HDFC Bank Personal Loan

admin January 6, 2023 in Bank, Loan, TIPS - 12 Minutes

In these difficult times of COVID 19, HDFC Bank – one of the leading private sector banks in India has resumed its operations and has started personal loan lending to around 27000 companies. Before COVID 19 HDFC gave loans to around 48000 companies. With the stabilization of the situation, HDFC Bank is going back to its momentum and giving personal loans while complying with the legal implications.

HDFC Bank is famous for its lowest interest rates and customer engagement. And, if you are worried about the EMIs HDFC is here to offer pocket-friendly EMIs and all this and more can be done easily with HDFC Personal Loan. Yes, the attractive interest rates allow you to save more, making your personal loan journey effortless. For more information about HDFC Personal Loan online, read the page below.

HDFC Personal Loan Interest Rates January 2023

Details	Details
Interest rate	11.00% – 21.00%
Amount of Loan	Up to 40 lakh
Loan Tenure	12 months to 60 months
Processing Fees	up to Rs. 4999/-
Foreclosure Charges	Nil-Up to 4% on outstanding principal + GST
Participation Fees	2%-4%
Mode of Refund	ECS, HR or PDC

HDFC Personal Loan Eligibility Criteria for January 2023

HDFC offers personal loans based on eligibility criteria.

If you are between 21 years to 60 years of age, you can easily avail HDFC Personal Loan.
You should have a minimum monthly income of INR 25,000 to avail a personal loan and that should be credited to one bank account and to be more careful this income should be after all deductions.
Only employees of private limited companies, the public sector, or central, state and local bodies can apply for an HDFC personal loan.
Also, you need to check whether you have sufficient work experience or not – you must have 2 years of work experience, including one year of experience with the current employer.

For example, if you are working in a Cat A company and drawing a salary of INR 35,000 net in hand and 30 years old and you are seeking a personal loan for 3 years then as per Bank Multipliers calculation below:

Salary: INR 35,000

Tenure: 36 Months (3 years)

Eligible Loan Amount: 35000*15 = INR 5,25,000 Lakhs

In this case you are eligible to get a loan up to INR 5,25,000 Lakh.

Another scenario where you have some current IEA on another personal loan of INR 6,100 and then the calculation would be as below:

Income to be considered for loan amount – (Net income – obligations (EMI))

INR 35000 – INR 6,100 = INR 28,900

INR 28,900 will now be considered as your net salary for Loan amount eligibility. Now the calculation would be as follows:

Eligible Loan Amount: 28900*15 = INR 4,33.500

In this case you would be eligible for INR 4,33,500 Lakhs of the loan amount.

So, every customer can get maximum benefits with HDFC Personal Loan account base on their profile.

Advance Payment Facility

The bank also offers prepayment facility to help the customers to pay all or part of the outstanding amount. If you have excess cash on hand and meet the criteria below, you can pay some of your outstanding principal to reduce it. This will also help in saving accrued interest on the principal amount. Find out more about this facility below.

Note:

Advance payment will be allowed subject to successful payment of first 12 EMIs
A maximum of two prepayments will be allowed during the entire loan period
Advance payment is allowed only once a year
At no time, the prepayment shall not exceed 25% of the Outstanding Principal Amount

Charges payable on Advance Payment

13-24 Months – 4% of the outstanding loan balance
25-36 Months – 3% of the outstanding loan balance
More than 36 months – 2% of the outstanding loan balance

A point to note

The GST will be applicable over the amount of the processing fee.
The offer will not be available for top-up/improvement/loan termination.
Loans of INR 10 Lakh and above are priced under the Golden Edge Programme.

HDFC Doctors Loan

HDFC Bank offers loans to doctors under its business loan scheme. Yes, the lender provides this unsecured loan to the doctors to fulfill their professional needs. This easy to access loan comes with many features and benefits.

Loans above INR 10 lakh come with a special interest rate of 10.25%.
Flat processing fee of INR 4,999
Unsecured Loan up to INR 7.5 Lakh
Group Exposure Can Go Upto INR 1 Crore
Tenure lasts from 12 months to 60 months
Representation Programs such as Banking, Acquisitions and Takeovers
Competitive Pricing
Minimum Documentation
Quick Approval
Higher Multiplier

HDFC Personal Loan Extension

If you already have a personal loan in HDFC and urgently need some extra funding apart from your existing loan, you can apply for HDFC HDFC Personal Loan Top Up Yes, the bank offers this top up facility, where the existing personal loan borrowers can avail additional loan apart from their existing loan. This is why HDFC personal loan is the first choice of many borrowers. Yes, the bank offers this top-up facility, in which the existing personal loan borrowers can avail a top-up loan apart from their current current loan. This is the reason why HDFC personal loan has become the first and foremost choice of many borrowers.

Customers can avail this facility only after six months of completion of the loan and if the customer has opted for Moratorium on internal or external payments, in that case the customer cannot avail this facility.

Personal Loan for Wedding

The wedding comes with high costs of jewellery, accommodation for guests and many rituals. To ensure that the wedding happens with all the glitz and glamour, HDFC offers customized personal loans to make it happen! You can choose the loan amount and tenure as per your convenience.

Personal Loan for Home Renovation

One always feels like giving their homes a refreshing look with colorful textures and designs. Everyone who wants to do so can apply for HDFC Personal Loan. You can get the loan immediately provided you meet the eligibility criteria.

HDFC Personal Loan Eligibility Calculator

A Personal Loans EMI calculator is the tool that helps to calculate the installment that an individual has to pay every month. With the help of HDFC Loan EMI Calculator, a person can get an idea of the EMIs in advance so that he/she can manage his/her finances accordingly. This smart, time-saving and efficient online tool takes into account the following three variables to calculate the repayment estimates.

Documents would be necessary

Identity Proof – Voter ID Card/Driving License/PAN Card/Copy of Passport
Address Proof – Copy of Credit Card/Telephone or Electricity Bill/Rent Agreement/Passport
Last 3 months salary slips/current salary certificate dated with latest Form 16
Bank statement for the last 6 months
Form 16 is mandatory for all Government employees

Step 4: Once the above steps are completed, upload your documents and get the loan amount instantly into your account while sitting at your home.

HDFC Personal Loan Calculator

IEA Personal Loan calculator táthe tool that helps to calculate the installment that one has to pay every month. With the help of HDFC Loan EMI Calculator , one can get an idea of the IMIs in advance so that he/she can manage his/her finances accordingly. The smart, efficient and time-saving tool takes into account the following three variables to calculate the repayment estimates.

Amount of Loan
Interest rate
Tenure

You can access the calculator anytime as it is available online. So it’s safe to say that this online tool helps you make a smart and calculated financial decision after letting you know the exact calculation of your EMI and Interest Output.

How is HDFC Personal Loan different?

HDFC Bank offers personal loans for all types of financial needs, be it personal or professional. Here are some of the main reasons why HDFC bank personal loan is different from others:

Minimum Documentation : Keeping in mind the convenience of customers, HDFC Bank personal loans require minimum documentation.
Attractive Interest Rate : With an initial interest rate of 11.00% per annum, their interest rates on personal loans are one of the lowest on the market.
Special Offers for Women Applicants : For a personal loan for women applicants, HDFC Bank offers a specialized scheme – Diva Personal Loan Scheme. Under this scheme, a woman applicant gets the facility of pre- approved personal loans worth INR 3 lakh along with various premium brands and products.
Free Insurance Cover : HDFC Bank personal loans come with the added benefit of personal accident cover up to INR 8 lakh along with critical illness cover of INR 1 lakh at no extra charges.

HDFC Personal Loan Status

Apply for a personal loan at HDFC Bank? Worried about where your application is? Know the status of your loan application by clicking on the ‘Track my Application’ link. When the link is opened, you must enter details such as the applicant’s name, loan reference number and date of birth. After that, the loan application status will flash on the screen. It may show that it is approved, about to be approved or pending approval due to a document discrepancy or any other reason.

HDFC Personal Loan Login

If you want to login to your account, you need to login to HDFC website first. After logging in, you can easily check your loan account and credentials from anywhere at any time. You can keep track of every aspect of your personal loan journey by getting all the details online. Isn’t it great?

Online HDFC Loan Statement

Many loan seekers are always worried about their loan statements. They always have a question-How Can I Get HDFC Bank Statement? Don’t worry, you can read the page below and know how to do it.

HDFC Bank sends the monthly statement to all loan account holders through emails. After receiving your monthly statement, you can easily check all your account details. Make sure your email ID is registered with the bank so that you can enjoy uninterrupted services and continue receiving the statements on your email.

HDFC Personal Loan Payment

Apply for HDFC Personal Loan but don’t know how to make the loan payments? Well, all you have to do is activate the ECS to your account. This electronic payment method will automatically deduct the required monthly installment amount from your account so that you do not have to delay the timely payments. Make sure you have the required amount in your account so that the installments are paid on time.

HDFC Personal Loan FAQ

1. How to apply for HDFC personal loan online?

You can apply for HDFC Bank Personal Loan by visiting the official website of HDFC Bank. Another option is also available to apply for the loan and it is done through the above form. You will need to provide some basic details like your name, contact number, date of birth, and career status to submit an online HDFC Personal Loan Application.

2. How much time does HDFC Bank take to approve a personal loan?

HDFC bank usually takes 10 hours to approve the personal loan. But if you are a pre-approved customer of HDFC bank you can apply for the same loan within 10 seconds.

3. How long does it take to get a personal loan from HDFC?

It will take 4 hours to get a personal loan from HDFC after submitting all the valid documents to the bank and verifying them. On the other hand, if you are a pre-approved customer you will receive the loan within 10 seconds.

4. What is the minimum personal loan amount in HDFC Bank?

There is no minimum loan amount specified for HDFC Bank Personal Loan. But you can ask the bank how much you are willing to borrow and they will give you the exact figures.

5. Can I take 2 personal loans from HDFC?

Yes, you can take 2 personal loans from HDFC Bank but you have to be eligible for the 2nd loan from HDFC.

6. What documents are required to apply for an HDFC personal loan?

Documents required to apply for HDFC Personal Loan are:-
– One Identity Proof – PAN Card – Signed
Application Form
– One Address Proof – Aadhar Card or Voter ID Card or Passport or Electricity Bill
– Multiple Passport Photographs
– Income Proof only- 3 to 6 Months latest Bank Statement or Salary Slips or ITR

7. Who is eligible to take HDFC personal loan?

A person having all the following is eligible to take HDFC Personal Loan:-
– Age between 21 years to 65 years
– Monthly Income INR 25000.
– Total Work Experience 2 years and above.
– 1 year of current employment.

8. What are the personal loan pre-foreclosure charges of HDFC Bank?

HDFC Bank Pre-Foreclosure Charges are:
–4% of Outstanding Amount if Pre-Foreclosure occurs between 13 to 24 months.
– 5% of the Outstanding Amount if the Pre-Foreclosure occurs between 25 and 36 months.
– 2% of the Outstanding Amount if the Foreclosure occurs after 36 months.

9. What documents are required for HDFC personal loan?

You will need to submit the following documents to the bank when you apply for the HDFC Personal Loan:-
– PAN
Card – Aadhar Card – Latest
3 to 6 Months Bank Statement or Salary Slips or ITR
– Detailed Passport Photographs

10. Does HDFC Bank offer instant Personal loans?

Yes, HDFC Bank provides instant personal loans that are disbursed within 10 seconds. But you have to be a pre-approved customer to get an instant personal loan in this time period.

11. What are the securities and collateral required for HDFC personal loans in India?

No security or collateral is required to apply for HDFC Bank Personal Loan as these loans are unsecured loans and are given on the basis of your income and credit score.

12. Who can be your co-borrowers in an HDFC Bank personal loan application?

The following members can be co-borrowers in HDFC Bank Personal Loan Application:-
– Spouse
– Parents
– Children
– Siblings

13. What is the minimum CIBIL score required for HDFC Bank personal loan in India?

The minimum Cibi Score required for HDFC Bank personal loan is 750 or above in India.

14. What are the prepayment charges associated with HDFC Bank personal loan?

HDFC Bank Personal Loan prepayment charges are 2% to 4% of the outstanding amount. The exact prepayment charge depends on the time you are making the prepayment.

15. How can a government employee get a personal loan from HDFC Bank?

The government employee can easily fill the above form and apply for HDFC Bank personal loan. He will have to give his name, salary, contact number, date of birth, and email ID in the form.

For More Details:- https://www.hdfcbank.com/

For Bank Grievance Redressal – https://www.hdfcbank.com/personal/need-help/contact-us