Loan comparison of Bajaj Finance Business Loan vs HDFC Bank Business Loan

Bajaj Finance Business Loan

HDFC Bank Business Loan

Interest Rate

Starts from 14% per annum
Starts from 10.75% per annum

Loan Amount

Up to 80 Lakhs
Up to Rs. 50 lakhs (up to Rs. 75 lakhs in select locations)

Loan Tenure

Up to 96 months
Up to 48 months

Loan Processing fees

Up to 3.54% of the loan amount (inclusive of applicable taxes)
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- Full Pre-payment: Term Loan: Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment Flexi Term Loan (Flexi Dropline): Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment Flexi Hybrid Loan: Up to 4.72% (inclusive of applicable taxes) of the total withdrawable amount as per the repayment schedule as on the date of full prepayment Part-prepayment- Up to 4.72% (inclusive of applicable taxes) of the principal amount of loan prepaid on the date of such part-prepayment No extra part-prepayment charges with Flexi Term Loan (Flexi Dropline) and Flexi Hybid Loan
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 - Aadhaar / passport / voter's ID / driving license / letter from NPR / NREGA job card 

PAN Card 

Proof of business ownership 

Other financial documents

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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