HDFC Business Loan

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HDFC Bank Business Loan
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Why to choose HDFC Bank for Business Loan?

• Under a business loan, an entrepreneur can borrow
  the loan amount to use it for business growth and
  expansions or to fund a start-up venture. 
• HDFC Bank business loans have become a popular
  choice for many business ventures due to its
  simplified documentation, flexible tenures, and
  lower interest rates. 
• They are quick in processing, competitive and
  customized to suit each of your business needs.
• HDFC has introduced a variety of business loan
  products to cater to the needs of individuals,
  trading/manufacturing units and self-employed
  proprietorship/partnership firms.

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Features Benefits

• Facility to check online eligibility quickly.
• Hassle-free and fast approval and disbursal of 
  business loans.
• No  need of a  collateral/guarantor  for business
  loans up to ? 40 Lakhs (Up to ? 50 Lakhs at
  selected locations).
• Pay interest only on the amount that has been
  utilized.
• Nominal pre-payment charges are applicable.
• Flexible loan repayment tenure from 1 to 5 years.
• Easy documentation. Only a few mandatory
  documents are required.

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Features Benefits

• Attractive loan balance transfer options. You can
  avail lower EMIs, waiver of processing fee and
  other offers.
• Special low-interest offers are available for
  existing HDFC Bank customers.
• Transparent processing and no hidden charges.
• You will have an optional death/accident
  insurance cover along with your business loan.
  The premium is calculated on the basis of the
  loan amount disbursed.

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Eligibility Criteria

• An individual should be Indian Citizen.
• Borrowers in the below-mentioned categories are
  eligible to apply for an HDFC Business loan
• Self-employed professionals Degree/diploma
  holders (in disciplines such as medicine,
  engineering, company secretaries, accounting and
  designing) who are engaged in a profession and
  are directors/partners/sole proprietors of a
  company.
• Private limited companies A company with a
  minimum net turnover of ? 40 lakhs per annum.
• Partnership Firms Trading, manufacturing or
  service related firms where profits from all
  stakes can be merged.
• The minimum age of the applicant should be 21
  years at loan application and 65 years at loan
  maturity.

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Eligibility Criteria

• He should have a minimum annual income of ? 1.5
  Lakhs.
• The business should be in continuous operation
  for a minimum of 3 years.
• The business should have a minimum gross turnover
  of ? 40 lakhs.
• The existing business should be in profit for the
  last 2 years.
• A CIBIL score in excess of 650 is desirable for
  approval of an HDFC business loan. If your
  business is doing well recently, the Bank may
  exercise some leniency in the eligibility
  criteria. But, you may be offered a
  higher interest rate, in case you have a low
  credit score.

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Documents for Self-Employed Professionals

• Identity proof Anyone from PAN/Voter ID
  /Passport/Driving License/Aadhar Card.
• Address proof Anyone from Passport/ Aadhar
  Card/Lease agreement/Sales tax certificate/Electri
  city Bill/Trade license in the name of the sole
  proprietor.
• Financial documents Copies of Profit Loss
  statement/IT returns for the last 2 years,
  audited by a chartered accountant.
• Last 6 months bank statement.
• Certified copy of Articles of Association
  certificate Memorandum copy/partnership deed.

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Documents for Partnership Firms and Private Ltd.
Companies

• PAN cards of the directors and the entity.
• Identity proof (all director)  Anyone from
  PAN/Voter ID/Passport/Driving License.
• Address proof (all director) Anyone from
  Passport/Lease Agreement/ Sales Tax Certificate
  /Electricity Bill/Trade license.
• Proof of managing directors and authorized
  signatories Anyone from PAN/Voter
  ID/Passport/Driving License.
• Company identity proof VAT/Sales tax/Service
  tax/IT return/certified copy of partnership
  deed/Shops and Establishment Registration/Memorand
  um Articles of Association.
• Financial documents Copies of last 2 years of
  Income Tax returns/Profit Loss Balance sheet
  for the last 2 years (audited by a CA)/Bank
  statement for the last 2 years.

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Interest Rates as per 2019
Type Charges
Interest Rates 15.65 - 21.20
Loan tenure 12 - 60 months
Processing Charges Up to 2.50 of the loan amount Subject to a minimum of Rs. 2359/- Maximum of Rs. 88500/-
Prepayment No prepayment permitted until the repayment of 6 EMIs
Prepayment charges 4 of Principal Outstanding (07-24 Months) 3 of Principal Outstanding (25-36 Months) 2 of Principal Outstanding (longer than 36 Months)
No due certificate/No Objection Certificate (NOC) NIL
Duplicate No due certificate/NOC NIL
Late payment of EMI charges 24 p.a. on the principal amount outstanding from date of default
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Thank You !!!