HDFC Bank Personal Loan

HDFC Bank Personal Loan
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HDFC Bank, which was incorporated in 1994, is the fifth largest bank in India by assets. Over the years HDFC Bank has won the trust of its customers and has become a market leader in personal loans. Enjoy triple benefits when you take a personal loan from HDFC Bank - Faster loan, competitive pricing, transparency. On BankBazaar.com you can check your eligibility in seconds for a HDFC personal loan by filling in a short form and you can apply online. Read on to learn about the eligibility and documentation requirements for HDFC personal loan.


You’re probably eligible for an HDFC Bank Personal Loan if you are

01
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HDFC Bank Personal Loan Minimum Age

At least 21 years old

HDFC Bank Personal Loan Maximum Age

Less than 60 years old

HDFC Bank Personal Loan Eligible Employment Type

Salaried or self-employed
with regular income

HDFC Bank Personal Loan Minimum Income

Earn more than the minimum
income required


Your HDFC Bank Personal Loan amount eligibility is based on these factors

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02
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HDFC Bank Personal Loan Minimum Salary

Minimum income required
Rs.12,000 per month

HDFC Bank Personal Loan Maximum Loan Funded

Maximum allowed personal loan is Rs. 15 lakhs

HDFC Bank Personal Loan EMI

EMIs of other loans lower
your eligibility


Increase your eligible HDFC Bank Personal Loan amount by these steps

01
02
HDFC Bank Personal Loan Payoff Outstanding Credit Card Bills

Pay off your credit card bills

“HDFC

Choose longer tenure loan up to 5 years


Documentation needed to apply for an HDFC Bank Personal Loan

  • 1. Signed application form with photograph
  • 2. Copy of passport/voter ID card/driving license
  • 3. Processing fee cheque
  • 4. Last 3 months bank statement/6 months bank passbook
  • 5. Documentation for salaried applicants:
    • Latest salary slip
    • current dated salary certificate with the latest Form 16
  • 6. Documentation for self-employed applicants:

    • Latest Bank statement
    • Latest ITR or Form 16

HDFC Bank Personal Loan Interest RatesUpdated on 01 Nov 2014

HDFC Bank Personal Loan Details
Interest Rate (Monthly reducing balance) 13.49% to 20%
Processing Fees 1.5% to 2.5% of Loan Amount
Loan Tenure 1 year to 5 years
Pre-closure Charges 4% of pre-closed amount
Guarantor Requirement No guarantor required

About HDFC Bank Personal Loan

HDFC Bank is one of the most popular private sector banks in the country, known for its professional banking and financial services. HDFC Bank is a market leader in personal loans as it offers a triple advantage to all loan applicants. Minimal documentation, quick loan approval and assured transparency makes HDFC bank the preferred choice of thousands of satisfied loan borrowers. HDFC Bank offers personal loans for both salaried and self employed individuals ranging from Rs. 50,000 to a maximum limit of Rs. 15 lakhs. With a flexible loan tenure ranging 12 to 60 months and a competitive interest rate, HDFC Bank offers one of the best personal loan services in the country.

The money borrowed through HDFC Bank personal loan can be used as per the needs and requirements of the applicant as there are no restrictions regarding the end use of the amount availed. Personal loans from HDFC Bank can be used for any immediate or short term financial needs like wedding expenses, home renovation, medical expenses, overseas travel, starting a new business or even in times of unexpected financial crunch.

Personal loans from HDFC Bank require no guarantor, security or collateral prerequisites and the bank offers instant loans approved in less than a minute.HDFC Personal Loan comes with a number of added benefits including a Personal Accidental Cover of up to 8 lakhs along with a Critical Illness cover of 1 Lakhs.

Why choose HDFC Personal Loan?

Many people prefer HDFC personal loans due to some or all of the below mentioned factors:


Minimal Documentation: HDFC Bank personal loans come with minimal documentation and quick loan disbursal. HDFC Bank has one of the fastest loan approval time compared to a number of other public sector and private banks.


Attractive Rate of Interest: HDFC offers personal loans at very competitive interest rates. Personal loans with HDFC Bank start as low as 15.75% interest rate.


Special Offers for Women Applicants: HDFC Bank offers a specialized discounted scheme for women known as the Personal Loan Diva Scheme. This scheme offers pre approved personal loans of Rs. 3 Lakhs to women applicants along with more than 100 Diva offers across various premium brands and products.


Dedicated Customer Support Helpline: HDFC Bank understands the need of customer support and service and has a 24/7 support helpline across all formats. Applicants can reach out to the bank through SMS, Webchat, Click2Talk and Phone Banking.


Free Insurance Cover: All personal loans approved by HDFC Bank come with an added benefit of personal accidental cover of up to 8 lakhs along with a critical illness cover of 1 Lakhs without any extra charges.


Features of HDFC Personal Loan

Personal loans from HDFC Bank come with a number of added benefits and incentives. HDFC Bank is known for their easy loan application process and wide branch network in every small town and even in many Indian villages. HDFC Bank also ensures maximum quantum of loan is offered to each applicant as per their financial credential, repayment history and CIBIL score. Some of the main advantages that make HDFC personal loan such a popular choice with loan applicants include:


Quick Loan Disbursal: HDFC Bank makes sure that loan applicants do not have to go through any long delays and has one of the fastest loan disbursal time compared to a lot of their private sector as well as public sector banks in the country.


Low Interest Rates: HDFC Banks offer competitive interest rates with loans available for salaried, self employed individuals, working professionals. Loans from HDFC Bank start as low as 15.75% interest rate for salaried individuals.


Online Loan Requests: HDFC Bank has been one if the pioneer banks to embrace technological up gradation. Taking this trait forward, HDFC Bank offers online loan applications and submissions with instant approval.


Low Prepayment Charges: HDFC Bank offers substantially lower prepayment charges for personal loans compared to other banks. Prepayment charges are completely waived off after a period of 36 months.


Why apply for HDFC Personal Loan on BankBazaar.com?

HDFC Bank has collaborated exclusively with BankBazaar.com, India’s most popular and well known financial marketplace to offer loan applicants an online loan submission facility. Users seeking personal loans with HDFC Bank can now simply use the online loan application tool at BankBazaar.com to check their loan eligibility and submit their loan applications if eligible.


Instant Loan Eligibility Check: The loan calculator tool at BankBazaar.com checks for personal loan eligibility for each applicant as per his or her financial details. This quick loan eligibility makes sure users do not have to spend a couple of days to know their eligibility for a personal loan. They can also apply for the loan instantly without visiting a bank branch.


Personalized Loan Quotations: BankBazaar.com’s loan calculator tool offers personalized loan offers for each applicant depending on his or her desired loan amount, tenure and personal financial track record.


Low Interest Rates: Loan applicants using Bankbazaar.com personal loan tool are offered the best rate of interest for their personal loan due to the active collaboration between HDFC bank and BankBazaaar.com.


Instant Approval: Eligible candidates who apply for HDFC Personal Loan through BankBazaar.com are given an instant e-approval, making them assured that their loan application has been processed, approved and forwarded to the designated loan department of the bank.


Real Time Tracking Facility: Users who submit their loan application online using BankBazaar.com can track the updates of their submission form using both email and SMS updates.


24/7 Customer Support: BankBazaar.com has a dedicated 24/7 customer support and helpline which is always ready to help with any grievances or questions from loan applicants.


How to apply for a HDFC Personal Loan on BankBazaar.com?

With BankBazaar.com, applying for a HDFC Bank personal loan is a simple 3 step process.


Step 1: Fill up the loan eligibility form with correct personal and financial details. The tool checks for your personal loan eligibility instantly as per HDFC’s norms and offers customized loan options available for you.


Step 2: You need to choose a loan option as per your need and repayment capacity. At this stage, you can compare various loan options and choose the most appropriate one.


Step 3: After choosing the plan, click submit. Now you receive an instant e-approval from BankBazaar.com.


We forward your application electronically to the loan processing department of your nearest HDFC Bank branch and the bank gets in touch with you very soon. Users can also check the status of their loan application through SMS alters as well as emails.

HDFC Bank Personal Loan Interest Rates

Rack interest rate Salaried - 15.75% to 20%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment Salaried - No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 2% of Principal Outstanding >36 Months - NIL
Loan cancellation charges NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation and processing fees would be retained.)
CIBIL Report Copy Charges Rs.50 per copy

HDFC Bank Personal Loan Eligibility

HDFC Bank offers personal loans to all applicants fulfilling the basic eligibility criteria.

Eligibility Criteria for Salaried Individuals

Age 21-60 years
Minimum Monthly Income Be earning at least Rs. 12,000/- per month net income (Rs. 15,000/- in Mumbai, Delhi, Bangalore, Chennai, Calcutta, Ahmedabad, cochin)
Loan Amount Rs, 25000 to Rs, 15,00,000
Processing Fee Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Tenure 12 Months to 60 Months
Interest Rate 15.75 to 20%

Eligibility Criteria for Self Employed Individuals and Working Professionals:

Age 25-65 Years
Minimum Income Rs 60000 p.a. taxable income for Doctors and CAs. Rs 100,000 p.a. taxable income for Engineers, MBA Consultants, Architects, CS.
Maximum Loan Amount Rs. 15,00,000
Tenure 12 Months to 36 Months
Interest Rate 14.5 to 15%

How to calculate EMI for HDFC Bank Personal Loans

BankBazaar.com offers users a unique and state-of-art tool to calculate EMI for their loans in one click. BankBazaar’s online Personal Loan EMI Calculator is instant as well as accurate. Users can thereby understand their expenses towards the planned loan and adjust the tenure or loan amount to avoid later surprises.

BankBazaar.com’s online EMI calculator tool is very simple to use. All you need to do is to type the preferred loan amount, loan tenure and the applicable rate of interest. The EMI calculator then calculates and displays your EMI liability for the loan.

HDFC Personal Loan FAQs

  1. How do I know if I am eligible for HDFC Personal Loan?

  2. If you wish to apply for HDFC Bank personal loan, you can apply it with ease at BankBazaar.com. You may fill the online quick application form with your personal and financial details. Our loan calculator tool automatically checks your Personal Loan Eligibility and sends you instant quote.

  3. What are the advantages of applying HDFC Bank personal loan with BankBazaar.com?

  4. There are many advantages of applying for a HDFC Personal Loan online through BankBazaar.com. You can avail the best possible rate of interest for all online loan application submitted to HDFC Bank through BankBazaar.com. Another advantage is instant e-approval of loan with real time tracking facility for the loan application.

  5. What is the minimum and maximum amount of Personal Loan that I can get with HDFC Bank?

  6. HDFC Bank offers personal loan after considering the monthly income and other liabilities of the applicant. Personal loans are available from a minimum limit of Rs. 50,000 to a maximum of Rs. 15 Lakhs depending on the repayment history and personal financial credentials of the individual borrower.

  7. What is the tenure for which I can avail a Personal loan with HDFC Bank?

  8. HDFC Bank offers a tenure period of 12 to 60 months for salaried individuals and 12 to 36 months for self employed individuals and working professionals. The bank can however expand the tenure up to 60 months for self employed people in some cases.

  9. Does BankBazaar.com Charge for its Loan Calculator Tool Facility?

  10. BankBazaar.com loan calculator tool is absolutely free to use and there are no hidden charges for all the services you avail through us.

  11. Is BankBazaar.com providing any assistance for tracking my loan application?

  12. BankBazaar.com offers loan applicants with an active tracking tool through both email and SMS allowing users to track daily updates of their loan application. Updates are also provided by SMS to each loan applicant.

  13. How to use BankBazaar.com EMI Calculator Facility?

  14. BankBazaar.com offers a unique EMI calculator tool allowing users to get a unique insight into their loan EMI. Users can use the tool to know the EMI breakup for all loans in one click, after entering the loan amount, tenure and rate of interest.

  15. I am skeptical of sharing my personal data online. Is it safe?

  16. BankBazaar.com is a premier financial portal and does not share any data with any third party other than the financial institution concerned. All data is sent in electronic form with high level of encryption making it safe and secure at all times.


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News about HDFC Bank Personal Loan

  • Comparison parameters for
    personal loans!

    Currently there is a plethora of loan products that are being launched on a regular basis by the competing financial institutions in order to woo the prospective borrower. The range of personal loan products that available in the market is wide and often confusing. Choosing the right personal loan product that suits your requirements best can be quite a daunting task. Here are a few parameters that can be used to evaluate the suitability of a personal by comparison among similar products available in the markedly currently. Read more

    3rd May 2014

  • How EMI break ups are done in
    personal loans?

    While it is not very difficult now to take a personal loan, it is not so simple to pay back the loan. This is because personal loans are unsecured loans, and come with high interest rates. As a result, the Equated Monthly Instalment factor (or the EMI) can be a drain on your salary, depending on the amount and tenure for which you borrow. Read more

    11th March 2014


HDFC Bank Personal Loan Reviews

Customer Reviews
Page 1 of 50 1 2 3 4 5
  • (0)

    I have recently taken a personal loan from HDFC bank. The response from the bank was prompt and the processing was very fast. There was a slight delay in processing and they disbursed my loan within 15 days of time. I am overall happy with the services of HDFC bank. They offered me nominal interest rate of around 16%.

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    took a Personal Loan from HDFC BANK Reviewed on
  • (0)

    I have take a personal loan with HDFC Bank, I got calls from 6 to 7 representatives of HDFC Bank confirming the interest rate and the procedure . I wonder why! could be better if it is a single point of contact to avoid confusion. As I am holding a salary account with them , the process was simplified after submitting the form, it took hardly 2 days time for the entire process to get completed. On top of this they have added insurance component to the EMI amount, otherwise its ok.

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    took a Personal Loan from HDFC BANK Reviewed on
  • Validated User
    (0)

    HDFC bank was too cooperative in disbursing the personal loan to me. They provided door step services which is appreciable and really customer service team was helpful. Its a competitive interest rate offered. Overall quite excellent.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Personal loan processing with HDFC was too faster. Document collection executive came soon and collected the documents and approved the loan. Even there was a confirmation call which I felt happy. Interest rate is 13.5% which is comparative with other banks. I felt interest rate could be more minimal.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Due to some issues in eligibility as well as personally, I was not able to continue with HDFC in terms of personal loan., Even there was a requirement for form-16, however I was not able to get it. The customer service team was in constant touch with me where they were not much professional and helpful.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I have approached HDFC Bank for the personal loan, the primary reason for not taking this loan is because of the interest rate. The interest rate offered by them is little higher than the market rate. Other banks are providing low rate of interest, it would be much appreciable if HDFC can reduce their interest rate.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The reason why I unable to take a loan from HDFC Bank was because, in my case PF was not deducted from my salary, that was the only reason why my application got rejected. In spite of me earning 23000. I was unable to get the loan, better if the re-consider their norms and try to offer loan to their customers.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    The reason why I have not taken a personal loan from HDFC Bank is because of the higher interest rate. No other issues with them, even the processing fee offered by them was on the higher side which was 2%. They offered me an interest rate of 15% in spite of me holding an account with them.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    The main reason why my personal loan application of HDFC Bank was rejected because, my firm is a partnership firm. I got to know that they can offer loan only for private companies that is the reason for not availing the loan nothing to do with the Bank. Service was exemplary and follow ups were good.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had applied for a personal loan with HDFC bank. They have closed my application for some reason which was not communicated to me. Also I am unable to track the reason for closing my application. According to me HDFC bank is awesome and their executives are very responsive. I am not sure about the rate of interest but i think there are no processing fee at all.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I got very good response from hdfc personal loan when I got earlier. Interest rates are quite normal from other banks. I find the rate of interest bit higher not my expectations. It would be nice if they improve on their interest rates . They should give some loyalties to existing customers

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    took a Personal Loan from HDFC BANK Reviewed on
  • Validated User
    (0)

    There are few complications in cibil scores, where I was not able to get the personal loan with HDFC. By April 2014, due to some miscommunication, my initial personal loan was rejected which affected my scores. Compared to other banks, I feel HDFC customer service team is not much responsive and not providing a clear solution to my queries. It would be better if they could improvise their mode of communication.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Within 4 days of time, personal loan was disbursed with HDFC. Only one thing which needs to be considered is the pre closure which is after 1 year where the other banks provides within 6 months. Interest rate is as per the market rate.

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    Fees & Charges
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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I had availed a personal loan from HDFC bank five months ago. They committed only 3 days for processing but they took around 6 to 7 days for disbursing my loan. The rate of interest was also very high around 18%. I think they charge high interest and processing fee. I once had an issue with the bank on deducting the EMI amount. The ECS has been bounced even though the EMI amount was in the account and they charged me the bounce fee as well.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Very good
    https://cdn1.bankbazaar.com/images/customer_review/default-unknown-person.png
    PRAMODH KURIYALA SUBRAYA SOMAYAJI, bangalore
    Recommend Recommended by user
    Validated User
    (0)

    Experience is very good and convenient process overall with HDFC in availing personal loan. I felt the interest rate is bit higher, try negotiating, however it was disbursed at the same rate. Even the processing fees is higher however the loan amount was higher which am pretty much happy.

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    Before 3-4 years, I did get the personal loan from HDFC and it was good. At present, as the interest rate is higher with HDFC, I haven't continued with them. The HDFC representative was continuously calling me and updating the status.

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    Fees & Charges
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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    It is fine and as well as satisfied with HDFC personal loan services. I had got the loan at the right point of time and it was really helpful services. Even charges for insurance was deducted, however it was not known to me. It would be better if they would had told me on a prior basis.

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    Fees & Charges
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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I Scrutnized to the critical situation. I heard about the personal loan and applied through the Bank Bazaar.com. I was surprised about the quick response and action taken against my loan. I Personally very happy and my thanks and wishes to bank bazaar.com

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    Fees & Charges
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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (0)

    I Scrutnized to the critical situation. I heard about the personal loan and applied through the Bank Bazaar.com. I was surprised about the quick response and action taken against my loan. I Personally very happy and my thanks and wishes to bank bazaar.com

    Was this review helpful? Yes

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    Fees & Charges
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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
  • Validated User
    (1)

    AS of now I had postponed the plan of availing personal loan from HDFC, however in terms of response, its quite delayed. Customer service team is clear in whatever they provide the information. At last, I wanted to mention Keep up the same services!!

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    took a Personal Loan from HDFC BANK on BankBazaar.com Reviewed on
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