|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
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.
Below-given are features of personal loan HDFC Bank:
Here are the details about personal loans by HDFC Bank:
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||Tenure is between 12 months and 48 months.|
|Documentation||No documentation is needed as the offer is pre-approved in nature.|
|Loan Protection Cover||
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|
|Loan Protection Cover||The terms and conditions for the HDFC Jumbo Loan Protection Cover are same as that for Insta loan.|
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|
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|
|Income and CIBIL Score||
|Processing Fee and Part-payment Charges||
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|
HDFC pension loan is for pensioners of State and Central government or the Defence sector. The applicant should receive regular pensions.
HDFC Bank offers special professional loan/personal loan for doctors and dentists.
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.
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.|
|Insurance||You can also take a Credit Protect Plan at a low premium to cover the outstanding loan amount.|
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.
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.
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.
The HDFC personal loan interest rate differs from a personal scheme to another
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||
||Depends on the scheme applied for and the terms for annual turnover.|
Below-given is a list of documents needed for the loan application:
Below-mentioned are the FAQs on personal loan HDFC.
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.
You have to pay a minimal fee of Rs. 500 if you want to change the repayment mode.
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.
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.
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.
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.
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.
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.
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.
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.
Taking personal loan in Gujrat by HDFC bank through online portal of loanbaba was after all not a bad idea. This way I could communicate with the HDFC without having to come over to their branch. All by documentation was sorted and I got the loan in decent time.