HDFC Bank offers personal loans starting from 10.50% per annum up to INR 40 lakhs and with a flexible loan tenure of up to 5 years.
| HDFC Bank Personal Loan –A Snapshot | |
| Interest Rate | 10.50% p.a. onwards |
| Loan Amount | Up to INR 40 lakh |
| Tenure | Up to 6 years |
| Minimum Monthly Salary | INR 25,000 |
| Processing Fee | Up to INR 4,999 |
| Pre-approved instant personal loan | Offered to select customers of HDFC Bank with loan disbursal in 10 seconds |
| Pre-closure Charges | Allowed if borrower has paid at least 12 EMIs.
For salaried:
|
| Part-payment Fees | Allowed if borrower has paid at least 12 EMIs.
For salaried:
|
| Documentation |
|
Documents Required
Below mentioned are the documents required to apply for HDFC personal Loan:
- Completed loan application
- 3 Passport size photographs
- Statement of Bank Account/ Pass Book for the last six months
- Proof of residence (photo copies of recent Telephone Bills/ Electricity Bills)
- Proof of identity (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
- IT returns for the three years for self-employed professionals
- Form 16/IT returns for the last two financial years for salaried employees
Eligibility Criteria
Below mentioned are the eligibility criteria to apply for HDFC personal Loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
- Individuals between 21 and 60 years of age.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
- Those who earn a minimum of 25,000 net income per month.
Interest Rates
Below mentioned are the interest rates to apply for HDFC personal Loan:
| Fee | Amount to be paid |
| Rack Interest Rate | Salaried- 10.50% to 24% |
| Processing fee /
Loan Processing Charges |
Up to INR 4999/- |
| Stamp Duty & Other Statutory Charges | As per applicable laws of the state |
| Delayed installment payment charge | 18% p.a. plus applicable government taxes on the overdue installment amount |
Processing Fees
Below mentioned are the processing fees & charges to apply for HDFC personal Loan:
| Fees | Charges |
| Processing Charges | Up to INR 4,999 |
| Stamp Duty and other statutory charges | As per the laws of the state |
| Overdue EMI Interest | 2% per month on EMI/principal overdue |
| Legal/Incidental Charges | At actuals |
| Amortization Schedule Charges | INR 200 |
| Cheque Swapping Charges | INR 500 |
| Cheque Bounce Charges | 1st return at INR 450 + taxes
2nd in a month INR 500 + taxes 3rd onwards INR 550 + taxes 10% discount for senior citizens INR 550 per cheque bounce |
| Loan Cancellation Charges Rebooking Charges | NIL INR 1000 |
| Pre-payment in Part/Full | NIL until repayment of 12 EMIs (salaried)
Part-payment allowed up to 25% of the Principal Outstanding. It is allowed once in the financial year and twice during the loan tenure. |
| Pre-payment Charges on Principal Outstanding/Part Payment Charges | Salaried:
13-24 months- 4% of the outstanding principal 25-36 months- 3% of the outstanding principal >36 months- 2% of the outstanding principal |
Benefits to apply for HDFC Personal Loan
Below mentioned are the benefits to apply for HDFC Personal Loan:
- Hassle-free online loan application process
- Instant disbursal – HDFC bank customers can get a loan in 10 seconds while others in 4 hours.
- No end usage restriction of funds
- Customizable personal loans
- 24/7 personal loan customer care service
- No collateral for the loan
- Easy documentation
- Pocket-friendly repayment
- Specialized loan offers for working women
Factors Affecting HDFC Bank Personal Loan Application:
Factors that may affect the HDFC Bank Loan Application are as mentioned below:
- Location: The location of the residence helps in determining the minimum salary amount that is eligible for meeting the criterion of the HDFC loan application.
- Income: A higher income indicates a better loan repayment capacity.
- Existing Loans/ Advances: Existing loan/ debts helps in determining the personal loan interest rates and the loan amount.
- Credit History: It is one of the most important factors that help in determining the HDFC Personal Loan Interest Rate, amount, and period. Discrepancies in the credit history lead to the rejection of the HDFC loan application.
How to Apply for HDFC Personal Loan
Below mentioned are the steps to apply for HDFC Personal Loan:
Step 1: Determine the need:
Determine the requirement and the amount of the personal loan before applying for the same.
Step 2: Check Eligibility for Loan:
Check the eligibility before applying for the HDFC Personal Loan. It can be done by HDFC Personal Loan Eligibility Calculator to find out how much loan amount should be applied for.
Step 3: Calculate Monthly EMIs:
Calculate EMI i.e. calculate the approximate loan repayments every month. With the help of the HDFC Personal Loan EMI Calculator. To match the monthly income, one can modify the interest rates and loan tenure.
Step 4: Approach the Bank:
The loan can be applied for in different ways like online, at an ATM or at the branch.
Step 5: Submit the Documents:
Now, check the documentation required to apply for the HDFC Personal Loan and handover them to the bank. HDFC will remit the funds for pre-approved loans to customers within 10 seconds. , and in the case of Non-HDFC Bank customers in 4 hours.
How to check the Application Status of an HDFC Loan
Below mentioned are the different ways to check HDFC Personal loan Status:
Via Loan Tracker:
Step 1: Visit HDFC Bank’s official website and click on the ‘Personal Loan’ tab.
Step 2: Go to the ‘Manage Your Loan’ section and click on ‘Track Your Application.’
Step 3: HDFC Personal Loan tracker will open in a new tab. Enter the applicant’s name or reference/proposal number.
Step 4: Enter the Date of Birth or Mobile number.
Step 5: Submit the details.
Via Mobile Number:
Step 1: Visit HDFC Bank’s official website and click on the ‘Personal Loan’ tab.
Step 2: Go to the ‘Manage Your Loan’ section and click on ‘Resume Your Application.’
Step 3: A new tab for HDFC personal loan application tracking will open. Enter your mobile number as mentioned in the loan application form and click on “Proceed”.
Offline Modes:
Via Customer Care:
To check the personal loan status, an applicant can call on below-mentioned numbers 1800 202 6161 / 1860 267 6161 (between 8:00 a.m. to 8:00 p.m. on all days including Sundays and Bank Holidays).
By visiting the nearest HDFC Branch
Visit any nearest branch of HDFC to know the loan application status of the HDFC Personal Loan applied.
