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Housing Development Board (HDB) financial services is a subsidiary of HDFC bank that offers business loans at an interest rate of 15% onwards to its customers. Its range of loan products includes business loanspersonal loansgold loans, and auto, and commercial vehicle loans. HDB offers business loans at competitive interest rates with added benefits that are discussed below:

HDB Business Loan – 2020
Interest Rate15% onwards
Loan AmountMax. Up to Rs. 30 lakh
Repayment TenureUp to 5 years
CollateralNot required

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges


Eligibility Criteria & Features

Profession type/CategoriesSelf-employed (Professionals)Self-employed (Individuals)Self-employed (Pvt. Cos. and Partnership Firms)
Age Criteria – Min.22 Years21 Years22 Years
Age Criteria – Max.65 Years65 Years65 Years
Business existenceMin. 3 yearsMin. 4 yearsMin. 4 Years
Min. Annual Income – Metro areaRs. 1 lakh (p.a.)Rs. 1 lakh (p.a.)Rs. 1 lakh (p.a.)
Min. Annual Income – Non-metro areasRs. 75000 (p.a.)Rs. 75000 (p.a.)Rs. 75000 (p.a.)

Features

  • Door-step facility
  • No security or guarantor is required at the time of applying for loan
  • Hassle-free documentation
  • Quick disbursement of loan amount
  • Special offers for self-employed doctors

Fees & Charges

Types of Charges / FeesAmount
Application FeeUp to Rs.3500/- per Asset
Loan Processing Fee2.00% of the loan amount
Cheque bounce chargesRs.750 per bounce
EMI Late Payment Charges3% per month on overdue EMI amount
PDC/ECS Swap ChargesRs.750 per swap
Statement of Account ChargesRs.500
Fees for Document RetrievalRs.750
Copy of Property/Security PapersRs.750
NOC Revalidation ChargesNA
Additional Repayment ScheduleRs. 500
Copy of Sanction LetterRs. 750
Loan Cancellation ChargesRs. 7500
CERSAI FeesRs. 100 per property

Note: The mentioned interest rates, fees and charges are subject to change and depend on the sole discretion of the bank and RBI. GST and service tax shall be levied extra on the mentioned charges

 

Customer Care Number: +91 44 4298 4541

Eligibility Criteria & Documents Required

For Self-Employed Professionals

Self-employed professionals include doctors, architects, company secretaries, and chartered accountants can avail this loan.

  • Minimum age of the applicant should be 22 years
  • Maximum age of the applicant at the time of loan maturity should be 65 years
  • The applicant should have work experience of a minimum of 3 years at the time of applying for the loan
  • The minimum annual income should be Rs. 1 Lakh per annum for metro cities and Rs. 75000 per annum for other cities

Documents Required

  • Identity proof: Passport / PAN card / Aadhar card / Driving License / Voter’s ID / photo ration card
  • Address proof: Driving license / Voter’s ID card / ration card / utility bill (within last 3 months) / passport / registered rental agreement
  • Date of birth proof: Passport / PAN card / driving license / birth certificate / mark sheet of 10th or 12th grade showing the date of birth
  • Bank statements: Bank statements of the last 3 months or passbook of the past 6 months
  • Latest Income Tax Return along with computation of income, B/S & P&L a/c for the last 2 years certified by a chartered accountant

For Self-Employed Individuals

For self-employed individuals include sole proprietors, partners, and directors in business manufacturing, trading, or services.

  • The minimum age of the applicant should be 21 years
  • Maximum age of the applicant at the time of loan maturity should be 65 years
  • The applicant should have a work experience of a minimum of 4 years at the time of applying for the loan, out of which 2 years should be in the same business
  • The minimum annual income should be Rs. 1 Lakh per annum for metro locations and Rs. 75000 per annum for non-metro cities

Documents Required

  • Identity proof: Passport / PAN card / Aadhar card / driving license / Voter’s ID / photo Ration Card
  • Address proof: Driving license / Voter’s ID / ration card / utility bill (within last three months) / passport / registered rental agreement
  • Date of birth proof: Passport / PAN card / driving license / birth certificate / mark sheet of 10th or 12th grade showing the date of birth
  • Bank statements: Bank statements of the last 3 months or passbook of the past 6 months
  • Latest Income Tax Return along with computation of income, B/S & P&L a/c for the last 2 years certified by a chartered accountant
  • Proof of continuation: trade license / establishment / sale tax certificate
  • Other mandatory documents like partnership deed, copy of MOA, AOA and board resolution, company declaration copy, etc.

For Partnership Firms and Private Companies

  • The minimum age of the applicant should be 22 years
  • Maximum age of the applicant at the time of loan maturity should be 65 years
  • The applicant should have a work experience of a minimum of four years at the time of applying for the loan, out of which two years should be in the same business
  • The minimum annual income should be Rs. 1 lakh per annum for metro locations and Rs. 75000 per annum for non-metro locations
  • The business should show profits during the past 2 years for the hassle-free application of loan

Documents Required

  • Identity proof: Passport / PAN card / Aadhar card / Driving License / Voter’s ID / photo ration card
  • Address proof: Driving license / Voter’s ID card / ration card / utility bill (within last 3 months) / passport / registered rental agreement
  • Date of birth proof: Passport / PAN card / driving license / birth certificate / mark sheet of 10th or 12th grade showing the date of birth
  • Bank statements: Bank statements of the last 3 month or passbook of the past 6 months
  • Latest Income Tax Return along with computation of income, B/S & P&L a/c for the last 2 years certified by a chartered accountant
  • Proof of continuation: trade license / establishment / sale tax certificate
  • Other mandatory documents like partnership deed, copy of MoA, AoA and board resolution, company declaration copy, etc.

 Note: HDB Financial Services may ask for the certain original documents and not the copies.

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