9 features that make HDFC Bank Business Loan an impressive product | 2021

HDFC Bank stands ahead in the race when it’s business loans in India. The bank is popular because of its best business loan interest rates. HDFC Business Loan 2021 is additionally popular because it offers the doorstep service with simple documentation procedure. You can get the quantum of HDFC Bank Business Loan into your bank account within two days. 

In this article, we’ve stated 9 features of the product which can assist you with determining whether it’ll an ideal choice as per your requirements and circumstances or not. Let’s figure them out! 

1. Fulfil all business-related expenditures 

Whether you would like to manage your daily expenses or attain fixed assets for your business, HDFC Bank Business Loan provides you with the freedom to use the funds to fulfil any of your business associated expenditures. 

2. Collateral-free 

Collateral stands out to be a major element which is needed to be pledged to the moneylender against the loan. This applies to many loan products available in the market and particularly most of the lenders consider taking collateral against the business loans as business means risk. 

Nonetheless, HDFC Bank plays an appealing role here also, you can apply for business loan of up to Rs. 40 lakhs, (up to Rs. 50 lakhs in some locations) from the bank without promising any collateral. 

3. Transfer loan balance smoothly 

You must have heard of personal loan balance transfer, similarly, you can also transfer the balance of your any existing business loan smoothly to HDFC Bank for lower EMIs and mitigate some of your mental load. 

4. Dropline overdraft facility 

This feature of HDFC Bank Business Loan comes with overdraft facility without asking you to promise any security against the loan. The limit of the dropline overdraft facility is extended on monthly basis until the loan tenure ends. You will need to pay the interest only on the loan quantum that you use. 

This facility ranges from Rs. 5 lakhs to Rs. 15 lakhs. The tenure can be selected from 1 year to 4 years. Interest rates are also attractive and easy to afford. Moreover, if you would like to pre-close the facility, you’ll not be levied any amount but that is only applicable post 6 months. 

5. Simple eligibility requirements and instant disbursal 

The HDFC Bank Business Loan Eligibility Criteria are nominal and easy to meet. You can check your business loan eligibility with the help of HDFC Bank Business Loan eligibility calculator online. 

6. Instant disbursal 

HDFC Business Loan amount gets disbursed quickly post you’ve met all the requirements of HDFC Bank Business Loan. It generally takes two days to disburse the loan amount into your bank account. 

7. Flexible loan tenure 

With HDFC Bank Business Loan, you can pay the loan pliably. You can opt for a versatile repayment tenor between 1 year and 4 years. It not helps you pay off lower EMI every month but also gives you time just in case the purpose for which you availed of the loan amount does not meet. 

8. Hassle-free borrowing 

If you come across any query, issue or complaint related to HDFC Bank Business Loan, you can reach out to HDFC Bank customer care team via SMS, Webchat, Click2Talk, and Phone Banking facility and that they will get back to you soon with the resolution. 

9. Get secured 

You can look after your closest ones by paying nominal EMIs and covering your loan with HDFC credit protect plan. Subsequent benefits are extended with HDFC credit protect plan: 

  • Protects your family by paying off the loan amount just in case of your death. 
  • Get a life coverage which may be a serenity element in itself. 
  • No need to utilize other savings to pay off the loan. 
  • Tax benefits as per the applicable laws. 
  • One handy package which incorporates loan and insurance. 

So, these were the best features of HDFC Bank personal which let it stand out of the crowd of loan products out there in market. Moreover, if you have already applied for the loan and expecting the loan to be disbursed into your bank account, you can also check your business loan status by visiting the HDFC business loan status page on its official website. 

The Final Message 

To sum up, HDFC Bank Business Loan is one among the best business loan products out there in India to facilitate the aim of meeting multiple expenditures or other goals of a business. The loan product comes along attractive features such as high loan quantity, attractive interest rates, flexible tenor alternatives, etc. However, it’s suggested that you must carry out detailed study on the same prior to making the ultimate decision. To decide better of the product in your favor, you can take the help of HDFC business loan calculator to identify your estimated outgo of each month.