Description

About the bank

HDFC Bank is one of India’s leading financial institutions offering services in the areas of personal banking, corporate banking, insurance, trading, and investments. It was founded in 1994 by the Housing Development Finance Corporation. The bank has a network of over 4,000 branches and over 11,000 ATMs across the country. Their variety of products and services include wholesale banking and retail banking with bank accounts, loans, credit cards and treasury services. The Headquarter of the bank is in Mumbai and recognized as one of the topmost financial institutions.

HDFC Bank business loan

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. HDFC business loans 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. Afinoz.com has an exclusive collaboration with HDFC bank. So, applying for HDFC business loan with Afinoz.com makes the process of application and approval of loans from HDFC much quicker and easier. By availing the benefits of HDFC business loans with Afinoz.com, applicants may achieve their dreams to take their business to new heights of success.

What is Afinoz.com?

Afinoz.com is India's foremost online financial marketplace for availing loans and investments. Our main objective is to make the process of getting a loan or making an investment safer, convenient and hassle-free for individuals. We work with public and private banks, NBFCs and mutual fund houses across the entire country and offer an unbiased quotation on financial products. You can contact our team to get more information or apply for a loan or investment by calling on +918795021552 or by emailing at info@afinoz.com. Afinoz.com provides solutions which are quick, reliable, transparent, confidential and above all free.

Features & Benefits

Features and benefits of HDFC business loans

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. Here are some features and benefits of HDFC bank business loan:

  • 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 eligibility and HDFC Bank business loan interest rates can be easily evaluated through and seen on Afinoz website. If there is any query about HDFC Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552 or mail us at info@afinoz.com and get all the solutions at one go.

Eligibility & Documents Required

HDFC Bank Business loan eligibility criteria

Any Indian citizen having his own business and having residual income and the ability to repay the loan is eligible for HDFC Bank business loans. The other parameters that a loan seeker must satisfy in order to be eligible for getting a business loan for new business are mentioned below:

  • The profile of the borrower's who are eligible to apply for HDFC business loan:
    • Self-employed Professionals: Individuals who hold degree or diploma in any of the fields like engineering, medicine, accounting, company secretaries or designers who are in a profession and are either the sole proprietors, partners or directors of the company.
    • Private limited Companies: Net minimum turnover of the company applying for a business loan in HDFC Bank should be over 40 lakhs per annum.
    • Partnership Firms: Firms in manufacturing, service business and trading business where the profits from each stake can be merged to be considered eligible for a business loan.
  • Age of the borrower: Minimum age of the applicant at the time of applying for the loan should be 21 years and no more than 65 years at the time of maturity of the loan.
  • Turnover of the company or business should be at least 40 lakhs per annum.
  • Income: Should have a minimum of 1.5 lakhs as annual income.
  • Work experience: Borrower should be in the current business for a minimum of 3 years or have 5 years of total business experience.
  • Business must be drawing a profit for the last 2 years.

CIBIL score: Loan approval will be difficult if your CIBIL score is low. Usually, the loans that are approved have a score of 600-750. In some cases, if your credit score is low, but your business is doing good in recent times then your loan application might get approved and you might have to pay a high-interest rate and will be offered many unfavorable terms and conditions on your loan.

HDFC Bank business loan eligibility calculator: Using the business loan EMI calculator and business loan eligibility calculator at Afinoz.com you can easily calculate the exact amount of your monthly installment and your eligibility as per your potential.

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

Interest Rates

HDFC Bank Business Loan Interest Rates
TypeCharges

Interest Rates

18.30% ( Upto 40 lakhs )*

15.50% ( Above 40 lakhs )*

Loan tenure

12 TO 60 MONTHS

Processing Charges

2.50% of the total loan amount

Subject to a minimum of Rs 1000 and maximum of Rs.7000

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

Special Note:*Rates are subject to periodic change. Business loan interest rates in HDFC Bank & other fees and charges are subject to regular review and can vary with each customer. HDFC Bank business loan interest rates can differ depending on your credit worthiness & other factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval.

Why Afinoz?

Why should you apply for an HDFC bank business loan through Afinoz?

Afinoz.com is India's leading personalized financial marketplace. We have created a business loan platform which lets you choose the best business loan that meets your requirements from the multiple options that are available to you.

  • Instant Approval – Once you fill in and submit the application form along with the mentioned documents, you will get your e-approval within 2 to 3 business days.
  • Real-time application tracking–Keep track of your application’s status in real-time with a unique transaction id which is generated at the time of loan application submission on our website. We ensure that all the applicants are kept informed about their application process at each step via SMS and emails.
  • Online eligibility check - Do all your dealings with the bank online. You have to provide your basic information and our online business loan eligibility calculator will let you know the amount of loan you are eligible to borrow from HDFC bank for financing your business.
  • Secure Environment - Afinoz.com has built-in security for your personal information which is stored in a secure environment on our system with your consent. This information is then sent to the bank in an encrypted format digitally and is very secured and scripted.
  • 24/7 Customer Service - At any stage of the process if you have any query or seek any financial advice, our experienced and well-trained customer service team will offer the best financing/investment solutions to your problems. So there's no need for you to waste time and make multiple trips to any bank, NBFC or financial institution to discuss the various terms and conditions.
  • No third-party agent Afinoz.com online loan application process is free of any unwanted expenses and delays. One can approach a bank online directly through Afinoz without approaching any agent.
  • Free quotations – Get the best online deals on HDFC bank business loans and free unbiased quotes on business loan interest rates. All you have to do is to select the loan amount you want to borrow and the tenure you want it for. You will get a targeted online quote within minutes of application.

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:

  1. 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. Once you submit these details, our system intelligence then runs an algorithm and gets you a quick quotation on the best business loan options available to you immediately.
  2. Select the loan amount and tenure: - Once you meet the eligibility criteria, select the loan amount and tenure as per your eligibility and submit.
  3. 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.

At each step of the application process, Afinoz.com allows it's applicant to keep track of the status of their application in real-time via SMS as well as through emails. Due to such simplified and fast processing, Afinoz.com has become the most popular option for many business owners.

FAQs

Query-How do I know if am eligible for an HDFC business loan?

Reply-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.

Query-How much loan amount can I avail?

Reply-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.

Query-How much interest is charged by HDFC Bank on business loans?

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

Query-What is the minimum and maximum tenure of HDFC Bank business loan?

Reply-You can repay your business loan from HDFC Bank in a period of 12 to 60 months.

Query-Is there a processing fee charged by HDFC Bank on a business loan?

Reply-Yes, a small processing fee of Rs 1000 to 7000 is charged depending on the loan amount.

Query-Is it safe to share my personal data online?

Reply-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.

Query-How do I repay my Business loan?

Reply- 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.

Query-What security do I need to provide to avail a Business loan?

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

Query-How much time does it take to get the loan approved?

Reply- 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.

Query-How many days does it take to get the loan disbursal done?

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

Query-Can I track my loan application?

Reply- 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 www.afinoz.com.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.

For any query about HDFC Bank business loan application, you can log on to afinoz.com or give us a call at +918795021552or mail us at info@afinoz.com.