HDB Business Loan
Last Updated : Oct. 28, 2016, 7:06 a.m.
Having a big business deal in hand and require a loan to increase your working capital. Straightaway apply for HDB Financial Service business loan that is available at a reasonable rate of interest for the maximum tenure of 5 years. You are not supposed to provide any security for the loan you take. The institution will sanction the loan limit as per the financial position of the applicant and decide the repayment tenure on the same basis. The basic business loan details are provided in the table below:
HDB Business Loan Details
| Particulars | Details |
|---|---|
| Interest Rates | 18% p.a – 20% p.a |
| Loan Amount | Up to Rs. 30,00,000 |
| Tenure | 12 months to 60 months |
| Type Of Loan | Unsecured |
How To Apply
You can apply for HDB business loan by visiting the nearest branch office. You can even apply online for the business loan. Just fill the application form online and the dealers will get back to you.
HDB Business Loan EMI Calculator:
Is EMI calculation a hectic task for you. Use the Business Loan EMI Calculator for speedy calculation of EMI and interest amount. You just need to insert the loan amount, tenure and rate of interest in the calculator to get the accurate EMI value.
For instance, you apply for a business loan of Rs. 30 lakhs for the period of 5 years at the prevailing rate of interest which is between 18% p.a – 20% p.a then your EMI will be between Rs. 76,180 – Rs. 79,482
Table Showing EMI, Total Interest Amount and Total Repayment Amount
| Loan Amount | Loan Tenure | Interest Rate | EMI | Total Interest Outgo | Total Amount (EMI+Interest) |
|---|---|---|---|---|---|
| Rs. 30,00,000 | 1 year | 18% p.a – 20% p.a | Rs. 2,75,040 - Rs. 2,77,904 | Rs. 3,00,480 - Rs. 3,34,842 | Rs. 33,00,480 - Rs. 33,34,842 |
| Rs. 30,00,000 | 2 years | 18% p.a – 20% p.a | Rs. 1,49,772 - Rs. 1,52,687 | Rs. 5,94,535 - Rs. 6,64,498 | Rs. 35,94,535 - Rs. 36,64,498 |
| Rs. 30,00,000 | 3 years | 18% p.a – 20% p.a | Rs. 1,08,457 - Rs. 1,11,491 | Rs. 9,04,459 - Rs. 10,13,667 | Rs. 39,04,459 - Rs. 40,13,667 |
| Rs. 30,00,000 | 4 years | 18% p.a – 20% p.a | Rs. 88,125 - Rs. 91,291 | Rs. 12,30,000 - Rs. 13,81,972 | Rs. 42,30,000 - Rs. 43,81,972 |
| Rs. 30,00,000 | 5 years | 18% p.a – 20% p.a | Rs. 76,180 - Rs. 79,482 | Rs. 15,70,817 - Rs. 17,68,899 | Rs. 45,70,817 - Rs. 47,68,899 |
Amortization Table
| Year | Principal Payment | Interest Outgo | Balance Amount |
|---|---|---|---|
| 1 | Rs. 388,085 -Rs. 406,625 | Rs. 507,535- Rs. 565,699 | Rs. 2,593,375- Rs. 2,611,915 |
| 2 | Rs. 473,227 - Rs. 486,167 | Rs. 427,993- Rs. 480,557 | Rs. 2,107,208- Rs. 2,138,688 |
| 3 | Rs. 577,050 - Rs. 581,271 | Rs. 332,889- Rs. 376,734 | Rs. 1,525,937- Rs. 1,561,638 |
| 4 | Rs. 694,978- Rs. 703,650 | Rs. 219,182- Rs. 250,134 | Rs. 830,959- Rs. 857,988 |
| 5 | Rs. 832,085- Rs. 859,290 | Rs. 83,232- Rs. 95,760 | Rs. 0 |
Features and Benefits :
- Loan available up to Rs. 30 lakhs
- Doorstep service facility
- Hassle free documentation
- Attractive rate of interest
HDB Business Loan Eligibility Criteria & Documentation
| Category | Eligibility Criteria | Documents Required |
|---|---|---|
| Self Employed (Professionals) including self - employed Doctors, Chartered Accountants, Architects, and Company Secretaries | - Minimum age of applicant: 22 years - Maximum age of applicant at loan maturity: 65 years - Years in business : Minimum 3 years - Minimum Annual Income: Rs. 1,00,000 p.a. for Metro locations & Rs. 75,000 p.a. for other locations | - Proof of Identity: Passport/ Voters ID / Driving License/ PAN Card/Aadhar Card/ Photo Ration Card - Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport - Date of Birth Proof: Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth - Bank Statements : Latest 3 Months bank statements / 6 months bank passbook - Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA |
| Self Employed (Individuals) including self-employed- Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services | - Minimum age of Applicant: 21 years - Maximum age of Applicant at loan maturity: 65 years - Years in business: Minimum 4 years with at least 2 years in the same Business - Minimum Annual Income: Rs. 1, 00,000/- p.a. for Metro locations & Rs. 75,000 p.a. for Non-Metro locations | - Proof of Identity: Passport/ Voters ID/ Driving License/ PAN Card/Aadhar Card /Photo Ration Card - Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport - Date of Birth Proof: Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth - Bank Statements: Latest 3 Months bank statements / 6 months bank passbook - Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA Proof of continuation: Trade license /Establishment /Sales Tax certificate - Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Cert. Copy of MOA, AOA & Board resolution.) |
| Self Employed (Pvt. Companies and Partnership Firms) including Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services | - Minimum age of Applicant: 22 years - Maximum age of Applicant at loan maturity: 65 years - Years in business: Minimum 4 years with minimum 2 years in the same Business - Minimum Annual Income: Rs. 1,00,000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations - Business must be profit making for the last 2 years | - Proof of Identity: Passport / Voters ID/ Driving License/ PAN Card/Aadhar Card / Photo Ration Card - Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport - Date of Birth Proof: Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth - Bank Statements: Latest 3 Months bank statements / 6 months bank passbook - Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA - Proof of continuation: Trade license/ Establishment/ Sales Tax certificate/ SSI Registration - Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (Certified by Director) & Board resolution (Original) |
HDB Business Loan Interest Rate
The loan provided by HDB Financial Services is unsecured. Hence, the rate of interest depends on the business vintage, credit history and the repayment track. It is also affected by the loan amount and tenor. At present, the rate of interest varies from 18% p.a to 20% p.a .
HDB Business Loan Application Status
Once you have applied for the loan you can inquire about the loan status from the nearest HDB branch. The executives will inform you about the current position of the loan application.