In certain places, HDFC Business Loan offers loan sums of up to Rs. 40,00,000 or even Rs. 50,00,000. There are no requirements for collateral or security. Existing business loans from other banks can be easily transferred to HDFC. The current interest rate is 15.75 percent per year. Repayment terms are flexible. Loan terms range from 12 to 48 months. Eligibility checks are simple to complete, and funds are disbursed quickly. At Afinoz, you can check your eligibility and apply for the best business loans in India.
HDFC Business Loans: Features & Benefits
HDFC Bank’s company growth loan can be obtained without difficulty and transferred from any other bank or financial institution. The following are the details of the Bank’s Business Loans.
- Loan Amount: In some places, HDFC offers business loans of up to Rs. 40,00,000 or even Rs. 50,00,000. These loans are provided with no security or collateral.
- Interest Rates: HDFC makes it simple for applicants to transfer current company growth loans from other financial institutions or banks to HDFC at extremely affordable rates. The current interest rate on such loans issued by the Bank is 15.75 percent per year.
- Fees for processing: Existing loans that are moved to HDFC Business Growth Loan incur very low processing fees of 0.99 percent of the loan amount. In some situations, HDFC Business loans have processing fees of up to 2.5 percent of the loan amount. This sum is also subject to the following limitations:
- Minimum Rs. 2,359,
- Maximum Rs. 88,500
- Tenure: HDFC Bank provides business loans with a variety of repayment options. These loans are available for a duration ranging from 12 to 48 months.
- Overdraft Facility for Droplines: On its business expansion loans, HDFC also offers the unique benefit of an overdraft facility. This limit is set in a separate current account that decreases on a monthly basis until the loan is paid off.
- The borrower is only responsible for paying interest on the amount of the overdraft facility that he or she has used. Amounts ranging from Rs. 5,00,000 to Rs. 15,00,000 can be used to obtain such a credit.
- For such a facility, HDFC does not require a guarantor or security.
- In the first six months after such a limit is set or a facility is offered, the borrower is also not allowed to foreclose or close out part of the loan.
- Eligibility checks are simple to complete, and funds are disbursed quickly: Borrowers can check their eligibility for HDFC Business Loans either through online banking or by visiting a branch of the bank.
HDFC conducts quick eligibility checks on candidates for its business loans in as little as 60 seconds, allowing them to obtain loans more quickly.
- Protect your credit score
The business loan taken out with HDFC Bank comes with a credit cover. This credit insurance comes with a slew of advantages, which are detailed below. This insurance protects the borrower’s family by repaying the loan amount in the event of the borrower’s death.
- The life insurance provided by this credit protection gives the borrower piece of mind.
- Credit Protect is a single, easy package that includes a loan, insurance, and a variety of tax advantages.
- At the time of disbursement of the loan, the premium for Credit Protect will be taken from the loan amount sanctioned.
- In the event of the borrower’s natural or accidental death, the main outstanding amount of the loan is insured up to the maximum loan amount under the Credit Protect or Payment Protection Insurance plan.
Eligibility for a Business Loan from HDFC Bank
The following individuals and businesses are eligible for HDFC Business loans if they fulfill the many eligibility requirements established by the bank in this regard.
The following is a list of eligible individuals who work in manufacturing, trading, or service industries.
- Individuals who work for themselves
- Partnership Firms
The Bank’s eligibility criteria for the above-mentioned persons are as follows:
- Age Requirements: Individual applicants must be at least 21 years old and no older than 65 years old at the time of loan maturity.
- Turnover in the business: To be eligible for these loans, a firm must have a minimum business turnover of Rs. 40,00,000.
- Minimum Wage: To be eligible for the business loans offered by HDFC Bank, applicants must have a minimum annual revenue of Rs. 1,50,000 per year.
- Existence of a Company: Individuals must have worked in their present business for at least three years and have a total of five years of business experience. Businesses that have made a profit in the last two years are also eligible for HDFC business loans.
To conclude, HDFC business loan comes at an attractive interest rate with flexible repayment tenure. You can apply for this best business loan in India from Afinoz.