Arranging a business loan, particularly for government contracts, necessitates careful planning and awareness of the regulations. Hello Government Contractors! Searching for a short-term business loan? Getting confused with a lot of options in the current market? In these confusional moments, it would be better for you to have a discussion with a reliable Fintech Firm, like Refer Loan.
There are many Banks and NBFCs that offer business loans, but do all of them match your specific requirements? Yes, in almost all cases, the scenario is the same. Nothing looks like a good fit for your needs. Somewhere, you are getting a good amount of loan, but they are not offering you the preferable interest rate. Sometimes, a lender offers you an attractive interest rate but doesn’t offer a preferable repayment option. But at this moment if a professional with a long years of expertise in this particular field suggests you an option? Will you deny it? No, you should not. Because They understand financial matters more than you.
Therefore, try to go with a financial technology firm, the experts from there will recommend the most suitable option for you.
But Before Proceeding For a Loan, Primarily Pay Attention to the Following Factors
Study the Governmental Contract Demands: Understand specifically the demands and competencies for government contracts. Investigate the agencies or departments that hand out contracts in your field of business, as well as the standards used to pick contractors.
Create an Impressive Business Profile: Lenders will evaluate your company’s financial standing, ability to repay, and previous history before approving a loan request. Make sure that your company has a proven track record, a strong credit rating, and stability in its finances. This might consist of keeping correct accounting records, tackling your cash flow properly, and creating a solid credit record.
Discover the Appropriate Plan and Loan Size: Determine the business’s demands and connect them to a suitable government credit scheme.
Meet the Eligibility Standards: Examine the eligibility requirements outlined in the loan scheme of your choice. Criteria often include the type of firm, age limits, financial prerequisites, and industry-specific guidelines. Before continuing, ensure that you have met all of the conditions.
Therefore, if you are looking for an option that will help you grow in the right direction, then an HDFC Business loan will be the most advantageous option for you.
Why is HDFC Business Loan a Good Option for Government Contractors in 2024?
- HDFC offers loan amount upto 75 Lakhs.
- Offers Repayment Tenure upto 12 Months.
- HDFC Offers the Cheapest rate of interest in the current market.
- Offers loan without any collateral.
- Offers Video KYC option for individual cases.
- Confirms disbursement within 5-7 Working days.
Key Highlights of HDFC Business Loan for Government Contractors
| Loan Amount | Upto 75 lakhs |
| Rate of Interest | 16% Onwards |
| Processing Fee | 2% |
| Foreclosure Charge | 4% |
| Applicant Age | 21-65 Years |
| USP | Loan without Financial upto 35 lakhs |
Required Documents to Apply For HDFC Business Loan for Government Contractors
| Document | Required |
| KYC of Applicant & Co-Applicant | Yes |
| Last 3 year ITR with computation | Yes |
| Last 3 year audited balance sheet | Yes |
| Last 3 year Tax audit report | Yes |
| Last 12 month Bank Statement | Yes |
| 26AS of last 2 year | Yes |
| Copy of GST registration | Yes |
| Copy of MSME registration | Yes |
| Copy of Last 12 month GST Return | Yes |
| Sanction letter of all running loan | Yes |
| Debt Sheet | Yes |
| Latest utility Bill of residence | Yes |
| Latest utility Bill of Office | Yes |
| 2 Reference with contact details | Yes |
| Last 3 year Debtors & Creditors on letterhead | Yes |
| List of Directors & Shareholders | If Applicable |
| List of Partners | If Applicable |
How to Apply For an HDFC Business Loan for Government Contractors
- Open https://referloan.in/.
- Navigate to the “loan” option.
- Select the “Business Loan” Option.
- Select the HDFC Bank Business Loan
- If you’re an existing client, complete the form. New people must first register before submitting their application form.
- Enter all of the information along with the mobile phone or email for OTP authentication.
- Bring in your earnings and KYC information.
- Choose your loan size.
- Attach all relevant documents.
- Send your application form.
- Await for a reply from Refer Loan’s Team.
Bottom Line
Receive funds up to 75 lakhs with no collateral requirement, competitive market rates, and speedy disbursements in 5 to 7 days. Additionally, you can get additional funding even if you already have some working capital! Be careful about missing out.