HDFC Bank Personal Loan: Features, Eligibility, Rates & Documents in 2019

Keeping up to the modern-day lifestyle might seem to be a bit fascinating to the heart but is not so easy-on-pocket. Be it destination weddings, a rejuvenating vacation, or even a medical emergency; nothing is easy-to-pay-for in modern times.The cost of living has been increasing steadily over the last few years, leaving you with not much to take care of financial exigencies.

In such situations, you might be tempted to use up your savings. However, consuming your savings is not really a solution as it may affect your other financial goals, such as retirement. Rather than derailing your overall investment and saving goals for unplanned expenses, it is recommended to leverage bank credit option such as Personal Loan to meet your requirements.

With the FinTech boom in India, various banks and financial institutions are vying for customer attention and are upgrading their offerings to meet maximum customer needs. One such great option that has managed to tick all the right boxes and has gotten great attention from the people is HDFC Bank Personal Loan. 

About HDFC Bank Personal Loan

HDFC Bank Personal Loan is the perfect solution for urgent financial requirements. Being one of the leading financial institutions in India, HDFC Bank offers Personal Loan with multiple benefits like flexible tenures, attractive interest rates, pocket-friendly repayments, and quick disbursals. The EMI starts at Rs. 2187 per Lakh.

You need not worry or wait long for your Personal Loan to be sanctioned and disbursed. For, HDFC Bank offers quick approval and disbursal for the Personal Loan scheme. For existing customers, the documentation is also minimum. The process is simple and hassle-free.

Why Choose HDFC Bank Personal Loan?

• Minimum Documentation
• Quick approval and disbursal
• Flexible repayment tenure
• Low-interest rates
• High-value loans

Features and Benefits of HDFC Bank Personal Loan

Here is a quick review on the features and benefits of HDFC Bank Personal Loans:

• Low EMIs: HDFC Bank Personal Loan offers the lowest EMIs starting from Rs. 2,187 per Lakh.
• High-value loans: HDFC Bank Personal Loans are available for maximum loan amounts of up to Rs. 40 Lakhs.
• Minimal documentation: Minimum documentation is required to avail the HDFC Bank Personal loan.
• Quick processing: HDFC Bank offers Personal Loans within 10 seconds to pre-approved HDFC bank customers and within 4 hours to other applicants.
• Personal Loan Security: HDFC Bank allows you to secure your Personal Loan with Sarv Suraksha Pro.
• Personal Loan Balance Transfer: You also get an option to lower your Personal Loan EMIs with any other bank by applying for a Balance Transfer to HDFC Bank.

HDFC Personal Loan Eligibility Criteria

The HDFC Personal Loan Eligibility criteria are as follows: –

• The applicant must be between 21 to 60 years of age.
• The applicant must be working with a reputed private limited company or a public sector undertaking.
• The applicant is required to have at least 2 years of work experience, of which 1 year should be with the current employer.
• The applicant should have a monthly income of 15,000 (Rs. 20,000 if the applicant is residing in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, or Cochin).

HDFC Personal Loan Interest Rates and Fees

• HDFC Personal Loan Interest Rates – between 50% to 21.50%
• Processing fee – Up to 2.50% of the loan amount, subject to a minimum of 2,999 and the maximum of Rs. 25,000.
• Charges for Prepayment are as follows:

• Overdue EMI Interest rate – 2% per month on EMI / Principal overdue
• Cheque swapping charges – 500
• Amortization Schedule charges – 200
• Cheque bounce charges – 550 per cheque bounce
• Loan Closure Letter – NIL
• Loan cancellation charges: NIL (Interest for the interim period between the date of the loan disbursement and loan cancellation and processing fee will be charged)

Documentation required for HDFC Bank Personal Loan

You could get a Personal Loan from HDFC Bank with no documentation if you are already a KYC-compliant bank customer. Even for other customers, the documentation process is simple and hassle-free. Following are the required documents to avail HDFC Bank Personal loan:

• Identity proof: A copy of the Passport/ Voter’s ID card/ Driving license/ Aadhaar.
• Address proof: A copy of the Passport/ Voter’s ID card/ Driving license/ Aadhaar.
• Bank statement of the previous 3 months.
• Latest salary slip/ Current dated salary certificate and Form 16.

How to Apply for an HDFC Bank Personal Loan?

If you are an existing HDFC Bank customer, you can use internet banking or the mobile app to apply for an HDFC Personal Loan. If you are not an existing HDFC Bank customer, you can apply through your nearest branch or the bank website.

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The application process is pretty simple and straightforward and is completed within a few working days. You can opt to receive the amount through a cheque or through transfer to your bank account.

With so many benefits on offer, HDFC Bank Personal Loans offer you an incredible opportunity to meet your financial liabilities in an efficient manner without stretching your finances. Let’s briefly also cover some of the most frequent questions of consumers below:

Frequently Asked Questions (FAQs)

What will be done with the post-dated cheques if I request to change the mode of repayment for my loan?

Post Dated Cheques (PDCs) submitted towards loan repayment that has not been encashed will be retained by the Bank. If a customer wishes to have her old Post Dated Cheque (PDC)/ Security Cheque to be returned, she can raise a request at the Retail Loan Service Center or through phone banking. Alternatively, write an email at www.hdfcbank.com/services within 45 days from the date of application of the change in repayment mode.

How can I repay my Personal Loan?

The loan should be repaid in Equal Monthly Instalments (EMIs) through post-dated cheques. You can also pay through ECS or a standing instruction (SI) on your HDFC Bank account.

Is part-prepayment of a Personal Loan allowed?

Yes, for loans booked on or after April 1, 2018, part-payment of the loan amount is possible however, with subject to completion of 12 successful EMIs. Part-payment of the outstanding amount is allowed twice during the loan tenure. Customers are allowed to make part payment only once in a financial year. Each part payment should not exceed 25% of Principal Outstanding. 

Are there any additional charges for loan repayment?

The additional charges (if any) are applicable in case of a change in the repayment mode or case of default.