HDFC Bank offers personal loan for customers to meet their varied financial requirements like a medical emergency, wedding, travel, debt consolidation, etc. The bank promises simplified documentation and speedy approvals with which customers can get a lot of benefits making their life easier when it comes to handling finances. You can avail a loan amount of upto Rs. 40 lakh that can be repaid within a tenure that is decided by you, which ranges from 12 to 60 months. The loan processing fee and prepayment charges are minimal when it comes to HDFC Bank personal loan.
HDFC Personal Loan Interest Rate
The interest rates of HDFC personal loan varies from 15.50% to 21.50%. HDFC personal loan interest rates vary from individual to individual and are decided by the bank after considering an individual’s credit score, age, employer, repayment ability, etc.
HDFC Bank Personal Loan Fees
|Fee||Amount to be Paid|
|Loan processing charges||Up to 2.50% of the loan amount subject to a minimum of Rs. 2,999/- & Maximum of Rs. 25000/- for Salaried Customers.|
|Prepayment in Part or full|
(Refer FAQ section for detailed terms)
|Salaried – No pre-payment in part or full permitted until repayment of 12 EMIs|
Part Payment allowed up to 25% of Principal Outstanding. It is allowed only once in a financial year and twice during Loan tenure.
(on PrincipalOutstanding) /Part Payment Charges
[on Part Payment amount]
|Salaried – 13-24 Months – 4% of Principal Outstanding,|
25-36 Months – 3% of Principal Outstanding
>36 Months – 2% of Principal Outstanding
|Loan Closure Letter||NIL|
|Duplicate Loan Closure Letter||NIL|
|Solvency Certificate||Not applicable|
|Overdue EMI Interest||2% per month on EMI / Principal overdue|
|floating rate||Not applicable|
|Charges for changing from floating to fixed rate of interest||Not applicable|
|Stamp duty & other statutory charges||As per applicable laws of the state|
|Credit assessment charges||Not applicable|
|Non standard repayment charges||Not applicable|
|Cheque swapping charges||Rs 500/-|
|Amortization Schedule charges||Rs 200/-|
|Loan cancellation charges||NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation and processing fees would be retained.)|
|Cheque bounce charges||Rs. 550/- per cheque bounce|
|Legal/incidental charges||At actual|
HDFC Bank Personal Loan Features and Benefits
HDFC Bank personal loan offers many benefits to its customers and they are:
- Loan Amount : HDFC Bank offers personal loan with the loan amount starting from Rs 50,000 till Rs 40 lakh. This loan amount can be chosen by an individual as per his requirement.
- Interest rate: The interest rate offered by HDFC Bank on a personal loan is reasonable and allow an individual to have affordable EMIs in future.
- Flexible tenure: The tenure for HDFC Bank personal loan ranges from 12 to 60 months and can be chosen by an individual as per his repayment ability.
- Special Benefits of HDFC Bank Personal Loan: The existing HDFC Bank customers can benefit from special rates and loan approvals in 20 seconds and other customers can avail a personal loan in under 4 hours (Terms and Conditions apply)
- Minimal Documentation: With HDFC Bank, the entire process of personal loan application is quick, hassle-free and requires minimal documentation. One can also get funded within 4 hours of approval.
- Personal Loan Security: One can secure their personal loan from HDFC Bank with Sarv Suraksha Pro. Some benefits of it includes:
- Credit Shield Cover equal to the outstanding loan amount
- Accidental Hospitalisation Cover of up to Rs 8 Lakhs*
- Accidental Death/Permanent Disablement cover of up to Rs 1 Lakh*
- Personal Loan Balance: Get low and revised interest rates by transferring the existing personal loan to HDFC Bank. With Personal Loan Balance Transfer, one can avail following benefits on their loan:
- Avail interest rates as low as 11.49%* on the existing Loan Transfer
- Avail Flat processing fee of only Rs. 3999*
- Get Insured with HDFC Bank Personal Loan: For a nominal premium, one can avail a Personal Accident Cover of upto Rs. 8 lakh and critical illness cover upto Rs. 1 lakh.
*(Terms and Conditions of the insurer apply)
HDFC Bank Personal Loan Eligibility Criteria
- You should be a salaried doctor, CA, employee of private limited companies, employee from public sector undertakings including central, state and local bodies.
- Your minimum age should be 21 years and maximum should be 60 years.
- You should have atleast 2 years of minimum work experience and you should be working with your current employer for atleast a year.
- Your minimum monthly income should be Rs. 15,000 and if you are living in Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata and Cochin then it should be Rs. 20,000.
HDFC Bank Personal Loan Documents Required
- Proof of Identity – copy of Passport/Voter Id/Aadhaar/Driving License
- Proof of Address – copy of Aadhaar/Voter ID/Driving License/Passport
- Last three month’s Bank Statement or last 6 month’s Bank Passbook. Usually, these documents are required so the bank can do their verification of the Loan Applicant’s income status, which reflects the financial history and the repayment capability of the Applicant.
- Latest Salary Slip/current dated salary certificate with the latest FORM 16. This is used for the financial institutions to check whether the level of minimum net monthly income matches the eligibility criteria checklist.
Why choose HDFC Bank Personal Loan?
HDFC Bank was among the first to receive an “in principal” approval from the RBI to set up a bank in the private sector. HDFC Bank has grown rapidly to become one of the most trusted financial institutions in the country. HDFC Bank provides Instant Personal Loan to individuals who are in immediate need of funds. The bank provides different products for different purposes so one can easily decide which product to opt for in the financial circumstances. The products have a very clear understanding for new customers who are willing to apply for a Home Loan, Personal Loan, Credit Cards etc. Their documentation process is quick and smooth making the entire loan process seamless.
HDFC Bank Personal Loan Balance Transfer
HDFC Bank offers personal loan balance transfer where one can avail benefits while transferring their existing personal loan to HDFC Bank from other banks. Personal Loan EMIs can be reduced by doing a balance transfer to HDFC Bank. HDFC Personal Loan Balance Transfer charges are:
- Interest Rates as low as 11.49%* on the existing Loan Transfer
- The processing fee is only of Rs 3999*
*Terms and Conditions apply.
HDFC Personal Loan Top Up
A top up loan is an additional amount that one can avail on his existing personal loan and home loan. One can be eligible for a Top Up Loans only when the regular loan payments are made timely on the existing loan. You can consider getting a Top Up Loan if:
- You need additional funds on the on-going personal or home loan.
- You are looking for lower interest rate for personal loan and home loan.
HDFC Bank Marriage Loan
A personal loan can be used for a lot of purposes with marriage being one of the most common purposes. With HDFC personal loan, one can easily fund the marriage instantly and for all the wedding expenses. Personal Loan comes up with a lot of options with flexible EMI and loan tenure. Marriage Loan makes the fund borrowing easier and smooth so one cannot worry about the funds. HDFC offers flexible interest rates and easy eligibility so one can apply for a marriage loan from HDFC and avail convenient EMI and Loan Tenure of personal loan. HDFC Marriage Loan Interest Rate varies for different customers on the basis of financial profile of the customer.
HDFC Bank App
With the help of the HDFC Bank’s app, one can get complete loan assistance on a personal loan. One can easily search for new bank loan and also get instant approval on the loan, which is valid for both HDFC and Non HDFC Customers. Get personal loan status on the mobile app, manage existing Loan, calculate EMI, etc. HDFC Bank App can also help in tracking the Personal Loan Application online, so one does not need to visit or call the bank executives for status update.
HDFC Bank Pre- Approved Personal Loan
Pre-Approval offer with HDFC Bank Personal Loan can be checked with the bank or online. Usually, if one is a long standing customer of HDFC and has a good credit history, they may be eligible for personal loan fast approval. HDFC Bank existing customers can also check in their personal banking account to know if they are eligible for a Pre-approved offer.
HDFC Pre Approved Personal Loan Interest Rate varies as the bank offers most competitive Interest Rates on a personal loan that has been pre- approved. The bank is assured by the liability to pay therefore the rate might be different for the pre-approved customers.
HDFC Bank Personal Loan- Pre- Closure Procedure and Documents
HDFC Personal Loan Pre Closure Procedure can be followed with a set of documents and steps.
Documents Required for Pre closing HDFC Personal Loan:
- Personal Loan Account Number
- Identity Proof
One can carry Passport, PAN and Aadhaar Card:
- Other Personal Loan Documents like Loan Approval Letter, Loan Account Statement and the ones issued by the HDFC Bank.
- Pre closure Quote or Cheque/DD might also be required while pre closing your Personal Loan
Procedure for Pre-closing Personal Loan:
- Visit the nearest HDFC Branch with the above mentioned documents
- The bank might ask you to fill a form requesting the Pre closure of your Personal Loan
- Pay the pre closure amount via cheque or DD
- Sign the required documents if there are any
- Once the Bank receives the fund, the Personal Loan will be closed automatically.
- Post this, the bank will send a final loan closure document
HDFC Bank Personal Loan Repayment and Statement
HDFC personal loan repayment and statement can be done online as well. For payment and statement, one needs to share the loan details to the bank executives and they will help with the requirements. One can also create an account on HDFC personal loan portal and know the details of the personal loan whenever they wish to.
HDFC Bank Personal Loan Part- Prepayment
Those individuals who have booked their personal loans on or after April 1, 2018 can close their personal loan in part after completing the 12th EMI from the date of loan disbursal.
- Part payment is only allowed twice during loan tenure.
- Part payment can be done only once in a single financial year.
- At any time, each part payment should not exceed 25% of the principal outstanding.
Note: The part- payment charges are mentioned in the table given above.
Personal Loan EMI Calculator
Anyone who is applying for HDFC personal loan can assess their monthly EMI even before applying for the loan using Paisabazaar’s Personal Loan EMI calculator. To calculate the EMI for HDFC personal loan, follow the below mentioned steps:
- Click here.
- Fill in the required details like loan amount, rate of interest and tenure.
- HDFC Personal Loan EMI Payment will then be immediately calculated and shared with the Loan Applicant.
For applying a personal loan from HDFC Bank, the applicant would need to fill in their required details so that they can easily get themselves identified with the bank. The individual’s occupation, income details, credit history might then be asked by the bank before they approve the application. Some mandatory documents are also important to submit to the financial institution. A proper analysis is done by the bank and only if the loan applicant meets the eligibility criteria the process of approval of the application starts.
HDFC Bank Personal Loan- Status
One can track their HDFC Personal loan application status with the help of the online application tool of the HDFC Bank. On completing the loan application, the bank will provide the loan application number through which you can start tracking the progress of the application.
To know the status of your HDFC personal loan form, you can go for HDFC Personal Loan tracker. HDFC Personal Loan tracker has a verification process via mobile number. Fill in the required fields like Applicant’s name, Reference Number or Proposal Number given by the bank followed by Mobile Number and Date of Birth. On entering these details, you will get to know the live status of your Personal Loan.
The other alternative option for tracking your personal loan is by going to the website. On the HDFC Website, under the ‘Quick Links’ tab, you can track your personal loan by clicking on the ‘Track Personal Loan Request’. The window will ask for your mobile number and with a verification code sent on your mobile, you can track your personal loan application.
How to Apply for HDFC Bank Personal Loan Online?
Applying for HDFC Bank personal loan online is very convenient and involves only a few simple steps if you apply through Paisabazaar.com.
Fill up an online
Your application would be
sent to HDFC Bank for review
HDFC Bank will process
your loan application and
will contact you for further
Here is why you should apply for a personal loan through Paisabazaar:
- Wide options: With more than 30 partner banks and NBFCs, Paisabazaar allows you to explore various personal loan options under one roof instead of visiting each of the lender’s website individual. This way, you save a lot of time and choose the best option.
- Compare before you apply: At Paisabazaar, you not only explore various lenders but also get to compare the loan amount, interest rate, processing fee, tenure and other terms and conditions that they are offering and choose the appropriate one as per your convenience.
- Easy to apply: The process to apply for a personal loan is completely digitalized at Paisabazaar. You can apply for the desired personal loan from the comfort of your home or office without any inconvenience.
- Complete assistance: The customer care team of Paisabazaar offers you full assistance throughout your loan application and approval process. If you have any query, you can get in touch with the executives to get an instant solution.
How to Apply for HDFC Bank Personal Loan Offline?
HDFC Bank Customer Care
To get information on HDFC Banking products, HDFC Loan Enquiry, one can contact on HDFC Toll Free Number: 022-61606161. Phone numbers for selected cities are also available on the official website of HDFC Bank. You can also write your query in a letter and mail it to the bank at the following address:
HDFC Bank Ltd.
Empire Plaza I, 1st Floor,
LBS Marg, Chandan Nagar,
Vikhroli West, Mumbai – 400 083
HDFC Bank Personal Loan VS Personal Loan Offers from Other Lenders
|Particulars||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||15.50% to 21.50%||Starting from 10.99%||16% to 24%||11.25% to 22.00%||Starting from 12.99%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 40 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 20 lakh||Upto Rs. 25 lakh|
|Processing Fee||Upto 2.50% of the loan amount||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.25% of loan amount plus GST||Up to 3.99% of the loan amount|
Frequently Asked Questions
Ques. How much amount can be borrowed as personal loan from HDFC Bank?
Ans. One can take personal loan ranging from Rs 50,000 to Rs 40 lakh. However, the bank does go through the financial status of the loan applicant like income, credit score, repayment capacity, etc. And on the basis of these factors, the bank suggests the right loan amount to the loan applicant.
Ques. How does having a Salary Account with HDFC help in availing Personal Loan?
Ans. Applying for a Personal Loan with HDFC and having a salary account with the same gives a preferential rate of interest and processing fee and speedy process with minimal documentation. These points are taken into consideration at the time of disbursal of the Loan Amount.
Ques. What are the documents that are required to avail a personal loan from HDFC Bank?
Ans. Some of the documents required to apply for a personal loan include income details like salary slip, bank statement and FORM 16. The mandatory documents include Proof of Identity, Proof of Address and Photograph.
Ques: What are the Interest Rates of Personal Loan from HDFC Bank?
Ans: The bank charges rack interest rate ranging from 15.50% to 21.50% per annum on the outstanding balance of the HDFC Bank.
Ques: Is repayment of Personal Loan allowed?
Ans: Yes, one can choose to repay the loan any time after 12 months of taking the loan.
Ques: What are the charges one has to pay to change the mode of repayment/account for Personal Loan?
Ans: For changing the mode of repayment/account for Personal Loan, a cheque, pay order or Demand Draft of Rs 500 favouring “HDFC Bank Ltd Loan Account No. will be required along with the revised set of repayment instructions.
Ques: Does HDFC Bank has any additional features related to Personal Loan?
Ans: These are the additional features of HDFC Personal Loan:
- Protect yourself with insurance: For a nominal premium, one can avail a personal loan accident cover of up to Rs 8 Lakhs and critical illness cover up to Rs 1 Lakh. The premium of these policies is deducted from the loan amount during the time of disbursal. Surcharge and applicable taxes will be charged accordingly.
- Personal Loan Security: Now, the Personal Laon can be secured with the help of Sarv Suraksha Pro. Some of it’s benefits are:
Credit shield cover which is equivalent to the outstanding Loan Amount.
- Up to 8 lakhs* of cover in Accidental Hospitalization.
- Permanent Disablement or accidental death cover of Rs 1 Lakh*
Ques: How long does it take for the Personal Loan to be processed?
Ans: Once the loan application and the required documents are submitted as per the criteria laid down by the bank, one can expect the approval and disbursal in 4 hours provided all the documentation have been approved. All the loan approvals are at the sole discretion of the bank.