HDFC Bank Business Loan: Whenever you have to start any kind of business or expand the business, the biggest problem is money. In such a situation, if you want, you can start your business or expand it by applying for a business loan . Different banks currently provide business loans , including HDFC Bank .
Getting a business loan has become easy in today’s time. Now any person who needs a business loan can take a business loan as per his need by completing the application process by adopting any medium online or offline for business loan . If you are also thinking of taking a business loan, then you should definitely think about HDFC Bank because HDFC Bank is also providing business loan .
HDFC Bank Business Loan
HDFC Bank has also provided business loan facility for its customers . In such a situation, you can apply for business loan by visiting the nearest branch of HDFC Bank or by opening the official website or official mobile application of HDFC Bank. You can take a maximum loan of up to Rs 75 lakh from HDFC Bank .
This bank also provides many types of business loans in business loans . Such as fresh business loan , business loan for professionals, balance transfer existing business loan and many other types of business loans. So the loan amount will be provided to you according to the type of loan you need. The interest rate is also different for all.
Types of HDFC Bank Business Loan
HDFC Bank offers different types of business loans according to your needs. Through these options, you can fulfill every need of your business.
- Working Capital Loan : This loan is given to meet day-to-day business requirements, such as purchasing inventory, paying salaries, and other operational expenses. Interest is charged only on the amount utilised.
- Term Loan: This is for long-term purposes, such as machinery purchase, infrastructure upgrade or business expansion. Available for a tenure of 1 to 5 years.
- Overdraft Facility : Allows you to withdraw more money than your bank account’s credit limit. Interest is charged only on the amount borrowed.
- Business Expansion Loan : If you want to shift your business to another location or launch new products, then this loan is for you.
- Machinery Loan: Specially designed for purchasing new machinery or equipment. Payable in easy installments over a long period.
HDFC Bank Business Loan – Key Features
- Loan limit: ₹50,000 to ₹75 lakh
- Interest Rate: Starting from 10.50%
- Loan tenure: 12 months to 60 months
- No Guarantee Required: HDFC Bank offers business loan without any asset.
- Quick processing: Loan approval within 24 to 72 hours of application.
HDFC Bank Business Loan Interest Rate
The initial annual interest rate of HDFC Bank’s business loan is 10.75%. If you apply for a loan in HDFC Bank after careful consideration, then the loan that will be provided to you will be provided at a higher interest rate than this stated interest rate. You can get a loan at a lower interest rate in this bank compared to many banks.
Whenever you apply for a business loan in HDFC Bank, you must talk to the HDFC Bank employee once and get your eligibility checked. After that, the employees will tell you the interest rate according to your eligibility and on accepting the same interest rate, you will be provided the loan. Whatever interest you have to deposit will be calculated according to the interest rate.
Benefits of HDFC Business Loan
- Faster Processing Time: Loan processing is faster as compared to other banks.
- Online Application: You can apply for loan online through HDFC Bank website or mobile app.
- No hidden charges: Transparent processing and all charges are disclosed upfront.
- Flexible Repayment Options: EMI plans are decided as per the cash flow of your business.
How to Apply for HDFC Bank Business Loan?
To get a business loan , first go to the nearest HDFC bank
branch with your necessary documents. Now show your documents to the HDFC bank officer and get the business loan application form if you are eligible .
Fill the application form completely and submit it in the same bank along with the photocopy of the document.
Once the application form is submitted, the bank officials will check your business application form and provide you the loan if you are eligible.
Why Choose HDFC Bank Business Loan?
- 1. Fast processing: No wastage of your time. Loan approval within 24 to 72 hours.
- 2. Online Tracking: You can track the status of your loan online.
- 3. Transparency: Transparency at every step of the loan process. No hidden charges.
- 4. Guarantee Free Loan: Most loans available without guarantee.
- 5. Nationwide Reach: HDFC Bank has 6,000+ branches and 13,000+ ATMs available across India.
- Frequently Asked Questions (FAQs)
1. Can I get a business loan for a new company ?
Yes, if you have a strong business plan and a good personal credit score, you can also get a loan for a new company.
2. When is a guarantee required?
A guarantee is only asked for when the loan amount is large or the financial position of your business is weak.
3. Is it safe to apply online?
Yes, HDFC Bank website and mobile app are 100% secure.
4. Can I use the loan for personal needs?
No, business loans are only for business purposes.
5. Can I transfer my loan?
Yes, you can transfer the loan to another bank with better interest rates.
conclusion
HDFC Bank Business Loan If you are thinking of taking a loan, then this loan can prove to be good for you, but before taking the loan, you must plan to repay the loan installments so that you will not face any problem in repaying the loan later.