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?
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.
Personal loans offered by HDFC Bank will accumulate interest on the new MCLR based interest rate system. Existing loan borrowers can switch over to this system or can continue to pay interest as per the Base Rate system.
HDFC Bank MCLR (For new borrowers)
MCLR or Marginal Cost of Funds based Lending was recently introduced by the RBI and is the minimum lending rate. It is determined with the help of factors like tenor premium, CRR, cost of funds, operating costs, etc. MCLR rates applicable from June 7, 2016 are as follows.
| Tenor | MCLR Percentage |
| Overnight MCLR | 8.90% |
| 1 month MCLR | 8.95% |
| 3 month MCLR | 9.05% |
| 6 month MCLR | 9.10% |
| 1 year MCLR | 9.15% |
| 2 year MCLR | 9.20% |
| 3 year MCLR | 9.30% |
HDFC Bank Personal Loan Interest Rates (MCLR)
New loan borrowers will be expected to pay interest on the basis of MCLR. The bank is authorized to add a certain percentage over the applicable MCLR to arrive at the final rate of interest.
HDFC Bank Base Rate & Prime Lending Rates (For existing borrowers)
The Base rate offered by the bank is set at 9.30%, with effect from December 28, 2015.
HDFC Bank Personal Loan Interest Rate (Base Rate)
Existing borrowers have the option of paying interest on their loan as per the new MCLR rate or they can continue paying interest as per the existing Base Rate system. In both cases, the bank will levy a certain percentage over each rate to arrive at the final interest rate.
Note: The MCLR rates given above are effective as of June 7, 2016. Interest rates for personal loans are subject to change with change in MCLR / Base Rate. To know the currently applicable interest rates for personal loans, please contact the bank at the time of applying for the same.
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.
How do I know if I am eligible for HDFC Personal 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.
What are the advantages of applying HDFC Bank personal loan with BankBazaar.com?
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.
What is the minimum and maximum amount of Personal Loan that I can get with HDFC Bank?
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.
What is the tenure for which I can avail a Personal loan with HDFC Bank?
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.
Does BankBazaar.com Charge for its Loan Calculator Tool Facility?
BankBazaar.com loan calculator tool is absolutely free to use and there are no hidden charges for all the services you avail through us.
Is BankBazaar.com providing any assistance for tracking my loan application?
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.
How to use BankBazaar.com EMI Calculator Facility?
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.
I am skeptical of sharing my personal data online. Is it safe?
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.
What is the process of checking application status online?
You can check the status of your application online on the official website of the bank if you have applied directly with the bank. You can track the application status on the portal on entering a few details as required.
In case you have applied through BankBazaar.com, you can track the application status online during any point of the process.
What are the limits of the loan amount?
HDFC Bank offers personal loans from as low as Rs.50,000 to as high as Rs.15 lakhs. The amount of loan disbursed depends on multiple criteria such as credit history, age, other credits etc.
How long can I borrow a loan for?
The loan tenure depends on the category of borrowers. Salaried individuals can opt for a repayment tenure anywhere between 12 months and 60 months. Self-employed individuals are eligible for repayment tenures ranging from 12 months to 36 months.
What are the income proof documents I have to submit while applying for the loan?
You need to submit the following documents while applying for HDFC personal loan.
- Latest salary slip or recent salary certificate with Form 16
- Bank statements of the past 3 months or 6 months passbook entries
Apart from these, you also need to submit an identity proof and address proof from the list of accepted documents.
What are the processing charges I have to pay when applying for this loan?
You need to pay processing charge of up to 2.50% of the overall loan amount. This is subject to a minimum amount of Rs.1,000 and maximum amount of Rs.25,000 for salaried individuals.
Where can I get the personal loan application form?
You can download the application form online or directly apply online by filling up the form and uploading supporting documents. Alternatively, you may approach any of the HDFC Bank branches and request for a loan application form.
What is the foreclosure criteria?
Salaried individuals cannot prepay their loans within the first 12 EMI payments. They can prepay the loan after this period by paying the following penalties:
- Loan preclosure within 13 to 24 months will attract prepayment charges at 4% of outstanding principal balance.
- Loan preclosure within 25 to 36 months will attract prepayment charges at 3% of outstanding principal balance.
- Loan preclosure after 36 months will attract prepayment charges at 2% of outstanding principal balance.
The transfer of your outstanding credit from one bank to another bank is generally referred to as loan transfer. Some of the reasons why people opt for loan transfer is to avail reduced EMIs and longer tenure of payments. You can transfer your HDFC Bank personal loan to a new lender if you have paid your EMIs for a prespecified duration as mentioned in the loan agreement. Your new lender may charge you a loan transfer fee which is usually equal to 1% of the outstanding amount. Similarly, you can also transfer your existing loan to HDFC bank to avail special offers and benefits. HDFC Bank offers interest rates as low as 11.49% on loan transfers and the processing fee charged is just Rs.999. However the individual applying for a loan transfer should meet the below mentioned conditions:
- Should be above 21 years of age
- Should be employed from the past 2 years out of which, 1 year should be with the current employer
- Should have an income of Rs.12,000 per month (for cities Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, and Kochi it is Rs.15,000)
Documents to be submitted for loan transfer
- Identity proof of the applicant
- Address proof
- Bank statement for the last 3 months
- Latest salary certificate along with Form 16
Eligibility criteria:
- To be eligible for personal loan, you must first be a salaried individual
- The maximum loan amount sanctioned will be up to Rs.15 lakhs
- It comes with flexible repayment options
- Loan tenure can range from 12 months to 60 months
- HDFC offers Personal Loan Diva for women customers which comes with a pre-approved amount of Rs.3 lakhs
HDFC Bank has a faster turnaround time when compared to most other banks in the country. The bank recently launched the 10-second loan approval and disbursement mechanism, which is the first of its kind. Now customers can avail loans with the click of a button. The growing demands from digitally-savvy customers has pushed the bank to formulate new methods and expedite the loan sanctioning process. But generally, after submitting your application, the loan is sanctioned within 7 working days if everything is in order. Personal loans from HDFC Bank are available for first time customers as well, but the credit scores definitely matter. The bank charges a processing fee which is equal to 2.5% of the loan amount subject to a minimum of Rs.1,000 and a maximum of Rs.25,000. Note that all loan approvals are done at the sole discretion of the bank.
When a borrower pays off his loans completely before the term, then it is known as preclosure or prepayment which attract certain penalties. Prepayment penalties are generally charged by HDFC at a flat rate or based on the interests for certain months. However, the option of prepayment is made available to customer after a specified period of loan ownership. The preclosure of your loan depends on a number of factors such as interest rate, current status of your loan, and tenure of payment. Also, the prepayment option is not available until repayment of 12 EMIs. Refer to the below table for prepayment charges.
| EMIs Paid |
Charges |
| 13 to 24 months |
4% of principal outstanding |
| 25 to 36 months |
3% of principal outstanding |
| More than 36 months |
2% of principal outstanding |
It normally takes 1 to 2 days’ time to examine the documents submitted by the borrower. Generally, the in-house verification team of the bank gets in touch with the applicant to verify details such as place of residence and other important information furnished. Verification of documents such as PAN card, Aadhar card, and Passport takes place online. Once the verification process is done, the application is sent to the personal loan officer who forwards the same to the concerned department for approval. Applications may also get rejected in case of mismatch of the information provided or if it is found that incorrect details have been furnished. The bank will however communicate the reason for disapproval which allows the applicant to make corrections and apply a second time.
A top up loan comes in handy when you need an extra cash in addition to the loan amount sanctioned to you. You get a consolidated EMI for both existing loan and top up loan, covering the total value. It’s comparatively better than having two different loans and paying EMIs separately. Here are some of the key features of HDFC personal loan top up facility:
- Simple and hassle free documentation
- The option is available for both existing customers and new customers under the balance transfer facility
- Easy repayments and attractive interest rates
- Loans for a variety of personal needs
- No collateral or security is needed
- Quick approval and disbursal
HDFC Personal Loan Tips
How to avoid a Personal Loan rejection
Personal Loans are so easy to get that people have fairy tale notions about it. Here are a few things to keep in mind to get your application approved.
Poor Credit Score = No Loan
Don’t believe whoever says this. If you have a poor credit score, you can still apply for a secured Personal Loan. It means you can take a loan against the security of a collateral.
Amount = No Limit
Just like with all loans, there is a limit on the Personal Loan amount you can borrow. The maximum amount will depend on your eligibility factors, such as income, age etc.
Personal Loan Will Worsen Your Debt
No, it does so otherwise. A Personal Loan is an excellent way to consolidate your debts under one interest rate. Personal Loan rates are cheaper than Credit Card interest rates.
Tedious Approval Process
We are living in the 21st century – technology, internet. You can now apply for a Personal Loan online and get approval the very same day. Disbursal follows soon.
Don’t fear applying for a Personal Loan if you really need one. It is easy to get one and will help with your financial problems.
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