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DHFL Business Loan

DHFL Business Loan

DHFL Business Loan

Dewan Housing Finance Limited (DHFL) offers business loans for Small and Medium Size Enterprises (SME) to promote the business community and industrial sectors in India. These business loans are meant for most business purposes to meet the requirement of short-term finance, working capital or for business expansion. In this article, we look at the Business loan from DHFL Bank in detail.

To know more about Entrepreneurial and Managerial Development of SMEs

DHFL Business Loan Details

The below following are the details of DHFL Business Loan Interests, charges, fees and Commissions. 

TypeDetails
Loan AmountThe minimum loan amount offered is Rs. 5,00,000/- whereas the maximum amount is Rs. 30,00,000/-
Application Fees or Login FeesNil
CERSAI Registry and Modification Charges
  • For loans up to Rs. 5 Lakh is Rs. 50/- + Applicable GST
  • For loans above Rs. 5 Lakh is Rs. 100/- + Applicable GST
TenureThe maximum repayment tenor is up to 5 years
Interest RateMinimum16% to 22%
Processing Fee2% of the loan amount  + Applicable GST
 Payment ChargesNil
ECS/ Cheque bounce chargesRs. 250 per instance
PrepaymentPermitted after 6 months
Foreclosure Statement ChargesNo Foreclosure allowed for business loans and the Disbursement Stage is within 6 months of the agreement date
Document retrieval charges on the closure of loan
  • Rs. 1,000/- for loans up to Rs. 10 Lakh + Applicable GST
  • Rs. 2,000/- for loans above Rs. 10 Lakh + Applicable GST
Stamp duty/ Franking chargesAs per applicable law/charges of the relevant property state
Duplicate No Dues CertificateRs. 250/- + Applicable GST
Overdue Charges on default instalment (EMI/ Pre-EMI)18 % per annum on the outstanding dues

Eligibility Criteria

In general, self-employed individuals, doctors and the below following are eligible to apply for the DHFL Business Loan:

Documents Required

The below listed are the documents/records that need to be furnished at the time of applying for business loans in DHFL company.

Sole Proprietorship Firm

  • Identity Proof (PAN Card, Aadhar card, etc.) of the proprietor.
  • Address Proof (Valid Passport, Utility bill, Property tax bill, etc.) of the proprietor.
  • Registration Certificate from Registrar of LLP (in the case of a registered concern).
  • Certificate/licence issued from the Municipal authorities under the Shop & Establishment Act.
  • Sales and income tax returns in the name of the sole proprietor of last 2 years.
  • Property Documents in case of Property Term Loans.

Partnership Firms

  • Registration certificate
  • Partnership deed
  • Beneficial owners list holding more than 15% in the firm.
  • Address Proof & ID Proof
  • Power of Attorney (POA)
  • Existing facility sanction letter or Repayment Track Record (RTR) of the existing loan, if any
  • Proforma invoice of machinery, in case of Plant and Machinery Loans
  • Original Property papers in case of Property Term Loans

Private/Public Limited Company

  • Memorandum of Association (MOA) and Articles of Association (AOA)
  • Latest shareholding pattern
  • KYC of Directors
  • PAN Card of the entity and Directors
  •  Last 2 years of financial records with the audit report
  • Past 6 months Bank statement of all bank accounts
  • Existing facility sanction letter and Repayment Track Record (RTR) of the existing loan, if any
  • Proforma invoice of machinery, in case of Plant & Machinery Loans
  • Original Property papers in case of Property Term Loans

Application Procedure

To apply for the Loan for SME Business loan, the applicant has to follow the below procedure:

Step 1: The applicant will have to approach the nearest DHFL branch to apply for the scheme.

Step 2: The applicant must fill out the SME loan application form with all the requested details and have to attach the specified documents as required. The application form can be downloaded from the website of DHFL.

Step 3: After completing the application form, submit it to the concerned official.

Step 4: Upon submission of the loan application form, the verification process will be done by the official.

Step 5: Then, the applicant will be provided with an acknowledgement slip for future reference.

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Post by Sinduja Shankar

IndiaFilings is India's largest online compliance services platform dedicated to helping people start and grow their business, at an affordable cost. We were started in 2014 with the mission of making it easier for Entrepreneurs to start their business. We have since helped start and operate tens of thousands of businesses by offering a range of business services. Our aim is to help the entrepreneur on the legal and regulatory requirements, and be a partner throughout the business lifecycle, offering support at every stage to ensure the business remains compliant and continually growing.

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