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 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.
|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.
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.
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.
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.
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:
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.