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HDFC Working Capital Loan
Simply explained, a working capital loan is obtained to pay for a business's operating costs. A business may use this form of loan when it lacks the cash flow to meet immediate demands. If you want to apply for this loan, the loan amount, repayment period, and interest rate can differ from lender to lender. Although you may get a fixed-interest loan for a minimum of Rs. 50,000 for terms up to 7 years, The money obtained through this loan may be put to a variety of uses.Powered By
HDFC Working Capital Loan
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Here are a few factors
| Location | Anywhere within reach in HDFC Branch |
| Applicant | Any Self Employed Person |
| CIBIL Score | 700+ |
| Loan Amount | 10 Lac to any amount |
| Turnover | 40 Lac+ |
| Rate of Interest | 8.5% to 15% |
| Tenure | OD/CC Limit- 1 year revolving Term Loan-3 year to 15 year |
| Processing Fees | 0.10% to 2% |
| Foreclosure Charges | Nil for MSME For others as per Policy |
| Business Vintage | 2 Year |
| Collateral Coverage | 50% to 125% |
| Working Capital Assessment | OD-25% of Last turnover CC-20% of last turnover or as per business cycle |
| Moratorium Allowed in case of Term Loan | Yes, vary project to project |
| Assessment Program |
|
| Product | All Working Capital Product |
Required Documents to Apply for HDFC Working Capital Loan
A. Document List
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Business Profile of applicant
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KYC of applicant & Co-Applicant
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Last 3 year ITR with computation of income of applicant & co-applicant
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Last 3 year audited balance sheet of applicant
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Last 3 year Tax audit report of applicant
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Provisional Balance Sheet of applicant if applicable
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CoProjections of Next 3 year for Working Capital and 5 year to for Loan Tenure for Project Loan
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Last 12 month Bank Statement of applicant & co-applicant
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26AS of last 2 year of applicant & co-applicant
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Copy of GST registration
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Copy of MSME registration if available
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Copy of Last 12 month GST return
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Copy of all Approvals and/or affiliations received
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Property Paper with complete chain of last 13 years
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Sanction letter of all running loan
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Existing Debt Sheet
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Latest utility Bill of residence if owned or rent agreement if rented
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Latest utility Bill of Office if owned or rent agreement if rented
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2 Reference with contact details
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Last 3 year Debtors & Creditors on letter head
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List of Directors & Shareholders/Partners on Letter head as the case may be
Applicant may be
- Company
- Partnership Firm/LLP
- Proprietorship Firm/Individual
- Company-Directors
- Partnership Firm/LLP-Partners
- Proprietorship/Individual-Spouse of Proprietor/Individual
- Company : MOA, AOA, COI & PAN Card of Company
- Partnership Firm/LLP : Partnership Deed & Pan Card of Firm/LLP
- Individual : PAN Card, Aadhar Card, Pan Card & Passport Size Photo
Advantages of Getting a Working Capital Loan from ReferLoan
As a business owner, you know that slow-paying customers are a real problem and you've come to realize that cash flow issues are holding back your growth. Get a working capital loan with Referloan and you can be sure that it is worth the money.
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Minimal Documentation
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Rapid Procedure
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Instant Approval
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Determined Loan Tenure
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Low-Interest Rates
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Wide Range of Lenders
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No Collateral Required*
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Flexible EMIs
Factors You Need to Consider Before Applying for a Working Capital Loan
Most of the banks are very particular regarding their guidelines when it comes to Working Capital Loan. So any sort of lack of eligibility or documentation can cost you a loan application rejection.
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Examine your loan’s needs.
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Do proper research to get the best rate
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Examine your credit report
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Carefully read the fine print on your loan agreement.
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Assess your repayment ability before deciding on a loan term
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Select a reasonable interest rate.
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Examine your EMIs thoroughly
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Examine the processing costs
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Depending on your option, choose a fixed or variable interest rate
Invest in your dreams. Get a Working Capital Loan.
With a working capital loan, you can start up your own business or buy and sell merchandise easier by getting the cash needed to expand your operations. Apply now and be on your way to success!
Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, the amount will be disbursed to your account shortly.
What is a Working Capital Loan?
A working capital loan is a type of financing wherein you get money to pay for your daily expenses. This loan may be from a bank, private lender, government agency, or any other financial institution that approves loans based on the grantor's credit history. A business may avail of this loan if there is no steady flow of income for it to keep its business running. The money provided by this loan will be used for everyday operating costs like the payments of salaries, utilities, accounts receivable, and depreciable expenses. This type of loan is taken out by businesses that have regular sales or revenue accounting for a major amount of their operating expenses.
FREQUENTLY ASKED QUESTIONS
Working capital loans typically vary from 10% to 21%. Depending on the qualifying requirements set forth by the lending institution, they will differ from lender to lender.
Before applying for a working capital loan, you must double-check with the bank because the processing cost may differ from banker to banker. The processing charge typically ranges from 2% to 3% of the loan amount.
Because it is a short-term loan, banks, and other financial firms will often give it a one-year duration.
No. For the purpose of obtaining a working capital loan, some lenders will need an asset as collateral. For example, property that is residential, commercial, or industrial in nature may be accepted as collateral by specific banks.
It also affects what kind of trade your company is based in. In order to prevent your application from being rejected, it is usually a good idea to confirm the exact criteria with your lender.
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