When you apply for an HDFC Business Loan you need to take the following steps given below:

1. Submit the online Business Loan application form.
2. Once your application form is approved by HDFC you will need to submit a few key documents. These include KYC, Financial, and Property
3. The loan processing is initiated which includes legal and technical verification
4. HDFC Bank will provide a sanction letter, which will include a few important details such as sanctioned loan amount, interest rate, loan tenure, type of interest rate applicable, EMI payable, validity of sanction letter, special conditions (if any), and other terms and conditions
5. Finally, a business loan disbursement request is raised, after which HDFC will issue a cheque

There are a few documents that you need to submit while applying for a HDFC Business Loan. They are given in the table below:

A major reason that you should opt for an HDFC Bank Business Loan is that they provide you with the lowest interest rates available, a flexible loan tenure, and the use of minimum documentation. Above all, they offer you a 100% hassle-free and seamless ‘Digital’ business loan application service.

On completion of filling HDFC Bank Business Loan online and submitting the necessary documents, this popular financial banking institute will take about 5 – 7 working days to sanction your business loan and disburse it.

Generally, to obtain an HDFC Bank Business Loan you need to have a minimum CIBIL score of about 700.

The minimum loan amount offered by HDFC depending on the business loan type you choose is 50 Thousand. Meanwhile, the maximum business loan amount is Rs 50 lakhs.

No, it is not necessary to have a co-applicant while applying for an HDFC Business Loan. However, if you do have one it assures your lender about your ‘Creditworthiness’. It therefore helps in improving your chances of securing a business loan.

Incase of Business Loan which is an unsecured loan, the interest rates remains fixed during the entire tenure of the loan period.

It is a fact that possessing ITR documents for three financial years will increase your chances of obtaining an HDFC Business loan. However, you can also get a business loan despite not having three-year ITR returns. It is only possible though if you are looking for a small loan and you have a good CIBIL score to prove to your lender that you are ‘Creditworthy’. Moreover, it all depends on the policies of the lender.

After you apply for a HDFC Business Loan and also submit the necessary documents, it will usually take 7 working days for it to be sanctioned by this bank.

Additional details of the HDFC Business Loan that you need to know are given below: 

1. Types of HDFC Bank Business Loan:

    There are several types of HDFC Bank Business Loans given below. However, a few important types are given below: 

   1. Loan for Doctors 
   2. Loan for Chartered Accountant or CA
   3. Agri Loan for Farmers 
   4. Loan for Healthcare Finance 
   5. Tractor Loan 
   6. Commercial Vehicle Loan 
   7. Manufacturers Loan 

2. Benefits of applying for an HDFC Bank Business Loan:

   There are a few benefits that you can derive by securing an HDFC Bank Business Loan: 

   1. Attractive interest rates offering 
   2. Quick loan disbursement 
   3. Provides for efficient and 100% hassle-free digital application loan process 
   4. Offers Balance Transfer Facility 
   5. Overdraft Facility also available 
   6. Credit Protect Plan made available for customers