HDFC Bank Business Loans

HDFC is among the most popular banks in India, as is its business loans. Here are the reasons why.

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

  1. Get business loans from ₹50,000 to ₹50 lakhs
  2. Loans are offered for a tenure of 12 months to 48 months
  3. Interest rate starts at 15.56% and varies by loan amount, occupation of the borrower and type of loan applied for
  4. Processing fee starts at 0.99% and can go up to a maximum of 2.50%
  5. Lowest EMI for maximum tenure is ₹2,808 for 48 months
  6. Early foreclosure of the loan is allowed after payment of 12 EMIs, at a foreclosure charge of 2%-4%
  7. Part prepayment of the loan is not allowed   
  8. Loans are unsecured. No collateral or guarantor is required for them.
  9. HDFC Bank provides overdraft facility with no security.
  10. Balance transfer facility is also available
  11. 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.

Limitations

  1. There is no provision for part prepayment of loans. And, early foreclosure is allowed only after payment of 12 EMIs.

Advantages

  1. Attractive interest rate
  2. Low processing fee

Disadvantages

  1. 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.

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