HDFC Bank Personal Loan

Preliminary Information

Loan Details

Personal Details


HDFC Bank Personal Loan Details

HDFC Bank star star star star star 4.25 / 5.04 users

HDFC Bank was incorporated in 1994 and since then it has been one of the leading providers of financial and banking products in India. 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, 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.

HDFC Bank Personal Loan Updated Details August 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:
  • Part payment is allowed up to 25% of the principal outstanding.
  • One can prepay partly only once in a finance year.
  • One can prepay partly only twice during a loan’s tenure.
  • One can prepay partly after 12 EMIs.
  • Charges are 2% to 4% of the outstanding loan amount.
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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Best Customer Service: The bank has a strong customer support and service, offering 27x7 helpline through SMS, Webchat, phone banking, and Click2Talk.

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.

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.
  • 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.
  • 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 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.

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 Loanbaba?

A person can quickly apply for HDFC online loan on Loanbaba 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.

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.

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.

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.

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.

Frequently Asked Questions About HDFC Personal Loans

Below-provided are FAQs for personal loan in HDFC bank.

  • addFAQs

    1) Is there a top-up loan facility available?

    The bank offers facility for top-up loan. It comes in handy when a borrower wants extra cash on the already sanctioned loan. The customer can consolidate both EMIs for existing and top up loan. It is a better option than having two different loans. This loan has simple and hassle-free documentation and come with attractive rates.

    2) How CIBIL score influences the rate of interest of personal loan HDFC?

    It is important that applicants check their credit score before applying for personal loan with HDFC bank. Credit score is provided by CIBIL and a person’s CIBIL score indicates his past credit behaviour and history. The score denotes that if the individual has defaulted loan instalments in the past or made any late payments. Thus, it is critical for a person to maintain a high credit score when applying a new loan.

    CIBIL Score ranges between 300 and 900 in India. 900 is the highest, whereas, 300 is the lowest score. A score of 750 is said to be safe and decent for personal loan approval. Any CIBIL score below 750 will reduce an applicant’s chances of representing oneself as a credible borrower. If HDFC offers personal loan for those with CIBIL score of below 750, then it will charge a higher rate of interest than those with score of above 750.

    This is because a CIBIL score lower than 750 deem an applicant as a risk to lend to, and thus the higher interest rate. It is thus advisable to focus building one’s credit score by making regular and timely loan repayment and paying credit cards bills.

    3)  What are the foreclosure criteria for personal loan HDFC bank?

    In case of the salaried people, the borrowers cannot repay their loan before 12 EMI payments. However, after this period, the loan can be repaid with the penalties applicable as follows:

    • In case of closing the account within 13 – 14 months, the prepayment charges of 4% shall apply on the outstanding value.
    • In case of closing the account within 25 – 36 months, the prepayment charges of 3% shall be applicable on the outstanding value.
    • In case of closing the account after 36 months, the prepayment charges of 2% shall be applicable on the outstanding value.

    4) How to get instant personal loan from HDFC Bank ATM?

    If a person is an HDFC Bank account holder, then he can avail an instant personal loan from the bank’s ATM. The loan amount will be based on the account holder’s card repayments, salary credits, and transaction details. The analytics engine of the bank monitors the transaction and credit history of the loan applicant.

    It also checks the credit score to decide if the loan application must be approved or not. The applicant has to access the relevant section on the ATM machine and apply for the loan by choosing a loan amount, and accordingly, the customer will receive the loan within a few minutes.

    5) How can women customers redeem their Diva privilege points?

    Women borrowers can avail a special loan scheme- Personal Loan Diva Scheme. Under this scheme, the customer receives additional benefit of Diva privilege points that can be used to purchase goodies from selected stores. The customer can choose from gift vouchers, online vouchers, and M-coupons. The borrower can redeem the Diva points by providing her Diva number/voucher code at purchase outlets when buying products.

HDFC Bank Personal Loan Review

Personal Loan
star star star star star 14.0/5
I stand by with HDFC Bank for the personal loan in Mumbai. My experience was nice. Verification process was also done in time and I received the amount within a short time.
Mumbai August 19, 2019
Personal Loan
star star star star star 15.0/5
Personal loan in Pune was approved by HDFC bank at a great interest rate! I was able to secure the loan for a desirable tenure.
Mumbai August 19, 2019
Personal Loan
star star star star star 14.0/5
As I was holding a savings account with HDFC bank they gave me personal loan for which the entire documentation process was very less. It was a quick disbursement procedure.
Mumbai August 18, 2019
Personal Loan
star star star star star 14.0/5
My experience with HDFC bank for personal loan in Bangalore was a good one. My schedule was so hectic that I chose to apply online for the loan at loanbaba and was not disappointed by either of their service. Both loanbaba and HDFC were professional in their service.
Mumbai August 16, 2019

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