HDFC Bank was incorporated in 1994 and since then it has been one of the leading providers of financial and banking products in India. What started off as a financial institution focussing on home loans alone, quickly graduated into a full-fledged banking organization. Today, HDFC is a name every Indian household trusts and the reputation it has built is impeccable across the country. 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 loanbaba.com, 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. In this modern age of living independently, the value of individualism is strongly growing in importance, majorly in our cities. Naturally, at this point, we have a huge chunk of people who do not wish to be stopped along the way to their dreams because of shortage of funds. A financial tool like personal loan can fulfil this need gap for these very people intending to live life to their fullest.
|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).|
12 months to 60 months for salaried individuals.
12 months to 48 months for self-employed individuals.
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.
For salaried 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|
Below-mentioned are some of the features and benefits of HDFC personal loan.
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. You can check your eligibility for the loan amount using the Eligibility calculator while EMIs can be determined using the EMI calculator.
A person can also refer the free-to-use Eligibility calculator below and find out how much amount he/she can borrow:
Below-given is a list of documents needed for personal loan HDFC.
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. Applying online is a privilege and many are taking to this mode of transaction and dealings with loans as well. Applicants can start the process from the comfort of their home because of this.
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. Loanbaba works closely with HDFC bank to see to it that the loan application procedure steers clear of any delays and discrepancies. As a loan aggregator company, our ties with reputed banks will help you get through your paperwork and procedures more quickly as compared to branch visits.
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.
We, at Loanbaba, keep track of RBI guidelines on interest rates and the changes made by HDFC bank so that you can be sure of any changes, if any, in the interest rates. Watch this space for all the correct details when it comes to loans.
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. This will allow you to be clear about your finances so as to plan the repayment accordingly. Precise amounts are shown to you according to the interest rates and loan tenure.
With HDFC Bank EMI calculator, get the following details:
A personal loan can be used for multiple purposes as required and deemed suitable by the borrower. It is an unsecured loan which means the borrower does not have to pledge any of his assets as security. There is no need to keep any fixed deposit as collateral for the bank. A collateral free loan like HDFC Personal loan gives borrowers the liberty to spend their loan amount according to their choice. Borrowers need not specify the purpose of loan to the bank while applying for the personal loan.
Let’s take a quick look at the different uses of HDFC Personal loan below:
Below-provided are FAQs for personal loan in HDFC bank.
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:
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.
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