HDFC Bank Business Loan Interest rates in Karnal
| Up To 10,00,000 | 10,00,000 Above | |
|---|---|---|
| Business Loan Balance Transfer | 14.99% | 14.99% |
| For Manufacturers | 18.50% | 15.50% |
| For Service Providers | 18.50% | 15.50% |
| For Traders | 18.50% | 15.50% |
| Minimum to Maximum | 15.65% | 21.20% |
Features of HDFC Bank Business Loan Karnal
| Type | Features |
|---|---|
| Processing Fee | Upto 2.50% |
| Pre Closure Charges | 2.0% of Outstanding |
| Part Payment Charges | Allowed |
| Min Tenure | 1 Years |
| Max Tenure | 4 Years |
| Min Age | 21 Years |
| Max Age | 65 Years |
| Min Loan Amount | Rs.2,00,000/- |
| Max Loan Amount | Rs.50,00,000/- |
HDFC Bank Business Loan Karnal Charges
| Type | Charges |
|---|---|
| E M I Bounce Charges | Rs 550/- per bounce |
| Part Pre Payment Charges | Not allowed initial 6 months of loan |
| Penal Interest | @24% per annum |
| Duplicate Statement Charges | Nil |
| Insurance Cover | Yes |
| Cheque Swapping Charges | Rs 500/- |
| Issue Amortization Schedule Duplicate | Rs 200/- |
| C I B I L Report Issuance Charges | Rs.50 Per Copy |
| N O C Issuance Charges | Nil |
| Duplicate N O C Issuance Charges | Nil |
| Loan Cancellation Charges | Nil |
Documentation For Business Loan
For Proprietorship Firm
- Filled Application form
- Identity Proof (PAN CARD)
- Address Proof
- Last 2 years of Income Tax Documents
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photographs
- 6 months Bank Statements
- Latest year business performance related documents.
- Other loansanction letters and their Track (If existed)
For Partnership Firm
- Filled Application Form
- Partnership deed
- Firm PAN Card & Address Proof
- All Partners Identity Proof
- All Partners Address Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
Private Limited And Limited Companies
- Filled Application Form
- MOA/AOA and Incorporation certificate
- Commencement of operation (if it is a Public Ltd Company)
- Company PAN Card & Address Proof
- All Directors Identity Proof
- Last 2 years of Income Tax Documents
- Last 6 months of Bank Statements
- VAT/CST/ST Registration copies (if any)
- 1 Passport Size colour Photograph for applicant
- 6 months Bank Statements
- Latest year business performance related documents
- Other loansanction letters and their Track (If existed)
Identity Proof Of Partners/Directors
- Passport
- Driving License
- PAN card
- Photo credit card (with embossed Signature and last two months statement)
- Banker's sign verification
Age Proof Of Partners/Directors
- PAN Card
- Passport
- License
- School leaving certificate
- Voter card
- Birth Certificate
- LIC policy (only for age Proof)
Address Proof For Personal Loan
- Latest salary slip
- Current dated salary Certificate with latest form 16.
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Income Proof Of Partners/Directors
- Latest year IT Returns with Tax Audit reports(For Self Employed applicants)
Banking History For Business Loan
- Bank statements of latest 2 months
- 3 months bank passbook
HDFC Bank Business Loan FAQ's
What are the loan tenure options for Business Loan?
You can repay your loan over a period of 12 to 36 months.
What security do I need to provide to obtain a Business loan?
To obtain the loan, there is absolutely no need to provide any security or collateral.
What are the benefits of having a Current/Saving Account for my Business loan?
You get preferred Processing Fee, priority processing and simpler documentation if you have a Current/Saving Account with HDFC Bank. This is taken into account at the time of disbursal of the loan. You can pay through Standing Instructions to debit your HDFC Bank Account with the EMI amount.
How long will it take for me to get a Business Loan?
Once you submit your application form and supporting documents, we shall give approval within 5 working days provided everything is in order. All loan approvals are at the sole discretion of the bank.
How do I repay my Business Loan?
You pay the loan in equated monthly installments. The loan will be paid through post-dated cheques or through Standing Instructions to debit your HDFC Bank account with the EMI amount. Calculate how much you will repay each month
Can I repay the loan earlier for Business Loan?
Yes, you can choose to repay your loan anytime after 6 months of taking the loan and after you have paid 06 EMIs along with applicable foreclosure charges. Please note Loan can be foreclosed by issuing a Demand draft / cheque at the branch; kindly note that cash beyond Rs. 49000/- will not be accepted for loan repayment against full closure/matured loan closure payment. Any payment above Rs. 49000/- should be made vide Account payee Cheque / Pay order /Demand draft.
How can I get my address changed in my loan account?
"In order to change your address in our records, you may visit the nearest Retail Loan Service Center and submit the following documents: • Request form for Address Change. • Self Attested copy of your revised address proof along with the original address proof for validation. • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided. "
What will be done with the post dated cheques if I request to change the mode of repayment/ account for my loan?
Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank. In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at the Retail Loan Service Center or through PhoneBanking or write us an email at www.apnaloanbazaar.com within 45 days from the date of application of change in repayment instructions. In case, we do not hear from you within the stipulated period, the defaced cheques will be destroyed.
What are the charges I have to pay to change the mode of repayment/ account for my loan?
A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-HDFC Bank Account (ECS or PDC facility). A cheque/payorder/demand draft for Rs. 500 favouring “HDFC Bank Ltd Loan Account No. << >>” will be required along with the revised set of repayment instructions.
How can I change the mode of repayment/ account for my loan?
In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest the Retail Loan Service Center and submit your request with the revised account mandate/instructions.
How do I obtain a Duplicate Repayment Schedule for my loan account?
"You may obtain a Duplicate Repayment Schedule for your loan account, free of charge by registering for our NetBanking facility on www.hdfcbank.com and download the repayment schedule for your linked loan account. Alternatively, you may visit the nearest Retail Loan Service Center and submit the following documents • Request form for Duplicate Repayment Schedule. • Duplicate Repayment Schedule Charges of Rs.200/- favouring ""HDFC Bank Ltd Loan Account No. << >>"" • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided. "
How much loan can I avail of Business Loan?
You can avail of a loan from Rs 50,000/- to Rs 40,00,000/- depending on your income, repayment capacity and respective location product cap.
About HDFC Bank
According to the Brand Trust Report 2014, HDFC was ranked 32nd among India's most trusted brands. HDFC was ranked 45th on the list of top 50 Banks in the world in terms of their market capitalization.
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Why Business Loans?
Owning a business is an exciting journey. When starting off there are many odds and ends to be met, once the business is set things will begin to takeoff. However nothing is possible in the business world without the right financing. Many business owners will review the financing options available to them, Business Loans are the best suitable for kind of your requirements.
As a business owner, your most difficult task is finding the money to operate your business. Taking the necessary steps to prepare for a small business loan can minimize the difficulty.
Learn what you need to know to clinch the loan deal.
You can get a loan for your business by proper preparation. The main requirements of attaining a business loan are your credit history, business plan, experience, education, and feasibility of the business you are expanding.
The most important task to obtain a business loan is to improve the business. Your business plan must answer the questions, a lending institution would ask for following.
The factors which will affect your business loan eligibility and rate of interest:
Interest rates
Rate of Interest will be based on bank/financial Institutions internal policies and terms. Generally Bank account conduct, reputation of the entity, repayment capability, credit history, Promoters Back ground and other credit related factors which can be evolve for Business Loans.
Tenor: from min of 12 months to Max of 48 months.
Interest Rate: from min 16(percent) to 22 (percent) .
Age: Min of 24 years to max of 55 years.
Repayment: Monthly EMI to be paid till the loan closure.
Repayment mode: By way of PDC, ECS or Standing Instructions.
Pre-Closure Charges: Will be applicable as per bank norms.
Expert Advice
Best Practices for Business Loan
Things not to do for Business Loan
Important points to be remember for Business Loans
Business Loans Vs Working Capital Facilities
| Business Loans | Working Capital Facilities |
|---|---|
| Generally Business Loan are small tenor unsecured loans offered by the bank based on the requirement, conduct and credit history of the entity. | Working Capital loans are related to business day to day operations, there is no limitation for the working capital facilities as per the entities financial performance and collateral capacity. |
| Business Loans are by nature it is a loan and need to repay the regular instalment till the loan will be cleared. | Working capital Facility is a facility you can avail the regular day to day transactions for your business purpose, generally WCF will be sanctioned for 12 months tenor. |
| Business Loans can be used for any related works, and there is no restriction for usage of funds. | WCF will be used only for business and business related purpose, there is a restriction on usage for facilities. |
| Business Loans will be only provide the fund based limits. | Working capital facilities can be sanctioned for fund based or non fund based requirement. |
| Only one type of facility can be availed from the Business Loans from the bank | Various types of facilities can be offered by the bank under WCF facilities. |
| Business Loans can be availed by small business owners. | WCF facilities can be availed by small business owner to big corporate. |
| Maximum tenor of loan is 48 months offered by the banks. | Maximum tenor will be 12 months based on the facility requirement. |
| Business Loans are costly than the WCF loans. Generally interest rates will be very from 18% to 21%. | WCF are relatively cheaper than the Business Loans. Generally interest rates will be vary 13% to 15% as per bank internal policy. |
| Minimum of 3 years vintage will be required for the business loans. | Min of 1 year vintage for calculation of eligibility will require for WCF. |
| Generally Business Loans will be used for unexpected requirement in business.. | WCF will be used for regular activities of business. |
| Loan disbursement will be max 7-15 days from the date of application. | Min of 15 days to max of 90 days will require for process the WCF request from the date of application. |
| Banks/Financial Institutions will prefer to provide the business loans to WCF customers. | Banks will prefer to take more collateral to fund the WCF. |
| Interest will be on total loan outstanding and will be calculated on monthly basis. | Interest will be calculated on daily basis outstanding and will be debited in account on monthly basis. |
About Karnal
Karnal is an important city located in the state of Haryana. The city accounts for a major share of the country’s agricultural implements and shares. It is also well known for being the starting point of Liberty shoes manufacturing. Liberty shoes have one of the biggest manufacturing facilities in Karnal. According to Hindu mythology, Karnal is believed to have been founded by Karna, a character from the epic, Mahabharata.
Historically, Kot Mohalla is a fort, is inhabited by the Ror clan. They are credited with building the present Karnal.Karnal’s significant period in history started in 1739 with the Battle of Karnal. In this battle, the Mughal Emperor Muhammad Shah was defeated by Nadir Shah and took over the city. In the subsequent years, Karnal came to be ruled by Raja Gopal Singh, the Marathas, the Sikhs and the British.Karnal is also the birthplace of Pakistan’s first Prime Minister, Liaquat Ali Khan, who was born here on 1st October, 1895. Other people of note who were born in Karnal include Kalpana Chawla and ID Swami. Kalpana Chawla was an astronaut and the first Indian woman to go to outer space.
Other Cities Loan Offers
Places To Be Visited In Karnal
Pukka Pul
The Pukka Pul is located at a distance of 7 Kms from the Karnal city. This beautiful place is also known as the Sayad’s Shrine and is situated near the Mughal Bridge. The tomb is considered to have mythological powers of sending away the ghosts and curing disease.
Karnal Fort
The Karnal Fort is an old fort situated in the district of Karnal. This fort was constructed by Raja Gajpat Singh of Jind in 1764 AD. However, now this fort has been turned into an accommodation for official and residential purposes of the Tehsildar.
Cantonment Church Tower
Cantonment Church Tower is an ancient tower which is located in the city itself. The height of the tower is 35 meters and is bordered by a big cross. This Church has been named after St. James. In 1841 AD, it was demolished after the shifting of the cantonment to Ambala.
Alamgir Miran Sahib's Tomb
The tomb of Alamgir Miran Sahib is situated in the southern part of Karnal town. This tomb was built in the memory and honour of a saint Sayad Mohammed. Sayad Mohammed died in 899 AD while rescuing a Brahmin girl from the custody of a Raja in a pitched battle. The premises of this tomb also have a small mosque along with cemeteries of several members of the Mandal family.
Kalander Shah's Tomb
The tomb of Kalander Shah is situated at a few km from the district of Karnal. This tomb was built by Ghias-ud-din, who was the emperor of Delhi, in the memory of Bo-Ali-Qualander Shah, who was a famous Muslim sage. There is a grave placed inside this tomb, which is made out of marble and decorated with carved sculptures. Just outside this tomb, there is a mosque with a fountain and reservoir in its premises. This mosque was built by Emperor Alamgir.
Karnal Lake
Just 10 Kms from Karnal, Karnal Lake is basically an artificial lake having an island in centre. It is a dwelling place for many birds like geese, kingfishers, swans and ducks etc. The exotic and refreshing surrounding nearby lake lures.