HDFC Bank Personal Loan | Features and Benefits

HDFC Bank Personal Loan | Features and Benefits

HDFC Bank, India’s leading bank provides personal loans with hassle-free documentation and superfast disbursals. HDFC bank personal loan is easy-to-get, quick and convenient. Pre-approved HDFC bank customers can get loan disbursed in 10 seconds flat. Other customers can get money in just 4 hours (Terms and conditions apply). Besides speedy and transparent processing, the HDFC bank also offers a host of other benefits on its personal loans including flexible tenures and competitive interest rates.

HDFC Bank Personal Loan

The above mentioned features and benefits make HDFC bank personal loan among the best personal loans in India. HDFC bank personal loan can be customised to suit your every need. You can use a HDFC bank personal loan for a variety of purposes, including travel, wedding expenses, home renovation, in a medical emergency or to buy a gadget.

HDFC Bank Personal Loan – Features and Benefits

The main features and benefits of HDFC bank personal loan are

1. Customisation of personal loans. No matter what your needs, HDFC bank can customise a personal loan for you.

2. Special interest rates on personal loans for existing HDFC bank customers.

3. You can also transfer your existing personal loan to HDFC bank.

4. Convenient borrowing. You can get in touch via SMS, online chat or phone banking.

5. Quick eligibility check and disbursal. You can check your personal loan eligibility online in just 60 seconds.

6. Additional personal loan benefits include personal accident cover and personal loan security.

Also read: How to apply loan against LIC policy online?

HDFC Bank Personal Loan - Eligibility Criteria

Below mentioned individuals are eligible to apply for HDFC bank personal loan.

1. Salaried doctors, CAs, employees of private limited companies and PSUs, including central, state and local bodies.

2. Age should be between 21 and 60 years.

3. Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.

4. Those who earn a minimum of Rs. 15,000 net income per month (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin).

The above mentioned eligibility criteria for HDFC bank personal loan apply to both salaried and self-employed individuals. 

HDFC Bank Personal Loan – Documentation Required

HDFC bank needs simple documents for personal loans. You have to submit your personal loan application along with the following documents.

1. Identity proof (copy of passport/voter ID card/driving license/Aadhaar).

2. Address proof (copy of passport/voter ID card/driving license/Aadhaar).

3. Bank statement of previous 3 months (Passbook of previous 6 months).

4. Latest salary slip/current dated salary certificate with the latest Form 16.

Also read: SBI Student Loan Scheme | SBI Education Loan

HDFC Bank Personal Loan – Interest Rates & Fees

HDFC Bank offers competitive rates of interest on personal loans. If you are an existing customer, you can enjoy additional benefits on interest rate on your personal loan. Below are HDFC bank personal loan interest rates and charges.

Rack interest rate: For salaried - 14.75% to 20.70%

Charges for loan processing: Up to 2.50% of the loan amount (Minimum of Rs. 1,999/- and maximum of Rs. 25000/- for salaried customers).

Prepayment of loan: Salaried - No pre-payment permitted until repayment of 12 EMIs.

Pre-payment charges: For salaried 

a) 13-24 Months - 4% of principal outstanding

b) 25-36 Months - 3% of principal outstanding
c) More than 36 Months - 2% of principal outstanding

How to repay HDFC Bank Personal Loan?

You can pay the HDFC bank personal loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through Electronic Clearance Service (ECS) or a standing instruction to debit your HDFC bank account with the EMI amount.

Are there any additional charges for loan repayment?

The additional charges (if any) are applicable in case you default or in case of change the repayment mode.

Also read: How to block HDFC Debit Card?

Also read: How to pay HDFC Credit Card bills?

Also read: How to change & generate HDFC debit card PIN?

Also read: How to change/update address for your HDFC bank account?

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HDFC Bank Personal Loan | Features and Benefits