Thinking of a personal loan to meet your goals such as education, marriage, vacation, home renovation or even medical emergency? Consider availing it from HDFC Bank, a premier private sector lender with over 8,859 branches and 21000 ATMs across India. Imagine the massive reach you have with HDFC Bank when applying for a personal loan or other financial needs. The standout part is the awesome interest rate starting from 10.75% per annum. Other special features include reasonable processing fees, flexible repayment tenure, and a seamless documentation process.
Striking Features of HDFC Personal Loan
Here’s a quick look at the awesome features of HDFC Personal Loan.
| Aspects | Details |
| Interest Rate | 10.75-24% Per Annum |
| Loan Amount | Up to INR 40 Lakh |
| Repayment Tenure | 3-72 Months |
| Processing Fee | INR 4,999 + GST |
HDFC Bank Personal Loan Benefits
Here are the benefits to look forward to when applying for a personal loan at HDFC Bank.
Impressive Loan Amount Offers
HDFC Bank offers personal loans of upto INR 40 Lakh based on your income, credit score and repayment capability. With the loan amount extending to as high as INR 40 Lakh, you can meet all your financial goals using the HDFC Personal Loan application.
Attractive Interest Rates on HDFC Personal Loan
HDFC offers personal Loans at interest Rates as low as 10.75% per annum. Backed with a solid credit score and high income, you can grab such lower personal loan interest rates to ease your repayment burden.
Greater Scope for a Pre-approved Personal Loan
What if you don’t have to apply for a personal loan? This is much the case with HDFC Bank which disburses a pre-approved personal loan by doing credit and income checks in advance. These loans are credited to your bank account in a few hours. HDFC often approves based on your loan or credit card repayment history showing a credit score of 750 and above. Expect the best personal loan interest rates your way with a pre-approved case.
Seamless HDFC Personal Loan Documentation Process
Adding to the glory is the seamless documentation process the bank has for applicants. Just a few identity, income and address proofs, and you are done!
Fast Disbursals
HDFC Bank disburses a personal loan usually in two-three working days, subject to the borrower meeting the eligibility criteria in terms of income, residence, employment and credit score. In the case of a pre-approved HDFC Bank Personal Loan, the disbursal can be as quick as 10 seconds as claimed by the lender through its promotional campaigns.
HDFC Personal Loan Interest Rates
HDFC Personal Loan Interest Rates range from 10.75-24% per annum. The bank charges interest rates based on the loan amount, credit score and overall credit history of an individual. Residential and professional status also impact interest rates. Higher loan amounts will likely come at lower interest rates.
However, the first thing that HDFC Bank will consider before setting interest rates is your credit score and credit history. A credit score, which ranges from 300 to 900 in India, is a key indicator for interest rate determination. If the score reads above 750, HDFC Personal Loan will likely come at lower interest rates. Such a score results from timely loan or credit card payments, effective credit mix, lower credit utilisation ratio, and a reasonably longer length of credit.
There can be special rates for salaried and self-employed depending on their income. Also, people living in locations studded and with standard and standout amenities will likely grab lower HDFC Bank Personal Loan Interest Rates than someone residing at places with fewer amenities.
HDFC Personal Loan EMI Calculator
The effect of interest rates is demonstrated using the HDFC Personal Loan EMI Calculator, which is available on the bank’s official website. You can even find the personal loan EMI calculator on aggregators’ websites.
The calculator works as per the simple formula.
EMI = P x R x (1+r)^n/((1+r)^N – 1
EMI = Equated Monthly Instalment
P = Principal Loan Amount
R = Interest Rate
N = Number of Instalments Payable Over the Loan Tenure
The monthly instalment amount per lakh from the HDFC Personal Loan EMI Calculator stands at INR 1,853-2,633 for a 6-year loan tenure.
HDFC Bank Personal Loan Eligibility Criteria
HDFC Bank assesses your personal loan eligibility based on the following criteria-
Age
You should be a minimum of 21 years old while applying for a personal loan online or at HDFC Bank branches. At the same time, you should not be more than 60 at the time of loan maturity. The private lender assesses personal loan applications considering these two crucial factors associated with your age.
Income
You should earn a net monthly income of INR 25,000. This is the preliminary income-based personal loan eligibility standard set by HDFC Bank.
Your loan application amount will further decide the income you must have to grab an HDFC Personal Loan.
Ideally, the net monthly income should be within 30-40% of your proposed EMI. The extent of percentage should be less in the case of people with a lower income. However, if you have a high income, the bank can even allow an NMI/EMI ratio of 50%. The idea behind this is to assess one’s ability to repay the HDFC Personal Loan EMIs on time.
Professional Status
You should have worked for at least two years, while your stay in the current organisation should be a minimum of one year.
Type of Employees Eligible for HDFC Personal Loan
HDFC Bank disburses personal loans to employees working in public sector undertakings operating under central, state and local bodies. In addition, it also welcomes employees working in private limited companies with personal loan offers.
HDFC Bank Personal Loan Documentation
Check the following documents HDFC Bank seeks from borrowers for grabbing a personal loan from the lender
Identity Proof – Any of PAN Card, Aadhaar Card, Voter ID, Driving Licence, Passport, etc.
Address Proof – Any of Aadhaar Card, Driving Licence, Voter ID, Passport, or Utility Bills Such as Electricity Bill, Mobile Bill, Telephone Bill, Gas Bill, etc.
Income Proof – Latest Two Salary Slips or Present Dated Salary Slip Along with Form 16
Previous three-month Bank Statement or a Six-Month Passbook Statement
How to Apply for a HDFC Bank Personal Loan Online?
You can apply for an HDFC Personal Loan online. Just visit the official website of the lender, go to its ‘Personal Loan’ page and click on the apply button. You will get quotes based on the details you share with the lender. Once you accept, the lender will contact you for a routine verification. If you pass the personal loan eligibility test, you will get the amount in your bank account. You can even apply at any of the HDFC Bank branches spread across India.
HDFC Bank Personal Loan Application Status
You can check the HDFC Bank Personal Loan Application Status using net banking. Just log in, go to loans, and check the repayment summary using your loan account no. You are assigned a number when the HDFC Bank Personal Loan is disbursed. You can even use phone banking, mobile banking or contact the branch official to check the status.
HDFC Personal Loan Customer Care Number
If you want to resolve any queries or issues related to HDFC personal loan, contact the bank’s customer care department on 1800 1600/1800 2600.