HDFC Bank Personal LoanApply Now
|HDFC Personal Loan||Details|
|Loan Amount||Rs. 50,000 to Rs. 75 lakhs|
|Interest Rate||10.75% to 21.50% per annum|
|Tenure||1 year to 5 years|
|Processing Fee||0.99% to 2.50% of the loan amount|
Allowed after 12 EMI's
• 13 to 24 months: 4% of outstanding balance of the borrowed principal
• 25 to 36 months: 3% of outstanding principal amount
• More than 36 months: 2% of outstanding principal
HDFC Bank personal loan is offered on the basis of your credit history, repayment capacity, income, and other factors. It is an unsecured loan requiring no collateral. There are special offers for salaried individuals, self-employed professionals, first time borrowers, women employees, and others. The procedure to apply online on Loanbaba for HDFC loan is simple. The approval and disbursal is quick. Also, the application requires minimum documentation. Below, we will discuss about HDFC Bank personal loan features, loan schemes, interest rates, eligibility criteria, documents needed, and a lot more.
Features of HDFC Bank Personal Loan
Below-given are features of personal loan HDFC Bank:
- Benefit for Existing Customers: Existing borrowers can enjoy benefits such as low rates, charges, special offers, pre-approved offers, superfast disbursal of loan in 10 seconds. A proven and a good past record with the bank can go a long way in getting these perks as a borrower.
- Critical Illness Cover: You will get a Critical Illness cover up to Rs. 1 lakh on paying a low rate of premium. The premium amount will be deducted from the loan amount during disbursal.
- Personal Accident Cover: You can get a Personal Accident cover up to Rs. 8 lakhs by paying a minimum premium. The premium amount will be deducted from the loan amount during disbursal.
- 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. It also provides a cover of Rs. 8 lakhs 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% onward. You can switch your loan to a low interest HDFC personal loan. A flat processing fee of Rs. 1,999 is applicable.
- A Good Customer Service: The bank has a good customer support and service, offering 27x7 helpline through SMS, Web chat, phone banking, and Click2Talk. HDFC works closely with its customers to provide any support needed when it comes to financial products and services.
Types of HDFC Bank Personal Loans
Here are the details about personal loans by HDFC Bank:
1. Pre-approved Insta Loan against Credit Card Limit
Rather than piling up on credit card bills, you can apply for an instant loan against the credit card limit. HDFC Bank provides a pre-approved offer within seconds.
|HDFC Insta Loan||Details|
• Tenure is between 12 months and 48 months.
• No documentation is needed as the offer is pre-approved in nature.
|Loan Protection Cover||
• There is a facility of Loan Protection Cover. Your loan will be secured against liability arising from non-payment of dues.
• The inability to pay should arise out of an unforeseen accidental death. The cover is for the principal outstanding.
• The security is in terms of the sum insured amount of up to Rs. 10 lakhs and to the tenure up to 60 months.
2. Insta Jumbo Loan, Even Above the Credit Card Limit
HDFC Bank offers a pre-approved Instant Jumbo loan over your credit card limit. This loan is against your credit card. Attractive interest rates apply. The loan does not block your credit limit. Tenure is 12 months to 60 months. Quick disbursement is assured within seconds.
|HDFC Insta Jumbo Loan||Details|
• The loan amount gets credited to your HDFC bank account.
• You will receive a new card for the Insta Jumbo Loan Account.
• You will also get a separate monthly statement.
• The EMIs will start from the immediate billing date.
• You must maintain enough balance in your savings account for the EMI.
• Your savings account will get debited of the due amount on the payment date.
• The amount can may also deduct within 5 working days from the payment due date.
|Loan Protection Cover||
• The terms and conditions for the HDFC Jumbo Loan Protection Cover are same as that for Insta loan.
3. HDFC Personal Loan Top Up
You can opt for a top up loan facility at the HDFC Bank. This is an extra loan amount that you can take on your ongoing personal loan. The loan amount available is up to Rs. 50 lakhs or up to the existing borrowed amount, whichever is lower. The bank provides quick approval and disbursal on this service.
|Top-Up Personal Loan||Details|
• The EMI of the new loan is consolidated with the existing EMI.
• Thus, the total cost of both the loans gets covered through consolidated EMIs.
• Top up loans allow you to extend your credit without having to pay two EMIs separately over two different loans.
• There is no security required. To apply for the loan, you should be between 18 years and 65 years.
• You should have an existing HDFC bank loan.
• You should be either a salaried or self-employed individual residing in India.
4. Golden Edge Personal Loan
This is a premier financial product for elite/high-income applicants. The loan amount is between Rs. 10 lakhs and Rs. 40 lakhs. Interest rate starts from 10.75%. The tenure is up to 72 months. Under this scheme, HDFC Bank offers personalized services and priority processing. The lending decision is taken within 48 hours or maximum 72 hours.
|HDFC Gold Edge Personal Loan||Details|
• The employee should be working with one of the companies listed in HDFC’s company category list.
• Applicants from non-listed companies should have a monthly salary of Rs. 1 lakh and above.
• Also, the non-listed company has to be approved for being included in the bank’s category listing for the processing of the loan.
|Income and CIBIL Score||
• The monthly income of the applicant should be Rs. 75,000 and above.
• A clean and healthy repayment track record is expected at the time of the loan application.
• The CIBIL score of the borrower should be higher than 720 basis points.
• Co-applicants are allowed. The co-applicant can be parents or spouse of the primary borrower.
• The monthly salary of every co-applicant individually should be above Rs. 75,000.
|Processing Fee and Part-payment Charges||
• The processing fee for non-account holders is Rs. 3,999 and that for HDFC salary account holders is Rs. 1,999.
• Maximum Processing fee charged is Rs. 25,000.
• Part-payment is allowed after 12 EMIs. The fee is up to 25% of the loan amount.
• Foreclosure is allowed after paying the first 12 EMIs.
• To confirm the customer requirements, HDFC Bank will provide a dedicated visit by the Relationship Manager.
• Special terms and waivers for foreclosure charges on repayment of the loan are offered after 12 EMIs.
• A top-up facility is available after 3 months.
5. Personal Loan Diva for Women
Special offer 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. This is an initiative by HDFC to support and encourage women entrepreneurs. Such pre-approved loans take away the many hassles that tag along with a loan application process.
|How to Redeem?||Details|
• Contact the helpline 9769653501/9867272349 to redeem the privileges. You can also provide your DIVA unique number on email ID firstname.lastname@example.org
• After verification of the DIVA unique number, you will receive a verification email to confirm the product on your email ID.
• After confirmation, you will get the redemption detail and voucher code on your email ID.
• To avail the offer, you need to use the voucher code on the third party vendor/merchant website.
• Follow the above-mentioned two pointers for ‘Online Offers’ for the helpline and verification.
• You can pay by cheque or card to purchase the product/gift voucher.
• The vouchers will be sent to your registered address in a matter of 15 working days.
• Follow the above-mentioned two pointers for ‘Online Offers’ for the helpline and verification.
• After confirmation, you will receive a promo code through an SMS. You must show this SMS at the respective outlet to redeem the offer/service.
6. Personal Loan for Pensioners
HDFC pension loan is for pensioners of State and Central government or the Defence sector. The applicant should receive regular pensions.
- The age of the pensioner can be up to 65 years.
- Borrowing amount is between Rs. 50,000 and Rs. 5 lakhs
- Tenure is between 12 months and 36 months.
- Credit Protect Insurance is mandatory in this loan.
- Verification is conducted personally for the pensioner to apply for the loan.
7. Personal Loan for Doctors and Dentists
HDFC Bank offers special professional loan/personal loan for doctors and dentists.
- If the applicants have a proven educational qualification and work experience, then they can borrow up to Rs. 40 lakhs.
- Tenure is up to 60 months. The personal loan can be used for business or personal expenses.
- Many use the funds for business expanding, running daily operations, purchase of medical equipment, etc.
8. Personal Loan for Indian Defence Forces
Those serving the Indian Defence forces can apply for a personal loan. HDFC Bank provides this borrowing option to all the ranks of Army, Air Force, and Navy. The Defence category includes employees of the CISF, CRPF, ITBP, SSB, and BSF. Special discounts are available.
- The interest rate is with 16% reducing rate.
- There are no processing charges.
- Loan amount is between Rs. 50,000 and Rs. 20 lakhs.
- Tenure is up to 12 months.
- The applicant should have a net monthly salary of over Rs. 25,000.
- CIBIL score is not mandatory.
- The age of the applicant should be more than 25 years.
9. HDFC Bank Professional Loans
This loan is available for professionals such as Doctors, Architects, Physiotherapists, Company Secretaries practicing or consulting, Chartered Accountants, etc. Loan amount up to Rs. 50 lakhs is available for professionals who want to boost their practice. In specific locations, the borrowing amount can go up to Rs. 75 lakhs. The eligible loan amount is based on the repayment capacity and credit history of the borrower. The rack rate of interest is 12.50% to 15.65%.
|Professional Loans HDFC||Details|
|Tenure||It is between 12 months and 60 months.|
|Balance Transfer||Balance transfer facility is available.|
|Interest Rate and Processing Fee||Interest rates are as low as 13.29% and the processing fee starts at 0.99%.|
|Age of the Applicant||Minimum 25 years and under 65 years at the time of the loan’s maturity.|
|Annual Income||Minimum yearly income should be Rs. 1 lakh.|
• Chartered Accountants and Doctors: 4 years post qualification.
• Architects and Company Secretaries: 5 years post qualification.
• Physiotherapists: At least 5 years post qualification.Note: Business should be profit-making for the last 2 years.
|Insurance||You can also take a Credit Protect Plan at a low premium to cover the outstanding loan amount.|
10. Personal Loan for Government Employees
Here are the details for HDFC personal loan for government employees:
A) PSU and CPSE Employees
HDFC Bank offers personal loans to government employees from CPSEs and Public sector undertakings (PSUs). The bank offers the loan on the basis on the employee’s repayment capacity and employer category.
- The Department of Public Enterprises has a set of rules for the categorization in category I & II.
- The categorization is on the basis of the employer’s financial performance, revenue, profile, and net worth as MAHARATNA, NAVRATNA, or MINIRATNA.
- The processing fee is 1.5% of the loan amount. The rate of interest starts from 11.49%.
B) State and Central Government Employees
Employees of the State and Central government can also avail this loan. The eligible employees include those working with State or Central Ministry, State sponsored colleges, universities, institutes, hospitals etc.
- The bank segregates government employees in the category GB, GA, and GC
- To apply for the loan, the applicant’s minimum monthly income should be Rs. 24,000.
- Processing fee is between 1.75% and 2% of the loan amount.
C) Indian Railways Employees
Indian Railways is a part of the government sector. It comes under the Ministry of Railways. HDFC Bank offers special personal loan to the Gazetted staff of the Indian Railways.
- To apply for the loan, the applicant should have net monthly salary Rs. 25,000 minimum.
- Processing fee is 1.5% of the applied loan amount.
HDFC Bank Personal Loan Interest Rate and Charges
The HDFC personal loan interest rate differs from a personal scheme to another
- The starting rate of interest is 10.75%. It can go up to 21.50%.
- The bank allows prepayment, part pre-payment, and foreclosure of loans at applicable charges.
- The processing fee is between 0.99% and 2.50%.
- Prepayment and foreclosure charges are between 2% and 4% of the prepaid amount/outstanding amount.
- Special rates and discounts are available for women entrepreneurs and government/defence sector employees.
Eligibility Criteria for HDFC Bank Personal Loan
Employees 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 personal loan HDFC Bank.
|Eligibility Criteria||Salaried Individuals||Self-employed Individuals|
|Age of the Applicants||
• 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.
• The applicants have to be of at least 21 years of age at the time of loan application.
• They should not be more than 65 years of age at the time of loan’s maturity.
• They must have at least 2 years of work experience.
• Minimum 1 year employment is necessary with the current employer
• 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.
• Applicants must have at least 3 years experience, with 1 year experience in present business.
• The bank will check the person’s repayment capacity.
• Net monthly income must be at least Rs. 18,000. Net monthly income must be at least Rs. 20,000 to Rs. 25,000 if the borrower is a resident of Delhi, Mumbai, Kolkata, Pune, Chennai, Hyderabad, Cochin, Chennai, Bengaluru, or Ahmadabad.
• For EMIs and loan tenure to be consistent with the HDFC personal loan, the bank has this condition of a minimum monthly salary.
• Depends on the scheme applied for and the terms for annual turnover.
Documents Required to Apply for HDFC Bank Personal Loan
Below-given is a list of documents needed for the loan application:
- Recent passport-sized photographs.
- Duly-filled and signed loan application form..
- One of the mentioned Identity Proofs: Copy of Passport/ Aadhaar Card/ Driving Licence/ Voter ID Card.
- One of the mentioned Address Proofs: Copy of Aadhaar 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.
- Proof of business continuation (Trade License/ ITR/ Sales Tax certificate/Establishment Certificate)
- Original document of Director-certified true copy of Memorandum & Articles of Association & Board Resolution.
- Copy of Partnership Deed or Sole Proprietary Declaration.
Frequently Asked Questions about HDFC Bank Personal Loan
Below-mentioned are the FAQs on personal loan HDFC.
1. What are the benefits for salary account holders in the HDFC Bank?
If you draw salary in your HDFC bank account and apply for a personal loan, then the bank will give you preference. You could be eligible for lower interest rates, minimal paperwork, lower processing fee, speedy approval of the funds.
2. Is there any charge if you change the repayment mode?
You have to pay a minimal fee of Rs. 500 if you want to change the repayment mode.
3. What collateral is required for a personal loan?
The bank does not need collateral or security to apply for a personal loan. The fund’s approval depends on your repayment ability, credit history, CIBIL score, and other factors.
4. How much time it takes to process the loan?
The bank will check and verify the submitted documents before it approves the loan. You can expect the funds in your bank account within minutes if the offer is pre-approved and you apply for the loan against your credit card. In other cases, it can take between a few hours to 48 hours.
5. What are the modes for repayment?
HDFC Bank offers several choices of repayments. You can pay the EMI (equated monthly instalment) through electronic clearance service (ECS), post-dated cheques, or standing instructions to debit the EMI amount from your bank account.
6. Can you prepay the HDFC Bank personal loan?
You can choose prepayment of your personal loan after complete payment of the first 12 EMIs. But, you can opt for prepayment only twice in the entire tenure. Also, you can prepay only once in a single financial year. There is another condition applicable. You cannot prepay more than 25% of the total principal amount.
7. What are the added benefits on personal loan HDFC?
The bank offers competitive rates and flexible tenure. But apart from these benefits, you also get a crucial illness cover of Rs. 1 lakh and an accident insurance of Rs. 8 lakhs on taking a personal loan. You do not have to pay any additional charges for these two facilities.
Disclaimer: Information is gathered from secondary sources and meant for reference only. Loanbaba is not a channel partner of HDFC Bank.