HDFC Bank is one of the top banks in India that provides personal loans for multiple reasons such as traveling, wedding, foreign education, business expansion or any other legitimate purpose. This renowned public sector bank by offering you this credit facility at lowest interest rates, flexible tenures, simple documents and minimal fees and charges ensures that all your personal needs can easily be fulfilled. The bank offers you the loan at an interest rate that ranges between
10.99% - 19.50%per annum for a tenure of upto 5 years.
Not only this, the lender offers the loan amount of ₹50,000 to 15,00,000 with a one time processing fee of up to 2.50% of the loan amount. When it comes to availing this loan, the bank offers you the credit by taking into consideration many factors such as income of the loan applicant, repayment capacity, the requirement of the borrower, etc. A person who wants to take a personal loan from HDFC Bank can check his/her eligibility with the help of a personal loan eligibility calculator. Moreover, you can also use the EMI calculator so as to know the exact amount of your EMIs you need to pay each month.
Table of Contents
- 1 HDFC Personal Loan Interest Rates Details
- 2 HDFC Bank Personal Loan Eligibility Criteria
- 3 Documents Required for HDFC Personal Loan
- 4 How to Apply for HDFC Personal Loan?
- 5 HDFC Personal Loan EMI Calculator
- 6 HDFC Bank Personal Loan Status
- 7 Factors Affecting HDFC Personal Loan
HDFC Personal Loan Interest Rates Details
10.99% - 19.50%
|Loan Amount||Upto ₹15 Lakh|
|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|
HDFC Bank Personal Loan Eligibility Criteria
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 must 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.
- The minimum age of the loan applicant is 21 years age
- The maximum age of the applicant is 60 years
- An individual must have 2 years of working experience wherein having 1 year of experience with the current employer is important
- The applicant must have a Net Monthly Income of ₹12,000/-. However, the Net Monthly Income should be ₹15,000/- if the applicant is living in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin
Documents Required for HDFC Personal Loan
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:
- Identity Proof – Voter ID Card/Driving License/PAN Card/Copy of Passport
- Address Proof- Copy of Ration Card/Telephone or Electricity Bill/Rental Agreement/Passport
- Last 3 months bank statements
- Last 6 months bank passbook
- Latest salary slip/current dated salary certificate with the latest Form 16
How to Apply for HDFC Personal Loan?
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.
HDFC Personal Loan EMI Calculator
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:
- Loan Amount
- Interest Rate
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 ₹ 2 lakhs loan amount for the tenure of 5 years at an interest rate of 11% p.a. the EMI details will be as follows:
Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term Amortization Schedule of Loan Repayment
Total Interest Amount
Table Showing Repayment of EMI, Interest Outgo and Total Outflow Over the Loan Term
Amortization Schedule of Loan Repayment
Things to know about HDFC Personal Loan
Here are some of the main things a borrower must know before he/she chooses to take a personal loan from HDFC Bank.
- Maximum loan amount is ₹15 lakhs
- Interest rate starts from 10.99% p.a. onwards
- Loan tenure is up to 5 years
- No collateral required
How is HDFC Bank Personal Loan different?
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 the 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:
- Minimal Documentation: Keeping in mind the convenience of the customers, HDFC Bank personal loans have minimal documentation and quick loan disbursal.
- Attractive Rate of Interest: With the starting interest rate of 10.99% per annum, HDFC personal loan rates are one of the lowest personal loan interest rates in the market.
- Special Offers for Woman Applicants: For a personal loan women applicants, HDFC Bank offers a specialized scheme- Personal Loan Diva Scheme. Under this scheme, a woman applicant gets the facility of pre-approved personal loans of ₹3 lakhs along with various premium brands and products.
- Free Insurance Cover: Personal loans of HDFC bank come with an add-on benefit of a personal accidental cover of up to ₹8 lakhs along with a critical illness cover of 1 lakhs without any extra charges.
- 24X7 Customer Care Service: HDFC Bank has a 24X7 support helpline across all formats. The numbers you should dial to contact the customer care representatives are 1800 425 4332, 1800 22 4060 or 1800 22 1006. By dialing to these numbers, you can easily register any complaint, query or a feedback in the bank. Other than this, applicants can also reach out to the bank via SMS, Webchat, Click2Talk and Phone Banking.
HDFC Bank Personal Loan Status
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.
Factors Affecting HDFC Personal Loan
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:
- Age: To get a personal loan from HDFC bank, an individual should be minimum 21 years age and the maximum age of 60 years.
- Monthly Income: The minimum Net Monthly Income of the applicant to apply for a personal loan at HDFC bank is ₹12,000/-. However, in selected areas like Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Calcutta, Ahmedabad, Cochin, the minimum Net Monthly Income is ₹15,000/-. With this minimum income criteria, the possibility of getting good rates and loan amount gets higher.
- Monthly Expenses: The monthly expenses of the borrower decides the repayment capacity and hence is considered to be an essential factor when it comes to HDFC personal loan. If the loan seeker has less financial responsibilities, there are chances that he/she can get better rates and higher loan amount hassle-free.
- Any Other Loan: When it comes to a personal loan of HDFC, the borrower doesn’t have to give any kind of security to the bank. If there is no present loan, the payment of EMI is easier and smoother.
- Credit History: Having a healthy credit score would be an add-on in getting a personal loan from HDFC Bank as the reliability on the borrower increases.
- Job Stability: To have a personal loan from HDFC bank, a salaried must be having 2 years of total working experience with 1 year of working experience in the present organization.
- Category of Employer: The interest rates offered to an individual is calculated on the basis of the income profile of the applicant and where he/she is working. If the person is working in a reputed organization, he/she is most likely to get a personal loan from HDFC at lower rates and higher loan amount.
HDFC Personal Loan Interest Rates
On the basis of the new MCLR rates, HDFC bank offers personal loan interest rates starting from 10.99% per annum and goes 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.
Features of HDFC Personal Loan
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:
- Quick Loan Disbursal
- Low-interest Rates
- Online Loan Requests
- Higher Loan Amount
- Flexible Tenure
- Low Prepayment Charges
- Low Processing Fees