HDFC Business Loan for Traders HDFC bank is one of the largest banks in India. HDFC bank is known for its customer service and great variety of options for banking customers. HDFC business loan for traders is an unique product that is offered to traders for their working capital needs.
HDFC Business Loan for Traders Details
HDFC Business Loan for Traders Those whose business has been profit making for the previous 2 years. The business should have a Minimal Annual Income (ITR) of Rs. 1.5 lakhs per annum. The applicant should be at least 21 years at the time of applying for the loan, and should be no older than 65 years at the time of loan maturity.
Yes, to be eligible for a Business Growth Loan for self-employed, one must not be at least 21 years old at the time of applying, and should not be over 65 years of age at the time of loan maturity.
Up to a maximum of Rs. 30 lakh can be availed as loan. The loan repayment period ranges between 12 months and 60 months. The lender charges a competitive rate of interest.
HDFC Loan for Traders
HDFC Business Loan for Traders When it comes to personal loans, there is no set minimum salary for your application to be approved. Some banks may keep a minimum limit (say Rs. 15,000 – Rs. 20,000 per month).
HDFC Business Loan for Traders Traders require a business loan for their various working capital needs such as purchase of raw materials, payment of rent and salaries, finance their trade receivables stuck with their customers etc. Cash is very very important for a trader and hence time working capital fulfillment would go in a long way in helping their business succeed. HDFC business loan is a loan that is designed for the same. let us look at the features of HDFC bank loan for traders in this article –
Features of HDFC Loan
- Tenure – You can get a loan for trading from HDFC bank for a duration ranging between 12-48 months. One can apply for loan from HDFC Bank by visiting a nearest branch or online
- Collateral free – HDFC bank offers loan to traders without any collateral. Unlike most public sector banks which asks for collateral at a certain amount of loan, HDFC bank doesn’t ask for the same. It provides business loan on the basis of financial viability of the business.
- Balance transfer – HDFC banks also offers a balance transfer option for your existing business loan from an existing bank or NBFC. Interest rates charged by HDFC bank is relatively lower compared to what NBFC charges and hence it is a great option to transfer your loan form NBFC to HDFC.
- Loan Amount – With HDFC Bank MSME loan, you can get a loan up to Rs 40 Lakhs which can go up to Rs 50 lakhs in selected locations
HDFC Business Loan for Traders HDFC Business loan is the best loan for your trading business. This loan is tailormade for your your working capital cycle requirement. This loan is available in all major cities and towns in India. You can apply for HDFC loan from HDFC website or visiting nearest HDFC bank branch. However, if you are interested in business loan from a large public sector bank such as SBI then you can read more about here.
HDFC Business Loan for Traders Yes, MSME loans for traders are available in India; many lenders offer credit services to traders. They play a vital role in the production, selling, and distribution of products.
HDFC Business Loan for Traders The private lender is also increasing focus on acquiring customers digitally with schemes like Zip Ride that offers pre-approved loans, Quick Paisa that enables loans through net-banking and over 2,000 dealerships armed with biometric devices.