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HDFC Bank Personal Loan

HDFC Bank Limited (Housing Development Finance Corporation), which was founded in August, 1994, is the 5th largest bank in India. It has 84,325 employees and its branches are also present in Bahrain, Hong Kong and Dubai. HDFC Bank has won the trust of their customers by their services over the years. Now it has become one of the leading Banks in providing personal loan to individuals.

HDFC Personal Loans has three main benefits - Transparency, Competitive Rate of Interest, and Faster Loans. At LoanMoney.in, you can check your eligibility by filling a simple form on our website. Read on to know more about HDFC Personal Loan Eligibility and documentation requirements.

Why Choose HDFC Bank Personal Loan?

Taking a personal loan was very hard for individuals as they think they could not make up to eligibility criteria. HDFC Personal loans are perfectly designed so that customer can meet his fund requirements at time. Even, they have launched new different schemes that are meant to help the applicant in the process of loan eligibility and documentation.

When applying for personal loan for the very first time there can be apprehension to the applicant, HDFC Bank have maintained an equal and simple eligibility criteria for every applicant.

Here are some solid factors about why people prefer HDFC Bank Personal Loan

Minimal Documentation: An applicant can avail HDFC Personal Loan by providing minimal documents and get quick amount disbursement. It has the fastest loan approval time as compared to other banks and NBFCs

Attractive Rate of Interest: HDFC Bank offer lower interest rate for the applicant so that they did not find any difficulty in repayment of the loan. Personal loans with HDFC Bank start as low as 15.75% interest rate.

Quick Loan Disbursement: HDFC Bank understands that some people have urgent requirement of money, that why they have introduced new schemes with the feature of quick loan disbursement

Transparency in working: HDFC Bank is very transparent when it comes so their services and working, this is the primary reason for winning the trust of people.

HDFC Bank Personal Loan Features & Benefits

Purpose of loan: HDFC personal Loan can be used for any purpose whether is spending holidays, medical expenses or emergencies, home extension, renovation, and Marriage expenditure. It is not mandatory to tell the purpose of the loan that you are willing to take.

Low Interest Rate: HDFC Bank offer Personal Loans at very competitive rate of interest for Salaried, Self-employed and professional individuals. HDFC Personal Loan Interest rate ranges from 10.29% to 20.57%.

Speedy Loan Approval: If you are found eligible and you documents are complete and correct then you loan application will be quickly approved by the bank.

Low Prepayment and part payments Charges: HDFC Bank provides Low pre payment charges as compared to other bank and NBFCs. Part Payment or Advance Payment charges are completely removed after the period of 36 Months.

Top-up Loan facility: It is a facility of borrowing extra amount from the bank on you existing loan. Sometimes, there can be need of money unexpectedly.

No Guarantor or Security: Applicants can avail Personal Loan from HDFC Bank by without pledging their personal assets as a security or collateral.

Eligibility Criteria for HDFC Bank Personal Loan

For Salaried People
  • Age ranges from 21 to 60 years
  • Net Monthly Income must be above Rs. 20,000/-
For Self Employed
  • Age ranges from 21 to 65 years
  • Net Monthly income must be above Rs. 25,000/-
For Professionals
  • Age ranges from 21 to 65 years
  • Net Monthly income must be above Rs. 25,000/-

HDFC Personal Loan Interest Rates, Processing Fees & Charges

Interest Rate - 10.29% - 20.57%
Processing Fees - Up to 2.5% of the loan amount
Loan Tenure - 1 year to 5 years
Pre-closure Charges - Preclosure permitted after 1 year. 4% of principal outstanding (plus applicable tax) in 2nd year. 3% (plus applicable tax) in 3rd year. 2% (plus applicable tax) afterwards
Guarantor Requirement - No guarantor required
Part Payment Charges - Allowed after 12 Months at 2-4%
Preclosure Charges - Allows pre closure after 12 EMI's at 2 - 4%

Documents Required for HDFC Bank Personal Loan

  • Signed application form with photograph
  • Copy of passport/voter ID card/driving license
  • Processing fee cheque
  • Last 3 months bank statement/6 months bank passbook
  • Documentation for salaried applicants:

  • Latest salary slip

    current dated salary certificate with the latest Form 16

  • Documentation for self-employed applicants:
  • Latest Bank statement

    Latest ITR or Form 16

 
Loan Application

 

It is a type of unsecured loan and helps to meet your current financial needs. You don't need any security/collateral while availing it. Personal Loan is your solution for instant cash and can be used for travelling, wedding, medical emergency, home renovation, or anything else.

 

Home Loan is a Secured loan offered against the security of a house/property which is funded by the banks and NBFCs the property could be a personal property or a commercial one. Home loans consist of an adjustable or fixed interest rate and payment terms.

 

Loan Against Property belongs to the secured loan category where the borrower gives a guarantee by using his property as security. Banks and financial institutions offer this LAP, which can either be a residential/commercial building or a piece of land.

 

A Business Loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest. Banks and other financial institutions are there to provide you with suitable lending assistance.

Different Purposes for Personal Loan through LoanMoney

Marriages are made in heaven and its celebration is one of the happiest and memorable events for married couples and their families. Wedding loan is available to people looking to meet their wedding expenses in order to make the wedding a grand success.
A Medical Loan is extended by a bank or a financial institution under the category of personal loans. A medical loan can be used for multiple emergency purposes such as an operation, surgery, procedure, therapy or for any concern related to health.
Balance transfer is the process where a customer transfers his outstanding principal amount to another bank or financial institute primarily for a better rate of interest and also for better features. Balance transfer reduces your interest rates and finally ensure saving.
The Credit Card Payment Loan is designed to allow you to take control of your finances and pay your credit cards off faster. This is made possible by consolidating your high-interest card balances into one monthly payment at a fixed rate and term.
The Education Loan aims at providing financial support from the bank to deserving/ meritorious students for pursuing higher education in India and abroad. Students enrolled in career-oriented courses e.g. medicine, engineering, management etc, can avail this.
Travel loan is a kind of Personal Loan that you can apply while planning a travel. It can help to cover the costs associated with your holiday, such as airfares, accommodation, hotel fares, tour packages, travel gears/accessories, or any other type of expenses associated with your travel.
Debt consolidation/ Financial Restructuring is a process to streamline one's financial stability and debt. Thus by consolidating many small debts with one debt, one gets favourable payment off terms and lower burden of EMI.
Home is the place where your story generates. Home Renovation Loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated.

Disclaimer: LoanMoney is not a Loan Providing Organization. We are facilitating the Loan Process from various Banks & NBFC. The rate, eligibility criteria, term & conditions of various banks are subject to change as per bank discretion. We try our best to keep the data up-to-date, but we can't guarantee the accuracy of data provided in this site. LoanMoney help you to embark on your dream at the right time with many Banks/NBFC's Loan opportunities available! Follow a few simple steps to help LoanMoney team understand your requirements... read more

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