Entrepreneurs, small and large firms and established businesses often avail of HDFC’s business loans schemes. Being India’s largest private sector lender, HDFC is proactively involved in lending funds and working capital to a wide range of businesses. This bank emphasizes in the easy availability of business loans for eligible businesses with loan features such as speedy eligibility checks and loan dispersal, loan transfers, low processing fees and low interest rates on maximized loan amounts. The key features of business loans from HDFC Bank are as indicated in the infographic below.
Amount
|
Rate of Interest
|
Repayment Tenure
|
Minimum EMI Per Lakh
|
Part Prepayment Fees
|
Foreclosure Fees
|
50,000 to 50 Lakhs
|
Starting at 15.65%
|
12 Months to 4 Years
|
2816
|
Not Permissible
|
Permitted Post Payment of 12 EMIs – 2 to 4%
|
*It must be noted that interest rates for business loans from HDFC vary on the basis of business type, loan amount, credit score, repayment tenure and other factors.
*Additionally, HDFC Bank has strict criteria for eligibility that takes into consider the profit and loss statements, business account statements, business plan, years of operation and credit score of the borrower.
Bank Link | http://www.hdfcbank.com/personal/products/loans/business-loans/business-loan |
Loan Amount | Up to Rs. 15 Lacs (Rs. 30 Lacs in selected locations) |
Interest Rate | Starting at 15.65% |
Tenure | 12 to 48 months |
Pre Payment Charges | 2% - 4% of Principal Outstanding |
Loan Processing Charges* : Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 75000/-
"Pre-payment charges* :
07-24 Months - 4% of Principal Outstanding
25-36 Months - 2% of Principal Outstanding
36 Months - NIL
Charges for late payment of EMI: @ 24 % p.a on amount outstanding from date of default"
Self | |
---|---|
Minimum Age (in yrs.) | 21-65 Years |
Minimum Income (in Rs.) | Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a. |
Minimum Work Experience (yrs.) | Minimum of 3 years in current business and 5 years total business experience |
Residence Status (yrs.) | Valid Residence Proof |
Id Proof | Passport, driving license, PAN Card, Aadhar Card, Voter's ID card |
Address Proof | Electricity Bill, Phone Bill, Passport |
DOB Proof | 10th class certificate |
Salaried | |
---|---|
Minimum Age (in yrs.) | Not applicable |
Minimum Income (in Rs.) | Not applicable |
Minimum Work Experience (yrs.) | Not applicable |
Residence Status (yrs.) | Not applicable |
Id Proof | Not applicable |
Address Proof | Not applicable |
DOB Proof | Not applicable |