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HDFC Personal Loan FAQs

  • How long can I take to repay my HDFC Personal Loan?

    HDFC Personal Loan offers flexible repayment options ranging from 12 to 60 months, depending on the customer’s profile.

  • How much can I borrow HDFC Personal Loan?

    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

  • How can I repay my HDFC Personal 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.

  • What are the loan tenure options for Professionals Loan?

    You can repay your loan over a period of 12 to 60 months

  • How is my loan eligibility calculated?

    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.

  • Documents required while applying for a HDFC Personal Loan?

    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

  • Is part-prepayment of a Personal Loan allowed?

    No, part prepayment is not allowed. The loan has to either be prepaid in full or serviced for the contracted tenure.

  • How does a Salary Account help me get a HDFC Personal Loan?

    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.

  • Do I need to provide any security or collateral to obtain HDFC Personal Loan from HDFC Bank?

    No you don’t have to provide any security, collateral or guarantee to obtain HDFC Personal Loan from HDFC Bank.

  • What is De-pledge?

    Removal of a pledge from the security to regain the rights over the security is called de-pledge.

  • What is Guarantor?

    A Guarantor is a person who guarantees to pay for someone else's debt if he or she should default on a loan obligation.

  • What is Amortization?

    Amortization is paying off debts in regular instalments over a period of time.

  • What is Pledge?

    A right over the security is created in favour of HDFC Bank. Hence shares cannot be transferred or sold by the customer or shareholder.

  • What is RTGS?

    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).

  • What is NEFT?

    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.

  • What happens if I miss an EMI payment or there is an ECS bounce?

    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.

  • How can I change the mode of repayment/ account for my loan?

    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.

  • How can I get my address changed in my loan account?

    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.

  • How do I obtain a Duplicate Repayment Schedule for my loan account?

    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

  • What are the charges I have to pay to change the mode of repayment/ account for my loan?

    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.

  • Are there any additional charges for loan repayment?

    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

  • How long will it take for my Personal Loan to be processed?

    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.

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