HDFC Business growth loan is one of the best loans available in the country. Business loans are important for both small and growing businesses. It is important that you opt for a business loan from a good Bank. One of the main aspects to take into consideration is the interest rates the bank offers.
The interest rates for the loan vary according to the bank’s perception of your creditworthiness, etc.
The interest rates for HDFC business growth loan is one of the major offerings of the bank.
Check the interest rate along with other charges below-
|Rack Interest Rate Range||Minimum 11.90% & Maximum 21.35%|
|Loan Processing Charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 2359 and maximum of Rs. 88,500|
|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|
|Loan Closure Letter||NIL|
|Duplicate Loan Closure Letter||NIL|
|Solvency Certificate||Not Applicable|
|Overdue EMI Interest||2% per month on EMI / Principal overdue subject to the minimum amount of Rs. 200|
|Charges for changing from fixed to a Floating Rate (An interest rate that is allowed to move up and down with the rest of the Market or along with an index.) of interest||Not applicable|
|Charges for changing from floating to fixed-rate (An interest rate that will remain at a predetermined rate for the entire term of the loan.) of interest||Not Applicable|
|Stamp Duty and 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 Interest would be charged for the interim period between the date of loan disbursement and date of loan cancellation and processing fees would be retained)|
|Cheque Bounce Charges||Rs. 500 per cheque bounce|
Talk to our investment specialist
You will be able to avail loan up to Rs. 40 lakhs under the HDFC Business growth loan scheme.
Note: Loan up to Rs. 50 lakhs is available for select locations.
You can avail the overdraft Facility without security. You will need to pay the interest only on the amount you have utilised. The limit is set in a separate current account which will drop monthly till the end of the tenure.
The dropline overdraft facility is up to Rs. 5 lakhs - Rs. 15 lakhs. The tenure will be ranging from 12-48 months. Please note that no foreclosure/partial closure will be allowed during the first 6 months of limit setting.
The loan repayment tenure is flexible. You can repay the loan over a period of 12 to 48 months.
One of the major features of the loan is the credit protect facility available with the loan. It provides life coverage and tax benefits as per applicable laws. It offers one convenient package with loan+ insurance.
In case of natural/accident death of a customer, the customer/nominee can avail of the payment protection insurance which insures the principal outstanding on the loan up to the maximum of the loan amount.
Self-employed individuals, proprietors, private limited company, partnership firms involved in the business of Manufacturing, trading or services.
The turnover for a business entity should be a minimum of Rs. 40 lakhs.
Individuals applying for the loan should be having a business for minimum of 3 years with 5-year total business experience.
The business should have a minimal Rs. 1.5 lakhs per annum.
Applicant should have at least 21 years at the time of applying for the loan. The maximum age should be 65 years.
Mentioned below are the documents required for Business Growth Loan:
Aadhar Card Passport Voter’s ID Card Driving License
HDFC Business loan is a good option to consider. Read all the scheme related documents carefully before applying for the loan.