HDB Finance Business Loan


HDB Financial Services provides customized business loans to finance various business activities, with loan tenures of up to 5 years. In addition to regular business loans, HDB offers specialized loan variants tailored for specific needs. These include HDB Loans for Doctors and Medical Practitioners, HDB Commercial Vehicle Loans, HDB Tractor Loans, HDB Enterprise Business Loans, and HDB Construction Equipment Loans.

Highlights of HDB Business Loan
Interest Rate 8%-26% p.a.
Loan Amount As per applicant’s profile
Tenure Up to 5 years

*Terms and conditions apply.

 

Interest Rates for HDB Business Loan

Loan Products Interest Rates (p.a.)
Tractor Loan 9%-25%
Construction Equipment Loan 8%-24%
Commercial Vehicle Loan 8%-26%

Also read: Best Business Loan Interest Rate

Comparison Table of Business Loan Interest Rates offered by MybankingTips Partners:

Bank/NBFC/Fintech Interest Rate  
SBI Bank 9.10% p.a. Apply Now
HDFC Bank 10.00% - 22.50% p.a. Apply Now
Kotak Mahindra Bank 16% p.a. onwards Apply Now
RBL Bank 14%-26% p.a. Apply Now
ICICI Bank Up to 17% p.a. Apply Now
Axis Bank 10.75% p.a. Apply Now
IDBI Bank 8.05% to 13.45% p.a Apply Now
Bank Of Baroda 10% to 15% p.a Apply Now
Ujjivan Small Bank Up to 2.50% Apply Now
Bajaj Finserv 9.75% - 25% p.a. Apply Now
IIFL Finance 12.75% - 44% p.a. Apply Now
FlexiLoans 1% per month onwards Apply Now
ZipLoan 1% - 1.5% per month (Flat) Apply Now
Indifi Finance 1.5% per month onwards Apply Now
Five Star Business Finance Up to 2% Apply Now
Lendingkart Finance 1.25% per month onwards Apply Now
Tata Capital Finance 12% p.a. onwards Apply Now
NeoGrowth Finance 15% p.a. onwards Apply Now
Hero FinCorp Up to 26% p.a. Apply Now
Aye Finance Up to 2.5% Apply Now
Clix Capital Up to 3% Apply Now
Protium Finance Up to 1.5% Apply Now
HDB Finance 8% - 26% p.a. Apply Now
U GRO Capital Up to 9% p.a. Apply Now
Mcapital Business Up to 2% p.a. Apply Now

Also read: Best Business Loan EMI Calculator

Types of HDB Business Loan

HDB Business Loan

Purpose: The HDB regular business loan is an unsecured option tailored for MSMEs to meet their financial needs for various business activities. These include revamping the current business, purchasing inventory, acquiring new machinery, and fulfilling working capital requirements. Collateral or security is not required for these small business loans.

Loan Amount: Up to Rs 30 lakh

Tenure: Up to 4 years

HDB Tractor Loan

Purpose: HDB Tractor loans are designed for purchasing tractors or related implements for both personal and commercial purposes. These loans are available for buying both new and second-hand tractors. Applicants can also conveniently apply for instant tractor loans online.

Tenure: Up to 5 years

HDB Commercial vehicle Loan

Purpose: HDB Commercial Vehicle Loans are available for transport businesses looking to acquire a range of vehicles, including new and second-hand options like tempo, cargo, buses, vans, trucks, and light or heavy commercial vehicles. Additionally, HDB Financial Services offers top-ups on existing commercial vehicle loans, along with tailored financing solutions to meet individual needs.

Tenure: Up to 5 years

HDB Construction Equipment Loan

Purpose: HDB Construction Equipment Loans cater to the purchase of various construction equipment, including backhoe loaders, excavators, dumpers, tippers, transit mixers, self-loading concrete mixers, cranes, wheel loaders, compactors, road rollers, dozers, pavers, drills, crushing plants, and RMC plants. HDB Financial Services also facilitates business loans for acquiring used equipment through refinance and repurchase options. Additionally, the company offers customized financing solutions to suit individual requirements.

Tenure: Up to 4 years

HDB Enterprise Business Loan

Purpose: HDB Enterprise Business Loans are customised, no-collateral loans designed to quickly meet the financial needs of small businesses.

Loan Amount: Up to Rs 30 lakh

Tenure: Up to 5 years

HDB Loan for Doctors/Medical Practitioners

Purpose: HDB Doctor’s loan is an unsecured business loan option tailored for doctors. It serves various purposes such as:

  • Financing personal and professional needs
  • Acquiring vehicles like cars and ambulances
  • Meeting working capital requirements, including medicine stocks
  • Buying office equipment such as computers, ACs, furniture, and fax machines
  • Purchasing medical or diagnostic equipment and setting up operation theaters
  • Developing clinics, clinic-cum-residences, nursing homes, and pathology labs
  • Funding expansion, renovation, or modernization of existing premises, clinics, or nursing homes

Eligibility Criteria for HDB Business Loan Applicants

For HDB Business Loans/Enterprise Business Loans

For self-employed professionals like Doctors, CAs, architects, and CS:

  • Age at the time of loan application should be 22 years or older, and at loan maturity, it should be 65 years.
  • Applicants must have been in their respective businesses for a minimum of 3 years.
  • Minimum annual income should be Rs. 1 lakh per year for metro cities and Rs. 75,000 per year for other locations.

For self-employed individuals such as Sole Proprietors, Partners, and Directors in the business of manufacturing, trading, or services:

  • Minimum age at the time of loan application should be 22 years, and at loan maturity, it should be 65 years.
  • Applicants must have a minimum of 4 years of business experience, with at least 2 years in the same business.
  • Minimum annual income for applicants residing in metro cities should be Rs. 1 lakh per year, and for those in other locations, it should be Rs. 75,000 per year.

For self-employed individuals in private companies and partnership firms:

  • Minimum age at the time of loan application should be 22 years, and at loan maturity, it should be 65 years.
  • Applicants must have a minimum of 4 years of business experience, with at least 2 years in the same business.
  • The business must have been profitable for the last 2 years.
  • Minimum annual income for applicants should be Rs. 1 lakh per year for metro cities and Rs. 75,000 per year for other locations.

Loans for Doctors and Medical Practitioners have the following eligibility criteria:

  • Maximum age of the applicant should be 65 years at the time of loan sanction.
  • Graduate doctors (MBBS/BDS) and Post Graduate Doctors (MD/DM/MS/MCH/MDS) with a minimum of 4 years of post-qualification experience are eligible.
  • Doctors who own their house or clinic (parental/own house) in any location where HDB Financial Services operates.

For Tractor Loans, the eligibility criteria are as follows:

  • Minimum age of the applicant should be 21 years, and at the time of loan maturity, it should be 58 years.
  • As for other business loan products offered by HDB Financial Services, specific eligibility criteria have not been mentioned. However, eligibility criteria may vary depending on the nature of the loan product and the loan facility being availed.

Also read: Best Business Loan Eligibility

 

Documents Required for HDB Business Loans

For loan application with HDB Financial Services, you will need to provide the following documents:

  • ID Proof: Passport, Voter ID, Driving License, PAN Card, Aadhar card, or Proof of Possession of Aadhar number with a photo.
  • Address Proof: Address Proof of entity, proprietors, partners, directors, security providers, and guarantors such as Driving License, Voter ID, utility bill, Registered Rental Agreement, Letter of allotment of accommodation from employer, leave and license agreements with employers allotting official accommodation.
  • Proof of Date of Birth: PAN card, Driving License, Passport, Birth Certificate, 10th/12th mark sheet bearing date of birth.
  • Latest Bank Statement/Bank Passbook: For the past 6 months.
  • Latest ITR (Income Tax Returns): Along with income computation, Balance Sheet, and Profit & Loss account for the last 2 years certified by a Chartered Accountant (CA) along with schedules and notes to accounts, statutory audit reports, and tax audit reports.

Also Read :  Best Business Loan Documents Required

Frequently Asked Questions

Yes, it's possible to get your bike financed even as a student if you meet the specific eligibility criteria set by the lenders.

The best loan for financing your bike or scooter is the one with the lowest interest rate. This way, you'll have to pay less in monthly installments (EMIs) throughout your loan term.

To get financing for your motorcycle, bike, or scooter, you can easily apply for the loan online from home. Or, if you prefer, you can go directly to a bike shop and apply for the loan there by giving them the documents they need

You can check your loan status online through internet banking. Another option is to visit the closest branch of the bank or financial institution that's providing the loan.

Many lenders consider a credit score of 620 and above to be good when giving out loans for motorcycles, superbikes, or scooters. However, if your credit score is lower than 620, you can still find lenders who may be willing to give you a loan, although they might charge a higher interest rate.

Banks allow you to make prepayments after successfully paying 3-6 EMIs. Depending on the number of EMIs you've already paid, there might be a small fee applicable on the outstanding amount when you choose to prepay.