All You Need To Know About HDFC Personal Loan

Personal Banking Services from HDFC Bank offers a wide range of personal banking services including savings and current accounts, credit cards, loans, mortgages and insurance to meet your personal needs. To know more about HDFC Personal Loans read this article.

HDFC Personal Loan

A Personal Loan can be a keen decision when you end up amidst a monetary crisis or in sudden need of money. This loan can be utilized to finance any cost including training, a wedding, an outing, home redesign, restorative costs, and even to purchase your favourite gadget. You can even utilize the cash to assist with the everyday costs if there should arise an occurrence of an income crunch. Here is everything that you need to know about HDFC personal loan:

  1. Eligibility Criteria: You are qualified to apply for the HDFC Bank Personal Loan on the off chance that you meet the accompanying prerequisites:

    • In the event that you are a salaried individual, you should be between the ages of 21 to 60 years.
    • In case you are independently employed, the base age is 21 years and the maximum possible age is 65 years.
    • Your net month to month salary ought to be at any rate Rs. 15, 000 or more (Rs. 20,000 in Madhya Pradesh, Pune, Delhi, Cochin, Ahmedabad, Bengaluru, Chennai, Mumbai, and Hyderabad).

  2. Documents required: The main documents required to apply for a Personal Loan are different with respect to the profile of the candidate. This additionally varies for salaried people and independently employed people. Here's a rundown of records to keep convenient while applying of the HDFC Bank Personal Loan:

    • A signed application with a recent passport sized photo
    • A valid photo identification proof
    • Salary Slips
    • A processing fees cheque

  3. Documents for salaried employees: A list of documents for the salaried employees are:

    • A valid identity proof: Aadhaar card, Passport, Driving license or Voter Card
    • Address verification: Ration card/Passport/Rental slips/Electricity or phone bill
    • Passbook with 6 months transaction or a bank statement of at least three months.
    • Latest salary slip or a salary certificate
    • Most recent Form no. 16

  4. Documents for applicants who are self-employed: A list of documents for applicants who are self-employed are:

    • A PAN Card: For a company or a person
    • A valid identification proof: Aadhaar card, Passport, Driving license or Voter Card
    • Address evidence: Aadhaar card/Driving permit/Passport/Voter ID card
    • Bank statements of six months
    • Evidence of continuation

  5. The money that can be borrowed: HDFC Bank provides a personal loan of Rs. 25 lakhs. In any case, the bank utilizes a few parameters to assess your most extreme qualification for a personal loan. This incorporates your net month to month pay, the loans that you as of now hold, month to month outflow, your credit score and so on.

    As a rule, in the event that you are a salaried individual, the bank can authorize a credit measure of up to 50-60% of your net month to month salary. While, for the independently employed, the personal loan is determined considering the benefit earned according to the latest recognized profit or loss proclamation and any extra liabilities, for example, current credits for business, and so forth.

  6. Various charges on personal loan: The rundown of various charges that you ought to know about before applying for the HDFC Bank Personal Loan:

    • The interest rate: The interest rate or the loan fees for the HDFC Bank Personal Loan is between 10.99%-19.8%.
    • The processing fees: For the personal loan to be processed, the bank exacts a one-time handling expense of 2% of the entire credit sum. This charge is charged from the advance sum before it's credited to your bank account.
    • The pre-closure charges: If you intend to prepay your Personal Loan before its residency, the bank will charge a pre-conclusion expense proportionate to 4% of the extraordinary vital sum.

  7. Important features of HDFC personal loan: Some of the important features of HDFC personal loan are as the following:

    • The entire process is without any hassles. You can apply for an HDFC Bank Personal Loan on the web, through an ATM, Loan Assist App or actually at the bank. This procedure requires the least documentation.
    • Existing HDFC Bank clients can get a pre-affirmed advance in only 10 seconds or 4 hours and no more, for non-HDFC Bank clients.
    • There is no security, insurance or underwriter required to profit a Personal Loan from HDFC Bank.
    • The bank provides a balance transfer facility.
    • You can reimburse your Personal Loan within a period of 1-5 years.
    • The paperless alternative is additionally accessible.

  8. Choosing a perfect personal loan:
There are a couple of important factors that go into picking which Personal Loan works for you. Time, emergency and ability to reimburse are essential aspects that need to be considered.

  • Time of payment is the time in which the credit is endorsed. A Personal Loan can be helpful in raising assets rapidly, particularly if there should be an occurrence of a medical crisis. HDFC Bank gives a Personal Loan inside 10 seconds to pre-endorsed clients. For non-HDFC Bank clients, it might take 4 hours, best case scenario.
  • The total amount of the loan, the tenure of the loan and the payment are other factors which are helpful in deciding your EMI.
  • The rate of interest and the processing fees. A highly competitive interest rate and low processing fees are provided by the HDFC Bank on personal loans.

  • To get more details on Home Loans refer the following articles:

    Know the rights of a home loan defaulter and how to deal with the situation

    Home Loan



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