DHFL Business Loan
Business loan is a credit facility offered by Banks and NBFCs to meet the financial requirements of self-employed customers and enterprises. It can be availed by individuals, MSMEs, business owners, entrepreneurs, professionals (CAs/Doctors), and several other business entities.
Features and Benefits of DHFL Business Loan
DHFL Business Loan has been designed considering the needs of SMEs (Small and Medium Enterprises). It offers a non-collateral loan starting from ₹3 lakh and up to ₹10 lakh and a flexible tenure of up to 36 months for the same.
DHFL Business Loan helps businesses to meet their requirement for working capital, short-term finance, or business expansion. It could be an ideal choice for applicants seeking a small business loan. With minimal documentation and utmost transparency, the process of applying for a business loan with DHFL becomes super easy.
- Offers business loans for SMEs
- Interest rates start from 17%
- Provides collateral-free business loans
Given below are the various attractive features of DHFL business loans.
Hassle-free Business Loan
DHFL allows you to apply for a business loan online from the comfort of your home. The company's professional team of trained employees will take care of all the steps in the process by being available at your doorsteps.
A Loan for Distinct Customers
The business loan offered by the DHFL isn't just restricted to a certain group of customers or professionals. Rather, it is designed for both self-employed professionals and non-professionals or future business tycoons having required business experiences.
Avail Maximum Loan of Up to ₹10 Lakh
Whether setting up new equipment or expanding one's business, any step towards entrepreneurial progress demands a significant amount of money. DHFL offers you a business loan amount of up to ₹10 lakh to fulfil your business' financial requirements.
To avail of the DHFL Business Loan, you don't have to pledge any of your securities or collateral.
Provide a few documents confirming your identity, address, income, etc. DHFL will approve your loan sooner if they are found valid.
Eligibility Criteria to Apply for DHFL Business Loan
DHFL has curated some easy to achieve business loan eligibility criteria that borrowers must meet to avail of one.
- The borrower's age must be at least 23 years and should not exceed 65 years during tenure completion.
- They can be either CA (Chartered Accountant), architects, or qualified doctors (MBBS, MD, MS).
- The applicant must have a minimum of four years of business experience or at least one property registered in their name. It could be the applicant's residential home or the shop/office where they are operating their business.
- The age of the borrower must be at least 23 years and should not exceed 65 years during tenure completion.
- The self-employed non-professionals could be any of the following:
- Business owners
- Promoter/Director of closely held private and public limited companies
- Partners of partnership firm
- The applicant must have a minimum of four years of business experience or at least one property registered in their name. It could be the applicant's residential home or the shop/office where they are operating his business.
DHFL Business Loan Fees and Charges
DHFL Business Loan fees and charges as applicable on the application or during the loan tenure are provided below.
|Fees & Other Charges||Details|
|Processing Fees||Processing Fees up to 4 % of loan amount + applicable taxes (payable before disbursement of loan)|
|Default Interest||2% p.m. on default of PEMII/EMI from the date of default till the date of actual payment|
|Prepayment charges||5% of principal amount being repaid + applicable taxes|
|Part Payment Charges||5% of principal amount being repaid + applicable taxes|
|Cheque Bounce Charges||₹500/- + applicable taxes|
|Collection pickup charges||₹250 per visit + applicable taxes|
|Any Legal cost/charges||At actuals + applicable taxes|
|Recovery related charges||At actuals + applicable taxes|
|Stamp duty charges||At actuals + applicable taxes|
|Statutory Charges||At actuals + applicable taxes|
|Loan Repayment Schedule (only applicable for the physical copy of statement)||₹500/- + applicable taxes|
|Change of Loan repayment mode||₹500/- + applicable taxes|
|Duplicate No due Certificate issuance charges (only applicable for the physical copy of statement)||₹500/- + applicable taxes|
|Statement of Account (only applicable for the physical copy of statement)||₹500 + applicable taxes|
|Cash collection charges||1% of collection amount for ₹50,000 and above in cash + applicable GST|
|Charges for Copy of any Document||₹500/- + applicable taxes|
Note: Fees and charges described above are subject to modifications from time to time. The lender determines the charges as per its internal policy. Also, the lender shall notify of any such changes through its websites, branches or another medium as it may consider appropriate.
DHFL Business Loan Interest Rates
The DHFL business loan interest rate starts from 17% per annum for self-employed individuals.
Factors Affecting DHFL Business Loan Interest Rates
DHFL Business Loan interest rates depend on certain factors that it considers before offering a certain interest rate to the borrower.
- Annual Turnover: The higher the annual turnover of the company, the lower would be the interest rate on the business loan. Hence, lower will be the EMI amount. The annual turnover depicts the borrower's repayment capacity.
- Repayment History: NBFCs and banks always prefer borrowers with a good repayment history. If you repay your credits within the stipulated time, you may receive a better deal on interest rates on the business loan.
- CIBIL Score: A CIBIL score is the foremost thing any lender checks. It showcases the borrower's creditworthiness. Borrowers with a higher CIBIL score tend to get a loan at a lower interest rate.
- Good Relationship: If you are loyal and have maintained a good and stable relationship with the lender, it may offer you a lower interest rate on the loan amount.
- Nature of Business: Businesses with a positive and profiting trajectory are more likely to avail of a lower interest rate on business loans.
- Business Experience: It's one of the crucial factors determining whether you will receive a business loan or not. Your business experience also decides the interest rate on the loan you avail of. The longer the business experience you have, the lower will be the interest rate and the higher the chances of your loan getting sanctioned.
Documents Required for DHFL Business Loan
Whether you are applying for an SME loan or a large-scale business loan, you must furnish a few mandatory documents.
- Duly filled DHFL Business Loan application form
- PAN card
- Proof of identity and address, including Aadhaar card, passport, driving license or Voter ID card. You can also furnish utility bills as address proof
- Proof of income, such as the bank statement of the past six months of your primary bank account or the latest ITR (Income Tax Return)
How Does the EMI Calculation Work for DHFL Business Loans?
The DHFL Online Business Loan Calculator offers you an insight into your business loan EMI so that you can manage your finances accordingly. Determine your loan EMI in an instant by entering the amount of the loan, its tenure in years and the interest rate in the DHFL Business Loan EMI Calculator. The results will instantly appear on your screen. The EMI calculator also offers you an option to tweak the amount as per your requirements.
Besides this, you can also use the following formula for calculating the business loan.
EMI = P x R x (1+R)N/ (1+R) N - 1
- P = Loan Amount
- N = Loan Tenure
- R = Rate of Interest
How Does DHFL Compare with Other Lenders?
The table below illustrates the comparison between DHFL's business loan interest rate and its competitors.
|HDFC Bank||11.90% – 21.35% p.a.|
|Axis Bank||14.25% – 18.50% p.a.|
|Kotak Mahindra Bank||16% – 19.99%|
|IDFC First Bank||14.50% onwards|
|IIFL Finance||11.75% – 25.75% p.a.|
|ZipLoan||1% – 1.5% per month (Flat ROI)|
|Lendingkart Finance||1.5% – 2% per month|
|Fullerton Finance||17% – 21%|
|ICICI Bank||18% onwards|
|RBL Bank||17.50% – 25% p.a.|
|Bajaj Finserv||17% p.a. onwards|
|FlexiLoans||1% per month onwards|
|NeoGrowth Finance||19% – 24% p.a.|
|Indifi Finance||1.5% per month onwards|
|Hero FinCorp||Up to 26% p.a.|
|Tata Capital Finance||19% p.a. onwards|
DHFL Business Loan Customer Care Number
For additional information or any other queries regarding the loan, call on DHFL Business loan customer care number at 18002666444.
From refinancing to reducing your interest, we have the answers right here.
How can you repay the DHFL business loan?
DHFL lets you choose from a variety of options to repay the business loan. You can either pay through the Direct Debit method, Post Dated Cheque or Electronic Clearance Services.
When can we opt for a business loan?
You may need a business loan when you need to expand your business or buy new equipment or when it’s at an initial stage, etc.
What is the processing charge you have to pay on the DHFL Business Loan?
DHFL charges a processing fee of up to 4% of the loan amount, including the applicable taxes (payable before disbursement of the loan).
Are there any prepayment charges?
Yes, you have to pay a prepayment charge of 5% of the principal amount, plus the applicable taxes.
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