HDFC BANK Business Loan
Get business loan up to Rs. 10 Lakhs from HDFC Bank at competitive interest rate starting from 1.16% p.a. Self-employed applicants can get a loan up to Rs. 15 Lakhs. The loan can be repaid in a flexible tenure of 12 to 48 months. A processing fee of up to 2.50% of the sanctioned limit has to be paid to avail the loan.
HDFC Bank Business Loan Features
Collateral-free: HDFC Bank Business Loans do not involve any collateral, security and guarantor, thus bringing you peace of mind.
Business loan balance transfer: Business loan balance transfer lets you transfer existing debts into a single consolidated business loan which is paid back at easy monthly.
Competitive interest rates: Low interest rates, starting at 11.90% p.a.
Low processing fees: Processing fee up to 2.50% of the sanctioned loan amount.
Flexible loan amount: Get a loan of up to Rs. 40 Lakhs (and 50 Lakhs in select locations) without any collateral, guarantor, or security.
Dropline overdraft facility: Get dropline overdraft facility up to Rs. 5 Lakhs to Rs. 15 Lakhs Pay back your interest only on the utilised amount.
Why Apply for HDFC Bank Business Loan?
Business loan for all purposes: HDFC Business Loan lets you meet all your business-related financial requirements, including buying land, moving into a new office space, purchasing equipment, getting a capital boost for future growth, and so on.
Option of prepayment: You have the option of prepaying your business loan after 6 months at prepayment charges of 2% to 4%.
Quick eligibility check and loan disbursal:Your loan eligibility is checked in less than 60 seconds,and loan disbursal procedures are quick, giving you the required funds instantly.
Flexible repayment tenure: Pay back your loan within a flexible tenure of 12 to 48 months.
Many branches:There are over 4,972 branches of HDFC Bank in India where you can apply for a Business Loan directly.
Credit protect option: HDFC don't just give you a Business Loan, but also provide credit insurance. The Credit Protect Scheme deducts the insurance charges from your loan amount and provides loan repayment protection cover so that your family doesn't have to worry about the payment of outstanding loan amount in the event of accidental or natural death. This credit protection comes with tax benefits.
Features of Business Loans
You can get loans without any security: Collateral free loans can be availed for any investment in your business depending upon the credit score and the eligibility criteria. You also have the option of credit guarantee schemes that provide a cover for the loan that is availed. For businesses that qualify for this scheme, you have the advantage of availing loans without any guarantee or collateral against the loan. All you have to do is pay the annual fee recommended as per the terms of the credit guarantee scheme.
Repayment terms are flexible: Business loans ensure low interest rates that make repayments easier. The interest rate on these loans is flexible as per the credit score of the applicant. You also have a moratorium period or a holiday period in case of new businesses where no equated monthly instalment (EMI) is payable for the set period. Borrowers have the advantage of choosing a repayment tenure as per the repayment capacity and the EMI that is payable each month.
Disbursal of loans is hassle-free: Business loans have a quick turnaround time once the documentation process is completed as required by the bank. Usually, these loans are disbursed within 5 to 7 days of approval, making it easier for individuals to get access to funds when required. Once approved, the loan is disbursed into the bank account of the individual.
Loan application process is simple: You have the option of applying for these loans online and offline. All you have to do is fill up an application form and provide the necessary documents. The documentation process is also fairly simple and straightforward with Business Loans. When you apply for a business loan, you can get a detailed checklist of the documents that you require. This further simplifies the process and allows you to get loans faster.