HDFC Bank Business Loan
Business Loan Features
Rack Interest Rate Range 17.50% to 22.00%
Loan Processing Charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/-
Prepayment No pre-payment permitted until repayment of 6 EMIs
Pre-payment charges 4% of the Principal Outstanding after repayment of 6 EMIs
No Due Certificate / No Objection Certificate (NOC) NIL
Duplicate no due certificate / NOC Rs 250/-
Features
Unsecured Loan to self employed businessmen involved in Manufacturing, Trading and Service Industry.
Loan Amount up to Rs.15 Lakhs. (Up to Rs 30 Lakhs in selected locations).
Flexible repayment options ranging from 12 – 36 Months.
Hassle free processing.
Speedy loan approval.
Convenience of Service at your doorstep.
Benefits
The funds can be used for business expansion, working capital, child’s education or home renovation.
No collateral/ Guarantor/ Security required.
Benefits for Existing Customers:
If you are an HDFC Bank Current or Savings Account holder, we have a special offer for you.
If you are an existing Auto Loan or Home Loan customer with a clear repayment of 6 months or more from any of our approved financiers or us, you can get a hassle free business loan (without income documentation).
If you have a Fixed Deposit with us you can get hassle free loan up to 90% of FD value.
You can also apply for enhancement of your existing loan.
Credit Protect:
In case of Natural / Accidental Death of the customer, the customer /nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.Benefits to HDFC Bank Customers:
Protects the family by paying off the loan amount in case of death of the customer
Life Coverage – provides peace of Mind
One convenient package – loan + insurance
Tax Benefits as per applicable laws
No need to use other savings to repay the loan
* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal. A transaction fee of Rs.750 will also be deducted at the time of disbursal. Additionally, Service tax @10% and Education cess of 3% will be charged on Premium.
(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)
Eligibility Criteria:
Self Employed (Private Ltd. Co. and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services.
Eligibility Criteria:
Minimum Turnover of Rs. 40 Lakhs.
Years in business: Minimum of 3 years in current business and 5 years total business experience
Business must be profit making for the last 2 years
Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
Documents required:
PAN Card
Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport/Trade license /Sales Tax certificate)
Bank Statement (latest 6 months bank)
Last 2 Years ITRs (computation of income) Balance Sheet and Profit & Loss a/c. Audited or Certified by a CA
Proof of continuation (ITR/ Trade license /Establishment /Sales Tax certificate)
Sole Proprietor Declaration or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association & Board resolution (Original)
Self Employed (Individuals). include – Sole proprietors, Partners & Directors
Eligibility Criteria
Minimum age of Applicant: 21 years
Maximum age of Applicant at loan maturity: 65 years
Years in business: Minimum of 3 years in current business and 5 years total business experience
Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
Documents required:
Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
Address Proof (Ration card Tel/elect. Bill/ Lease agreement/ Passport/ Trade license /Sales Tax certificate)
Bank Statement (latest 6 months)
Latest ITR along with computation of income, Balance Sheet & Profit & Loss a/c for the last 2 yrs. Audited or Certified by a CA
Proof of continuation (ITR/Trade license /Establishment /Sales Tax certificate)
Other Mandatory Documents (Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
