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.
|HDFC Bank Personal Loan Balance Transfer|
Personal loan balance transfer is a process by which a borrower transfers an outstanding principal of a personal loan from one lender to HDFC Bank. Borrower can avail facilities like Lower Rate of Interest means Lower EMI, Longer Repayment Tenure, Avail Additional Features, Top-up Loan Facility & Better Services.
|Net Salary||Rate of Interest|
|Greater Than 50,000 (Govt. Employees)||10.25%|
|Greater Than 50,000 (Non. Govt. Employees)||10.40%|
|Greater Than 35,000||10.99%|
|Less Than 35,000||12.49%|
Illustration: Rs. 1 Lac Loan on @ 10.25% with processing fees for 72 Months comes to Rs. 1,34,296/- Equated Monthly Instalment shall be: Rs. 1865/- only.
APR* - Annual Percentage Rate
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.
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 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.
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 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.
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.
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 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.
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.
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