HDFC Bank Business Growth Loan 2022

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HDFC Bank Business Growth Loan 2022 Highlights

HDFC Bank Business Loan : Apply Business Loan from hdfc online with lowest interest rate, Minimal Documention , Check Eligibility

Description

HDFC business loans in India are introduced keeping in mind the self-employed professionals/non-professionals and private and partnership firms. 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. Business loans from HDFC Bank have become a popular choice for many business ventures due to its simplified documentation, flexible tenures, and lower interest rates. HDFC Bank business loans are quick in processing, competitive and customized to suit each of your business needs. 

HDFC Business Loan Interest Rates 2022

HDFC Bank Business Loan Interest Rates

Type Charges

Interest Rates

Min 11.90% & Max  21.35%

Loan tenure

12 to 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 EMI’s

Prepayment charges

  • 4% of Principal Outstanding ( 07-24 Months )
  • 3% of Principal Outstanding (25-36 Months )
  • 2% of Principal Outstanding (longer than36 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

 

Read More: Business Loan Interest rate 2022

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HDFC Business Loan Eligibility Criteria

HDFC Bank provides business loans to individuals or businesses once they fulfill a certain eligibility criterion as prescribed by the bank. Any person who is a citizen of this country and owns/runs a business and has the ability to repay the loan can apply and use the funds. 

The important points regarding the eligibility are given in the table:

Particulars

Details

Employment Type

Proprietors, Partnership Firms & Private Ltd. Co.

Age of the borrower

21 to 65 years (By the time of loan maturity)

Minimum Turnover

₹ 40 Lakh

Age of Business

Minimum 3 years, 5 years of experience in total

Others

Last 2 years of Profit for business

HDFC Business Loan Documents Required

The business loan entails the simplest form of documents which can be categorized broadly into two classes as: -

  • Documents for Self-employed Professionals
    • Identity proof: (Anyone) Copy of Aadhaar Card/PAN card/Passport/Voter's ID/Driving license
    • Address proof:(anyone) Copy of Aadhaar Card/Passport/ Electricity bill/Lease agreement/sales tax certificate/Trade license in name of the sole proprietor
    • Bank statement: Last 6 months bank statement
    • Financial documents: Copies of the IT returns/P & L and balance sheet of the last 2 years audited and certified by chartered accountant
    • Other documents: Certified copy of partnership deed/copy of Memorandum & Articles of Association certificate
  • Documents for Private Ltd. Companies and Partnership Firms
    • PAN cards of the entity & directors
    • Proof of Identity (all directors) : (anyone) Passport / Voters ID card/ Driving License/PAN Card
    • Address Proof (all directors): (anyone) /Electricity Bill/ Lease agreement/ Passport/ Trade license /Sales Tax certificate
    • Proof of authorized signatories and managing directors: PAN card/Passport/Voter’s ID/Driving license
    • Proof of company identity: IT return/registration certificate as per the Shops and establishment act/TAX bill/Service tax bill/Memorandum and Articles of Association/ Certified copy of partnership deed, for Firms.Pl check if applicable
    • Financial Documents: Last 6 months bank statement/copy of last 2 years IT returns/P & L balance sheet of last two years certified by CA

HDFC Business Loan Features & Benefits

HDFC Bank has attractive benefits from quick approval of loans, to attractive interest rates along with longer loan tenures. Quantum of business loans offered by HDFC bank to customers depend on a lot of factors (profits generated by the business in the last 3 years, amount of tax paid and occurring in ITR filed over the past 2-3 years, credit history etc.) including their requirements and repayment history. 

  • Quick online eligibility check and disbursal: Check your eligibility for the business loan online within a minute. Loans are disbursed within 2 to 4 days of the approval based on your credit history.
  • Flexible tenure: Repayment period of loan ranges from 12 to 60 months.
  • Easy documentation
  • Transfer the loan balance: -You can enjoy lower EMIs by transferring your existing business loan to HDFC Bank and save on your interest payments.
  • No collateral/security/guarantor for loans up to 40 lakhs (up to 50 lakhs for selected places)
  • Pay interest only on the amount that has been utilized
  • Very less pre-payment charges
  • Secured natural/accident cover: All of your loan amount will be covered by insurance in case of death of the borrower. In these cases, the disbursed loan amount is evaluated to calculate the insurance premium.
  • No hidden charges
  • If you are an existing HDFC Bank customer, you can avail special offers, attractive interest rates and charges
  • Complete transparent loan procedure
  • You can borrow loan amount up to Rs 50 lakhs for business utilization
  • Complete transparency and zero hidden charges

HDFC Bank Business Loan EMI Calculator

A business loan EMI is a fixed sum of money to be paid as a part of loan repayment every month. EMIs are a very important part of a loan, as it is the amount a borrower is obligated to pay each month, which is why before applying for a loan an applicant must calculate the EMI amount beforehand in accordance to the amount of loan to be availed and the tenure of the loan repayment. The EMI amount depends on certain factors as provided below:

  • Loan amount: The amount of the loan availed from the bank, and is supposed to be repaid with accrued interest according to the yearly rate. The total repayment amount is divided into equal portions for a specific period of time.
  • Rate of Interest: The rate of interest applicable on the disbursed loan amount might vary from one lender to another, which makes it one of the most critical factors of availing a loan. If a person avails a loan at relatively higher interest rate, they might end up paying more over the period of loan repayment.
  • Loan Tenure: The tenure of the loan is the period during which the loan amount is to be repaid to the lender with added interest.  A loan availed for a longer period attracts higher accumulated interest as compared to the one taken for a shorter period of time.

Now you also can conveniently calculate and evaluate HDFC Bank Business Loan EMI by using the Business loan EMI calculator at Afinoz.com. The calculator provided here uses a simple, method-based approach to quickly calculate and determine the EMI outflow every month including the interest rate and other charges you will need to pay as part of the loan repayment.

However, for you to easily understand the basics of the loan process and the anticipated EMIs, we have prepared a table for various amounts at applicable interest rates;

Various amounts of loan taken at a rate of interest of 11.90% p.a. (effective rate of interest – 0.010% per month) for a fixed tenure of 1 year;

Loan Amount

ROI @ 11.90%

Tenure (Months)

Repayment

EMI

Interest

₹ 5,00,000

0.010

12

₹ 5,32,812

₹ 44,401

₹ 32,812

₹ 10,00,000

₹ 10,65,624

₹ 88,802

₹ 65,624

₹ 15,00,000

₹ 15,98,436

₹ 1,33,203

₹ 98,436

₹ 30,00,000

₹ 31,96,872

₹ 2,66,406

₹ 1,96,872

₹ 40,00,000

₹ 42,62,496

₹ 3,55,208

₹ 2,62,496

Various amount of loan taken at a rate of interest of 11.90% p.a. (effective rate of interest – 0.010% per month) for a tenure ranging from 12 months to 60 months;

Loan Amount

ROI @ 11.90%

Tenure (Months)

Repayment

EMI

Interest

₹ 5,00,000

0.010

12

₹ 5,32,812

₹ 44,401

₹ 32,812

₹ 10,00,000

24

₹ 11,28,642

₹ 47,026

₹ 1,28,642

₹ 15,00,000

36

₹ 17,90,994

₹ 49,749

₹ 2,90,994

₹ 20,00,000

48

₹ 25,23,337

₹ 52,569

₹ 5,23,337

₹ 25,00,000

60

₹ 33,29,092

₹ 55,484

₹ 8,29,092

HDFC Bank Business Loan Balance Transfer

HDFC bank provides the balance transfer feature to all of its customers, existing and new ones both. The interest rates which are applicable to this are relatively lower as compared to the previous arrangement. The processing fee which is applicable on these loans is just 0.99% of the entire loan balance to be transferred. The process to avail the balance transfer on your existing loan is simple and easy to follow. One requires providing application form along with the details of the existing loan to HDFC bank. The bank will carry out background verification and then the balance transfer is approved.

| More: Business Loan Balance Transfer

How to apply for HDFC bank business Loan on Afinoz?

HDFC Bank has an exclusive tie-up with afinoz.com. If you are looking for a business loan then you can simply log on to Afinoz.com to check your business loan eligibility and apply for a loan.

Business owners can apply for a loan in HDFC bank through Afinoz.com in the following three simple steps:

Check your eligibility for the loan:- Firstly, you need to make sure you meet HDFC bank’s business loan eligibility criteria on Afinoz.com. For that, you have to submit some basic details relating to you and your business such as the employment type, business turnover, city, mobile number, email id on our business loan eligibility page.

Check Your Eligibility Now!

Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.

Upload and submit documents:-In the next step, fill out the application form along with details of the KYC documents and submit your application for processing from HDFC bank. The bank then verifies the applicant's information and starts processing the loan for disbursement.

HDFC Business Growth Loan Interest Rate Calculator

Now you also can very easily calculate and evaluate the overall interest payable to HDFC Bank Business Loan by using the Business loan Interest Rate calculator at Afinoz.com. The mechanism used by our online calculator here uses a simplified, method-based approach to quickly articulate and determine the interest applicable every month including the interest rate and other charges one would require to pay as the loan repayment.

The working calculation behind computing the overall interest applicable on a loan amount for a specific period time goes like this:

Here is a table with details regarding the overall interest applicable on the loan amount being taken:

Loan Amount

ROI @ 11.90%

Tenure (Months)

Interest

Repayment

₹ 5,00,000

0.010

12

₹ 32,812

₹ 5,32,812

₹ 10,00,000

₹ 65,624

₹ 10,65,624

₹ 15,00,000

₹ 98,436

₹ 15,98,436

₹ 30,00,000

₹ 1,96,872

₹ 31,96,872

₹ 40,00,000

₹ 2,62,496

₹ 42,62,496

In the table given below, we have considered different loan amounts availed by the borrower for a tenor ranging from 12 months to 60 months. Most of the high value loans are generally availed for a longer period of time.

Loan Amount

ROI @ 11.90%

Tenure (Months)

Interest

Repayment

₹ 5,00,000

0.010

12

₹ 32,812

₹ 5,32,812

₹ 10,00,000

24

₹ 1,28,642

₹ 11,28,642

₹ 15,00,000

36

₹ 2,90,994

₹ 17,90,994

₹ 20,00,000

48

₹ 5,23,337

₹ 25,23,337

₹ 25,00,000

60

₹ 8,29,092

₹ 33,29,092

HDFC Business Growth Loan Login

Any borrower who has availed a loan from the HDFC bank can use the online services to keep a track of their business loan application as well as the transactional details after the disbursal of the loan amount. While using the website online or through the app, anyone can log-in to their specific loan account at any point of time using the registered mobile number followed by the password. 

HDFC Business Growth Loan Status

With HDFC Bank, it is very easy to track the status of your business loan application just by taking a few simple steps. First, by visiting the website or through the mobile phone application, and log in using your credentials such as your login id and password, going further one needs to enter the application number or the document number. The page shows the overall activity and the account summary, where one can easily track the loan application status, thus can know whether the loan has been approved, is in process or is rejected.

HDFC Bank Business Loan Customer Care

One can always get in touch with the HDFC bank regarding all their queries and concerns regarding the business loan. The toll-free numbers are 1800 258 3838, 1800 22 4060 and 1800 425 4332, any applicant can call on these numbers to ask for assistance regarding the loan process. The timings provided for the customer service is between 8 AM to 8 PM on all days except the Sunday and public holidays.

More: HDFC Bank Customer Care Number    

About the HDFC Bank

HDFC Bank is one of the most preferred and leading corporate lender in the country. HDFC bank has been in the business of lending for over 25 years and possesses a handful of experience in lending to micro, small, medium and large enterprises on the whole.  HDFC Bank offers business loans to a quantum of ₹ 40 Lakh without any security, and also up to ₹ 50 Lakh at selected metropolitan areas. Apart from the loan amount disbursed, the bank also offers additional facilities like over-draft account and flexibility in tenures of loan repayment. 

OTHER AVAILABLE PRODUCTS FROM HDFC BANK

➤ FAQs

Ques. How do I know if I am eligible for an HDFC business loan?

Afinoz.com provides you with an EMI calculator called business loan eligibility calculator which you can use to determine your eligibility for the loan application.

Ques. How much loan amount can I avail?

You can avail an amount of Rs.50,000 to the maximum amount of Rs. 50,00,000 depending on your eligibility and your requirements.

Ques. How much interest is charged by HDFC Bank on business loans?

HDFC business loan interest rates today range from 15.50% to 18.30% for self-employed professionals and private firms.

Ques. What is the minimum and maximum tenure of HDFC Bank business loan?

You can repay your business loan from HDFC Bank in a period of upto 48 months.

Ques. Is there a processing fee charged by HDFC Bank on a business loan?

Yes, a small processing fee of 2.50 % on the loan amount.

Ques. Is it safe to share my personal data online?

Afinoz.com is a premier financial portal which does not share any of its client data with any third party other than the concerned financial institution. All data is sent online in an encrypted format making it safe and secured at all times.

Ques. How do I repay my Business loan?

You repay your loan in equal monthly installments (EMI). You can repay either by post-dated cheques or by directly debiting your EMI’s from your HDFC Bank account.

Ques. What security do I need to provide to avail a Business loan?

No security or collateral is required to provide while applying for a business loan for loan amounts up to 50 lakhs.

Ques. How much time does it take to get the loan approved?

If all of your documents are up-to-date and you are eligible to avail the loan, then you can expect to get the loan approved within 72 hours of loan application submission.

Ques. How many days does it take to get the loan disbursal done?

HDFC Bank usually takes up to 7 business days for the disbursal of the first loan payment to your account.

Ques. Can I track my loan application?

You will get a unique transaction ID when you first sign up for business loan application with Afinoz.com. You can use this ID to track down your application on Afinoz. In addition to the ID, we also send alerts via SMS and email to our customer’s on their registered mobile number and mail IDs informing them about the progress of their application in real-time.

Ques. If I have a savings account with HDFC bank, will I get any benefit while applying for a business loan in the hdfc bank?

 If you have a current or savings account with HDFC bank and apply for a hdfc bank business loan, you can enjoy benefits such as simpler hdfc bank business loan documents required,  priority processing of the hdfc bank loan for business or preferred processing fee. You can also pay your EMI amount from your HDFC bank account through standing instructions.

Ques. How can I keep a track of my business loan in hdfc bank application?

When you apply for an hdfc bank business loan, you are given a unique transaction id (generated when you submit the loan application). You will be kept informed about your hdfc bank loan for business at every step through SMS and emails.

Ques. How important is my credit score for getting a business loan in hdfc bank ?

Your credit score is an important criterion for approval of the hdfc bank business loan. The bank determines your creditworthiness by evaluating your CIBIL /EXPERIAN score. If you have a poor credit score, your hdfc bank loan for business application may get rejected. Even if it gets approved somehow, you may be offered unfavorable terms or a higher hdfc bank business loan interest rate in comparison to borrowers with excellent credit scores.