If you urgently need funds and do not have any collateral to offer, you can approach HDFC Bank for a personal loan. HDFC Bank offers an extensive range of personal loan options suited for various purposes. Here is all you need to know about HDFC personal loans.
What is HDFC Personal Loan?
As the name suggests, HDFC Personal Loan is a loan offered by HDFC Bank without the applicant disclosing the purpose of availing the loan facility. However, HDFC Bank has categorized its Personal Loan portfolio into different types depending on the user’s credentials and the loan purpose. It makes it easy for the bank and the customer alike.
- Personal Loan for COVID – HDFC Bank offers unsecured loans up to Rs 5 lakhs for COVID treatment and related expenses.
- Marriage Loan – HDFC Personal Loan for marriage is available for amounts between Rs 50,000 and Rs 40 lakhs for a flexible tenure extending between 12 and 60 months.
- Travel Loan – HDFC Bank customers and non-customers can avail of the travel loan to plan their dream vacation.
- Emergency Loan – A personal emergency loan ranging from Rs 50,000 to Rs 40 lakhs is available to eligible borrowers with a flexible repayment period.
- Debt Consolidation Loan – This HDFC Personal Loan allows customers to consolidate their different loan obligations and bring down the overall interest rate.
- Home Renovation Loan – Pre-approved HDFC Bank customers can avail of the home renovation loan to renovate and refurbish their homes.
- Personal Loan for Students – Students can apply for this HDFC Personal Loan to fund their stay abroad or pay their tuition fees.
- Personal Loan for Teachers – This personal loan variant is available for Rs 50,000 to Rs 40 lakhs.
- Personal Loan for Women – Eligible women applicants can avail of this personal loan variant to meet their financial commitments.
- Personal Loan for Salaried – HDFC Bank Salary account holders and other existing customers can apply for the personal loan for salaried employees.
- Personal Loan for Government Employees – Government employees can apply for this HDFC Personal Loan variant at attractive interest rates.
HDFC Personal Loan Features
HDFC Bank offers excellent features on its personal loans to make it attractive for its customers.
- Customers can check their personal loan eligibility using the HDFC Personal Loan Eligibility Calculator.
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It does not take more than a minute to check the eligibility online.
- Pre-approved HDFC Bank customers can get the personal loan disbursal in 10 seconds.
- Depending on their eligibility, documentation, and bank verification, other customers get their loans approved and disbursed within four working days.
- Customers can apply for HDFC Personal Loan online with a few clicks.
- HDFC Personal Loan Interest Rates are amongst the most reasonable in the industry.
- The repayment period is generally between 12 and 60 months. HDFC Bank does not allow any pre-payment within 12 months.
- Personal accident cover is available for up to Rs 8 lakhs at a nominal premium. Customers can also avail of critical illness coverage up to Rs 1 lakh.
- HDFC Ergo GIC Ltd offers the Sarv Suraksha Pro insurance coverage that provides the following.
- Credit Shield Cover equivalent to the loan outstanding amount
- Accidental hospitalization coverage up to Rs 8 lakhs
- Covers accidental death and permanent disability up to Rs 1 lakh
- Customers can avail of the benefit of the personal loan EMI calculator to know their monthly commitments towards the HDFC Personal Loan repayment.
- HDFC offers a Balance Transfer facility to take over the personal loan liabilities of customers from other banks.
- 24 x 7 assistance is available over Phone Banking, WhatsApp, Webchat, and Click2Talk.
HDFC Personal Loan Eligibility
HDFC has simple eligibility criteria for its personal loan portfolio.
- Employees of private limited companies, corporates, public sector undertakings, government departments, teachers, etc., are eligible for applying for HDFC Personal Loan.
- The individuals should be minimum of 21 years and a maximum of 60 years.
- The employment period should be a minimum of two years with at least one year with the current employer.
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- The minimum net income per month should be at least Rs 25,000.
HDFC Personal Loan Amount
HDFC Bank offers personal loans from Rs 50,000 to Rs 40 lakhs unless otherwise specified.
HDFC Personal Loan Documentation
Applicants should furnish the following documents when applying for a personal loan.
- ID proof – Copy of passport, voter ID, driving license, Aadhar card (any one document is sufficient)
- Address proof – Same as ID proof
- Bank statement – Three months
- Salary Slips – Last two salary slips or salary certificate with the latest Form 16
HDFC Personal Loan Interest Rates and Charges
HDFC Personal Loan Interest Rates are between 10.50% and 21% per annum, depending on various factors, such as,
- The credit rating of the borrower
- Salaried government department and public sector employees get a concessional rate.
- Existing customers of HDFC Bank get a concession in the HDFC Personal Loan Interest Rates.
- Loan Processing Charges account for up to 2.50% of the loan amount, with a maximum of Rs 25,000 for salaried customers
- Stamp duty and statutory charges vary from one state to the other.
- Overdue EMI interest is 2% per month on the EMI/Principal overdue amount.
- Amortization Schedule Charges – Rs 200
- Cheque Swapping Charges – Rs 500
- Cheque Bounce Charges depend on the number of instances in a month.
- 1st instance – Rs 450
- 2nd instance – Rs 500
- 3rd instance – Rs 550
- Senior citizens get a discount of 10% on cheque bounce charges.
Besides, HDFC stipulates pre-payment charges on part and full pre-payment of HDFC Personal Loan.
- Pre-payment is not allowed until the repayment of 12 EMIs.
- Customers can make part payment up to 25% of the principal outstanding amount once a financial year and not more than twice during the loan tenure.
- Between 13 to 24 months – Pre-payment charges are 4% of the principal outstanding. Pre-payment charges are on the principal amount. Part-payment charges are levied on the part-payment amount.
- Between 25 to 36 months – 3%
- Over 36 months – 2%