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In these tough times of COVID 19, HDFC Bank – one of the India’s leading private sector bank has resumed its operations and has started lending personal loan to near about 27000 companies. Pre COVID 19 HDFC used to lend to near about 48000 companies. With the stabilization in situation with the COVID HDFC Bank is getting back to its momentum and lending personal loan while complying with the legal implications.
HDFC Bank is well known for its lowest interest rates and reach to the customer. And, if you are worrying about the EMIs then HDFC is here to offer pocket -friendly EMIs and all this and much more can easily be possible with HDFC Personal Loan. Yes, the attractive interest rates allow you to save more, making your personal loan journey a hassle-free experience. To know more about HDFC Personal Loan online, read the page below.
HDFC Personal Loan Interest Rates January 2022
|Interest Rate||10.25% - 17.00%|
|Loan Amount||No limit, depends on credit score, income, repayment potential, etc|
|Loan Tenure||Up to 7 Years|
|Processing Fees||INR 2499 - 2.50% of the loan amount plus applicable GST|
|Foreclosure Charges||Nil-Up to 4% on the principal outstanding + GST|
|Part- payment Charges||2%-4%|
|Repayment Mode||ECS, AD or PDC|
HDFC Personal Loan Eligibility Criteria for January 2022
HDFC offers personal loans based on eligibility criteria.
- If you are between a range of 21 years to 65 years of age, then you can easily avail HDFC Personal Loan.
- You should have a minimum monthly income of INR 25,000 to avail personal loan and that should be credited into bank account only and to be more cautious this income should be after every deduction.
- Also, you need to check whether you have adequate work experience or not – you must have 2 years of working experience, including a year of experience with the current employer.
For the categories where there is a news of percentage reduction in salary it will be applied for NTH to arrive at eligibility.
|Company Cat/ Product Cat||NTH band (Net take Home)||IRR (Rack Rate)||PF|
|CAT SUPERA, CAT A, CAT GA, CAT HDFC||>=75000||10.25-10.50%||INR 2400-1.5%|
|>=75000 to 50000||10.50-12%||INR 2499-1.5%|
|>=25000 to 50000||12.50%||1.50%|
HDFC Bank has always been know for its extended benefits to its customers. To make sure of that It has categorized its customers basis on the company they are working in like Super A, Cat A, Cat B, Cat C. For Government sector these would be Cat GA/GD/RA & Cat GB. According to these company categories HDFC Bank has different set of multipliers to give maximum loan amounts as per the eligibility. These multipliers also depends on the tenure that you are opting for while availing the loan like 1,2,3,4 &5 years.
|Category||Monthly Income||12 Months||24 Months||36 Months||48 Months||60 Months|
|Super A||>25,000 <=50,000||14||15||16||17||18|
|Cat A||>25,000 <=50,000||13||14||15||16||17|
|Cat B||>25,000 <=50,000||10||11||12||13||14|
For instance, If you are working in Cat A company and drawing a salary of INR 35,000 net in hand and of 30 years of age and looking for a personal loan for 3 years then as per Bank’s Multipliers calculation below:
Salary: INR 35,000
Tenure: 36 Months (3 years)
Eligible Loan Amount: 35000*15 = INR 5,25,000 Lakhs
In this case you are eligible upto getting a loan of INR 5,25,000 Lakhs.
Another scenario wherein you have some existing EMI going on of another personal loan of INR 6,100 then the calculation would be something like below:
Income to be considered for loan amount – (Net income – obligations(EMI))
INR 35000 – INR 6,100 = INR 28,900
Now INR 28,900 will be considered as your net salary for Loan amount eligibility calculation. Now the calculation would be like:
Eligible Loan Amount: 28900*15 = INR 4,33.500
In this case you would be eligible for INR 4,33,500 Lakhs of loan amount.
Hence, every customer can get maximum benefits with HDFC Personal Loan account basis on his profile.
The bank also offers the prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.
- Prepayment will be allowed subject to the successful payment of the first 12 EMIs
- Prepayment will be allowed maximum twice during the entire tenure of the loan
- Prepayment is allowed only once a year
- At any point of time, the prepayment will not exceed 25% of Principal Outstanding
Charges to be paid on Prepayment
- 13-24 Months – 4% of the outstanding loan balance
- 25-36 Months – 3% of the outstanding loan balance
- More than 36 Months – 2% of the outstanding loan balance
Point to be Noted
- The GST will be applicable over the processing fee amount.
- The offer won’t be available for top-up/enhancement/exiting loan closure.
- Pricing of loans amounting to INR 10 Lakh and above are under Golden Edge Program.
HDFC Doctors Loan
HDFC Bank offers loans to doctors under its business loan scheme. Yes, the lender offers this unsecured loan to the doctors to meet their professional requirements. This easy-to-access loan comes with many features and benefits.
- Loans above INR 10 lakh come with a special 10.25% interest rate
- Flat processing fee of INR 4,999
- Unsecured Loan up to INR 7.5 Lakh
- Group Exposure Can Go up to INR 1 Crore
- Tenure ranges from 12 Months to 60 Months
- Surrogate Programs like Banking, Gross Receipts and Takeover
- Competitive Pricing
- Minimal Documentation
- Speedy Approval
- Higher Multiplier
HDFC Personal Loan Top Up
If you already have a personal loan running in HDFC and need some extra funding urgently apart from your existing loan, you can apply for HDFC Personal loan top-up. Yes, the bank offers this top-up facility, wherein the existing personal loan borrowers can avail a top-up loan apart from their current running loan. This is the reason why HDFC personal loan has become the first and foremost choice of many borrowers.
Customers can only avail this facility post six months of completion of the loan and if the customer has opted for Moratorium for internal or external payments, in that case the customer can’t avail this facility.
Personal Loan for Wedding
The wedding comes with tall expenses of jewellery, guest accommodation and many rituals. To ensure the wedding happens with all the glitz and glamour, HDFC offers customized personal loans to make it happen! You can choose the loan amount and tenure as per your convenience.
Personal Loan for Home Renovation
One always feels to give their homes a refreshing look with colourful textures and designs. All those wanting to do so can apply for an HDFC Personal Loan. You can get the loan instantly provided you meet the eligibility criteria.
HDFC Personal Loan Eligibility Calculator
Curious to know how much loan amount you are eligible to get? Well, all you need is to know the HDFC Personal Loan Eligibility Calculator. That’s Right! This smart and well-designed tool lets you know the exact amount you can get from a lender depending on your eligibility. After taking into consideration your Income, Combined Monthly Loan EMIs, Combined Outstanding on Credit Card, etc, the device evaluates your personal loan eligibility. Such ease of this online tool makes many loan-seekers use this these days.
How to Apply Online for HDFC Personal Loan at Wishfin?
The application process of HDFC personal loan is simple and quick. A loan seeker can apply in four simple steps from the safety and comfort of your home
Step 1: A person should visit Wishfin’s website www.wishfin.com and fill in the loan application form with his personal, professional and financial details as mentioned in the form and submit the form.
Step 2: Once you are done with the submission of the form, you will get a soft approval from the bank with the eligible amount you can avail.
Step 3: To get a hassle-free personal loan, a borrower must keep the required documents ready by the time he/she applies.
Required documents would be
- 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 salary slips/current dated salary certificate with the latest Form 16
- Last 6 months bank statement
- Form 16 is mandatory for all Govt employees
Step 4: Once the above steps are completed, upload your documents and get the instant loan amount into your account while sitting at your home.
HDFC Personal Loan Calculator
A Personal Loan EMI calculator is the tool that helps calculate the instalment an individual has to pay every month. With the help of HDFC Loan EMI Calculator, a person can get an idea of the EMIs in advance so that he/she can manage his/her finances accordingly. This smart, time-saving and effective online tool takes into consideration the following three variables to compute the repayment estimates.
- Loan Amount
- Interest Rate
You can access the calculator anytime as it’s available online. So it is safe to say that this online tool helps you in taking a smart and calculative financial decision after letting you know the exact calculations of your EMI and Interest Outgo.
How is HDFC Personal Loan different?
HDFC Bank offers personal loans for all kinds of financial needs, be it a personal one or professional. 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 require minimal documentation.
- Attractive Rate of Interest: With the starting interest rate of 10.25% per annum, its personal loan interest rates are one of the lowest in the market.
- Special Offers for Women Applicants: For a personal loan to 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 amounting INR 3 lakh along with various premium brands and products.
- Free Insurance Cover: Personal loans of HDFC Bank come with an add-on benefit of a personal accident cover of up to INR 8 lakh along with a critical illness cover of INR 1 lakh without any extra charges.
HDFC Personal Loan Status
Applied for a personal loan at HDFC Bank? Anxious about where your application is? Know the status of the loan application by clicking the link ‘Track My Application’. Once the link opens, you need to enter details like the applicant’s name, loan reference number and date of birth. Subsequently, the loan application status will flash on the screen. It could either show approved, about to approve or pending for approval due to document discrepancy or any other reason.
HDFC Personal Loan Login
If you want to login to your account, you need to first log in to the HDFC website. After logging, you can easily check your loan account and its credentials from anywhere at any time. You can keep a track of each and every aspect of your personal loan journey by getting all the details online. Isn’t it amazing?
HDFC Loan Statement Online
Many loan-seekers are always concerned about their loan statements. They always have a query-How Can I Get HDFC Bank Statement? Don’t worry, you can read the page below and know how to do it.
HDFC Bank sends the monthly statement to all its loan account holders via emails. After receiving your monthly statement, you can easily check all the details of your account. Make sure your mail ID is registered with the bank so that you can enjoy uninterrupted services and keep receiving the statements on your email.
HDFC Personal Loan Payment
Applied for HDFC Personal Loan but don’t know how to make the loan payments? Well, you just need to get the ECS activated to your account. This electronic mode of payment will automatically deduct the required monthly instalment amount from your account so that you don’t need to bother about the timely payments. Ensure you have the required sum in your account so that the instalments are paid on time.
HDFC Personal Loan Balance Transfer Rates January 2022
Running a loan on higher rate from different lenders? No worries! HDFC Bank is here to solve all your problems by offering you the lowest rate of interest on transferring your loan from other lender. Check out from the below table mentioned.
|Income||Super CAT A, CAT A, CATGA, CAT HDFC||Processing Fee|
|INR 50,000 & Above||10.50%||INR 3499|
|INR 35,000 - INR 49,000||10.99%||INR 3499|
|Below INR 35,000||13.25%||INR 5000|
You can now easily balance transfer your credit card outstanding with HDFC Personal Loan offerings.
For Instance, if you have 2-3 credit cards with higher outstanding and paying higher annual interest on them and not unable to clear the dues. Here enters HDFC Bank – with HDFC Personal Loan offerings you can consolidate your debts into one single personal loan with one EMI and avoid paying 30-40% interest rate to credit card companies.
Consolidation of debt will help in saving the interest outgo and will free your credit cards for to be used again.