, convenient borrowing options, and credit protection. The following details provide a comprehensive overview of the benefits and features available:

1. Loan Amount: Avail of a loan up to ₹50 lakhs (up to ₹75 lakhs in select locations) without any collateral, guarantor, or security.

2. Loan Transfer:

  • Transfer your existing Business Loan to HDFC Bank for lower EMIs and attractive interest rates on the existing loan transfer.
  • Enjoy flexible tenure of up to 48 months for transferring your loan balance.

3. Dropline Overdraft Facility:

  • Get an Overdraft Facility without any security with a limit ranging from ₹1 lakh to ₹25 lakhs.
  • No guarantor or security required, and enjoy an attractive rate of interest.
  • Tenure ranges from 12 to 48 months.

4. Quick Eligibility Check & Disbursal:

  • Check your Business Loan eligibility online or at any branch in just 60 seconds.
  • Disbursal of loans based on previous repayment of Home Loans, Auto Loans, and Credit Cards.

5. Flexible Tenure: Repay your loan over a period of 12 to 48 months.

6. Convenient Borrowing: Reach out for assistance via WhatsApp, Webchat, and PhoneBanking.

7. Credit Protection:

  • Protect your loved ones by covering your loan with Credit Protect.
  • Provides life coverage and pays off the loan amount in case of the customer's death.
  • Offers tax benefits and is a convenient package of loan + insurance.
  • The premium for this product will be deducted from the loan amount at the time of disbursal, after levying service taxes and applicable surcharge/cess at the rates notified by the government.
  • In case of natural/accidental death of the customer, the co-partner/nominee can avail of the Payment Protection Insurance (Credit Protect), which insures the principle outstanding on the loan up to a maximum of the loan amount.

HDFC Bank Business Loan Vs Other Lenders

HDFC Bank offers a range of business loan products to meet the needs of various businesses. The interest rates on these loans vary depending on the loan amount, the borrower's credit score, and the loan tenure.

Here is a comparison of HDFC Bank business loan interest rates with those of other major lenders in India:

Top Bank/NBFCs Business Loan Interest Rates
HDFC Bank 10% - 22.50% p.a.
Axis Bank 14.95% - 19.20% p.a.
Bajaj Finserv 9.75% - 30% p.a.
Flexiloans 1% per month onwards
HDB Financial Services Ltd. Up to 36% p.a.

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Note: The interest rates mentioned are subject to change. Do visit the official website for updated rates.

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How to Apply for HDFC Bank Business Loan

Before applying for a business loan, it's important to review the lender's eligibility criteria. Approval of your business loan application is subject to meeting the specified eligibility requirements.

Here are the steps to apply for HDFC Bank Business Loan online:

  1. Visit the HDFC Bank website and click on 'Apply Now' at the bottom of the page.
  2. New customers: Provide your mobile number and authorize the bank to contact you regarding your application for a business loan.
  3. Existing customers: Use your customer ID to log in to your HDFC net banking portal and apply for a business loan.
  4. Submit the online application form and await contact from an HDFC Bank representative.
  5. Provide the required documentation to the lender.
  6. Upon approval, the loan amount will be disbursed into your savings bank account.

Offline Mode:

If you prefer not to apply for a business loan online, you can visit the nearest branch of HDFC Bank and submit the application form along with the required documents. In this case, approval of your loan application will follow a physical verification process by the lender.

HDFC Bank Business Loan Customer Care Number

There are two main customer care numbers for HDFC Bank Business Loans, depending on your situation:

1. For general inquiries and existing loans:

  • Toll-free: 1800 202 6161 / 1860 267 6161
  • This number is available 24 hours a day, 7 days a week.

2. For applicants from outside India:

  • International number: +9122 61606160
  • This number is available from 8:00 AM to 8:00 PM on all days.

Additional options:

  • You can also contact HDFC Bank through their official website.
  • You can also visit your nearest HDFC Bank branch.

Steps to Apply for Business Loan on Buddy Loan

Buddy Loan is one of the largest loan service providers in India, helping you avail personal loans and business loans from top trusted lenders. Moreover, applying for a HDFC business loan through Buddy Loan is simple and straightforward. Follow the steps mentioned below:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the business loan application page. Enter your mobile number and OTP.
  • Step 3: Specify the desired loan amount and email. Next, choose the Business Loan option.
  • Step 4: Choose if you have a Business Proof (Yes/ No)
    • If ‘Yes’ (If you have a business proof), enter your business and personal details.
    • If ‘No’ (If you do not have a business proof), choose the profession type and enter your personal details.
  • Step 5: Provide income details and Click the ‘Submit’ button.

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Frequently Asked Questions

A business loan from HDFC Bank is a financial product that provides funding to businesses for various purposes such as expansion, working capital, or other business needs.

Sole proprietorships, partnerships, private limited companies, and other types of businesses can apply for a loan from HDFC Bank.

The maximum loan amount that can be availed from HDFC Bank is up to ₹50 lakhs (up to ₹75 lakhs in select locations).

The required documents include PAN Card, identity proof, address proof, bank statement, ITR, and other mandatory documents.

The interest rate offered by HDFC Bank for business loans is competitive and varies based on the loan amount and other factors.

Yes, you can prepay your business loan from HDFC Bank. Prepayment options are available, but may be subject to certain terms and conditions.

The approval process for a business loan from HDFC Bank typically takes a few days after the submission of the application and required documentation.

Yes, you can apply for a business loan from HDFC Bank online through their official website.

Repayment options include online repayment, mobile app, auto-debit facility, NEFT/IMPS, cheque or demand draft, and cash payment at HDFC Bank branches.

You can track the status of your business loan application with HDFC Bank by contacting their customer service or visiting the nearest branch.

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