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.
At least 21 years old
Less than 60 years old
Salaried or self-employed
with regular income
Earn more than the minimum
Minimum income required
Rs.12,000 per month
Maximum allowed personal loan is Rs. 15 lakhs
EMIs of other loans lower
Pay off your credit card bills
Choose longer tenure loan up to 5 years
|Interest Rate (Monthly reducing balance)||13% to 20%|
|Processing Fees||0.5 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|
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.
Taking a personal loan is no small undertaking, however, it need not be as painful, applying for one, as many people seem to believe. HDFC personal loans are designed to ensure that you have funds when you need them so that you can dispense them at your leisure. They have even introduced schemes that are meant to flatter the applicant and make the whole process of figuring out the eligibility for the HDFC personal loans quick and simple. There is some trepidation when it comes to applying for a personal loan for the very first time, but with HDFC all applicants are given a fair chance and all judgements, for the approval of the loan, are made on the basis of the same eligibility criteria as is applied to everyone else.
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.
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.
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.
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 Personal Loan Interest Rates are very attractive and hard to overlook. If an applicant applied for, and was found eligible for, a personal loan from HDFC then he/she will pay an interest rate between 15.75% and 20% if they are salaried individuals. For those who default on payments the interest rate charged is 24% per annum on the outstanding amount from the date of default. If an individual chooses to cancel the loan the bank will retain the processing fee and will also charge an interest for the time between the issuing of the loan to the date it was cancelled on. No other charges will be levied in this case.
|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 offers personal loans to all applicants fulfilling the basic eligibility criteria.
|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%|
|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%|
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.
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.
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.
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.
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.
BankBazaar.com loan calculator tool is absolutely free to use and there are no hidden charges for all the services you avail through us.
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.
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.
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.