HDFC Bank Business Loan Interest Rates
Last Updated : Aug. 18, 2023, 4:14 p.m.
Are you planning to take a business loan at the lowest interest rate? If yes, then HDFC Bank is the top bank in the private sector to offer loans at attractive interest rates ranging from 15.75% to 20.75% (Reducing) per annum. See the HDFC Bank Business Loan Interest Rates and then apply for the loan.
Interest Rates for Business Loan April 2024
| Loan Slab | Rates Offered | Processing Fees |
|---|---|---|
| <=550000 | 20.75% | 2.36% |
| 550001-1050000 | 19.50% | 2.36% |
| 1050001-1550000 | 18.50% | 2.36% |
| 1550001-2550000 | 17.50% | 2.36% |
| 2550001-3550000 | 16.50% | 2.36% |
| >3550000 | 15.75% | 2.36% |
Know Complete HDFC Bank Business Loan Charges
From the table below, you can see all the Business Loan Interest Rates , Loan Processing Charges, Non-Standard Payment Charges, Cheque Swapping Charges and many more.
| Particulars | Details |
|---|---|
| Interest Rates | 15.75% - 20.75% |
| Processing Fee | 2.36% on Loan Amount |
| Prepayment | Starts after the Repayment of 6 EMIs |
| Prepayment Charges | Between 07-24 Months - 4% of outstanding Lona 25-36 Months - 3% of Outstanding Loan Less than 36 Months - 2% of Outstanding Loan |
| Loan Closure Charges | NIL |
| Duplicate Loan Closure Charges | NIL |
| Solvency Certificate | Not Applicable |
| Overdue EMI Interest | 2% p.m. on EMI minimum of ₹200 |
| Charges for Changing from Floating to a Fixed Rate of Interest | Not Applicable |
| Stamp Duty and Other Charges | As per the applicable law of the state |
| Credit Assessment Charges | Not Applicable |
| Non-Standard Repayment Charges | Not Applicable |
| Cheque Swapping Charges | ₹500/- |
| Amortisation Charges | ₹200/- |
| Loan Cancellation Charges | NIL |
| Cheque Bounce Charges | Per Cheque ₹550/- |
Factors that Affects HDFC Bank Business Loan Interest Rates
As we know that different lenders provide business loan at a different rate of interest. You should be aware that even the same bank offers business loans to different borrowers at different interest rates. There are many factors that affect the interest rate of the business loan different from the interest paid by another borrower. To avail best business loan interest rates you must know the following factors.
Nature of Business
If you are running any business for many years it doesn’t matter but what kind of business you are doing. Due to the nature of the business interest rate will be decided. So a good profit making business gets HDFC Business Loan at a low rate of interest due to low risk in bank.
Depends on CIBIL Score
In today’s world, all are aware that the CIBIL Score matter a lot while calculating the borrower eligibility. It is generally recommended that you always have a good credit score above 700 to avail best facility provided by the bank. Bank only offers low-interest when the borrower has a high credit score. On the other side, bad credit scores can lead to the rejection of loan application.
Business Vintage
If you have been doing business for many years, this shows your stability in business and it is a positive impact for the bank. Banks tend to see risk of default and higher repayment capacity. Therefore, the bank offer low interest rates. But in case of less vintage, you have to pay high interest rates.
Profit
The bank will always check your monthly profit how much you are earning. On the basis of your earning income, only the interest rate will be calculated. If your profit is high so the interest rate will be less and your loan amount value is high. On the other hand, with less profit, the interest rate will be high and your loan amount value also less.
Interest Rates Affecting the Amount of EMI
EMI is usually calculated on a number of factors that are the principal amount, the loan term and the interest rate. To clear the outstanding balance, you have to pay the principal amount and interest every month. Use the HDFC Bank Business Loan EMI Calculator to know the exact EMI. Let’s understand EMI Calculation through the below table.
| Loan Amount | Rate of Interest | Tenure | EMI Amount |
|---|---|---|---|
| ₹5,00,000 | 17% | 36 Months | ₹17826.36 |
| ₹5,00,000 | 21% | 36 Months | ₹18837.53 |
| ₹5,00,000 | 19% | 36 Months | ₹18328.01 |
| ₹10,00,000 | 17% | 36 Months | ₹35652.73 |
| ₹10,00,000 | 21% | 36 Months | ₹37675.07 |
| ₹10,00,000 | 19% | 36 Months | ₹36656.02 |
How to Apply for HDFC Bank Business Loan?
If you are satisfied with the rate of interest and willing to apply for the business loan then just fill the application form given above. Then you’ll get a call from the representative telling you the schemes and the documents required for a business loan .
