HDFC Bank offers personal loan with simplified documentation and speedy approvals, thus making life easier for their customers when it comes to handling finances. You can avail a loan amount of up to 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 with HDFC Bank personal loan.
HDFC Personal Loan- Features and Benefits
- 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
- 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 Transfer: 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 Personal Accident Cover of upto Rs. 8 lakh and critical illness cover upto Rs. 1 lakh
HDFC Personal Loan Interest Rate
|Interest Rate||Starts from 11.25%|
|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 Principal Outstanding) /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
|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 Personal Loan Eligibility
- You should be a salaried doctor, CA, employee of private limited companies, employee from public sector undertakings including central, state and local bodies
- You should be at least 21 years and your maximum age should be 60 years
- You should have at least 2 years of minimum work experience and you should be working with your current employer for at least 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
- Latest Salary Slip/current dated salary certificate with the latest form 16
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. To calculate the EMI for HDFC personal loan, follow the below mentioned steps:
- Click Paisabazaar’s Personal Loan EMI calculator.
- 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
Comparison of HDFC Bank Personal Loan Vs Other Lenders
|Particulars||HDFC Bank||Citi Bank||Axis Bank||ICICI Bank||Bajaj Finserv|
|Interest Rate||Starting from 11.25%||Starting from 10.99%||11.49% to 17.49%||11.50% to 19.25%||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|
|Apply Now||Apply Now||Apply Now||Apply Now||Apply Now|
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 Loan 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 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
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. 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: 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 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*
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.
Ques: What is HDFC Bank personal loan balance transfer?
Ans: 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*
Ques: Is it possible to make a part-prepayment?
Ans: Yes, if you have booked a loan on or after April 1, 2018, you can close the loan in part after completing the 12th EMI.
- Part payment is only allowed twice during loan tenure
- Part payment is allowed once in a single financial year
- Each of the part payments should not exceed 25% of principal outstanding
Ques: How do I get the address changed in my loan account?
Ans: If you wish to change your address in bank records, you can visit the nearest retail loan service center and can submit the necessary documents.
- Request form for address change
- Self-Attested copy of your revised address proof along with the original address proof for validation