HDFC Business Loan:- In today’s busy times, whether it is starting a new business or expanding an existing one, loans have become an important tool. Whether it is a startup or an expansion, financial support is very important for any business. HDFC Business Loan provides a simple and quickly available service for the same purpose.
If you also need a financing loan for your business and have reached this article, I request you to read this article till the end. In this, you will get how to get HDFC business loan , eligibility, interest rate and all the other details
HDFC Business Loan
HDFC Bank is one of the best private banks in India. This bank offers various types of loans for your financial needs. The main target of HDFC Business Loans is financial assistance for small and medium enterprises (SMEs) and those who want to start a new startup.
In today’s times, when new funds are not available to expand a business, HDFC Business Loan proves to be a good option. This loan can be availed up to Rs 1 crore from the comfort of your home.
Types of HDFC Business Loans
HDFC Bank offers a variety of loans for various business needs . Below is information on the main types of these loans.
- Term Loan: Term loans are available for long-term business investments . You can use them for purchasing machinery, developing infrastructure, or starting a new business.
- Working Capital Loan: Working capital loans are very useful for running daily business expenses .
- Equipment Financing: You can get this type of loan to purchase machinery or other equipment .
- Trade Loans: Trade loans are specially designed for import-export businesses .
Features of HDFC Business Loan
The benefits of HDFC business loan make it more attractive than other banks. Therefore, this loan is popular all over India and all the works of this bank are also completed easily and satisfactorily.
- Loan Amount: Loans are available from ₹50,000 to ₹1 crore.
- Jumbo Interest Rate: Competitive interest rates ranging from 10.50% to 16.25%.
- Loan tenure: The loan repayment period ranges from 12 months to 48 months.
- Loan without collateral: You do not need to pledge any kind of collateral for this loan.
- Fast processing: Loan approval in just 48 hours!
Eligibility for HDFC Business Loan
The following are the eligibility criteria that you need to follow to get an HDFC loan for your business .
- Age: Age should be more than 21 years at the time of applying for the loan and less than 65 years at the time of completing the loan.
- Business Experience: The business must have been in operation for at least 3 years.
- Proof of income: The annual turnover of the business should exceed the limit set by the bank.
- Credit score: Your credit score must be 750 or higher.
Documents required for HDFC Business Loan :-
To fill the form for HDFC Business Loan, you will need the following documents . And before taking the loan , you will have to prepare all the following documents and verify the documents once.
| Document type | Example |
|---|---|
| Identity card | Aadhar card, PAN card, driving license |
| Proof of business | Business Registration Certificate, GST Number |
| Financial documents | Financial statement, balance sheet, IT return |
| Bank statement | Bank statement for the last 12 months |
| Photograph | Passport size photograph |
How to apply for HDFC Business Loan?
The application process for HDFC Business Loan is very simple and quick. You can apply for a loan in two ways, which are as follows.
Apply online
- Open HDFC Bank website: HDFC Bank Website
- Go to the Loans section: Select the Business Loan tab on the homepage .
- Fill the form: Fill in your name, contact number, email ID and income details in the form.
- Upload Document: Scan and upload the above mentioned documents.
- Complete the process: Contact the bank representative after submitting the application.
Apply in person by visiting the bank:-
If you don’t like the online system, you can also apply for it offline by going to your nearest bank and learning about business loans .
Benefits of HDFC Business Loan
HDFC Business Loan has many advantages, which make it more attractive than other banks. Which are as follows.
- Fast Approval: Loan approval within 48 hours after submitting the form.
- Loan without collateral: You do not need to pledge your property or other assets for this loan.
- Favorable interest rate range: Competitive interest rates are available for this loan.
- Flexible Repayment Options: The bank offers the facility of immutable loans to maintain your financial position.
Comparison with other banks
| Bank name | Loan amount | Interest rate | Loan period | Loan processing time |
|---|---|---|---|---|
| HDFC Business Loan | ₹50,000 to ₹1 crore | 11% to 18% | 1 to 5 years | 7 days |
| ICICI Business Loan | ₹50,000 to ₹2 crore | 10% to 16% | 1 to 6 years | 10 days |
| SBI MSME Loan | ₹10 lakh to ₹5 crore | 8% to 13% | 1 to 7 years | 15 days |
| Kotak Business Loan | ₹1 lakh to ₹3 crore | 12% to 20% | 1 to 5 years | 7 days |
Things to keep in mind while taking a loan
- Improve your CIBIL score: Keep your credit score good to increase your chances of getting a loan.
- Keep the documents complete : Be prepared with all the necessary documents.
- Pay EMI on time: Repay your loan on time to avoid high interest rates.
- Catch the fees before visiting the bank : In some cases, the bank will also charge a processing fee.
HDFC Business Loan is the best option for those starting a new startup and those looking to scale up an existing business. This loan has easy eligibility, fast approval and competitive interest rates.
So, today we have got all the information about this HDFC business loan , and we hope that this information has been useful to you.
We do not advise anyone to take a loan , this article has been published for informational purposes only, before taking a loan, you should consult your condition and go to any bank and only then apply for a loan.
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