How can I get business loan from HDFC Bank
Business Loans are taken by business owners to grow their business and take it to the next level. You need funds to develop both large-scale and small firms with the help of a loan, and HDFC Business Loan is a perfect option.
HDFC Business Loans are considered one of the most popular business financing options because of the range of schemes that are available for business owners. They offer competitive interest rates and also provide a lot of transparency with regards to the entire process of application. Numerous other benefits also come with Applying for HDFC Business Loan. They can be tailored according to the unique needs of the applicant.
Business Loans from HDFC can allow the customer to get funds up to amounts of Rs. 50 Lakhs. You can also enjoy easier documentation in addition to doorstep service and disbursal for within 48 hours.
Salient Features of HDFC Business Loans
- You can avail a loan from Rs. 50,000 to Rs. 50 Lakhs. This can be extended up to Rs. 50 Lakhs in some cities. You can get this loan without any collateral, security or even a guarantor. You can use this for business expansion, hiring new employees, buying new machinery or even to revamp your business image.
- With Balance Transfer facility, you can transfer any existing Business Loan to HDFC Bank to enjoy lower interest rate (starting from 15.75%) and equated monthly instalment (EMI).
- Processing fee is as low as 0.99% of your sanctioned loan amount.
- The tenure is also flexible. You can repay the loan from anywhere between 12 to 48 months in the form of EMIs.
- You can Check your Business Loan Eligibility in just 60 seconds.
Benefits of HDFC Business Loans
- HDFC provides a Dropline Overdraft Facility. This facility allows you to draw an amount without the need for a security. The limit for this is set in a separate current account which drops on a monthly basis, till the end of the scheduled tenure. Other features of HDFC’s Dropline Overdraft Facility include:
- No guarantor or security required.
- You can draw Rs. 5 Lakhs to Rs. 15 Lakhs as per your business requirement.
- Tenure ranges from 12 to 48 months.
- Attractive rate of interest.
- No foreclosure or part-closure is allowed for the first 6 months of setting the limit.
- You can insure the loan with the help of HDFC’s Credit Protect Plan by paying a nominal premium. The plan offers the following features and benefits:
- In case of the death of the applicant due to natural causes or even accidental death, the nominee can avail of the Payment Protection Insurance (Credit Protect), which insures the outstanding principal amount of the loan up to a maximum of the loan amount.
- The premium for this scheme is deducted from the loan amount at the time of disbursal of the loan. Service taxes and the applicable surcharge and cess fee, as per the rates set by the government are charged from the applicant.
- The plan provides life coverage to the applicant.
- It protects your family by paying off the outstanding loan amount in the scenario of applicant’s death.
- No need for dependants to use their savings to repay the loan amount.
- The tax benefits are also applicable as per the law.
- Both loan + insurance are available in a single convenient package.
Check Your Eligibility
- Self-employed individuals, Proprietors, Private Limited Companies and Partnership Firms, whose minimum turnover is Rs. 40 Lakhs, can apply for this loan.
- The Applicant must be in the current business for at least 3 years and have a total business experience of 5 years.
- Applicant’s business should be incurring profits for the last two years.
- Applicant must have Rs 1.5 Lakhs minimum annual income as per ITR.
- The applicant must be at least 21 years of age at the time of applying and not older than 65 years at the time of loan maturity.
What are the Documents Needed to Apply for HDFC Business Loan?
- PAN Card – For a firm/individual/company
- Identity Proof – A copy of any of the following
- Aadhaar Card
- Voter ID Card
- PAN Card
- Driving License
- Address Proof – A copy of any of the following
- Aadhaar Card
- Voter ID Card
- Driving License
- Previous 6 months’ bank statement
- Latest Income Tax Return (ITR) with computation of income, Balance sheet, P&L account for last 2 years, after duly certified/audited by a Chartered Accountant.
- Proof of business continuation (ITR/Establishment/Trade License/Sales Tax Certificate)
- Other documents:
- Sole Proprietor Declaration/ Partnership Deed’s Certified Copy
- Certified Copy of MOAA )Memorandum & Articles of Association) certified by the Director
- Original Board Resolution
With the HDFC Business Loan, you will be able to grow your business and invest the money needed for it to flourish in the long run. Owing to the flexible nature of the schemes available, you will be able to pay it back at a pace suitable to you. Get yourself a loan from HDFC and enjoy watching your business grow and prosper.