HDFC Bank Personal Loan
HDFC Bank Personal Loan Details
HDFC Bank was incorporated in 1994 and since then it has been one of the leading providers of financial and banking products in India. What started off as a financial institution focussing on home loans alone, quickly graduated into a full-fledged banking organization. Today, HDFC is a name every Indian household trusts and the reputation it has built is impeccable across the country. HDFC personal loans are of the ideal products that borrowers can choose to fulfil their financial needs. The loan is collateral-free and can be used for multiple monetary requirement and personal expenses such as those for wedding, travel, education, healthcare, big-ticket purchases, etc. An HDFC personal loan is available for both salaried and self-employed individuals and offers low rates and processing fee.
On Ask loan baba, a person can know about HDFC Personal Loan details and apply for the loan online on the website. Customers can also access free-to-use EMI and eligibility calculator to take an informed decision. In this modern age of living independently, the value of individualism is strongly growing in importance, majorly in our cities. Naturally, at this point, we have a huge chunk of people who do not wish to be stopped along the way to their dreams because of shortage of funds. A financial tool like personal loan can fulfil this need gap for these very people intending to live life to their fullest.
HDFC Bank Personal Loan Updated Details October 2019
|Loan Amount||Rs. 50 thousand to Rs. 40 lakhs|
|Personal loans interest rates in HDFC bank||Starting at 11.25% for salaried individuals and 13% for self-employed individuals (on the basis of monthly reducing balance).|
|Loan Tenure||12 months to 60 months for salaried individuals.
12 months to 48 months for self-employed individuals.
|Processing Fee||Minimum fee is Rs. 1,999.
Otherwise, up to 2.50% (for salaried people) of the loan amount.
2.25% (for self-employed applicants) of the loan amount.
|Pre-payment Charges||For salaried individuals:
NOTE: No part-payment allowed for self-employed individuals.
|Pre-closure Charges||Allowed after 12 EMIs. Charges range from 2% to 4% of the outstanding loan amount.|
|Charges for Late EMI Payment||Minimum charge is Rs. 200. 2% of the total principal overdue/EMI of the month is charged.|
|Guarantor Requirement||No guarantor required|
Features and Benefits of Personal Loan HDFC Bank
Below-mentioned are some of the features and benefits of HDFC personal loan.
- Loyal Customers: Existing borrowers can enjoy benefits such as low rates and charges, special offers, superfast disbursal of loan in 10 seconds, and pre-approved loans. An existing relationship with the bank can go a long way in getting these perks as a borrower from HDFC Bank.
- Critical Illness Cover: The borrower will get a Critical Illness cover up to Rs. 1 lakhs on paying a low rate of premium. It will be deducted from the loan amount during disbursal. This is one of the unique benefits of going for the personal loan by HDFC
- Personal Accident Cover: Borrowers can avail a Personal Accident cover up to Rs. 8 lakhs by paying a minimum premium. The premium amount will be subtracted from the loan amount during disbursal. Very few banks offer such additional benefits to its borrowers and potential loan applicants can take this into due consideration before zeroing in on a loan.
- Personal Loan Diva for Women: Special offer for personal loan in HDFC Bank is available for women customers under the Personal Loan Diva Scheme. Here, the female receives pre-approved loan offer of up to Rs. 3 lakhs along with more than 100 Diva offers across premium products and brands. An initiative by HDFC to support and encourage women, pre-approved loans take away the many hassles that tag along with a loan application process.
- Sarv Suraksha Pro:The bank also provides Sarv Suraksha Pro, which is personal loan security. It offers a credit cover shield of an equal value of the remaining loan amount along with Rs. 8 lakh cover for accidental hospitalization and Rs. 1 lakh cover for permanent disablement or accidental death.
- Balance Transfer: Customers can opt to transfer their personal loan to HDFC bank from another bank, at a low rate of interest @11.39% onwards, with offer of low EMI payments and processing fees. An initiative by HDFC to support and encourage women, pre-approved loans take away the many hassles that tag along with a loan application process.
- Best Customer Service: The bank has a strong customer support and service, offering 27×7 helpline through SMS, Webchat, phone banking, and Click2Talk. HDFC works closely with its customers to provide any support needed when it comes to financial products and services.
HDFC Bank Personal Loan Eligibility
Employed of public sector undertaking including central/state/local bodies, private limited companies, CAs, salaried doctors, etc are eligible to apply for this loan. Below-given are the eligibility criteria for salaried and self-employed individuals who wish to apply for HDFC bank loan. You can check your eligibility for the loan amount using the Eligibility calculator while EMIs can be determined using the EMI calculator.
For Salaried Individuals:
- The applicants must be of 21 years minimum at the time of loan application. They should not be more than 60 years at the time of loan’s maturity. This clause is non-negotiable for the bank as it is important to validate the repayment capacity of the borrower.
- They must have at least 2 years of work experience. Minimum 1 year employment is necessary with the current employer. The bank will check the person’s repayment capacity. This term set by the bank is mainly to see if the borrower is stable in his income and hence, a salaried person needs to provide proof of employment.
- Net monthly income must be at least Rs. 15,000. Net monthly income must be at least Rs. 20,000 if the borrower is a resident of Delhi, Mumbai, Kolkata, Pune, Chennai, Hyderabad, Cochin, Chennai, Bengaluru, or Ahmedabad. For EMIs and loan tenure to be consistent with the HDFC personal loan, the bank has this condition of a minimum monthly salary.
For Self-employed Individuals:
- The applicants have to be of at least 21 years of age at the time of loan application and not more than 65 years of age at the time of loan’s maturity.
- Applicants must have at least 3 years experience, with 1 year experience in present business.
- The bank will check the person’s repayment capacity. This is an important process for the bank to ascertain the borrower’s credibility to repay.
A person can also refer the free-to-use Eligibility calculator below and find out how much amount he/she can borrow:
Documents Required to Apply for HDFC Bank Personal Loan
Below-given is a list of documents needed for personal loan HDFC.
- Recent passport-sized photographs.
- Duly-filled and signed loan application form.
- One of the mentioned Identity Proofs: Copy of Passport/ Aadhar Card/ Driving Licence/ Voter ID Card.
- One of the mentioned Address Proofs: Copy of Aadhar Card/ Passport/ Voter ID Card/ Driving Licence.
- Copy of bank passbook of the last 6 months or bank statement of the last 3 months.
- Salaried individuals have to submit last 3 months salary slip, proof of latest IT return or Form 16.
- Self-employed applicants have to submit latest ITR or Form 6 and updated bank statement of the last 6 months.
How to Apply for HDFC Bank Personal Loan on Ask loan baba?
A person can quickly apply for HDFC online loan on Ask loan baba without having to visit the bank branch. It is simple and easy, and the applicant can upload all the required documents online. Disbursal of personal loans is done at the soonest, and the borrower can keep a track of loan application on the website. Applying online is a privilege and many are taking to this mode of transaction and dealings with loans as well. Applicants can start the process from the comfort of their home because of this.
The applicant can check out several personal loan schemes by HDFC Bank and go through all their features such as quantum of loan, amount of loan, processing fees, interest rates, and other conditions, at one page, and keep a track of the loan application on the website. Ask loan baba works closely with HDFC bank to see to it that the loan application procedure steers clear of any delays and discrepancies. As a loan aggregator company, our ties with reputed banks will help you get through your paperwork and procedures more quickly as compared to branch visits.
HDFC Bank Personal Loan Interest Rates
The HDFC personal loan interest rates start at 11.25% for salaried individuals and 13% for self-employed individuals. The HDFC personal loan interest rate will on grounds of the borrower’s profile, income, need of loan amount, loan tenure, credit score and history, and other factors.
We, at Ask loan baba, keep track of RBI guidelines on interest rates and the changes made by HDFC bank so that you can be sure of any changes, if any, in the interest rates. Watch this space for all the correct details when it comes to loans.
Personal Loan HDFC Bank EMI Calculation
The bank provides the facility of low monthly instalments that help borrowers to manage their finances better. The lowest HDFC EMI on personal loan is Rs. 2,174 per lakh. Use our FREE personal loan EMI calculator before applying for an HDFC loan. This will allow you to be clear about your finances so as to plan the repayment accordingly. Precise amounts are shown to you according to the interest rates and loan tenure.
With HDFC Bank EMI calculator, get the following details:
- The right loan amount as per salary drawn.
- A suitable interest rate on the loan.
- The loan tenure ideal as per income profile.
Purpose of Borrowing HDFC Personal Loan:
A personal loan can be used for multiple purposes as required and deemed suitable by the borrower. It is an unsecured loan which means the borrower does not have to pledge any of his assets as security. There is no need to keep any fixed deposit as collateral for the bank. A collateral free loan like HDFC Personal loan gives borrowers the liberty to spend their loan amount according to their choice. Borrowers need not specify the purpose of loan to the bank while applying for the personal loan.
Let’s take a quick look at the different uses of HDFC Personal loan below:
- Wedding expenses: Indians believe in a big fat wedding and all that grandeur does not obviously come cheap. A personal loan can aid a family when there is a wedding occasion by supporting the financial needs that come with it.
- Educational expenses: Cost of education has multiplied several times all over and covering these costs call for proper preparation and financial planning. In case it hasn’t been possible, resorting to a loan is a safe option. A personal loan can greatly help to fund college education in India or abroad accordingly. The expenses associated with education could be taken care of with the help of HDFC Personal loan.
- Expanding your Business: If you have a great idea which needs to be tested in the competitive market, a personal loan can come to your rescue. Business loans are unlikely to get sanctioned in such cases because of lack of experience in the field. However, personal loans do not need specific reason to be mentioned to the bank while borrowing from it. Having a repayment plan spread out over months will future-proof you from any defaulting on the loan. HDFC personal loans can allow you the financial freedom to scale up your business in times of a pressing need for expansion.
- Renovating your house: House renovation is an expensive affair and people tend to put this work off for later and never really get to making the desired changes to their home. HDFC Personal loans can be employed for this purpose in due time for your house. The expenses will be covered as part of the loan amount any extra amount can be kept in the form of a contingency fund. House renovation expenses exceed the fixed amount at times and it is advisable to get a 20 % to 30 % higher loan amount with respect to the estimated expenses calculated at the outset.
- Consolidate Debts: HDFC Personal loan can be applied for consolidating your existing loans- be it a credit card debt or a home loan. The purpose of doing this is to pay a lower interest on your borrowed amount by transferring the balance to HDFC’s personal loan service. This way, you can save up on your interest outgo amount every month. A small step like this can help you save money.
- Medical Emergencies: In today’s times, hospital bills are expensive and they can really burn a hole in the pocket. And let’s say you do not have a medi-claim going for you. This is a situation that everyone would dread. At such a time, a personal loan can shield you from the financial burden that hospital expenses can put on you. Unforeseen expenses like these ideally need to be taken care of through health insurance. HDFC personal loans can get you out of this situation in case you don’t have that so you can take care of any medical emergencies.
- Fuel your Travel plans: Another tendency of many of us in India is to delay our travel plans to an end where we even stop taking annual vacations. No denying the fact that travels can be an expensive affair but it provides a much needed break to everyone in the family and improves bonding among everyone. An HDFC Personal loan can fuel your dormant love for travel and get you out the city in a jiffy!
- Big Purchases: Every once in a while, we might be faced with a need for an expensive purchase like a TV, computer or an AC. Obviously, these purchases cannot wait and it is true that funds may fall short at times. At such times, you can go for HDFC Personal Loan and make those big purchases. Personal loans are meant to solve these problems when finances are not conducive.