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Table of Contents
- 1 About HDFC Bank Business Loan
- 2 HDFC Bank Business Loan Details
- 3 HDFC Bank Business Loan Interest Rate
- 4 HDFC Business Loan EMI Calculator
About HDFC Bank Business Loan
It’s easy to expand your business with the HDFC Business Loan. You can avail the loan for business without any security or guarantor. Transparency is maintained and no hidden fee is charged. The procedure is quick and simple. The minimum amount of loan issued by the bank is Rs.50,000 and the maximum limit is set up to Rs.40,00,000. The rate of interest ranges from 15.50% to 18.30%.
HDFC Bank Business Loan Details
|Interest Rates||15.50% to 18.30%|
|Loan Amount||Rs. 50,000 - Rs.40,00,000|
|Loan Processing Charges||Up to 2.50% of the loan amount|
|Repayment Option||12 months to 36 months|
|Pre-payment Charges||No pre-payment allowed until repayment of 6 EMIs|
|Late EMI charges||24 % p.a on amount outstanding from date of default|
|Cheque Swapping Charges||Rs.500|
|Amortization Schedule Charges||Rs.200
|Cheque Bounce Charges||Rs.550 per bounce|
|CIBIL Report Copy Charges||Rs.50 per copy|
HDFC Bank Business Loan Interest Rate
The bank charges interest at the fixed rates on the amount of loan drawn by the customer. The interest rate varies according to the amount of loan and the nature of business. The prevalent ROI ranges from 15.50% p.a. to 18.30% p.a.
HDFC Bank Loan Processing Fees and Charges
The Bank charges the processing fee of up to 2.50% of the loan amount. The customer is supposed to pay a minimum of Rs.1,000 & maximum of Rs.75,000 depending on the amount of loan taken.
HDFC Bank Business Loan Pre-payment Charges
No pre-payment is permitted until the repayment of 6 EMIs. Thereafter, charges are levied at the following rates:
|Pre-payment charges||07-24 Months - 4% of Principal Outstanding
25-36 Months - 3% of Principal Outstanding
>36 Months - 2% of Principal Outstanding
How To Apply:
HDFC Bank business loan facility is available only for the selected candidates.The eligible candidates can file the application for the business loan. To avail the business loan service, visit the nearest HDFC Bank branch. You can even apply online and check your eligibility.
HDFC Business Loan EMI Calculator
The EMI calculator helps you compute the amount to be paid each month in the form of Equated Monthly Installment (EMIs). The amount includes the portion of the principal amount and the interest charged on the loan. It helps you know the total outgo and the amount of interest that has to be paid by you during the loan tenure.
Let’s make it clearer with the help of an example. If you take a loan of say, Rs.40,00,000 at the rate of interest ranging from 16.25%p.a. – 19.40%p.a. for the period of 3 years than your EMI will range from Rs.1,41,122 – Rs.1,47,434. The total amount you need to pay back will be in the range of Rs.50,80,404 – Rs.53,07,635.
Table Showing EMI, Total Interest Outgo and Total Amount
|Loan Amount||Loan Tenure||Interest Rate||EMI||Total Interest Outgo||Total Amount (EMI+Interest)|
|Rs.40,00,000||1 year||16.25% - 19.40%||Rs.3,63,397-Rs.3,69,390||Rs.3,60,762 -Rs.4,32,684||Rs.43,60,762 - Rs. 44,32,684|
|Rs.40,00,000||2 years||16.25% - 19.40%||Rs.1,96,331-Rs.2,02,413||Rs.7,11,934-Rs. 8,57,904||Rs.47,11,934- Rs.48,57,904|
|Rs.40,00,000||3 years||16.25% - 19.40%||Rs.1,41,122-Rs.1,47,434||Rs.10,80,404-Rs.13,07,635||Rs.50,80,404-Rs.53,07,635|
|Year||Principal Payment||Interest Outgo||Balance Amount|
|1||Rs.1,124,798 - Rs.1,086,459||Rs.568,666 - Rs.682,749||Rs.2,875,202 - Rs.2,913,541
|2||Rs.1,321,824 - Rs.1,317,020||Rs.371,640 - Rs.452,188||Rs.1,553,378 - Rs.1,596,521|
|3||Rs. 1,555,264 - Rs.1,598,867||Rs. 140,099 - Rs.172,699||Rs. 0|
Features and Benefits
- Fast loan approval
- No collateral or guarantor required
- No hidden charges
- Competitive loan rates
- Easy documentation
HDFC Bank Business Loan Eligibility Criteria:
Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services with:
- Minimum turnover of Rs. 40 Lakhs
- Minimum 3 years of functioning in current business and total business experience of 5 years
- Business must be profit making for the last 2 years
- Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
- Age of Applicant: Min 21 years & Max. 65 years at the time of loan maturity
HDFC Bank Business Loan Application Form
The application form is available on the bank’s official website. You can also get the form from the bank branch. Fill in the correct details under the following headings:
- Personal Details
- Occupational Details
- Income and Banking Details
- Loan Details
- Additional Details regarding assets
- Priority Sector Category
- Documents Submitted
Following documents are to be attached along with the application form.
- PAN Card – For Company /Firm/ individual
- Identity Proof: Copy of Aadhaar Card/Passport/Voter’s ID card/Pan Card/Driving License
- Address Proof: Copy of Aadhaar Card/Passport/ Voter ID-Card/Driving License
- Bank Statement (latest 6 months)
- Latest ITR along with computation of income, Balance sheet and Profit & Loss a/c for the last 2 years. Financial should be CA Certified /Audited.
- Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
For more details contact the HDFC Business Loan Customer Care number.