HDFC Bank Business Loan

Overview

HDFC Bank Business Loans of up to Rs.50 lakhs (even up to Rs.75 lakhs in select cities), at best interest rates starting at 10.75% per annum, and quick processing. Whether it is to purchase raw materials, extend your current business premise, or to take care of every day cash requirements, HDFC Bank Business Loans can be a great option.

HDFC Bank Business Loans at a Glance

HDFC Bank Business Loans offer a reliable financial solution for businesses looking to expand, manage cash flow, or invest in new opportunities. With competitive interest rates, flexible repayment terms, and a hassle-free application process, HDFC ensures that businesses of all sizes can access the funds they need without the stress of collateral requirements. Whether you are a startup, an established enterprise, or a growing business, HDFC Bank has loan options tailored to meet your unique needs.

What Are the Benefits and Features of HDFC Bank Business Loans?

HDFC Bank Business Loans come packed with features and benefits designed to empower businesses. Here’s an in-depth look:

• High Loan Amounts for Big Dreams: Borrow up to ₹50 lakhs to take care of your business needs – you can fund business expansions, purchase new equipment, manage operational expenses, or seize growth opportunities. Select cities offer up to ₹75 lakhs based on applicant eligibility and business needs.
• Competitive Interest Rates: With rates starting from 10.75% per annum, HDFC Bank ensures affordability while keeping EMIs manageable for businesses of all sizes.
• Flexible Repayment Tenure: Choose a repayment period ranging from 12 to 48 months, allowing you to align EMIs with your business’s cash flow cycles.
• No Collateral Required: Enjoy peace of mind with unsecured loans that eliminate the need to pledge business or personal assets as security.
• Quick and Easy Disbursal: HDFC Bank’s streamlined processes ensure that loan approvals and disbursals are completed quickly, enabling businesses to access funds when they need them the most.
• Dedicated Relationship Managers: Get personalized guidance and support from HDFC Bank’s relationship managers throughout the loan journey.
• Customizable Loan Options: Existing customers may benefit from pre-approved loan offers with minimal documentation requirements.

HDFC Bank Business Loans – Value-Added Benefits

HDFC Bank offers a range of value-added benefits to make your business loan experience even more rewarding. These value-added benefits not only enhance your borrowing experience but also provide financial flexibility and peace of mind for you and your family.

1. Balance Transfer Facility

HDFC Bank allows you to transfer your existing business loans from a different lender and enjoy lower EMIs and better terms.

Key Features:

• Attractive interest rates on loan balance transfers.
• Flexible repayment tenure of up to 48 months.

2. Dropline Overdraft Facility

Access an unsecured overdraft facility tailored to meet your business needs without requiring any security.

Key Features:

• Enjoy overdraft limit of ₹1 lakh to ₹25 lakhs.
• No guarantor or collateral required.
• Flexible tenure options from 12 to 48 months.
• Competitive interest rates – you need to pay interest only on the amount you have used.
• Overdraft limit reduces monthly until the end of the tenure, providing structured repayment.

3. Stay Protected with Credit Protect

• Covers the loan amount in case of the customer's natural or accidental death.
• Ensures peace of mind with life coverage, protecting the family financially.
• Avoids dipping into savings for loan repayment.
• Offers tax benefits as per applicable laws.
• Convenient package with both loan and insurance included.

How It Works:

• The insurance premium is deducted from the loan amount at the time of disbursal, including applicable taxes and charges.
• In the event of natural/accidental death, the nominee can claim Payment Protection Insurance (Credit Protect) to cover the principal outstanding up to the loan amount. (*As per T&Cs laid down by HDFC Life Insurance Co. Ltd.)

Click here to Check & Compare Business Loans from other Lendersin The Market and Apply on CreditMantri!

What Are the Interest Rates and Charges for HDFC Bank Business Loans?

Who Is Eligible for HDFC Bank Business Loans?

To qualify for an HDFC Bank business loan, applicants should meet the following criteria:

• Business Type: Self-employed individuals, proprietors, private limited companies, and partnership firms engaged in manufacturing, trading, or services.
• Business Experience: Minimum of 3 years in the current business and a total of 5 years of business experience.
• Financials: Minimum annual turnover of ₹40 lakh and profit-making for the previous 2 years.
• Business Income: Minimum annual income (ITR) of the business should be ₹1.5 lakhs
• Age: Between 21-65 years

How to Apply for HDFC Bank Business Loans?

You can easily apply for an HDFC Bank business loan online -

1. Online Application: Visit the HDFC Bank Business Loan page and click on 'Apply Now'.

2. Fill in Details: Provide necessary information such as personal details, business information, and loan requirements.

3. Document Submission: You can upload the soft copies of documents mandated for the loan applicaiton.

4. Verification: The bank will review your application and documents.

5. Loan Disbursal: Your loan application is processed, documents are verified, and the loan is disbursed to your bank account.

What Documents Are Needed to Apply for HDFC Bank Business Loans?

To ensure a seamless application process for HDFC Bank Business Loans, you need to provide the following documents. These documents ensure that your application is complete and processed without delays. It’s recommended to verify the exact requirements with HDFC Bank as they may vary based on your loan amount and business profile.

Personal Identification Documents

1.PAN Card: Required for the company, firm, or individual applying for the loan.

Identity Proof: Any one of the following:

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

Address Proof

Provide a copy of any one of the following documents:

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

Financial Documents

• Bank Statements: Statements of the last 6 months.
• Income Tax Returns (ITR): Latest ITR along with computation of income.
• Audited Financial Statements: Balance Sheet and Profit & Loss account for the last 2 years, certified by a Chartered Accountant (CA).

Proof of Business Continuity

Submit any one of the following:

• ITR
• Trade License
• Establishment Certificate
• Sales Tax Certificate

Other Mandatory Documents

Depending on your business type, additional documents may be required:

• For Sole Proprietorship: Sole Proprietor Declaration.
• For Partnerships: Certified Copy of the Partnership Deed.
• For Companies:
• Certified true copy of the Memorandum and Articles of Association (certified by a Director).
• Original Board Resolution authorizing the loan application.

How can I get My HDFC Bank Business Loan Approved Quickly?

Getting a business loan approved quickly involves preparation and strategy. Here are five actionable tips:

Maintain a Strong Credit Profile: Banks generally check your personal and business credit score during loan approval process. Ensure timely repayment of existing debts, reduce credit utilization, and resolve any discrepancies in your credit report.

Demonstrate Business Viability: Showcase your business’s financial health by maintaining accurate and updated financial records, including balance sheets, profit-and-loss statements, and turnover details. Highlight consistent revenue streams and profit-making years.

Prepare a Solid Business Plan: Lenders are more likely to approve loans when presented with a clear and convincing business plan. Include details like loan utilization, projected revenue growth, market potential, and repayment strategy to instill confidence.

Clear Any Outstanding Dues or Loans: If you have any outstanding credit card bills or loans, clearing them off can improve your debt-to-income ratio, thus improving your loan eligibility.

Choose the Right Loan Amount:Borrow only what your business truly needs. Overestimating the loan amount can lead to higher EMIs, while underestimating may not meet your financial requirements. A realistic loan amount increases approval chances.