A clean guide to HDFC Bank business growth loan

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HDFC Bank is one of the leading commercial bank in India. It is a leading Commercial bank in India in non-public sector offering full service bank in Bharat that started its operations in 1994.

Presently, the bank boasts of five,100+ branches across varied cities in Bharat. due to its glorious client service and innovative product, HDFC has won many awards over the years as well as the award for best commercial bank in India in 2021 by Finance Asia magazine. With 1,00,000+ staff and total market assets of quite eleven,89,432 crores, HDFC Bank is so a number one name within the Indian banking sector.

The loan details

Interest rate – 15.75%

Loan tenure – 4 Years

Loan turn around period – 7- 30 Days

Processing Charges -Up to 2.50% of loan sanctioned + Taxes

Who can apply? Self-employed professionals, Salaried individuals and Indian residents

Dishonour Charges– 500 per instance

Lowest EMI–  2,821 Per Lakh

Why you should choose HDFC Bank Business loan growth 

A commercial loan allows you to meet your monetary needs associated with business. Be it shopping for land, entering into a replacement workplace house, buying instrumentation, or obtaining a capital boost for future growth, a commercial loan helps your business continue its operations and grow while not the necessity of worrying concerning finance. once a business is in its initial stages, exploit funds is commonly a tangle. 

An HDFC Bank Business loan growth loan allows you to pay back in versatile tenures of twelve to forty eight months.

Features and Benefits of HDFC Business loan

  • Collateral-free: HDFC Bank Business Loans don’t involve any collateral, security and supporter, so transferral you peace of mind.
  • Business Loan Balance Transfer: bank loan balance transfer allows you to transfer existing debts into one consolidated bank loan that is paid back at simple monthly
  • Competitive Interest Rates: Low interest rates, beginning at fifteen.75% p.a.
  • Low process Fees: process fee starts at zero.99%.
  • Up to forty Lakhs Loan Amount: Get a loan of up to forty Lakhs (and fifty Lakhs in choose locations) with none collateral, guarantor, or security.(highlight all heading)
  • Dropline bill of exchange Facility: Pay back your interest solely on the utilized quantity.
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  • Quick Eligibility Check and Loan – Disbursal:Your loan eligibility is checked in but sixty seconds,and loan disbursal procedures square measure fast, supplying you with the desired funds instantly.
  • Flexible compensation Tenures: Pay back your loan among a flexible tenure of twelve to forty eight months.
  • Many Branches:There square measure over check language four,972 branches of HDFC Bank in Bharat wherever you’ll be able to apply for a bank loan directly.
  • Credit shield Option: HDFC do not simply offer you a bank loan, however conjointly check word offer credit insurance. The Credit shield theme deducts the insurance charges from your loan quantity and provides loan compensation protection cowl in order that your family does not got to worry concerning the payment of outstanding loan quantity within the event of accidental or natural death. This credit protection comes with tax edges. Kindly highlight more keywords

HDFC Business loan eligibility criteria 

  • Any owner, freelance individual, partnership firm, or personal Ld. concerned in commerce, producing or services will apply for HDFC commercial loan.
  • The applier should be twenty one years recent at the time of borrowing and most sixty five years recent at the time of maturity of the loan.
  • Minimum business turnover should be forty Lakhs.
  • Applicant should be related to the present business since past three years.
  • The total business expertise of the individual should be minimum five years.
  • The business ought to be in a very profitable state for the last 2 years.
  • The annual financial gain (ITR) of the business should be minimum one.5 Lakhs.

Extra Charges

Here are extra charges in HDFC Bank business growth loan, you needed to know. 

  • Processing Fee: Up to two.50% of the sanctioned loan quantity (minimum two,359 and most eighty eight,500). Prepayment charges: payment is allowed solely when repaying half-dozen EMIs. payment charges ar as follows: 
  1. 4% of principal outstanding – if payment is finished between 7-24 months. 
  2. 3% of Principal Outstanding – if payment is finished between 25-36 months. 
  3. 2% of Principal Outstanding – if payment is finished when thirty six months. 
  • Late EMI Payment Charges: two of EMI or principal overdue/ per month (minimum 200) 
  • Stamp Duty/ alternative Statutory Charges: As applicable by the State.
  • Cheque Swapping Fee: five hundred 
  • Amortization Schedule Charge: two hundred 
  • Cheque Bounce Penalty: five hundred for per bounced cheque.

HDFC Customer care number

You can contact HDFC Bank client Care concerning any loan connected question at the subsequent toll free number 1800 266 4332. 

Required documents for HDFC bank business growth loan

  • Proof of identity
  • Address proof
  • Bank statement
  • Balance sheet
  • P&L 
  • Other documents required by the bank 

How to apply for HDFC Business loan? 

To apply for a bank loan from HDFC bank, follow the below mentioned steps:

  • Visit HDFC bank website to ascertain and compare loan choices from HDFC bank
  • Fill in and submit the application kind along side documents
  • Bank can verify the shape and documents for final approval
  • After the loan is approved, bank shall pay the loan quantity within the applicant’s checking account

Conclusion 

This is the one of the best commercial banks in India offering business loan. Look at the details, finding out if the loan will work for you or not. 

Source: www.mymoneymantra.com/business-loan/hdfc-bank.html

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