HDFC Bank Personal Loan

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 offers Personal Loans for both salaried and self employed individuals ranging from Rs. 50,000 to a maximum limit of Rs. 15 lakhs. With a flexible loan tenure ranging 12 to 60 months and a competitive interest rate, HDFC Bank offers one of the best personal loan services in the country.

The money borrowed through HDFC Bank personal loan can be used as per the needs and requirements of the applicant as there are no restrictions regarding the end use of the amount availed. Personal loans from HDFC Bank can be used for any immediate or short term financial needs like wedding expenses, home renovation, medical expenses, overseas travel, starting a new business or even in times of unexpected financial crunch.

Personal loans from HDFC Bank require no guarantor, security or collateral prerequisites and the bank offers instant loans approved in less than a minute.HDFC Personal Loan comes with a number of added benefits including a Personal Accidental Cover of up to 8 lakhs along with a Critical Illness cover of 1 Lakhs.

Why choose HDFC Personal Loan?

Taking a personal loan is no small undertaking, however, it need not be as painful, applying for one, as many people seem to believe. HDFC personal loans are designed to ensure that you have funds when you need them so that you can dispense them at your leisure. They have even introduced schemes that are meant to flatter the applicant and make the whole process of figuring out the eligibility for the HDFC personal loans quick and simple. There is some trepidation when it comes to applying for a personal loan for the very first time, but with HDFC all applicants are given a fair chance and all judgements, for the approval of the loan, are made on the basis of the same eligibility criteria as is applied to everyone else.

Many people prefer HDFC personal loans due to some or all of the below mentioned factors:

Minimal Documentation: HDFC Bank personal loans come with minimal documentation and quick loan disbursal. HDFC Bank has one of the fastest loan approval time compared to a number of other public sector and private banks.

Attractive Rate of Interest: HDFC offers personal loans at very competitive interest rates. Personal loans with HDFC Bank start as low as 15.75% interest rate.

Special Offers for Women Applicants: HDFC Bank offers a specialized discounted scheme for women known as the Personal Loan Diva Scheme. This scheme offers pre approved personal loans of Rs. 3 Lakhs to women applicants along with more than 100 Diva offers across various premium brands and products.

Dedicated Customer Support Helpline: HDFC Bank understands the need of customer support and service and has a 24/7 support helpline across all formats. Applicants can reach out to the bank through SMS, Webchat, Click2Talk and Phone Banking.

Free Insurance Cover: All personal loans approved by HDFC Bank come with an added benefit of personal accidental cover of up to 8 lakhs along with a critical illness cover of 1 Lakhs without any extra charges.

Features of HDFC Personal Loan

Personal loans from HDFC Bank come with a number of added benefits and incentives. HDFC Bank is known for their easy loan application process and wide branch network in every small town and even in many Indian villages. HDFC Bank also ensures maximum quantum of loan is offered to each applicant as per their financial credential, repayment history and CIBIL score. Some of the main advantages that make HDFC personal loan such a popular choice with loan applicants include:

Quick Loan Disbursal: HDFC Bank makes sure that loan applicants do not have to go through any long delays and has one of the fastest loan disbursal time compared to a lot of their private sector as well as public sector banks in the country.

Low Interest Rates: HDFC Banks offer competitive interest rates with loans available for salaried, self employed individuals, working professionals. Loans from HDFC Bank start as low as 15.75% interest rate for salaried individuals.

Online Loan Requests: HDFC Bank has been one if the pioneer banks to embrace technological up gradation. Taking this trait forward, HDFC Bank offers online loan applications and submissions with instant approval.

Low Prepayment Charges: HDFC Bank offers substantially lower prepayment charges for personal loans compared to other banks. Prepayment charges are completely waived off after a period of 36 months.

HDFC Bank Personal Loan Interest Rate

HDFC Personal Loan Interest Rates are very attractive and hard to overlook. If an applicant applied for, and was found eligible for, a personal loan from HDFC then he/she will pay an interest rate between 15.75% and 20% if they are salaried individuals. For those who default on payments the interest rate charged is 24% per annum on the outstanding amount from the date of default. If an individual chooses to cancel the loan the bank will retain the processing fee and will also charge an interest for the time between the issuing of the loan to the date it was cancelled on. No other charges will be levied in this case.

Rack interest rate	Salaried - 15.75% to 20%
Loan processing charges	Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment	Salaried - No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges	13-24 Months - 4% of Principal Outstanding, 25-36 Months - 3% of Principal Outstanding,>36 Months - 2% of Principal Outstanding
Loan cancellation charges	NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation and processing fees would be retained.)
CIBIL Report Copy Charges	Rs.50 per copy

HDFC Bank Personal Loan Eligibility

HDFC Bank offers personal loans to all applicants fulfilling the basic eligibility criteria.

• If the applicant is salaried, which is to say that he/she is an employee of a private limited company or works for a public sector undertaking or a state or local body then they are eligible. Even doctors and chartered accountants are eligible to apply.
• The applicant must be between the ages of 21 and 60 years old.
• He or she must have a minimum of 2 years of work experience.
• When applying for a loan, the applicant must have worked with the current employer for a minimum period of 1 year.
• The net monthly income of the applicant should be Rs 12,000 per month or more.
• If the applicant is a resident of any of the following cities then he/she should have a minimum net monthly income of Rs 15,000 per month. Ahmedabad, Bangalore, Calcutta, Chennai, Cochin, Delhi, Mumbai.
• CIBIL scores will also be taken into account while deciding the eligibility of the applicant.

Eligibility Criteria for Salaried Individuals

Age	21-60 years
Minimum Monthly Income	Be earning at least Rs. 12,000/- per month net income (Rs. 15,000/- in Mumbai, Delhi, Bangalore, Chennai, Calcutta, Ahmedabad, cochin)
Loan Amount	Rs, 25000 to Rs, 15,00,000
Processing Fee	Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Tenure	12 Months to 60 Months
Interest Rate	15.75 to 20%

Eligibility Criteria for Self Employed Individuals and Working Professionals:

Age	25-65 Years
Minimum Income	Rs 60000 p.a. taxable income for Doctors and CAs. Rs 100,000 p.a. taxable income for Engineers, MBA Consultants, Architects, CS.
Maximum Loan Amount	Rs. 15,00,000
Tenure	12 Months to 36 Months
Interest Rate	14.5 to 15%

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