What is HDFC Business Loan And How To Apply

By | September 17, 2022

What is HDFC Business Loan And How To Apply

HDFC Bank is an Indian commercial bank and the highest revenue private bank in India. This bank offers many types of banking services such as: Many facilities are available, such as savings accounts, checking accounts, and credit insurance.

HDFC Business Loans

This bank offers various types of loans such as personal loans, business loans, car loans and home loans. There are many such types of loans offered and if you look at other banks this bank offers loans at very good interest rates HDFC Bank offers business loans at 13% Interest interest rates for medium to long term We offer different types of loan options such as loans. Every person can take out a loan on their own terms to raise funds to buy land/factory, machinery/inventory.

What is an HDFC Business Loan?

What is HDFC Business Loan And How To Apply

Business Loans are unsecured financial assistance provided by Indian banks and NBFCs to meet the urgent needs of growing businesses. Most financial institutions offer term loans and flexi loans to meet a company’s business needs. This is known as a business loan or commercial loan.

HDFC Business Loan Eligibility Criteria:-

HDFC Bank business loan eligibility depends on two key factors:

  • Ability to repay the loan and
  • Past loan repayment performance.
  • Age: Age plays an important role in knowing the eligibility criteria. HDFC Bank offers loans to people who are 21 or older at the time the loan is approved and he is 65 or younger when the loan expires.
  • Loan Amount: Depending on the eligibility of the loan amount, the bank will offer loans between 50,000 and 50 lakh. To increase your chances of approval, apply for a convenient loan amount for your service.
  • Profitability and Earnings: Creditworthiness is highly dependent on on-the-go sales, earnings and profitability. HDFC Bank requires at least two years of profit and a minimum turnover of 1,00,00,000.
  • Business Stability: The future prospects and stability of your business are important to your eligibility for a business loan. HDFC Bank minimum business value 36 months. The bank will also aim for the lowest revenue growth in the last three years. A decline in sales for a period of time or below a certain limit may affect eligibility for financing.
  • ITR and Banks: Banks will only authorize loans after verifying income tax returns and bank statements. HDFC Bank requires at least 24 months of his ITR data and at least 6 months of bank statements.
  • CIBIL Score: When checking creditworthiness, HDFC Bank will verify a complete CIBIL report. Banks advise maintaining a score of 750 or above for loan approval.

Required Documents HDFC Business Loans:-

When applying for a business loan, applicants are required to provide documents so that the bank can verify the applicant’s and his company’s information.

To obtain a business loan, the applicant must submit the following documents.

  1. Proof of Address: Aadhar Card / Driver’s License / Voter ID / Passport.
  2. Owner/Company/Corporate PAN Card.
  3. bank statements for the last 6 months.
  4. ITR: Income tax returns for at least two fiscal years.
  5. Balance sheet, Income must be included in ITR.
  6. Proof of Office or Residence.
  7. Sales Tax License, License to Conduct Business
  8. License to prove business continuity.

HDFC Bank Business Loan EMI Calculator:-

HDFC Bank Business Loan EMI is a fixed monthly payment until the loan repayment date. The lowest EMI offered by HDFC Bank is 0.010000000 per JPY 10 million loan amount. HDFC Bank’s PMI depends on a number of factors, including:

  • Interest rate: The higher the interest rate, the higher the EMI. If you take out a loan from HDFC Bank at an interest rate of 15.65% per annum for 48 months, your EMI will be 0.01 lakh per Rs.
  • Loan Duration: The longer the loan duration, the lower the EMI. Annual interest rate 15.65% , the EMI of commercial loans from HDFC Bank ranges from Rs.0.02 lakh to Rs.0.01 lakh with maturities of 12 months to 48 months.
  • Borrowing Amount: – EMI for HDFC Bank Loan will be higher if you request higher loan amount. The amount borrowed is Rs 50,000 and the EMI is Rs 0.01 lakh at 15.65% for 48 months. Similarly, the amount borrowed is Rs 50 lakh, 15.01 Cr for 48 months with EMI of 15.65%.

Also Read – What is HDFC Gold Loan and How To Apply

HDFC Business Loan Interest Rate: –

The interest rate on this depends on how much interest is charged by banks and RBI as GST and service tax are charged within this interest rate but the interest rate in 2020 is:

  • Interest i 11.90% – 21.35%
  • Fee – 2nd time
  • 50% of Loan Amount (Min 2,359 – Max 88,500)
  • Loan Amount – Max 75 lakh
  • Loan Duration – 12 – 48 Months
  • No Collateral – Guarantee Required

FAQ

Why get a business loan from HDFC Bank?

Answers. HDFC Bank offers loans with minimum EMI per 1,305 racks at an interest rate of 15.65%. If you want to pay more EMI, you can choose to transfer your balance and transfer your loan to HDFC Bank.

What is the interest rate on HDFC Bank business loans?

Answer. HDFC Bank has very attractive business loan interest rates ranging from 11.90% to 21.35%. Banks are making various offers to help the self-employed get loans at very low interest rates.

What is the minimum EMI per 100,000 rupees for business loan from HDFC Bank?

Answer. If you apply for a loan from HDFC Bank, you will have an EMI of Rs 13.05 crore.

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