HDFC Bank Personal Loan
HDFC Bank is one of the most popular private sector banks in the country, known for its professional banking and financial services. HDFC Bank is a market leader in personal loans as it offers a triple advantage to all loan applicants. Minimal documentation, quick loan approval and assured transparency makes HDFC bank the preferred choice of thousands of satisfied loan borrowers.
HDFC Bank Personal Loan is one of the most convenient ways to meet your Immediate Financial Needs if planned well. It is generally an unsecured loan, means you do not need to provide any assets as security to avail the loan. HDFC Personal Loans are great when it comes to dealing with life’s financial challenges. There are number of times when you need quick money for a number of reasons, it could be a medical emergency, or an urgent housing renovation, a foreign holiday, a family wedding or any other such thing. Getting HDFC Bank Personal Loan not only helps you get by, quick repayment of it improves your credit score thus enabling you to take bigger help next time, in case the need arrives.
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Documentation required for Salaried Individuals
- Identity proof: Aadhar Card, Valid Passport, Valid Voter ID Card or a Valid Driving License
- Address proof: Ration card/passport/telephone/rental agreement/electricity bill
- 3 months salary slips/certificates
- 2 years’ Form 16 (TDS certificate)/ Income Tax Return
- 12 Months bank statement of your salary account
- 2 Passport Size Recent Photographs
Documentation required for Self employed individuals and Working Professionals:
- PAN Card: For Company /Firm/ individual
- Identity proof: Passport/ Aadhaar Card/Voter ID card/Driving License/Pan Card
- Address proof: Aadhaar Card/Passport/Driving License/ Voter ID-Card
- Income Documents – 2 years audited financials, 6 months bank statement
- Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof
- Filled up loan application form
- 2 Passport Size Photo
- Copy of Income Tax PAN
Features of HDFC Personal Loan
- Interest rates for HDFC Personal Loan is allocated according to the customer's salary, the amount being borrowed, loan tenure and other criteria that differ from one lender to another.
- HDFC Personal Loan requires minimum paperwork and is often approved within 48 hours of submitting an application.
- Check your HDFC Personal Loan eligibility online or at select branches in just 60 seconds. Once all your papers are submitted, the loan will be disbursed in just one working day.
- The repayment time period is fixed and ranges from 1 to 5 years.
- It provides accidental insurance cover up to Rs 8 lakhs and partial disability Upto Rs 1 lakhs Applicable taxes and surcharge/cess Repay with easy EMIs.
- Avail Attractive Interest Rates
- Hassle-free Loans - No Guarantor / Security or Collateral required
- Speedy Loan Approval
- Disbursal in 2 Days
- Borrow up to Rs 25,00,000 for any purpose, depending on your requirements
- Flexible repayment options, ranging from 12 to 60 months
- Salaried Individuals working with an Indian or MNC private sector company
- Salaried Individuals working with government sector enterprises, semi government sector enterprises or Indian Defence Services
- Individuals working with public or private sector educational institutes or banks financial institutions
- Self Employed business owners like- Traders, manufacturers, Service providers.
- Self-employed professionals like – Doctors, Chartered accountants, Consultants and other
- Low pre-payment charges also waiver is offered after 36 months.
- Can instantly check loan eligibility
- 24/7 Customer Support
Benefits of HDFC Personal Loan
- Higher Loan amount with Lower EMI.
- Funds can be used for business as well as personal needs.
- Special offers, interest rates and charges for all HDFC Bank account holders.
- Easy Documentation processing & 100% Transparency on all transactions.
- Maximum Loan up to INR 1.5 million for 5 years.
- Flexible Interest Rate and special interest rates for women borrowers.
- Fastest Loan Approval by just 10 Seconds.
- Flexible repayment options which is ranging from 12 months to 60 months.
- Loan is offered for First Time Loan Borrowers.
- Disbursal in 2 Days
- Zero Hidden Charges, very lowest processing fee & most convenient repayment option.
Purpose Of HDFC Bank Personal Loan
Wedding Expenditure
Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
Medical Emergencies
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
Balance Transfer
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
Credit Card Payment
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
Travel & Tourism
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Higher Education
The Education Loan aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Financial Restructuring
Debt consolidation/ Financial Restructuring is a process to streamline one’s financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home Renovation
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.
FAQ For HDFC Bank Personal Loan
- How long can I take to repay my HDFC Personal Loan?
- How much can I borrow HDFC Personal Loan?
- How can I repay my HDFC Personal Loan?
- What are the loan tenure options for Professionals Loan?
- How is my loan eligibility calculated?
- Documents required while applying for a HDFC Personal Loan?
- Is part-prepayment of a Personal Loan allowed?
- How does a Salary Account help me get a HDFC Personal Loan?
- Do I need to provide any security or collateral to obtain HDFC Personal Loan from HDFC Bank?
- What is De-pledge?
- What is Guarantor?
- What is Amortization?
- What is Pledge?
- What is RTGS?
- What is NEFT?
- What happens if I miss an EMI payment or there is an ECS bounce?
- How can I change the mode of repayment/ account for my loan?
- How can I get my address changed in my loan account?
- How do I obtain a Duplicate Repayment Schedule for my loan account?
- What are the charges I have to pay to change the mode of repayment/ account for my loan?
- Are there any additional charges for loan repayment?
- How long will it take for my Personal Loan to be processed?
HDFC Personal Loan offers flexible repayment options ranging from 12 to 60 months, depending on the customer’s profile.
You can take as much loan as you wish, as there is no maximum limit, depending on your income and repayment capacity. You can club your spouse’s income if you want to get a bigger loan
You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your HDFC Bank account with the EMI amount. Try LoanMoney for EMI calculator to calculate how much you need to pay each month.
You can repay your loan over a period of 12 to 60 months
Loan eligibility is dependent on primarily the following factors:
The company where you work. Every bank has a list of companies running into thousands which they have categorised into segments like A, B, C etc depending on the credentials and financials of your employer. The higher the category the higher is the loan eligibility chances. Quantum of loans and credit card outstanding that you already have. Typically a bank will not give a loan if the total EMI obligation (including the current Personal Loan that your are trying to apply for) exceeds 50-75% of your total net take home salary. Your gross/net salary Your credit score as reflected in your CIBIL or Equifax report. Having a good credit score is a necessary but not a sufficient criteria.
One need to provide an identity proof, residence proof, last 3 months salary slip, last 6 months bank statement and a passport sized photograph. HDFC Banks may also ask for additional documents later like Form 16, appointment letter, company ID card, previous company relieving letter
No, part prepayment is not allowed. The loan has to either be prepaid in full or serviced for the contracted tenure.
You get a preferential rate of interest and processing fee, speedy processing and minimal documentation if you have a Salary Account with HDFC Bank. This is taken into account at the time of disbursal of the loan. You can pay through a Standing Instruction to debit your HDFC Bank account with the EMI amount.
No you don’t have to provide any security, collateral or guarantee to obtain HDFC Personal Loan from HDFC Bank.
Removal of a pledge from the security to regain the rights over the security is called de-pledge.
A Guarantor is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.
Amortization is paying off debts in regular instalments over a period of time.
A right over the security is created in favour of HDFC Bank. Hence shares cannot be transferred or sold by the customer or shareholder.
RTGS is the Real Time Gross Settlement which is used for the transfer of amounts of Rs. 1,00,000 or more from one bank account to another bank account (any bank located anywhere in India if attached with an Internet system) at very minimal charges. The amount is credited into the beneficiary's account in real time. For amounts less than Rs. 1, 00,000 we use NEFT (National Electronic Fund Transfer).
The National Electronic Funds Transfer (NEFT) system is a nation-wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.
The bank will levy certain ECS bounce charges/penalties. In addition it will get reported in your credit report. Depending on the severity of the default it can have serious impact on your future credit possibilities like a home loan, car loan etc. In addition, the banks can also take legal action against the borrower.
In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest the Retail Loan Service Centre and submit your request with the revised account mandate/instructions.
In order to change your address in our records, you may visit the nearest Retail Loan Service Center and submit the following documents:
Request form for Address Change.
Self Attested copy of your revised address proof along with the original address proof for validation. In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents (self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.
You may obtain a Duplicate Repayment Schedule for your loan account, free of charge by registering for our Net Banking facility on www.hdfcbank.com and download the repayment schedule for your linked loan account.
Alternatively, you may visit the nearest Retail Loan Service Centre and submit the following documents
A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-HDFC Bank Account (ECS or PDC facility). A cheque /pay order/demand draft for Rs. 500 favouring “HDFC Bank Ltd Loan Account No. << >>” will be required along with the revised set of repayment instructions.
The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode). The charges are updated and can be viewed in the Fees & Charges section in the Bank’s website of each loan product.
After 12 EMI - 4% | After 24 EMI - 3% | After 36 EMI - 2%
There is no charges after 12 EMI, when your salary is greater than 75,000 and your loan amount is greater than 10 Lakh
Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.
