HDFC Bank was established in 1994 and is headquartered in Mumbai. The bank has over 4,972 branches across India, where you can apply for a business loan. They also have online facilities via their official website.
HDFC Bank Business Loan Features
- Get business loans from ₹50,000 to ₹50 lakhs
- Loans are offered for a tenure of 12 months to 48 months
- Interest rate starts at 15.56% and varies by loan amount, occupation of the borrower and type of loan applied for
- Processing fee starts at 0.99% and can go up to a maximum of 2.50%
- Lowest EMI for maximum tenure is ₹2,808 for 48 months
- Early foreclosure of the loan is allowed after payment of 12 EMIs, at a foreclosure charge of 2%-4%
- Part prepayment of the loan is not allowed
- Loans are unsecured. No collateral or guarantor is required for them.
- HDFC Bank provides overdraft facility with no security.
- Balance transfer facility is also available
- The eligibility criteria for a business loan includes age between 21 to 65 years, minimum business turnover of ₹1 crore, business existence of 36 months, ITR of 24 months, an owned house or place of work and a CIBIL score of 750 and above.
- There is no provision for part prepayment of loans. And, early foreclosure is allowed only after payment of 12 EMIs.
- Attractive interest rate
- Low processing fee
- No provision for part pre-payment of business loan
What’s your experience with HDFC Bank business loans? Please share with us in comments below.