Loan comparison of Axis Bank Business Loan vs HDFC Bank Business Loan

Axis Bank Business Loan

HDFC Bank Business Loan

Interest Rate

Loans for SENP starts from 17.75% per annum and loans for SEP starts from 15% per annum
Starts from 10.75% per annum

Loan Amount

Up to Rs. 75 Lakhs
Up to Rs. 50 lakhs (up to Rs. 75 lakhs in select locations)

Loan Tenure

Up to 36 months
Up to 48 months

Loan Processing fees

Up to 2% of Loan Amount + GST as applicable
Up to 2% of the loan amount NIL Processing Fees for loan facility up to Rs. 5 Lakhs availed ​​​​​​ by micro and small Enterprises

EMI per Lakh

N/A
N/A

Part Payment Charges

Prepayment Charges: Up to 24 Months: 4% of principal outstanding at the time of prepayment + GST 25-36 Months: 3% of principal outstanding at the time of prepayment + GST More than 36 Months: 2% of principal outstanding at the time of prepayment + GST Do note that in case of Micro and Small Enterprises (MSE) customers, no prepayment charges are applicable if; Loan amount is up to Rs. 50 Lakhs under Fixed rate loans Part Prepayment Charges: 2% charge + GST will be levied on amount prepaid. Do note that in case of Micro and Small Enterprises (MSE) customers, no prepayment charges are applicable if; Loan amount is up to Rs. 50 Lakhs under Fixed rate loans
06 – 24 months: 4% of total principal outstanding, 25 – 36 months: 3% of total principal outstanding More than 36 months: 2% of total principal outstanding Note: HDFC Bank doesn't permit part/full prepayment of loans until repayment of at least 6 EMIs Part-payment allowed of up to 25% of the principal outstanding, after payment of 12 EMIs, once in the financial year and twice during the entire loan tenure. HDFC Bank does not levy any foreclosure/prepayment charges for fixed rate business loan facility of up to Rs. 50 Lakh availed by Micro & Small Enterprises (MSE) and closure from own sources

Minimum Income

N/A
N/A

Documents

KYC Documents 

Duly filled in application form signed by the customer 

Relevant financial documents 

Bank account statement of last 6 months 

PAN Card/Form 60 

Business Proof

PAN Card – For Company/Firm/Individual

A copy of any of the following documents as identity proof:

Aadhaar Card

Passport

Voter's ID Card

PAN Card

Driving License

A copy of any of the following documents as address proof:

Aadhaar Card

Passport

Voter's ID Card

Driving License

Bank statement of the previous 6 months

Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 2 years, after being CA Certified/Audited

Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)

Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)]

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