HDFC Bank Business Loan

HDFC Bank offers secured and unsecured business loans to both self-employed individuals and businesses. Some of their loan products include cash credit, bank guarantees, letter of credit, bill discounting, overdraft facilities, pre-shipment finance, import and export credit, and more. They have specific loan schemes tailored for manufacturers, traders, chartered accountants, doctors, professionals, contractors, and small businesses. These loans help businesses meet various financial needs like working capital, expansion, and day-to-day expenses.

HDFC Bank Business Loan Interest Rates

HDFC Bank offers business loans with interest rates ranging from 10% to 25% per annum. Here are the interest rates provided by the lender for its business loans:

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

Also read: Best Business Loan Interest Rate

Fees and Charges for Business Loans from HDFC Bank

Here are the fees and charges associated with availing HDFC Bank Business Loans:

Also read: Best Business Loan EMI Calculator

Types of Business Loans provided by HDFC Bank

HDFC Bank Business Loan for Self-Employed

Purpose: HDFC Bank's Business Loan for Self-Employed is an unsecured loan designed for self-employed professionals such as doctors and architects, as well as non-professional business persons like entrepreneurs and existing business owners. It helps them finance various needs such as working capital requirements, purchasing machinery/equipment, and expanding their businesses. The bank offers a hassle-free application process for this loan scheme, requiring minimal documentation, making it convenient for individuals to access funds for their business growth.

Loan Amount: Up to Rs 50 lakh (Rs 75 lakh in select locations)

Loan tenure: 1 to 4 years

HDFC Bank Business Loan for Manufacturers

Purpose: HDFC Bank's Business Loan for Manufacturers is a type of loan meant for small businesses. It's for buying materials and equipment needed to run the business smoothly, like raw materials or machines. The bank also gives an extra borrowing option called an overdraft, which can be handy for emergencies or additional expenses.

Loan amount: Up to Rs 40 lakh (Rs 50 lakh in select locations)

Loan tenure: 1 to 4 years

HDFC Bank Business Loan for Traders

Purpose: HDFC Bank's Business Loan for Traders is a loan option for businesses that need funds for day-to-day operations, like buying stock for resale. It's an unsecured loan, meaning you don't need to provide collateral. The bank also offers an overdraft option, which can be helpful for emergencies or extra expenses. If you already have a business loan with another bank, you can transfer it to HDFC Bank.

Loan amount: Up to Rs 40 lakh (Rs 50 lakh in select locations)

Loan tenure: 1 to 4 years

HDFC Bank Business Loan for Professionals

Purpose: HDFC Bank's Business Loan for Professionals is a loan designed for professionals to finance their day-to-day operations or expand their practice. It's an unsecured loan, meaning no collateral is required. The bank promises a simple application process with minimal paperwork and fast approval. Additionally, HDFC Bank offers a balance transfer option, allowing borrowers from other lenders to switch their existing loans to HDFC Bank, starting from an interest rate of 13.29% per annum.

Loan amount: In certain locations, HDFC Bank provides Business Loans of up to Rs 75 lakh. However, the actual loan amount offered is determined based on the credit history of the applicant.

Loan tenure: 1 to 5 years

Processing Fees:

• For availing fresh loans: Up to 2% of loan amount
• For balance transfer: 0.99% (for balance transfer)

Interest Rate:

• For availing fresh loans: 11.01% to 14% p.a.
• For balance transfer: 13.29% p.a.

HDFC Bank Business Loan for Doctors

Purpose: HDFC Bank's Business Loan for Doctors is designed to help doctors finance various needs such as purchasing medical equipment, covering salaries, and managing working capital. The bank also provides an unsecured overdraft facility, offering additional flexibility for financial needs. With minimal documentation requirements and fast disbursal, HDFC Bank ensures a smooth application process. Additionally, borrowers from other lenders can transfer their existing loans to HDFC Bank at competitive interest rates starting from 10.75% per annum through the balance transfer facility.

Loan amount: In certain locations, HDFC Bank offers Business Loans of up to Rs 75 lakh. However, the final loan amount depends on the credit history of the loan applicants and their repayment track record for previous loans, if any.

Loan tenure: 1 to 6 years

Processing Fees: Rs 7,999 plus GST (for balance transfer)

Interest Rate: 10.75% p.a. (for balance transfer)

HDFC Bank Business Loan for Chartered Accountants (CA)

Purpose: HDFC Bank's Business Loan for Chartered Accountants, whether they have a personal practice or an office, is an unsecured loan intended to cover various financial needs. This includes funding working capital requirements, constructing or renovating office spaces, expanding practices by opening new branches, and hiring employees. Additionally, the bank offers an unsecured dropline overdraft facility as part of this loan, providing further financial flexibility for Chartered Accountants.

Loan amount: Up to Rs 40 lakh (Rs 50 lakh in select locations)

Loan tenure: 1 to 4 years

HDFC Bank Sustainable Livelihood Initiative

Purpose:  The HDFC Bank Sustainable Livelihood Initiative (SLI) is designed to offer financial assistance to women borrowers belonging to self-help groups (SHG) and joint liability groups (JLG) comprising at least 5 members. The aim is to enable these individuals to access credit from the bank, which they can use for various professions such as handicrafts, livestock rearing, tailoring, setting up grocery shops, artificial jewelry designing, etc. Additionally, the bank provides collateral-free loans to farmers to help them enhance their cash flows. The eligibility for the SLI loan is determined based on the borrower's repayment capacity and income stability.

Loan amount: Rs 15,000 to Rs 1 lakh per member

Loan tenure: Up to 18 months (for JLG) and up to 3 years (for SHG)

Interest rates: The interest rates provided under the HDFC Bank SLI scheme are as follows:

• 50% to 19% p.a for SHG
• 22% to 25 % p.a for JLG

HDFC Bank Working Capital Loans for Contractors

Purpose: The HDFC Bank Working Capital Loans for Contractors provide financial support to contractors with both fund-based options (like cash credit, overdraft, working capital demand loan, or bill/invoice discounting) and non-fund-based options (like bank guarantee or letter of credit).

Security: Commercial or construction equipment

HDFC Bank Retail Agri Loan for Farmers

Purpose: The HDFC Bank Retail Agri Loan for Farmers is a secured loan option designed to meet various needs of farmers. This includes covering expenses related to crop production, post-harvest activities, repair and maintenance, consumption, etc. Additionally, farmers can use this loan to purchase farm machinery, irrigation equipment, implements, and construct storage structures. The bank provides different facilities such as term loan, cash credit, and overdraft under this loan scheme.

Loan Amount: The financing provided is determined by factors such as the total area of land being cultivated, the types of crops being grown, and the level of financial assistance required.

Loan Tenure: 5 years

Primary Security: Hypothecation of crop & assets created out of bank finance

Collateral Security: Mortgaging of agricultural land, urban property or liquid security

HDFC Bank Business Loan for Healthcare Finance

Purpose: The HDFC Bank Business Loan for Healthcare Finance is designed to help healthcare businesses with their financial needs, like building facilities, managing day-to-day expenses, buying medical equipment, and having extra funds available when needed. The bank provides different types of financing options such as equipment financing, project financing, working capital limits, and various other financial tools to support healthcare businesses.

Loan tenure: 1 to 7 years

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HDFC Bank Business Loan Eligibility Criteria

The eligibility criteria for availing HDFC Bank Business Loans are as follows:

• Self-employed individuals, proprietors, private limited companies, and partnership firms engaged in manufacturing, trading, or providing services.
• Applicants must have been in the current business for at least 3 years, with a total business experience of 5 years.
• The business must have a minimum turnover of ₹40 lakhs.
• The business should have been profitable for the past 2 years.
• The business should have a minimal Annual Income Tax Return (ITR) of ₹1.5 lakhs per annum.
• Applicants should be at least 21 years old when applying for the loan and not older than 65 years at the time of loan maturity.

Also read: Best Business Loan Eligibility

Documents required for HDFC Bank Business Loan

Here are the documents you'll need to apply for various HDFC Bank business loan schemes:

• PAN Card (For Company/Firm/Individual)
• Identity Proof (Any one of the following): Aadhaar Card, Passport, Voter's ID Card, PAN Card, Driving License
• Address Proof (Any one of the following): Aadhaar Card, Passport, Voter's ID Card, Driving License
• Bank statement of the previous 6 months
• Latest Income Tax Return (ITR) along with Balance Sheet and Profit & Loss account for the past 2 years, certified by a Chartered Accountant
• Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
• Other Mandatory Documents:
  • Sole Proprietorship Declaration or Certified Copy of Partnership Deed
  • Certified true copy of Memorandum & Articles of Association (certified by Director)
  • Board resolution (Original)

Also Read :  Best Business Loan Documents Required