HDFC is India's leading banking institute. They offer various types of business loans to their customers to fulfill their business related needs. HDFC has introduced a new business product for MEs (Medium Enterprises) across India. The HDFC business loan to ME customer (Swipe machine) is the new and easiest way to get funds for your ME. In this type of loan one can get a business loan against card swipes.
Now-a-days almost all MEs have swipe machines to run their business. Customers can purchase services/goods from them by paying them via card instead of cash. The card swipes done on the card machine at one's ME can help them get a business loan against card swipes. HDFC offers loan amount up to Rs. 25 lakh. The loan is approved in 3 working days after submitting all the right documents and 1 working day for disbursal.
One can pay back the HDFC business loan to ME customer (Swipe machine) by opting for EMI (equated monthly installment). The maximum tenure is 36 month and interest rate is 17.50%*. There is no part payment option to repay this loan. If you want to prepay the loan, you can't do it for 1st 12 months of the loan tenure and after that 4% on remaining principal outstanding will be charges for prepayment.
A. You pay the loan via EMI i.e. equated monthly installments.
A.Â It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A:Â Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your loan-related queries, you can call our representative on 1800 2667576 or mail us at firstname.lastname@example.org