HDFC Personal Loan is one of the top banks in India that provides personal loans for any personal or professional purpose like foreign travelling, a wedding, foreign education, business expansion or any other legitimate purpose. HDFC Bank offers personal loan interest rates are one of the lowest personal loan interest rates with the starting rate of 11.29% per annum and flexible loan tenure up to 5 years.
HDFC Personal loans are given on the basis of factors like income profile of the loan applicant, their repayment capacity, the requirement of the borrower, etc. A person who wants to take a personal loan from HDFC Bank can check the personal loan eligibility with the help of personal loan eligibility calculator.
|Interest Rate||11.49%-19.50% p.a.|
|Loan Amount||For Salaried- Up to ₹ 25 lakhs
For Self-employed- Up to ₹ 15 lakhs
|Tenure||Up to 5 Years|
|Processing Fees||Up to 2.50% of the loan amount or Minimum of ₹ 1,000/- & Maximum of ₹ 25,000/- for Salaried Customers|
|Foreclosure Charges||Up to 4% on the principal outstanding + service tax|
|Repayment Mode||ECS, AD or PDC|
|EMI per lakh||₹ 2,199 - ₹ 2,622|
Banks offer personal loans on the basis of certain parameters on the basis of which they decide the loan amount and interest that they are going to offer to the loan seeker. Similar is the case with HDFC bank as to get a personal loan with the desirable loan amount and attractive interest rates, a loan seeker much come under the below-mentioned eligibility criteria. If the profile of the borrower matches the criteria set by the HDFC Bank, the chances of getting desirable loan amount and interest rates are higher.
HDFC personal loan is an unsecured loan and there is no asset verification involved in the documentation process. The documentation required to get a personal loan from HDFC bank is hassle-free and time-saving for sure if the borrower keeps the documents ready in advance.
Here is the list of documents that a person must have if he/she is looking for a personal loan at HDFC bank:
The process to apply for a personal loan from HDFC Bank is simple and quick. A loan seeker can apply for HDFC personal loan in three simple steps:
Step1: A person must fill up the personal loan application form with the correct personal, professional and loan details.
Step2: To get a hassle-free personal loan, a borrower must keep the required documents ready at the time of applying for a personal loan.
Step3:Once the above steps are completed, a person can submit the documents along with the loan application form (with photos) to the nearest bank branch.
A Personal Loan EMI calculator is the tool that helps in the calculation of the monthly installments that a bearer will have to pay every month. With the help of HDFC Loan EMI Calculator, a person can get an idea in advance of the EMIs so that he/she can manage their finances accordingly.
EMI calculator is the tool wherein the below-given details must be filled in:
Once the details have been given, a table would appear with the details of EMI along with an amortization table. For eg. If a person is taking a personal loan from HDFC Bank of ₹ 15 lakhs loan amount for the tenure of 5 years with the rate of interest ranging from 15.75% p.a. to 20.00% p.a., the EMI details will be as follows:
Table for EMI per month, Total Interest Outgo and Total Amount
|Interest Rate (p.a)||Tenure (in Years)||EMI (in ₹ )||Total Interest Outgo (in ₹ )||Total Amount (Principal + Interest) (in ₹)|
|15,00,000||11.49%-19.50%||1||1,32,916 - 1,38,593||94,987 - 1,63,117||15,94,987 -1 6,63,117|
|15,00,000||11.49%-19.50%||2||70,253 - 75,978||1,86,084 - 3,23,468||16,86,084 - 18,23,468|
|15,00,000||11.49%-19.50%||3||49,457 - 55,364||2,80,448 - 4,93,103||17,80,448 - 19,93,103|
|15,00,000||11.49%-19.50%||4||39,126-45,247||3,78,057 - 6,71,851||18,78,057 - 21,71,851|
|15,00,000||11.49%-19.50%||5||32,981-39,325||4,78,883 - 8,59,480||19,78,883 - 23,59,480|
|Year||Principal (in ₹)||Interest Outgo (in ₹)||Balance Amount (in ₹)|
|1||235,571 - 196,336||160,201 - 275,564||1,264,429 - 1,303,664|
|2||264,110 - 238,234||131,662 - 233,666||1,000,319 - 1,065,430|
|3||296,107 - 289,074||99,665 - 182,826||704,212 - 776,356|
|4||331,981 -3 50,765||63,791 - 121,135||372,231 - 425,591|
|5||372,544 - 426,219||23,573 - 46,278||0 - 0|
Here are some of the main things a borrower must know before he/she chooses to take a personal loan from HDFC Bank.
HDFC Bank offers personal loans for all kinds of financial needs be it a personal one or a professional. The bank makes sure that the borrower gets the best offer that suits their profile. The personal loan scheme of HDFC Bank gives competitive interest rates and is easy to get with less documentation and no security. The bank gives quick personal loans with easy loan processing facility for the convenience of the borrower.
HDFC bank gives a doorstep service on personal loan along with the option to do loan repayment up to 60 months. There are no hidden charges and the processing fee is also competitive keeping the applicant updated about the latest offer. A person who is looking for a personal loan from HDFC bank can check personal loan eligibility with the personal loan eligibility calculator that are easy to find online.
Here are some of the main reasons why HDFC bank personal loan is different from others:
Applied for a personal loan at HDFC Bank? Anxious to where your application is? Know the status of the loan application clicking the link 'Track My Application'. Upon the opening of the link, you would be asked to enter the details like applicant name, loan reference number and date of birth. Subsequent to entering the details, the loan application status can be flashed. It could either show approved, about to approve or pending for approval due to document discrepancy or other reason.
There are some important factors on the basis of which a person can get a personal loan. These factors may vary from bank to bank depending upon the bank policy. The important factors on the basis of which HDFC personal loan are as follows:
HDFC personal loan interest rates accumulate on the new MCLR with 1 Year MCLR= 8.15%. On the basis of the new MCLR rates, HDFC bank offers personal loan interest rates starting from 11.49% per annum up to 19.50% per annum.
The customers who are already a personal loan borrower have the choice to switch over to the new system of MCLR or they can keep their earlier rates on the basis of the Base Rate system.
HDFC personal loans have attractive features and benefits from easy loan approval to higher loan amount with flexible loan tenure. HDFC Banks provides its customer maximum quantum of loan depending upon their need and repayment history and credit score. Here are some of the features of HDFC Personal Loan: