There are times in life when everyone seeks financial assistance to fulfill some immediate monetary crisis. Personal loans provide such support in need.
A personal loan is money you can borrow from banks, online lenders, or other financial institutions to fund a variety of purposes. The borrowed amount has to be repaid in equated monthly installments (EMIs) over a fixed tenure, typically with interest. There are several lenders who offer this facility and one such esteemed lender is HDFC Bank. Having a distribution network of almost 5000 branches and 12,000 ATMs across 2500 cities & towns, the bank extends instant personal loan services in almost every corner of the country.
Here is everything you need to know about HDFC Personal Loan:
Features & Benefits HDFC Personal Loan
- High loan amount: You can get a loan amount of up to Rs. 40 lakhs from HDFC as a personal loan.
- Instant eligibility check: Check your HDFC personal loan eligibility online in just one minute with the bank’s Personal Loan Eligibility Calculator.
- Instant disbursal: Pre-approved HDFC Bank customers get funds in just 10 seconds while other customers can get a loan in 4 hours. The loan amount is transferred in just one working day after document submission.
- Easy online application: The bank has simplified a personal loan application process. You can apply online with just a few clicks.
- Insurance Cover: HDFC personal loan comes with a free personal accident cover of up to Rs. 8 lakhs and a critical illness cover of Rs. 1 lakh.
- Personal loan for every need: These loans are multipurpose and can be used for any of your financial needs.
- Affordable interest rates: HDFC personal loan interest rates start from as low as 10.50% p.a.
- Flexible tenure: Borrowers can repay their loan in flexible tenure of 12 to 60 months as per their convenience.
HDFC personal loan Eligibility Criteria
|Age||21 – 60 years|
|Employment||Employees of select private limited companies and public sector undertakings (central, state & local bodies).|
|Work experience||Total of minimum 2 years, with at least 1 year with the current employer.|
|Minimum net monthly salary||Rs. 25,000 for HDFC Bank salary account holders and Rs. 50,000 for non-HDFC Bank salary account holders.|
|Eligible residential cities||Delhi, Mumbai, Hyderabad, Pune, Bangalore, Chennai, Cochin, Ahmedabad, & Kolkata
HDFC personal loan Documents Required
|Identity proof||Copy of Passport/Voter’s ID Card/Driving License/Adhaar Card)|
|Address proof||Copy of Passport/Voter’s ID Card/Driving License/Adhaar Card)|
|Financial documents||· Bank statement of last 3 months or passbook of last 6 months)
· 2 latest salary slips or current dated salary certificate along with the latest Form 16
|Other documents||· Personal loan application
· Proof of end use
· Recent photographs of the applicant
HDFC Personal Loan Interest Rates & Other Charges
|Rack interest rate||Salaried: 10.50% to 21% p.a.|
|Processing fees||Up to 2.50% of the sanctioned loan amount, minimum of Rs. 1,999 & maximum of Rs. 25,000 for salaried customers.|
|Prepayment charges (Salaried)||· No prepayment allowed before 12 EMIs payment
· 13-24 months: 4% of Principal Outstanding
· 25-36 months: 3% of Principal Outstanding
· After 36 months: 2% of Principal Outstanding
|Overdue EMI interest||2% per month on overdue EMI/Principal|
|Amortization schedule charges||Rs. 200|
|Cheque bounce charges||Rs. 550 per bounce|
|Cheque swapping charges||Rs. 500|
|Stamp duty and other statutory charges||As applicable by the laws of the state|
|Legal or incidental charges||At actual|
How to Apply for HDFC Personal Loan Online?
- Register on online lending platforms, HDFC Bank’s website or mobile app.
- Fill out an application form and submit required documents.
- Wait for verification and approval by the lender.
- Choose a loan amount and repayment tenure.
- Get money transferred in your account.
How to Check HDFC Personal Loan Status?
You can easily check your HDFC personal loan status through any of the following ways using your loan Reference/Proposal Number:
- HDFC Bank’s loan tracker
- Your HDFC Bank Account Number
- Your mobile number registered with the bank
- HDFC mobile application
- By visiting the bank branch
- By calling the customer care of the bank
HDFC Top Up Loan
If you have an existing Personal Loan, Home Loan, or another loan facility availed through HDFC Bank, you can apply for an HDFC Top Up Loan. This facility can be availed of after 12 months of the final disbursement of your existing loan or a basis repayment track record of the last 12 months. It’s an additional loan offered to meet the additional financial requirement.
HDFC Instant Loan
HDFC offers a pre-approved loan, i.e. HDFC Instant Loan, that is credited instantly to the borrower’s HDFC Bank Savings account or in the form of a Demand Draft in the applicant’s name. The borrower doesn’t require any documentation for this loan.