With affordable interest rates and adjustable repayment terms, HDFC Bank offers personal loans. There is little to no paperwork required in order to obtain a loan. HDFC Bank with interest rates starting at 10.50%. A maximum loan of Rs.50,000 to 40 Lakhs with a maximum 1 to 5 year repayment period is available to you.
The personal loans offered by HDFC Bankhave low interest rates and flexible payback schedules. A loan can be obtained with little to no paperwork. Interest rates on personal loans from HDFC Bank start at 10.49%, making them a great option for any of your urgent financial requirements. You may be eligible for a loan with a maximum amount of Rs 20,000 to Rs 1 crore and a maximum payback term of 6 months to 5 years.
|Maximum Loan||Rs.50,000 to 40 Lakhs|
|Maximum Loan Tenure||1 to 5 year|
Since there is no security needed, a lending institution will evaluate your income stability to determine how risky you are, including your likelihood of defaulting on the loan. You must present evidence to support your claim of repaying capacity, such as:
proof of identity
the size of a passport
completed application form
three-month's worth of bank statements and six-month's worth of passbook records
The number of documents needed for an HDFC Bank personal loan may be reduced if you are an existing customer who has complied with KYC.
For loans up to Rs. 40 lakh and terms of up to 6 years, HDFC Personal Loan is offered starting at 10.50% p.a. Existing borrowers of personal loans from other banks and NBFCs may also be eligible for an HDFC Bank Personal Loan, which will allow them to refinance their debt at a lower interest rate with HDFC Bank. With a minimum monthly income criterion of Rs. 75,000 and loan requirements ranging from Rs. 10 lakh to Rs. 40 lakh, HDFC Bank offers Golden Edge Personal Loan, a special personal loan programme.A few of the bank's current customers are also eligible for pre-approved personal loans, which are dispersed instantly in less than 10 seconds.
Following are feature of HDFC Personal Loan
Competitive Interest Rates: Customers of HDFC Bank are eligible for personal loans at competitive interest rates. The most competitive market interest rates are offered to everyone, even non-customers. The current HDFC Bank Personal Loan interest rate ranges from 10.50% to 21%, depending on the applicant's earnings, debts already owed, and other variables.
Process of Online Application: To save customers time and headaches, HDFC Bank Loan has considerably streamlined the online application process for personal loans. The HDFC bank website now allows you to submit an application for a personal loan with only one click.
Customizable Personal Loans: Personal loans with a lot of customization options are offered by HDFC Bank. Suitable financing arrangements are available. Existing clients receive particular interest rates, fees, and offers, whereas new customers receive a variety of benefits. Additionally, applicants can benefit from flexible terms with EMIs that are within the range of 12 to 60 months.
24*7 Customer Service: Customers can receive round-the-clock assistance for any questions or concerns they may have regarding their loan account. Through SMS, Webchat, Click2Talk, or PhoneBanking, they can communicate with the bank.
Increase Your Security With Insurance: For a very low price, you can get critical illness and personal accident insurance up to Rs. 1 lakh and Rs. 8 lakh, respectively. The loan amount would be deducted from the premiums for these plans during the payout.
Follow these steps for HDFC Bank Personal Loan apply online:
Step 1: Access HDFC Bank's official website.
Step 2: Select 'Apply Online'.
Step 3: Access the 'Product Required' field.
Step 4: Select "Personal Loan"
Step 5: Complete the financial and personal details.
Step 6: Select 'Get Quote'.
Step 7: Provide the OTP that was received on the registered mobile phone
Step 8: Select 'Submit'.
Step 9: If there are any current lines of credit, provide the appropriate details.
Step 10: From the offered options, select the one that best fits your needs.
As a result, you will need to provide the documentation needed for an HDFC Bank personal loan in order to complete the verification process. Once the necessary paperwork is completed, the bank will release the funds .
ANS . Typically, the approval procedure takes 3 days for immediate loan applications or up to 15 days for other loan types.
ANS. Yes, If you're a paid applicant, you need to be older than 21 and younger than 60. If you're self-employed and older than 60 but younger than 65, you can still apply.
ANS. Under some circumstances, like a bounced cheque, a prepayment, or foreclosure, additional fees are assessed at the time of repayment. Before applying for the loan, you might review these details to plan your spending.
To increase your likelihood of approval, you must always keep track of the qualifying requirements established by the lender. Rejected applications might lower your CIBIL score since they cause a hard inquiry, which is what happens when you request a new credit line. Here are the requirements for receiving an HDFC Personal Loan:
A candidate must be an Indian national.
If you are a salaried person, you must be between the ages of 21 and 60.
If you work for yourself, you must be between the ages of 21 and 65.
For a salaried position, you must have at least two years of work experience, including one year at your current position.
Your monthly income should be at least RS.25,000
There are other fees and charges imposed on the HDFC Personal Loan in addition to the interest rate. Compare the total cost (interest plus additional fees) before applying. This will allow you to choose the most cost-effective choice.
HDFC Bank personal loan interest rate
10.5% to 21%
Loan processing fee
Up to a maximum of 2.5% of the loan amount subject to a maximum fee of Rs. 25,000
Prepayment/part payment charges
4% of the outstanding principal (loan tenure between 13- 24 months)
3% of the outstanding principal (loan duration between 25 - 36 months)
2% of the outstanding principal (loan tenure if above 36 months)
Stamp duty and other statutory fees
According to the laws of the state in which the applicant resides in
Cheque swapping fees
Overdue EMI interest
2% per month will be charged on the principal or EMI that is overdue.
Amortization Schedule Fee
Cheque Bounce Charges
Incidental or legal charges
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