Tag: Interest

How do savings accounts work? #savings #acct #interest #rates

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How do savings accounts work?

­The most common type of bank account, and probably the first account you’ll ever have (after a checking account), is a savings account. Savings accounts allow you to keep your money in a safe place while it earns a small amount of interest each month. These accounts usually require either a low minimum balance, like $25, or may require no minimum balance at all. This depends on the bank and the type of account.

Besides the fact that you will be less likely to spend it, putting your money in a savings account is safer because it is insured. If your home is robbed or burns down, your money may be lost forever. Banks and credit unions. on the other hand, keep your money in a locked and fireproof safe. Banks insure your money (up to $100,000) through the Federal Deposit Insurance Corporation (FDIC). This means that even if the bank goes out of business (which is very rare!) your money will still be there. (The National Credit Union Administration (NCUA) insures credit union accounts up to $250,000.) The FDIC is an independent agency of the federal government that was created in 1933 because thousands of banks had failed in the 1920s and early 1930s. Not a single person has lost money in a bank or credit union that was insured by the FDIC since it began. When you put your money into a savings account, it earns interest. Interest is money the bank pays you so that they can use your money to fund loans for other people. That doesn’t mean you can’t have your money whenever you want it, though. That’s just how banks make money — by selling money! Basically, it works like this:

  • You open a savings account at the bank.
  • The bank pays you interest on the money that you deposit and leave in that account.
  • The bank then loans that money out to other people, only they charge a slightly higher interest rate on the loan than what they pay you for your account.

The difference in interest they pay you verses the interest they charge others is part of how they stay in business.

­Interest on savings accounts is usually compounded daily and paid monthly. The cool thing about compounded interest is that the bank is paying you interest on the money they’ve paid you in interest! That means that if your account earns one percent interest, then each day 1/365th of that one percent of the amount of money you have in your savings account is then added to your total. Here is the calculation:

Daily compounding = Principal (1 + interest rate/365)365 = (daily compounded amount)

On the next page, we’ll explore how banks and credit unions manage savings accounts and explain what happens when you open your new account.

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Credit Cards – Compare Best Card Offers & Apply Online #get #a #credit #cards,

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Compare partner credit card offers from our most
popular categories

How to choose a credit card

When looking to get a credit card, there are a variety of things you should consider. If you want a rewards card to use frequently, you might not mind paying a $100 or $200 annual fee. You should also consider the regular APR (as opposed to the introductory rate) and the interest rate. A good interest rate is dependent on how you will use the card. For example, a 20% interest rate is fine if you plan on paying off the balance every month.

It pays to ask these kinds of questions before you fill out the application form. Here are 9 questions you want answered before you sign on the dotted line.

The “very first question” the consumer should ask is, “Why am I applying for this card? Why do I need this card?” says Bruce McClary, media director for ClearPoint Credit Counseling Solutions, a nonprofit affiliated with the National Foundation for Credit Counseling

Some positive reasons: The card has low or no fees, a lower interest rate or offers a rewards program that suits your spending habits. “It has to make sense, and it has to fit into your overall lifestyle,” McClary says.

Do you pay off your credit card balances every month? If so, “you don’t care what the interest rate is because you won’t pay any,” says Ric Edelman, author of “The Truth About Money.” “But you care about the (annual) fee,” he says.

If you run a balance, you want the lowest rate you can get, even if that comes with an annual fee.
One clue to your usage: “Look at your past history,” says Edelman. “Because what you’ve done before is what you will be doing.”

If you’re shopping for a card, chances are you’re comparing card terms. But if an issuer sends you an offer, it’s tempting to apply and see what you get.

“It’s really difficult to pick one (in isolation),” says Kelly Rogers, chief development officer for the Consumer Credit Counseling Service of Orange County and adjunct faculty at Chapman University. “If someone just shows you one car, how do you know if it’s the right car for you?”

Her advice: Do a side-by-side comparison of several different cards before you apply.

Don’t be afraid to plug the card name, “complaints” and “customer service” into your favorite search engine. “I go through and see who has the least amount of complaints and issues,” says Rogers.

Some cards will give you a range of rates you could get, but often that window is pretty wide, says Nick Bourke, director of the Safe Credit Card Project at The Pew Charitable Trusts. Other cards may offer a specific rate (or terms) and either approve or reject you.

If you’re operating totally in the dark, you have another option: Apply by phone and push for an answer on your rate and credit line before the account is opened.

While there are no guarantees, sometimes you can get an answer, says Bourke.
“I’ve actually done this myself,” he says, admitting “you do have to go pretty far in the process.”
You may have to ask for the department that’s actually evaluating your application to get an answer, he says.

“The thing that you want to do is when you’re talking to the person on the phone taking your application is you want to push them as hard as you can to get your APR and credit line,” Bourke says. Then, once you have the information and before the account is opened in your name, “you can say yes or no at that point,” he says.

According to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, if a card offers a lower interest rate during an introductory period, the promotional rate has to last at least six months. While that introductory offer may be appealing, the regular rate is what you’re really buying.

So find out when the introductory APR expires and what the new rate will be. You can find this information online in the terms and conditions for the card or you can ask a service representative.

Another smart question: How long is that grace period? “Some cards start charging interest immediately,” says Edelman. A card can have different grace periods for balance transfers and cash advances than it does for purchases.

You can find information about the grace period in the credit card offer, thanks to federal rules that took effect in 2010. Look for a summary table of rate and fee disclosures, which will include a statement that explains how to avoid paying interest.

If you’re getting the card for points or rewards, this is one you definitely need to ask, says Josh Frank, senior researcher with the Center for Responsible Lending. Some issuers will revoke rewards if you’re late with a payment by even one day, he says.

“A lot of times, the answer they will give you is that they can take away or reduce your rewards for any reason,” he says. While that’s true, the issuer will have a policy on revoking or reducing points, and that’s what you want to ask about, he says. Under what specific circumstances would they reduce or eliminate a customer’s points?

In most cases, “this is one the customer service agent should know the answer to,” he says.

Some card issuers use your purchase records to assess your ongoing creditworthiness.

That means if you suddenly use your card to purchase retread tires, pay for a session with a marriage counselor or make a purchase at a market on a sketchy side of town, you could see your APR climb or your credit limit fall, says Frank. If you see this practice as an invasion of privacy, ask beforehand if the issuer does this, he says.

How to phrase it: Can my transactions ever be used in rating my credit risk?

And that’s one question the customer service representative “might not know the answer to,” says Frank. “You might want to ask them to transfer you to the credit department manager.”

If you are guaranteeing a card account by co-signing for a college student, ask if you will be on the hook for the debt after the other party turns 21, says Chi Chi Wu, staff attorney for the National Consumer Law Center.

Many times, “there is nothing to prevent the issuers from saying you’re going to be guaranteeing this card 15 years from now — long after junior is out of college,” she says.

In addition, find out exactly what has to be done to get you off the account. Are you free to complete those steps yourself? Or will you need the cooperation of someone who might not want you — and those charging privileges — to go away?

Federal regulations limit your liability for unauthorized credit card charges to $50 if you report it within two business days. The longer you wait, the more you may lose. Many issuers cap losses at zero dollars, provided you follow a few rules. So find out how the card would handle charges you didn’t make, says McClary.

Also, does the issuer monitor usage and shut down the card if it sees out-of-the-ordinary charges or spending locations? That feature can be great if you always use the card for the same types of purchases in the same geographic area, but cumbersome if you’re getting the card for travel.

While it sounds counterproductive, you want to ask some detailed questions on how the issuer will treat you if you run into financial problems, says McClary.

Will you lose points or benefits? Will you be hit with late fees or a penalty rate? Ask what those penalties are or look online at the terms and conditions for the card.

Some issuers have programs to slash interest temporarily for customers who get behind, he says. Others don’t. So find out ahead of time what kind of programs the issuer offers that will help you rehabilitate your account and restore your original terms, McClary says.

Ask about the “worst case scenario,” he says. “When do they consider an account to be charged off? And when do they send an account to a collection agency?”

“It may be a little tough to get a hold of that information because it might not be readily available at the customer service level,” says McClary. “You may have to punch it up a level.”

Bankrate’s best credit cards





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Credit Cards – Compare Best Card Offers & Apply Online #which #business #credit #card

#

Compare partner credit card offers from our most
popular categories

How to choose a credit card

When looking to get a credit card, there are a variety of things you should consider. If you want a rewards card to use frequently, you might not mind paying a $100 or $200 annual fee. You should also consider the regular APR (as opposed to the introductory rate) and the interest rate. A good interest rate is dependent on how you will use the card. For example, a 20% interest rate is fine if you plan on paying off the balance every month.

It pays to ask these kinds of questions before you fill out the application form. Here are 9 questions you want answered before you sign on the dotted line.

The “very first question” the consumer should ask is, “Why am I applying for this card? Why do I need this card?” says Bruce McClary, media director for ClearPoint Credit Counseling Solutions, a nonprofit affiliated with the National Foundation for Credit Counseling

Some positive reasons: The card has low or no fees, a lower interest rate or offers a rewards program that suits your spending habits. “It has to make sense, and it has to fit into your overall lifestyle,” McClary says.

Do you pay off your credit card balances every month? If so, “you don’t care what the interest rate is because you won’t pay any,” says Ric Edelman, author of “The Truth About Money.” “But you care about the (annual) fee,” he says.

If you run a balance, you want the lowest rate you can get, even if that comes with an annual fee.
One clue to your usage: “Look at your past history,” says Edelman. “Because what you’ve done before is what you will be doing.”

If you’re shopping for a card, chances are you’re comparing card terms. But if an issuer sends you an offer, it’s tempting to apply and see what you get.

“It’s really difficult to pick one (in isolation),” says Kelly Rogers, chief development officer for the Consumer Credit Counseling Service of Orange County and adjunct faculty at Chapman University. “If someone just shows you one car, how do you know if it’s the right car for you?”

Her advice: Do a side-by-side comparison of several different cards before you apply.

Don’t be afraid to plug the card name, “complaints” and “customer service” into your favorite search engine. “I go through and see who has the least amount of complaints and issues,” says Rogers.

Some cards will give you a range of rates you could get, but often that window is pretty wide, says Nick Bourke, director of the Safe Credit Card Project at The Pew Charitable Trusts. Other cards may offer a specific rate (or terms) and either approve or reject you.

If you’re operating totally in the dark, you have another option: Apply by phone and push for an answer on your rate and credit line before the account is opened.

While there are no guarantees, sometimes you can get an answer, says Bourke.
“I’ve actually done this myself,” he says, admitting “you do have to go pretty far in the process.”
You may have to ask for the department that’s actually evaluating your application to get an answer, he says.

“The thing that you want to do is when you’re talking to the person on the phone taking your application is you want to push them as hard as you can to get your APR and credit line,” Bourke says. Then, once you have the information and before the account is opened in your name, “you can say yes or no at that point,” he says.

According to the Credit Card Accountability, Responsibility and Disclosure Act of 2009, if a card offers a lower interest rate during an introductory period, the promotional rate has to last at least six months. While that introductory offer may be appealing, the regular rate is what you’re really buying.

So find out when the introductory APR expires and what the new rate will be. You can find this information online in the terms and conditions for the card or you can ask a service representative.

Another smart question: How long is that grace period? “Some cards start charging interest immediately,” says Edelman. A card can have different grace periods for balance transfers and cash advances than it does for purchases.

You can find information about the grace period in the credit card offer, thanks to federal rules that took effect in 2010. Look for a summary table of rate and fee disclosures, which will include a statement that explains how to avoid paying interest.

If you’re getting the card for points or rewards, this is one you definitely need to ask, says Josh Frank, senior researcher with the Center for Responsible Lending. Some issuers will revoke rewards if you’re late with a payment by even one day, he says.

“A lot of times, the answer they will give you is that they can take away or reduce your rewards for any reason,” he says. While that’s true, the issuer will have a policy on revoking or reducing points, and that’s what you want to ask about, he says. Under what specific circumstances would they reduce or eliminate a customer’s points?

In most cases, “this is one the customer service agent should know the answer to,” he says.

Some card issuers use your purchase records to assess your ongoing creditworthiness.

That means if you suddenly use your card to purchase retread tires, pay for a session with a marriage counselor or make a purchase at a market on a sketchy side of town, you could see your APR climb or your credit limit fall, says Frank. If you see this practice as an invasion of privacy, ask beforehand if the issuer does this, he says.

How to phrase it: Can my transactions ever be used in rating my credit risk?

And that’s one question the customer service representative “might not know the answer to,” says Frank. “You might want to ask them to transfer you to the credit department manager.”

If you are guaranteeing a card account by co-signing for a college student, ask if you will be on the hook for the debt after the other party turns 21, says Chi Chi Wu, staff attorney for the National Consumer Law Center.

Many times, “there is nothing to prevent the issuers from saying you’re going to be guaranteeing this card 15 years from now — long after junior is out of college,” she says.

In addition, find out exactly what has to be done to get you off the account. Are you free to complete those steps yourself? Or will you need the cooperation of someone who might not want you — and those charging privileges — to go away?

Federal regulations limit your liability for unauthorized credit card charges to $50 if you report it within two business days. The longer you wait, the more you may lose. Many issuers cap losses at zero dollars, provided you follow a few rules. So find out how the card would handle charges you didn’t make, says McClary.

Also, does the issuer monitor usage and shut down the card if it sees out-of-the-ordinary charges or spending locations? That feature can be great if you always use the card for the same types of purchases in the same geographic area, but cumbersome if you’re getting the card for travel.

While it sounds counterproductive, you want to ask some detailed questions on how the issuer will treat you if you run into financial problems, says McClary.

Will you lose points or benefits? Will you be hit with late fees or a penalty rate? Ask what those penalties are or look online at the terms and conditions for the card.

Some issuers have programs to slash interest temporarily for customers who get behind, he says. Others don’t. So find out ahead of time what kind of programs the issuer offers that will help you rehabilitate your account and restore your original terms, McClary says.

Ask about the “worst case scenario,” he says. “When do they consider an account to be charged off? And when do they send an account to a collection agency?”

“It may be a little tough to get a hold of that information because it might not be readily available at the customer service level,” says McClary. “You may have to punch it up a level.”

Bankrate’s best credit cards





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What is a balance transfer? 9 things you should know #credit #cards, #credit #card,

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What is a balance transfer? 9 things you should know

1. Transferring isn’t the same as repaying. When you use a balance transfer card, you are, in essence, paying off credit card “A” with new credit card “B.” For example, if you’ve been paying 13 percent interest on a $2,000 debt, you’d have to make a $347 monthly payment for six months to pay off the debt. Transfer that $2,000 to a 0 percent card and your payments will be $334, saving $77 in interest in the process. “The only real, solid, definable benefit from a balance transfer is you can save money over the long haul if you pay back the previous amount you owed and you pay it at a lower interest rate, including all your costs,” says Mike Sullivan, director of education for Take Charge America, a Phoenix-based nonprofit consumer credit counseling company.

2. Consolidating simplifies payments. Another reason to transfer balances to a single low-interest credit card is to simplify your financial life. If you’ve maxed out multiple credit cards, can’t keep payment dates and minimum payments straight and often accrue late fees, putting all your credit card debt on one card may be a good move. You’ll have just one card to keep track of and one payment to make each month.

3. You may transfer other debts, not just credit cards. It’s not just balances from other credit cards that can be transferred. You may be able to move loans for cars, appliances, furniture and other monthly installment payments to a no-interest balance transfer credit card, using checks from the bank that issues the credit card.

4. Fees are inevitable. It isn’t quite as simple as making a swap from a high interest rate to a low interest rate anymore. You will almost always be charged a balance transfer fee. which is determined as a percentage of the total amount you’re transferring. In the past, transfer fees were capped. Today, on most balance transfer cards, there is no cap, so the more you transfer, the bigger the fee. A typical fee in 2017 is 3 percent, so if you transfer a $10,000 debt from another card, you’ll pay a $300 fee right away. Even if you have the cash to do so, it might or might not be worth it, depending on how much money you’ll save on interest over the life of your debt. See if it makes sense for you by using a balance transfer calculator .

5. Transfer rates expire. A balance transfer card woos you with an extra-low annual percentage rate (APR) between 0 percent and 5 percent. That teaser rate, however, doesn’t last forever. After a set period — often a six months to a year, occasionally more, the interest rate will increase, probably to somewhere in the range of 12 percent to 18 percent — perhaps even worse than the interest rate you were trying to get away from. Make a misstep, such as letting payments lag, and your great rate will disappear and in its place will appear the higher “go-to” rate.

6. Careful with new purchases. Just because the balance you transferred to the new card gets a free pass with perhaps a 0 percent interest rate right now doesn’t mean new purchases on the card will be interest-free too. Some balance transfer credit cards’ rules specify that only transferred balances qualify for the lower rate, while new purchases collect interest at the regular, higher APR. Some cards do apply the introductory interest rate to new purchases too, but often only for the first six months.

7. Learn how payments are allocated. To make matters more complicated, you can’t tell your card issuer how to apply your payments if you have both a 0 percent balance transfer balance and a new purchase balance at a higher rate on the same card. According to the Credit CARD Act of 2009, issuers are required to apply any amount in excess of the minimum payment to the debt with the highest interest first. Most issuers will apply your total minimum amount payment to the lowest interest debt first, which will draw out the repayment time (and interest charges) on the higher interest debt. Because of this, it may be best to avoid using a balance transfer card for any new purchases to avoid dual-interest-rate balances.

8. Repeat transfer? Don’t bet on it. You may think applying for a new balance transfer card when your teaser rate expires is the perfect solution to avoid ever paying interest on your credit card debt. Moves like that can damage your overall credit score. When you continue to open new low-interest accounts, but maintain high debt levels, lenders may see you as a risk, which will make it hard for you to borrow money for big-ticket items such as a home or car.

9. Good credit required to qualify. Zero interest balance transfer cards were widely available before the recession, but became rarer and less generous during it. They’re now common again, but the best terms are available only to those with good or excellent credit. If you can qualify, and if it’ll save you significant cash or help you pay off your debt sooner, it might be the way to go.

Updated: Mar. 23, 2017





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Business interest rates, fees – charges #types #of #business

#business loan rates

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Interest rates, fees and charges

Customer Margin may apply.

**These interest rates are indicative and are subject to change on a daily basis. Rates are linked to the “bid rate” quoted on the “BBSY” page of the Reuters Monitor System at or about 10.15am 26 August 2016 Sydney time. Different rates apply to different Pricing Periods. Details of current rates available on request. These rates are current as of 26 August 2016. For details of rates that apply on any other date please contact NAB.

***These rates are current as at the 1st of every month for that month. For full pricing details, please consult your foreign currency invoice finance facility agreement.

* Rates apply whilst qualifying criteria met otherwise Base Rate/Term Base Rate is the applicable indicator rate.

® Registered Trade Mark of American Express Company.

All rates and underwriting fees are effective, 2 September 2016 and are subject to change at any time.

To find out more, visit nab.com.au, call into a NAB branch, or call 13 10 12. Fees and charges apply.

Full details of these and relevant terms and conditions are available on application.





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Interest Rates and Fees #free #business #banking

#government loans

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Understand how interest is calculated and what fees are associated with your federal student loan.

Interest Rates and Fees

If you receive a federal student loan. you will be required to repay that loan with interest. It is important that you understand how interest is calculated and the fees associated with your loan. Both of these factors will impact the amount you will be required to repay.

What is interest?

Interest is money paid to the lender in exchange for borrowing money. Interest is calculated as a percentage of the unpaid principal amount (loan amount) borrowed.

What are the interest rates for federal student loans?

The interest rate varies depending on the loan type and (for most types of federal student loans) the first disbursement date of the loan. The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2016.

Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%.

Interest Rates for Direct Loans First Disbursed on or After July 1, 2016

All interest rates shown in the chart above are fixed rates for the life of the loan.

Note: The interest rates for federal student loans are determined by federal law. If there are future changes to federal law that affect federal student loan interest rates, we will update this page to reflect those changes.

Who sets interest rates for federal student loans?

Interest rates on federal student loans are set by Congress.

How is interest calculated?

The amount of interest that accrues (accumulates) on your loan from month to month is determined by a simple daily interest formula. This formula consists of multiplying your loan balance by the number of days since the last payment times the interest rate factor.

Simple daily interest formula:

Outstanding principal balance
x number of days since last payment
x interest rate factor
= interest amount

What is the interest rate factor?

The interest rate factor is used to calculate the amount of interest that accrues on your loan. It is determined by dividing your loan’s interest rate by the number of days in the year.

How can I determine how much of my payment will go toward my outstanding principal balance?

Your loan servicer can tell you how much of your payment is applied to your principal balance. Find out more about loan servicers .

Are there any other fees for federal student loans?

Most federal student loans have loan fees that are a percentage of the total loan amount. The loan fee is deducted proportionately from each loan disbursement you receive. This means the money you receive will be less than the amount you actually borrow. You’re responsible for repaying the entire amount you borrowed and not just the amount you received.

The chart below shows the loan fees for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after Oct. 1, 2014.

*As of July 1, 2012, graduate or professional students are no longer eligible to receive subsidized loans.

**No new FFEL Program loans have been made since July 1, 2010.

Most loans (excluding Perkins Loans) first disbursed prior to July 1, 2006, have variable interest rates that are effective from July 1 of one year through June 30 of the following year. Interest rates for these loans are not displayed on this site. For information about any variable-rate loans you may have, contact your loan servicer .

A loan funded by the federal government to help pay for your education. A federal student loan is borrowed money you must repay with interest.

A loan expense charged for the use of borrowed money. Interest is paid by a borrower to a lender. The expense is calculated as a percentage of the unpaid principal amount of the loan.

The organization that made the loan initially; the lender could be the borrower’s school; a bank, credit union, or other lending institution; or the U.S. Department of Education.

Date federal student aid funds were credited to a student’s account at a school or paid to the student or borrower directly, as reported by the school.

A company that collects payments, responds to customer service inquiries, and performs other administrative tasks associated with maintaining a federal student loan on behalf of a lender. If y.

Under this program, private lenders provided loans to students that were guaranteed by the federal government. These loans included Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford.

Federal Family Education Loan Program





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Business Loans – Check Business Loan Interest Rate – Eligibility Online at HDFC Bank

#business loan

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Business Loan

  • Features Benefits
  • Eligibility
  • Fees Charges
  • In – Principle loan eligibility in 1 Minute online and across all branches
  • Convenience of contacting us through SMS, Webchat, Click2Talk, PhoneBanking and across all Branches
  • Business Loan is also available on the basis of repayment of home loans, auto loans and credit cards.
  • Loan Amount up to Rs. 15 Lakhs (Up to Rs. 40 Lakhs in selected locations).
  • Flexible repayment options ranging from 12 – 36 Months.
  • Credit Protect Insurance Plan:
    We help you take care of your loved ones with a Credit Protect Plan to cover your loan at a nominal premium.*

In case of Natural / Accidental Death of the customer, the customer / nominee can avail of the Payment Protection Insurance (Credit Protect) which insures the principle outstanding on the loan up to a maximum of the loan amount.

We will charge a premium for this product, and the premium amount will be deducted from the loan amount at the time of disbursal. We will also charge service tax and applicable surcharge/cess at the rates notified by the government.

Secure your business loan with Credit Protect.

Key benefits of policy

  • Protects the family by paying off the loan amount in case of death of the customer
  • Life Coverage provides peace of Mind
  • No need to use other savings to repay the loan
  • Tax Benefits as per applicable laws
  • One convenient package – loan + insurance

* Premium will be charged for Credit Protect will be deducted from the loan amount at the time of disbursal.

(* terms and conditions of the Insurers shall apply, Above product is offered by HDFC Life Ins Co.ltd)

Already have a Business Loan?

Reduce your EMI, transfer your existing Business Loan to us. Business Loan balance transfer offers special and exclusive benefits.

  • Interest rate as low as 14.99* % on existing loan transfer.
  • Processing fees as low as 0.99%

Now reduce your EMI burden with our balance transfer programme

Get details on eligibility criteria documents required for HDFC Bank Business Loan

Self Employed including Individual Proprietors, Private Ltd. Co. and Partnership Firms involved in the Business of Manufacturing, Trading or Services.

  • Minimum Turnover of Rs. 40 Lakhs.
  • Years in business: Minimum of 3 years in current business and 5 years total business experience
  • Business must be profit making for the last 2 years
  • Minimum Annual Income (ITR): Rs. 1.5 Lakhs p.a.
  • Age of Applicant: Min 21 years Max. 65 years at the time of loan maturity.

Documents you will need to submit:

  • PAN Card For Company /Firm/ individual.
  • Proof of your identity: Copy of Aadhaar Card/Passport/Voter s ID card/driving license.
  • Proof of your address: Copy of Aadhaar Card/Telephone bill/Electricity bill/Passport.
  • Bank Statement (latest 6 months)
  • Latest ITR along with computation of income, Balance sheet and Profit Loss a/c for the last 2 years. Financial should be 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)

Loan at the sole discretion of HDFC Bank Ltd.

Enclosed below are HDFC Bank Business Loan Interest Rates Charges





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