Loan comparison of IDFC First Bank Business Loan vs HDFC Bank Business Loan

Interest Rate

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

Loan Amount

Up to Rs. 1 Crore for self-employed individuals and businesses
Up to Rs. 50 lakhs (up to Rs. 75 lakhs in select locations)

Loan Tenure

Up to 48 Months
Up to 48 months

Loan Processing fees

Up to 3.5% of loan amount
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

As per bank's norms
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

Photo identity and Address proof: As per RBI defined KYC guidelines. Ownership proof of office or residence

Business Proof: Shop Act License/MOA & AOA/GST registration/ITR, Partnership Deed, Udyam Certificate

Any one of the additional documents based on the selected variant

Banking scheme - Last 2 years’ ITR document and last 6 months’ bank statement

GST Returns scheme - Last 6 months’ bank statement, GST returns for the last 12 months, latest ITR and computation, Obligation details, and Banking facility sanction letter

Income scheme- Last 2 years’ ITR & computation, last 2 years’ audited PnL & Balance sheet, last 6 months’ Bank statements, Obligation details

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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