Many businesses start their work in a very small way. As an individual business user applying for HDFC business loans which is helpful to fulfill their financial needs. Whether he is the owner of a large chain of restaurants or running a small eatery, it is required to get the complete information before applying for the same. Additionally, they have multiple options for applying for loan schemes such as the Pradhan Mantri Mudra Yojana scheme, FlexiPay scheme, business growth loan, and more.
HDFC business loan benefits
HDFC Bank offers loans to both the self-employed and businessmen for financing the expansion or working capital requirements of their business. Thus, here are some benefits of taking a loan from HDFC Bank:
- The final amount of overdraft to save interest
- The high amount of loan up to Rs. 50 lakhs
- No collateral or guarantor required for the loan approval
- Easily transfer the balance
- Flexible tenure and easy processing of loan amount
- Simple way to foreclose your entire business loan any time after paying 12 EMI’s charges up from 2% to 4%.
HDFC Bank business loan eligibility calculator
If you are applying for an HDFC Bank business loan with the key factors on the basis of a bank calculator, then, follow the mentioned points:
- Loan amount: HDFC Bank business loan interest rate is starting from Rs. 50,000 up to Rs. 50 lakhs.
- CIBIL score: HDFC Bank offers loans at a higher interest rate if your CIBIL score is low or vice versa. However, you will get the HDFC Bank business loan if your CIBIL score is at least 700. The higher the CIBIL score, the higher your chances of getting loans at a low-interest rate on a business loans.
- Revenue: HDFC Bank offers business loans at low-interest rates, for your high monthly revenue. Lender offers loan to the borrowers whose annual turnover is minimum Rs. 1 crore.
- Time in business: If you have a significant business experience, you will get a lower interest rates on your loan amount. The minimum experience to get business loan from HDFC Bank is 36 months.
HDFC Bank business loan eligibility criteria
Eligibility of business loan in HDFC Bank relies in two important factors:
- Borrowers should be able to repay the loan
- Borrowers past track record in repayment of loans
Borrowers applying for HDFC Bank business loan should have a detailed knowledge on eligibility criteria. Some key points are as follows:
| Particulars | Eligibility criteria |
| Age |
|
| Minimum turnover | Rs. 1 crore |
| Business existence | At least 36 months |
| Income Tax return (ITR) | For 24 months |
| Loan amount |
|
| Loan tenure |
|
| Place of work or owned house | Required |
| CIBIL score | It should be minimum 750 or above |
Documents required for applying HDFC Bank business loan
While applying for business loan from HDFC Bank, the borrower should follow submit the documents mentioned below:
- Identity proof such as PAN card/Aadhar card/driving license/ voter’s card/ passport.
- Address proof is submitted like Aadhar card/driving license/ voter card/ passport.
- Proprietor’s PAN card/ company details/ firm details.
EMI calculator for HDFC Bank business loan
HDFC business loan EMI is mainly pay as the fixed amount that you pay each month towards loan repayment process till the end of the tenure. Lowest EMI amount offered by HDFC Bank is Rs. 0.01 lakh on each amount of Rs. 1 lakh. EMI rates on HDFC Bank depends on factors like:
- Interest rate:
If your interest rate is higher, your EMI amount will be also higher. Suppose, the loan has been taken for 48 months from HDFC Bank at an interest rate of 15.65% p.a. the EMI will be Rs. 0.01 lakh per Rs. 1 lakh loan amount. On the other hand, the amount offers at an interest rate of Rs. 21.35% for the same loan, and the EMI will be Rs. 0.02 lakh.
- Loan tenure:
If your loan tenure is longer or less smoothly payment of EMI. It means the interest rate of 15.65% per annum, your EMI amount will be start from Rs. 0.02 lakh to Rs. 0.01 lakh of tenure starting form 12 months to 48 months.
- Amount of borrowed loan:
The EMI offered by HDFC Bank business loan will be high. The amount borrowed of Rs. 50,000 at the interest rate, the EMI on the loan amount will be 15.65% for at least 48 months.
Pradhan Mantri Mudra Yojana scheme from HDFC Bank 2020
Pradhan Mantri MUDRA Yojana (PMMY) is a loan scheme launched on April, 2015 to promote the development and growth of micro enterprises. As Micro Units Development and Refinance Agency (MUDRA) is a Non-Banking Financial Company (NBFC) that supports and promotes the development of micro enterprise sector. Thus, you can choose the MUDRA scheme to repay your loan amount at low interest rates.
The Pradhan Mantri MUDRA scheme offers loans at low interest rates as compared to other private sector banks. For more details, follow the table shown under:
| Particulars of MUDRA loan from HDFC Bank | Eligibility criteria |
| Loan amount | Maximum loan amounts up to Rs. 10 lakh |
| Interest rate | It is based on the borrower’s profile |
| Loan amount |
|
To conclude:
As the entire information explained about HDFC business loan to the users with MUDRA scheme offered by HDFC Bank 2020. Therefore, now you can easily apply for the business loan by calculating your repayment loan amount, EMI calculation, and its eligibility criteria. It depends on you for choosing the loan amount and check your eligibility accordingly to your business needs.