loans against card swipes

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What is HDFC business loan to ME customer (Swipe machine)?

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.

What are the eligibility criteria to avail HDFC business loan to ME customer (Swipe machine)?

  • You should have a registered and legitimate business.
  • Your business should come under the medium enterprise (ME) category. Eg.: Retailer, food beverages, hotel, grocery store & utility store.
  • Annual turnover of your business should be Rs. 75 lakh.
  • Minimum 1 year of swiping required on your machine against which you are applying for loan.

What are the documents required to avail HDFC business loan to ME customer (Swipe machine)?

  • KYC details
  • Latest ITR (Income Tax Return)
  • Latest bank statements

How can you repay the HDFC business loan to ME customer (Swipe machine)?

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.

How to Apply For an HDFC business loan to ME customer (Swipe machine) on Ruloans?

  • Applying for an HDFC business loan to ME customer (Swipe machine) on Ruloans involves few easy steps:
  • Step 1: Go to the 'Business Loan' menu on our website and click on 'HDFC ME Loan' option. From there click on '˜Apply Now' box.
  • Step 2: Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list required document, processing fees, interest rates etc.
  • Step 4:You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

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