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. Anyone who is looking for a quick and easy disbursal personal loan can apply for the same with HDFC bank by checking in all the documentation and eligibility requirements.
HDFC Personal Loan Interest Rate (Nov 2018)
|Type of Fees||Charges Applicable|
|Interest Rate||11.25% – 18%|
|Cheque Bounce Charges||Rs 550/- per cheque bounce|
|Loan Processing Charges||Up to 2.00% of the loan amount subject to a Minimum of Rs 1,999/- & Maximum of Rs 25000 for salaried customers.|
|Loan Cancellation Charges||NIL (Although, customers would be charged interest for the period between date of loan disbursement and loan cancellation and processing fee would be retained.|
|Pre-Payment in Part or in Full||Salaried: Pre-Payment is allowed only after 12 EMIs
Part Payment is allowed up to 25% of principal outstanding. It is allowed only once in financial year and twice during the loan tenure.
|Part Payment Charges||Salaried: 13-24 Months – 4% of Principal Outstanding
25-36 Months – 3% of Principal Outstanding
More than 36 months – 2% of Principal Outstanding
|Charges for late payment of EMI||2% per month on EMI/Principal Overdue subject to the minimum amount of Rs 200/-|
Features & Benefits of Personal Loan from HDFC Bank
(From Rs 50,000 to Rs 40 Lac)
|HDFC Bank offers personal loan with the loan amount starting from Rs 50,000 till Rs 40,00,000. The bank looks into the loan applicant’s financial profile and considers the credit history, CIBIL Score, repayment capability etc.|
|The existing HDFC Bank customers can benefit from special rates and loan approvals in 10 seconds.|
|With HDFC Bank, the entire process of a personal loan is quick, hassle-free and requires minimal documentation. One can also get funded within 4 hours of approval.|
|Personal Accident Cover- For a nominal Premium* one can avail a Personal Accident Cover of up to Rs 8 Lakhs and Critical Illness cover up to Rs 1 Lakh.|
Personal Loan Balance Transfer
|Now one can have low personal loan EMI with HDFC Personal Loan Balance Transfer feature.|
Eligibility Criteria for Availing Personal Loan from HDFC Bank
The following people are eligible to apply for a personal loan from HDFC Bank:
- Salaried Doctors, CAs, employees of private limited companies, employees from public sector undertakings including central, state and local bodies.
- Individuals between the age group of 21 to 60 years can apply for a personal loan with HDFC Bank.
- Individuals who have a job for at least 2 years, with a minimum of 1 year in the current organisation.
- Individuals who earn a minimum of Rs 15,000 net income per month in non- metro cities and Rs 20,000 in Mumbai, New Delhi, Bengaluru, Chennai, Hyderabad, Cochin, Ahmedabad, Pune and Kolkata.
Documents Required for HDFC Bank Personal Loan
If a loan applicant is already a KYC compliant HDFC customer, one could get a personal loan with no documentation.
But for the non-customers as well, the entire process of documentation is pretty easy and hassle-free. Some of the important documentation includes:
- 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.
HDFC Bank Personal Loan EMI Calculator:
Anyone who is applying for HDFC personal loan can assess their monthly EMI even before applying for the loan using personal loan EMI calculator. To check the estimated EMI for the loan amount that one wish to avail, the loan applicant can visit our website – www.paisabazaar.com , fill in the required details to check the eligibility, the Loan Amount, the monthly EMIs and then go ahead with applying for a personal loan. HDFC Bank approves the loan application within one working day if all the mandatory details are provided so the applicant can complete the documentation accordingly.
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.
How to track HDFC Bank personal loan status?
One can track their Loan Application status for Personal Loan 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.
How to apply for HDFC Bank personal loan online?
To apply for HDFC Personal Loan, one can visit their website www.hdfcbank.com and go to the ‘Personal Loan’ section on the homepage. One can read a lot of details of their Personal Loan product including the rates and fees and some of the benefits as well. The online process of applying for a personal loan from HDFC Bank is customer friendly while being smooth and hassle free at the same time.
One can also visit the nearest HDFC Bank branch and contact their executives for more details on Personal Loan. You can also compare HDFC Bank personal loan interest rate with other banks to have more clarity on the same.
Frequently Asked Questions (FAQs)
Q: 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 40,00,000. However, the bank does go through the financial status of the loan applicant like the income, credit score, repayment capacity etc. On the basis of these factors, the bank suggests the right loan amount to the loan applicant.
Q: How can I repay my personal loan?
Ans. Personal Loan can be repaid in Equal Monthly Instalments (EMIs). The loan can also be paid through post-dated cheques. One can also pay through ECS or a standing Instruction to debit your HDFC account for the EMI amount.
Q: 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, speedy process with minimal documentation. These points are taken into consideration at the time of disbursal of the loan amount.
Q: Does one need to provide any security or collateral to avail a personal loan from HDFC Bank?
Ans. No security, collateral or guarantee is required when applying for a personal loan from HDFC.
Q: 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.
Q: What are the rate of interest 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.
Q: Is repayment of personal loan allowed?
Ans. Yes, one can choose to repay the loan anytime after 12 months of taking the loan and after the applicant has paid 12 EMIs along with the applicable foreclosure charges. It is important to notice that personal loan can be foreclosed by issuing a demand draft or a cheque at the bank. The bank also highlights the important point that cash beyond Rs 49,000 cannot be accepted for part prepayment, full payment or mature loan closure payment. Payment above Rs 49,000 should be made only through Account Payee Cheque, Pay Order or Demand Draft.
Q: What are the charges one has to pay to change the mode of repayment/account for personal loan?
Ans. Service Charge of Rs 500 will be applicable for changes in loan repayment instructions issued from non HDFC Bank Account (ECS or PDS Facility). 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.
Q: Does HDFC Bank have any features related to personal loan?
Ans. There are a few 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 its 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*
*Terms and conditions of the insurers shall apply for the above features.
Q: 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 has been done. All the loan approvals are at the sole discretion of the bank.
Q: Is part pre-payment of a personal loan allowed?
Ans. Part pre-payment is allowed after completion of 12 EMIs from the loan schedule.
- Part Payment is allowed only twice during the entire loan tenure
- Part Payment is allowed only once in a single financial year
- Each Part Payment will not exceed 25% of the Principal Outstanding
Q: How can the queries be resolved?
Ans. One can contact the HDFC Bank executives either through email www.hdfcbank.com/services mentioning the particular concern along with the following documents:
- Loan Account number
- Name of the Applicant / Loan favouring
- Applicant’s date of birth
- Correspondence address
- EMI Amount
- Loan Amount
- Mode of repayment (ECS/Standing Instruction/Post dated cheques
- Bank name and account number from which the EMIs are collected
Q: Does HDFC offer balance transfer facility?
Ans: HDFC bank does offer Personal Loan Balance Transfer Facility to the customers running a personal loan with higher rate of interest. The Loan Applicant can lower their personal Loan EMI with the balance transfer facility of HDFC Bank. Some features to be noted:
- Interest Rates go as low as as 11.75%* on the existing Loan transfer
- Flat processing fee only of Rs 1999*
- For more details on this feature, contact the nearest HDFC Bank branch
*Terms and Conditions Apply