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HDFC Bank Business Loan in chennai

HDFC offers hassle free business loan with easy processing. You can expect fast loan approval and documents required are simple that can be easily provided. You can experience a convenient service at your doorstep from HDFC. There is no guarantor or collateral required to be provided and the funds from business loan can be used for any purposes such as business expansion, to provide working capital, promotional activities, buying machineries and more. The HDFC business loan is well-designed to meet all needs of the self-employed.

Features of Business Loan from HDFC

  • HDFC Business loans are provided for businesses involved in trading and service industry, manufacturing and others
  • Loan amount for small business is provided up to Rs.30 lacs
  • The repayment term is flexible between 12 months and 6 months
  • HDFC saving or current account holder can avail special offers
  • HDFC existing home loan or auto loan customer can apply for business loan though must have clear repayment history
  • Customer with HDFC fixed deposit can easily get business loan
  • Up to 2.5% or minimum of Rs.1,000/- is taken towards processing charges
  • Pre-payment can be done only after 6 EMIS
  • Pre-payment charges is about 4% of the outstanding principal

Eligibility for HDFC business loan

  • Private limited, partnership firms and proprietorship can apply for business loan
  • The company must have minimum turnover of Rs.40 lacs
  • The applicant must have minimum 3 years of experience in the business
  • The business must be making profit for last 2 years
  • The minimum annual income must be as per IT returns, Rs. 1.5 lacs P.A
  • Applicant must be 21 years minimum and maximum 65 years

Documents Required for Applying Business loan

  • PAN card
  • Any of address proof such as electricity bill, current telephone bill, sales tax certificate, trade license, lease agreement passport
  • Last 6 months bank statements
  • Last 2 years IT returns, profit and loss A/C that is audited and certified by CA
  • Continuation of business proof such as trade license, establishment certificate, sales tax and IT return
  • Copy of partnership deed certificate, sole proprietor declaration certificate