HDFC Bank was incorporated in the year 1994. It is the fifth largest bank in India by assets size. HDFC Bank has won the trust of its customers over the years and has become a market leader in unsecured loans in India. You can enjoy the benefits of an Unsecured Loan from HDFC Bank – Faster processing, competitive pricing, transparency.
Learn more about the eligibility and documentation for HDFC bank unsecured loans.
Dropline Overdraft Facility
HDFC bank provides an overdraft facility without any collateral. The credit limit is set in a separate Current account which drops monthly till the end of the tenure. Interest is payable only on the amount utilized.
Following category of borrowers can apply for HDFC Bank Business Loan:
The following documents are required at the time of applying for HDFC Bank Business Loan
A copy of any of the following documents as address proof:
Following are the HDFC Bank Business Loan Interest Rates & Charges
|Rack Interest Rate Range||15.50% to 18.30%|
|Loan Processing Charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 75000/-|
|Prepayment||No pre-payment permitted until repayment of 6 EMIs|
|Pre-payment charges||07-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding
|No Due Certificate / No Objection Certificate (NOC)||NIL|
|Duplicate no due certificate / NOC||NIL|
|Solvency Certificate||Not applicable|
|Charges for late payment of EMI||2% per month on EMI / Principal overdue subject to the a minimum amount of Rs. 200/-|
|Stamp Duty & other statutory charges||As per applicable laws of the state|
|Credit assessment charges||Not applicable|
|Non standard repayment charges||Not applicable|
|Cheque swapping charges||Rs 500/-|
|Amortization Schedule charges||Rs 200/-|
|Loan cancellation charges||NIL (However Inerest would be charged for the interim period between date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|Cheque Bounce Charges||Rs 550/- per cheque bounce|
|Legal / incidental charges||At actual|
Are there any benefits of having a Current/Saving Account with HDFC Bank for my Business loan?
Yes, you get lower Processing Fee, faster processing, and simpler documentation if you have a Current/Saving Account with HDFC Bank. This is considered at the time of disbursement of your loan. You can pay your HDFC Bank Loan EMIs through Standing Instructions to debit your HDFC Bank Account.
How much Business Loan Can I get?
You can avail of a loan in the range of Rs 50,000 to Rs 50,00,000 depending upon your income, repayment capacity and your business location(city)
How do I repay my HDFC Bank Business Loan?
You can repay the loan in equal monthly installments (EMIs). The repayment will be through Electronic Clearing System (ECS ) or a standing instruction to debit your HDFC Bank account.
Is there any security required to obtain a Business loan from HDFC bank?
To get a business loan from HDFC Bank, there is no need for any security/collateral or guarantor.
For how long can I avail a Business Loan?
You can repay your HDFC Bank Business loan over a period of 12 to 48 months
How long will it take for me to get a Business Loan?
Once you submit your complete application form along with supporting documents, you shall get disbursement within 5 working days provided everything is in order. All loan approvals are at the sole discretion of HDFC bank.
Can I prepay the HDFC bank Business Loan?
Yes, you can choose to prepay your loan anytime after 6 months of taking the loan along with applicable foreclosure charges.(Min. 6 EMIs have to be paid)