HDFC Bank Personal Loan: Eligibility, Interest Rate & Apply Online

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Key Features:

  • Income: Min. Rs. 15,000
  • Loan Amount: Rs. 50,000 to 40 Lacs
  • Processing Fees: upto 2.5%

Apply for Personal Loan Starting From 10.50%*

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I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 23/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 23/01/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :23/01/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :23/01/2020

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हिंदी में पढ़े
Updated: 16-01-2020 13:41:31 PM

HDFC Bank offers personal loan with minimal documentation and speedy approvals, making it easy for individuals to easily access funds due to a financial emergency. You can avail a loan amount of up to Rs. 40 lakh that can be repaid within a tenure which ranges between 12 to 60 months.

 

Features of HDFC Bank Personal Loan

  • Loan Amount: HDFC Bank offers a personal loan amount starting from Rs. 50,000 up to Rs. 40 lakh.
  • Flexible tenure: The tenure for HDFC Bank personal loan ranges from 12 to 60 months and can be selected by an individual as per his/her repayment ability
  • Minimal Documentation: HDFC Bank’s personal loan application is quick and hassle-free as it requires only minimal documentation
  • Personal Loan Security: One can secure his personal loan from HDFC Bank with Sarv Suraksha Pro. The benefits are:
  1. Credit Shield Cover equal to the outstanding loan amount
  2. Accidental Hospitalization Cover of up to Rs 8 Lakh
  3. Accidental Death/Permanent Disablement cover of up to Rs 1 Lakh
  1. Avail interest rates as low as 10.75% on the existing loan amount transferred
  2. Avail Flat processing fee of only Rs. 1999
  • Get Insured with HDFC Bank Personal Loan: If you have a personal loan with HDFC Bank, you have the option to avail a Personal Accident Cover of up to Rs. 8 lakh and critical illness cover up to Rs. 1 lakh for a nominal premium. The premium of these policies will get deducted from the loan amount at the time of disbursal.

HDFC Personal Loan Interest Rates

The interest rate offered by HDFC Bank on a personal loan varies from 11.25% to 21.50%. However, the interest rate provided to an individual on a personal loan depends on multiple factors including credit score, age, employment, repayment history, current debt, etc.

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
  • 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. 20,000 per month if you are living in Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata and Cochin. For residents in other cities, minimum monthly income requirement is Rs. 15,000.

Know More: HDFC Personal Loan Eligibility

Documents Required for Loan Application

  • Identity proof: Copy of passport/voter ID card/driving license/Aadhaar
  • Address proof: Copy of passport/voter ID card/driving license/Aadhaar
  • Bank statement of previous 3 months (Passbook of previous 6 months)
  • Two latest salary slip/current dated salary certificate with the latest Form 16

Read More: HDFC Personal Loan Documents

How to Apply for HDFC Personal Loan with Paisabazaar?

How to Apply for HDFC Personal Loan with Paisabazaar

  • Fill out the online form on Paisabazaar with key details like income, required loan amount, city, phone number, etc.
  • Check out offers from various banks ranked according to the chances of approval
  • Select your desired lender or call Paisabazaar for assistance
  • Submit your application which will be forwarded to your chosen lender
  • Upload documents/schedule document pickup
  • Bank’s executive will call for verification
  • Approval and disbursal

Know all about HDFC Bank Instant Personal Loan

Personal Loan Verification Process

  • After you have filled out all the necessary forms on Paisabazaar, your personal loan application is processed by the bank
  • The bank goes through your application form and gives you a verification call
  • Once the verification is completed, the bank schedules a document pickup from your home or office
  • Once you have submitted all applicable documents, they get checked for further verification
  • After verification, you get another call from the bank confirming the final loan amount, interest rate and tenure
  • Once the bank gets the confirmation from your side, the loan amount is disbursed within a few working days

Check HDFC Personal Loan Application Status

• Enter either date of birth or mobile number and click submit

Fees and Other Charges

Loan processing chargesUp to 2.50% of the loan amount subject to a minimum of Rs. 2,999 & maximum of Rs. 25,000 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. This is allowed only once in a financial year and twice during the entire loan tenure.

Pre-payment charges
(on principal outstanding) /Part-payment charges
[on part-payment amount]		Salaried: 13-24 months – 4% of loan principal outstanding
25-36 months – 3% of loan principal outstanding
>36 months – 2% of loan principal outstanding
Overdue EMI interest2% per month on EMI amount overdue
Floating rateNot applicable
Charges for changing from floating to fixed rate of interestNot applicable
Stamp duty & other statutory chargesAs per state laws
Cheque swapping chargesRs. 500 + GST
Amortization schedule chargesRs. 200 + GST
Loan cancellation chargesNIL (However interest will be charged for the interim period i.e. period from date of loan disbursement to loan cancellation. Loan processing fees will  be retained.)
Cheque bounce chargesRs. 550/cheque bounce + GST
Legal/incidental chargesAs per actuals

How to Login on HDFC Bank Portal?

Go to netbankking homepage and enter details

HDFC Personal Loan Statement

  • Log in to NetBanking
  • Choose the Loan Tabs and select ‘Register New Loan’
  • Enter your details
  • Click on ‘submit’
  • You will get an OTP on your registered phone. Enter it to complete registration

EMI Calculation

Loan principal @ interest

Tenure

1 year2 years3 years4 years5 years
2 lakh @ 11.25%Rs. 17,699Rs. 9,344Rs. 6,571Rs. 5,193Rs. 4,373
5 lakh @ 12%Rs. 44,424Rs. 23,536Rs. 16,607Rs. 13,166Rs. 11,122
10 lakh @ 12.5%Rs. 89,082Rs. 47,307Rs. 33,453Rs. 26,579Rs. 22,497
15 lakh @ 13%Rs. 1,33,975Rs. 71,312Rs. 50,540Rs. 40,241Rs. 34,129

Read About: How to calculate HDFC Bank Personal Loan EMI

Comparison of HDFC Personal Loan VS Other Lenders

ParticularsHDFC BankBajaj FinservAxis BankCiti BankICICI Bank
Interest Rate11.25% to 21.50%Starting from 12.99%15.75% to 24%Starting from 10.99%11.50% to 19.25%
Tenure12 to 60 months12 to 60 months12 to 60 months12 to 60 months12 to 60 months
Loan amountUpto Rs. 40 lakhUpto Rs. 25 lakhRs. 50,000 to Rs. 15 lakhUpto Rs. 30 lakhUpto Rs. 20 lakh
Processing FeeUpto 2.50% of the loan amountUp to 3.99% of the loan amountUpto 2% of loan amount plus GSTUpto 3% of the loan amountUpto 2.25% of loan amount plus GST

HDFC Bank Customer Care

Ahmedabad079-61606161
Bangalore080-61606161
Chandigarh0172-6160616
Chennai044-61606161
Cochin0484-6160616
Delhi and NCR011-61606161
Hyderabad040-61606161
Indore0731-6160616
Jaipur0141-6160616
Kolkata033-61606161
Lucknow0522-6160616
Mumbai022-61606161
Pune020-61606161

NRIs can call on:

USA855-999-6061
Canada855-999-6061
Singapore800-101-2850
Kenya0-800-721-740
Other Countries91-2267606161
  • You can write to the bank at HDFC Bank Ltd., Empire Plaza I, 1st Floor, LBS Marg, Chandan Nagar, Vikhroli West, Mumbai – 400 083
  • You can visit the nearest branch of the bank

Benefits of Applying for Personal Loan at Paisabazaar

  • Convenient: When you apply for a personal loan at Paisabazaar.com, you don’t have to physically visit the bank. The entire process from application to in-principle loan approval can be completed online from the comfort of your home or office
  • User friendly online platform: To help you decide the appropriate loan option, Paisabazaar offers a range of information ranging from loan amount and processing fees to foreclosure charges and tenure options
  • Minimal documentation: When you apply for a loan through Paisabazaar, you will are asked to provide only a few documents such as ID and address proof along with income proof
  • Compare and choose: Paisabazaar is one platform that lets you compare interest rates, tenure options, loan amounts offered by various lenders. This way, you get to choose the bank offering the lowest interest rate to make your EMIs affordable

Important Aspects

  • Loan amount: The lesser you borrow, the more conveniently and easily you would be able to pay back the amount. Therefore, borrow only in case of emergency and not because it is easily available. Also, remember to borrow as per your repayment ability as borrowing more than you can repay may lead you into a debt trap
  • Credit score: It is one of the most important factors considered by banks while approving your loan application. Your credit score is reflection of your past loans and credit cards repayments. Therefore, having a high credit score can improve your chances of approval for a personal loan
  • Interest rates and Interest Payout: Interest rates have an impact on your instalment. Therefore, to have affordable EMIs, it is necessary to choose a bank offering the lowest interest rate. You can compare interest rates by various banks on Paisabazaar. However, also keep in mind that a longer tenure will result in a higher interest pay out over the loan tenure
  • Other fees and charges: Except from interest rate, there are many other fees and charges associated with a personal loan. These include processing fees, late payment fees, foreclosure charges, part prepayment fee, etc. It is important to ask your lender about all these charges to avoid any shock in the future

FAQs

Q1. How much amount can be borrowed as personal loan from HDFC Bank?

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 all these factors, the bank suggests the right loan amount to the loan applicant.

Q2. How does having a Salary Account with HDFC help in availing Personal Loan?

If you have a prior relationship with HDFC Bank such as a salary account, you may be eligible for a preferential (lower) rate of interest and reduced processing fee when you apply for a HDFC personal loan. However, these are often limited time offers provided to specific individuals.

Q3. Is foreclosure of Personal Loan allowed?

Yes, you can choose to foreclose the loan any time after 12 months of taking the loan. In case of foreclosure, charges of up to 4% of the principal amount outstanding are applicable.

Q4. What are the charges one has to pay to change the mode of repayment/account for Personal Loan?

For changing the mode of repayment/account for Personal Loan, a cheque, pay order or Demand Draft of Rs. 500 + GST favoring “HDFC Bank Ltd Loan Account No.” will be required along with the revised set of repayment instructions.

Q5. Is it possible to make part-prepayment on HDFC Bank Personal Loan?

Ans: Yes, if you have booked a loan on or after April 1, 2018, you can pay off your HDFC Bank personal loan in part after completion of the 12th EMI. Some of the key terms and conditions regarding this are as follows:

  • Part payment is only allowed twice during the loan tenure
  • Part payment is allowed once in a single financial year
  • Each of the part payments should not exceed 25% of principal outstanding

Q6. How do I get the address changed in my loan account?

If you wish to change your address in our 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 (Aadhaar, Driver’s License, Voter ID, etc.) for validation

Q7. I am a self- employed individual. Can I apply for a personal loan at HDFC Bank?

No, HDFC Bank current offers personal loans to only salaried individuals meeting the eligibility criteria. Self-employed individuals may however be eligible for a business loan from HDFC Bank.

Q8. How can I calculate my HDFC Bank Personal Loan EMIs before applying for the loan?

To know your EMIs, you can take the help of Paisabazaar’s Personal Loan EMI Calculator. It is an online tool that can be used free of charge.

Q9. What if I miss an EMI?

If you miss an EMI, you will be charged a late payment fee as well as penal interest on the applicable repayment amount. Your credit score may also get affected as a result of missing timely EMI payments.

Q10. What are the different types of HDFC Bank Personal Loan?

Currently HDFC bank does not offer multiple types of personal loans, however, this loan can be disbursed for various uses such as travel, medical expenses, home renovation expenses, etc.

 

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HDFC Bank Personal Loan: Eligibility, Interest Rate & Apply Online
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