HDFC Bank Personal Loan
Housing Development Finance Corporation commonly known as HDFC is an Indian financial service and banking company which was established in August 1994. The headquarter of HDFC is located in Mumbai, Maharashtra. HDFC is one of the largest private sector banks by assets. The bank has around 4,281 branches and 12,000 ATMs all over India. HDFC has provided corporate as well as personal banking services over the years to facilitate its customers. Among their products and services, HDFC Bank Personal Loan is the most popular one.
With minimum paperwork and easy online loan approval process, HDFC Bank Personal Loan is handy for all of you. The bank offers competitive interest rates and flexible loan tenure for repaying the loan. You can check online to apply for HDFC Bank Personal Loan.
Why HDFC Bank Personal Loan?
HDFC Bank Personal Loan helps you to overcome an immediate financial crisis. It is an unsecured loan. The bank does not take any security or collateral against the personal loan. HDFC Personal loan interest rate is quite low. To apply for the HDFC Personal Loan online, you need to submit minimum documents. Also, the loan approval process of HDFC is very quick and easy. You can check online for the HDFC Bank personal loan details before applying.
HDFC Personal Loan is an unsecured loan which can be used to meet any of your financial need such as- renovating your house, to overcome any medical emergency, to fund your education, buying a new car or bike, starting or expanding your business, for wedding purpose and much more.
Before applying for a personal loan, let’s have a look as to why you should opt for HDFC Bank Personal Loan.
- HDFC Bank Personal Loan offers competitive interest rates. The minimum interest rate starts at 15.50%* .
- No lengthy paperwork is required to apply for HDFC Bank Personal Loan online. You can easily apply for the loan with minimum documents.
- HDFC Personal Loan offers you flexible loan tenure of 1-5 years to repay your loan.
- The online loan approval process of HDFC Bank is very quick and simple. Also, the loan disbursal process is also very fast and hassle-free.
- HDFC Bank Personal Loan offers Critical Illness coverage of Rs. 1 lakh and Personal Accident Coverage of Rs. 8 lakhs.
- You donot have to keep any security as a mortgage against the personal loan.
- The option of online application for HDFC Personal Loan is also available.
Features of HDFC Bank Personal Loan
HDFC Personal Loan caters to the financial requirement of various individuals at the time of crisis. The bank checks your credit history, net monthly income and repayment capability before approving your loan. HDFC Bank provides a personal loan to the salaried individual. You can check online for the details of HDFC Personal loan eligibility and documents.
Here are some of the unique features of HDFC Bank Personal Loan.
- Minimum documents are required to submit when applying for HDFC Personal Loan.
- The rate of interest that is charged on HDFC Bank Personal Loan is fixed. So, the interest rate reduces on monthly basis.
- HDFC Bank does not take any mortgage against a personal loan.
- The bank offers a maximum amount of Rs. 40 lakhs to meet your financial need.
- You can easily transfer your existing personal loan to HDFC Bank to enjoy low-interest rate.
- The repayment period of HDFC Personal loan ranges from 12-60 months. You can easily repay your loan within this flexible loan tenure.
- The bank offers a special loan for their woman applicant which is known as HDFC Bank Personal Loan Diva. This particular loan is pre-approved up to Rs. 3 lakhs for the women employees of specific companies.
- Along with personal loan, HDFC gives coverage of personal accident and critical illness.
Eligibility Criteria to apply for HDFC Bank Personal Loan
Before applying for the personal loan, you must check the HDFC Bank Personal loan eligibility online.
Here, is the HDFC Bank Personal Loan eligibility criteria.
- The minimum and maximum age limit must reside between 21 and 60 years respectively when you apply for HDFC Personal loan.
- Your minimum net monthly income must be Rs. 20,000 per month and above.
- To apply for the personal loan, you must be a salaried individual.
- You must be an employee of the state, local, central government or private limited companies or public sector undertakings.
- You must reside in the current address for a minimum of 1 year.
- You can apply for HDFC personal loan if you are a salary account holder of the bank or savings account holder.
- You can opt for HDFC Personal loan irrespective of whether you are an account holder of the bank or not.
- Your overall job experience must be at least 2 years and with the present employer, it must be at least 1 year.
- Your CIBIL Score must be above 750.
HDFC Bank Personal Loan eligibility is summarized in the tabular format.
|Minimum Salary||Rs. 20,000|
|Current Residence||1 year|
|Job Experience||Minimum 2 years|
|Current Job Emploment||At least 1 year|
|CIBIL Score||750 or above|
Documents Required for HDFC Bank Personal Loan
To apply for HDFC Personal loan , you need to submit minimum documents. Here is the list of HDFC Bank personal loan documents.
- Duly filled loan application form.
- Passport size photographs (at least 2)
- ID Proof- AADHAR Card, Passport, PAN Card, Voter Card. (you need to submit any one of the above-mentioned documents)
- Residential Proof- Any kind of Utility Bills like Gas or Electricity bill of not more than 3 months old, Leave and License Agreement, Passport. (you need to submit any one of the above-mentioned documents)
- Bank Account Statement of last 3 months(where monthly income is credited)
- Salary slip of last 3 months.
- Form 16 of last 2 years.
HDFC Bank Personal Loan Interest Rates
HDFC Bank offers personal loan at a competitive rate of interest, Here are the details of HDFC Bank Personal Loan rate.
HDFC Bank Personal Loan Details-
|Rate Of Interest||15.50%*|
|Loan Amount||Rs. 50,000- Rs. 40 lakhs|
|Loan Tenure||12-60 months|
|Processing Fees||Up to 2.50%|
*Interest rates change time to time.
Types of Charges for HDFC Bank Personal Loan
HDFC Bank charges some fees along with the rate of interest on the personal loan. Here, is the list of charges for HDFC Personal loan.
|Types of Charges||Amount Charged|
|Processing Fee||Up to 2.50% of the personal loan amount that is subject to a maximum of Rs. 25,000 and a minimum of Rs. 1,999 for salaried individuals.|
|Part-Payment Charges||Salaried individual- more than 36 months- 2% of principal outstanding, 25-36 months- 3% of principal outstanding, 13-24 months- 4% of principal outstanding.|
|Prepayment Charges in Part or Full||
It is charged post your 12 EMIs repayment.
Part payment is charged upto 25% of principal outstanding. It is charged twice during the loan tenure and only once in a financial year.
|Charges for Cheque Swapping||Rs. 500|
|Charges for Cheque Bounce||Rs. 550 per cheque bounce|
|Charges for Loan Cancellation||No fee is charged. (But you will be charged for the period between loan disbursement date and loan cancellation. The processing fee would be retained)|
|Amortization Schedule Charges||Rs. 200|
|Overdue EMI Interest||2% per month on EMI/Principal Overdue|
HDFC Bank Personal Loan EMI Calculator
The process of repayment of HDFC Personal Loan is through EMI. EMI is simply Equated Monthly Investment. To calculate the amount of EMI that you need to pay for repaying the loan, you can simply use the online Personal Loan EMI Calculator. With the help of this calculator, you can keep a check on your future finances and pay off your loan easily. For using HDFC Personal loan EMI Calculator, the parameters that you should keep in mind are- HDFC Personal loan interest rate, HDFC Personal loan tenure and HDFC Personal loan amount.
Key points to remember before you apply for HDFC Bank Personal Loan
Before you apply for HDFC Personal Loan online, you should keep in mind the following important points-
- When you decide to take a personal loan, you need to evaluate your current liabilities including your monthly expenses and present EMI for any ongoing loan or so. After that, you can easily decide your loan amount and loan tenure.
- You need to decide the loan amount that you are planning to borrow from HDFC Bank which will meet your financial need. If you opt for a lower loan amount, then your EMI will be low and vice-versa.
- Usually, HDFC Bank classifies the companies from high to low-rank categories. This categorization depends on the company’s reputation, performance history, size and present relationship with HDFC. If you belong to the high ranked companies, then you will enjoy attractive interest rates on the amount borrowed.
- Your net monthly income gives an idea of your repaying capacity to the bank. So, HDFC Bank charges low-interest rate, if your net monthly income falls under the high salary bracket.
- Before approving the loan, HDFC Bank checks your CIBIL Score. This is because, CIBIL Score shows your credit history.
- To get HDFC Bank Personal loan eligibility and document details, you can check online.
- To repay your loan, HDFC Bank provides flexible loan tenure of 12-60 months.
- Other than the HDFC Personal loan interest rate, the bank charges processing fees, pre-closure fees, EMI cheque bounce fees etc.
HDFC Bank Personal Loan Balance Transfer
Before we discuss HDFC Bank Personal Loan balance transfer, lets first make it clear about what is balance transfer. When you transfer the outstanding personal loan balance from one banking institution to another, it is called Personal Loan Balance Transfer.
In order to reduce the EMI and increase the loan tenure, you can definitely transfer your existing personal loan to the HDFC Bank. As a result, you will enjoy reduced EMIs, low-interest rate on your loan amount. Additionally, you can opt for a top-up loan if you need some extra amount.
HDFC Bank Personal Loan Balance Transfer Details
|Age of Customer||21-60 years|
|Net Monthly Salary||Rs. 20,000 or above|
|Years in job employment||2 years and above|
|Current job experience||1 year and above|
|Loan Amount||Rs. 50,000- Rs. 40 lakhs|
|Loan Tenure||12-60 months|
Turn Around Time of HDFC Personal Loan
|Income above Rs. 75,000||2 working days (48 hours)|
|Income below Rs. 75,000||5-7 working days|
Salary Available to make EMIs
|Salary above Rs. 50,000 per month||45%-50% salary is needed|
|Salary between Rs. 25,000- Rs. 50,000 per month||40% of salary is needed|
|Salary upto Rs. 25,000 per month||35% of salary is needed|
HDFC Bank Personal Loan for Women- Diva Loan
With the goal to make women financially independent, HDFC Bank has initiated a loan product named HDFC Bank Personal Loan Diva. With the help of this product, women can fulfill their ambitions and dreams without being financially dependent on her parents, siblings, spouse or any close relatives. Under this loan product of HDFC Bank, you can get a loan up to Rs. 3 lakhs. Also, you will enjoy the benefit of Diva Privilege if you buy goods and services at some selected stores. Moreover, under HDFC Bank Personal Loan Diva, you get the benefits of special Diva Privilege points. You can also choose gift vouchers, M-coupons, and online vouchers to get the benefits of exclusive offers.
Benefits of HDFC Bank Personal Loan
Following are some of the benefits of HDFC Bank Personal Loan-
- Minimum paperwork is required if you apply for HDFC Bank Personal loan online. The documentation is very minimum.
- You can use HDFC Personal Loan to meet your financial needs which can be- to finance your family holiday, fund any medical emergency, to renovate your house and much more. In short, HDFC Personal loan is nothing but a multi-purpose loan.
- HDFC Personal loan interest rate is fixed. That means the rate of interest does not change throughout the loan tenure.
- The bank does not take any security as a mortgage to give a personal loan. So, HDFC Bank Personal Loan is an unsecured loan.
- HDFC Bank enables the personal loan approval process in a short period of time. Also, the approval process is very flexible and hassle-free.
- The user-friendly method to repay HDFC Personal loan is through EMI, where you will pay a certain amount monthly. Your financial burden gets reduced with this monthly repayment.
- HDFC Bank takes good care of your immediate monetary need by disbursing your loan as soon as possible.
- lexible loan repayment tenure of 12-60 months is given to you by the bank.
- To opt for HDFC Personal loan, you can apply online.
ID Proof, Residential Proof, Passport Photograph, FORM 16, Salary slip and Updated Bank Statement.
- It offers personal accident cover up to Rs. 8 lakhs.
- Also, you can get coverage for critical illness up to Rs. 1 lakh.
- To support women, the bank offers a special product named HDFC Bank Personal Loan Diva.