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. Even though it is headquartered in Mumbai, it has its reach in every state of India with a huge base of customers. The bank is well-known for its personal as well as corporate banking services offered since decades. Owing to its services provided to both domestic as well as international customers it has become one of the leading banks in India.
Among all the products offered by HDFC Bank, personal loans are the most popular ones. HDFC is known for providing quick personal loans at a low rate of interest with minimal documentation. The loans are customisable as per the requirement of the individual borrowers. The process of application being simple, individuals having no prior experience can apply for personal loans easily. In short, you can enjoy triple benefits when you take a personal loan from HDFC Bank - faster loan, competitive pricing, and transparency.
You can apply for a personal loan from HDFC Bank through its simple-to-use online portal in just a matter of few seconds. Before applying for the loan online you can check your HDFC Bank personal loan eligibility in seconds on the web portal of BankBazaar by filling up a short form. Read on to learn about the eligibility and documentation requirements for HDFC personal loan.
|Interest Rate (Monthly reducing balance)||11.25% to 21.50% p.a. (for salaried individuals)|
|Loan Processing Fees||Up to 2.50% of the loan amount subject to a minimum of Rs.1,999 & maximum of Rs.25,000 for salaried customers|
|Loan Tenure||1 year to 5 years|
For salaried individuals:
|Charges for late payment of EMI||2% per month on EMI/principal overdue subject to the a minimum amount of Rs.200|
|Guarantor Requirement||No guarantor required|
Note: Applicable Government taxes and charges will be levied on these HDFC personal loan fees and charges.
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.40 lakh. 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. The bank will not monitor how the amount is used by the borrower and thus he/she will be free to use the amount for whatever purpose they want as per his/her will and wish. Personal loans from HDFC Bank can be used for any immediate or short term financial needs like wedding expenses, kid’s education, home renovation needs, 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. It enables superfast disbursal of the loans enabling the customers to receive the loan amount in their account in just 4 hours. HDFC Personal Loan comes with a number of added benefits including a Personal Accidental Cover of up to Rs.8 lakh along with a Critical Illness cover of Rs.1 Lakh.
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 Bank personal loans due to some or all of the below mentioned factors:
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 with BankBazaar, India's most popular and well-known financial marketplace to offer a superfast online loan submission facility to the loan applicants all across the country. 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.
Applying for an HDFC Bank personal loan is a simple 3 step process.
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.
Once you have completed the personal loan application process with HDFC Bank, you can easily check/track the status of the application using the loan application tracker present on the website of the bank. By making use of this tool you can stay updated about the progress of the loan till it is disbursed in your registered bank account. Here is the step-by-step guide to check the HDFC personal loan status directly on the bank website at any stage:
Note: Ensure to provide correct details on the tracker as per your loan application in order to stay updated with the current status of your loan. If there are typing errors or other mistakes, the update will not be displayed by the tracker.
When you take a personal loan from HDFC Bank, your interest rates will be very reasonable and competitive. Your interest rate will be determined by your loan amount, loan tenure, your income, and your credit score. The rack interest rate for salaried individuals is 15.00% to 20.99% p.a.
Rates offered to customer during the period of January 2018 to March 2018:
|Internal rate of return (IRR)||Fourth Quarter (Q IV) (2017-18)|
|Minimum IRR||9.10% p.a.|
|Maximum IRR||21.05% p.a.|
|Average IRR||13.04% p.a.|
Annual Percentage Rate offered to customer during the period of January 2018 - to March 2018:
|Annual Percentage Rate (APR)||Fourth Quarter (Q IV) (2017-18)|
|Minimum APR||9.14% p.a.|
|Maximum APR||24.68% p.a.|
|Average APR||13.31% p.a.|
Note: Government Taxes and other charges will be levied over the fees and charges as applicable.
HDFC Bank has some mandatory eligibility criteria which the interested borrowers need to fulfill in order to be eligible for a personal loan from the bank. Here are the eligibility criteria for HDFC Bank personal loan which are applicable for the salaried as well as self-employed individuals:
The above-mentioned documents will help in the verification process conducted by the bank. If you submit valid documents as asked by the bank, your personal loan application and approval process will get completed within a short span of 1-2 working days. So, follow all the norms of HDFC Bank loan application to avoid wastage of time and get quick funds to meet your varied financial needs.
Before you apply for a personal loan from HDFC Bank, you can utilise an online EMI calculator to compute your EMIs. This will help you be aware of your total expenses for this personal loan. You can make use of any online EMI calculator provided by third-party financial websites or the official websites of HDFC.
You can check out the personal loan EMI calculator offered by BankBazaar web portal. You will need to enter the loan amount, interest rate for your loan, and processing fee for different loan tenures. You will get different results for different loan tenures. You can change the loan amount and interest rate also. If you are planning to make a pre-payment, you can enter details associated with that also.
The BankBazaar HDFC personal loan calculator is user-friendly and provides accurate results in just a few minutes.
Let us take at the following table to understand how EMI is calculated for multiple years for various loan amounts. In the table given below, we have assumed that the interest rate is 10.99% and that the processing fee is 2%. The processing fee is usually a certain amount which is fixed by the bank or a certain percentage of your loan amount.
|Loan Amount||Interest Rate||EMI for 1 Year||EMI for 2 Years||EMI for 3 Years||EMI for 4 Years||EMI for 5 Years|
The transfer of outstanding personal loan balance from one bank to another bank is generally referred to as a personal loan balance transfer. Some of the reasons why people opt for a loan transfer are 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 11.39% p.a. with a flat processing fee of Rs.1,999 on loan transfers.
Eligibility for HDFC Bank Personal Loan Balance Transfer
The individual applying for a loan transfer should meet the below mentioned conditions:
Documents to be Submitted for Personal Loan Transfer
For salaried applicants:
For self-employed applicants:
Eligibility Criteria for Personal Loan Balance Transfer
If you are planning to save your money by minimising your EMIs for other loans, you can transfer your personal loan balance to an HDFC Bank personal loan account. The balance transfer facility offered by HDFC Bank enables you to move the unsettled balance from your other personal loans and credit cards to a new personal loan account with HDFC. This will help you in minimising your financial burden. You can enjoy a lower interest rate with an HDFC personal loan balance transfer.
You can enjoy additional benefits also with this facility. With this balance transfer feature, you can go for a top-up loan facility if you need additional funds for your various requirements. Moreover, you can enjoy a longer loan tenure with this facility.
The documentation process for HDFC personal loan balance transfers is minimal and quick. You can take the help of a bank representative at HDFC Bank for successfully completing the application process.
HDFC Balance Transfer Calculator
The website of HDFC Bank has an advanced balance transfer calculator that helps you in understanding your total savings on EMIs after transferring the balance from other banks to HDFC Bank. You just need to key in your current personal loan amount, the rate of interest, your loan tenure, the number of EMIs that you have paid, and the new tenure that you want for your new HDFC personal loan in this special balance transfer calculator. You will have to enter the loan tenure in months in this calculator. This calculator does not take foreclosure charges of a prevailing loan into account.
How to Calculate Your Savings through HDFC Balance Transfer Calculator?
Here is a step-by-step guide on how to use the HDFC Bank Balance Transfer calculator:
Details regarding HDFC personal loan balance transfer
|Eligibility Criteria for HDFC Bank Personal Loan Balance Transfer|
|Age of HDFC balance transfer applicant||Minimum: 21 years Maximum: 60 years|
|No. of years in employment||2 years and above|
|Net monthly income||Rs.15,000 and above (CAT-A companies) Rs.20,000 and above (Non-listed companies)|
|Minimum work experience||Work experience of at least 2 years out of which 1 year should be with present employer|
|Loan details for HDFC Bank for balance transfer|
|Minimum loan amount||Rs.50,000|
|Maximum loan amount||Rs.15,00,000|
|Minimum loan tenure for balance transfer||12 months|
|Maximum loan tenure for balance transfer||60 months|
|Turn Around Time of HDFC Bank balance transfer|
|Salary below Rs.75,000||5 to 7 working days|
|Salary higher than Rs.75,000||2 working days|
|Salary available for making EMIs|
|Up to Rs.25,000 per month||35% of salary is considered|
|Rs.25,000 to Rs.50,000 per month||40% of salary is considered|
|Above Rs.50,000 per month||45% to 50% of salary is considered|
HDFC Bank has a faster turnaround time when compared to most of the 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 score or past credit record of the customer greatly matters. 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/her loans completely before the term, it is known as pre-closure or prepayment of the loan. Pre-payment or pre-closure of a loan before a specified time period attracts certain penalties. Prepayment penalties are generally charged by the HDFC Bank at a flat rate or based on the interests for certain months. However, the option of prepayment is made available to the customers only after a specified period of loan ownership. The pre-closure 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.
|Details of the HDFC Bank Personal Loan Pre-closure 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 extra cash in addition to the loan amount sanctioned to you. You get a consolidated EMI for both your existing loan and top up loan, covering the total value. It is comparatively better than having two different loans and paying EMIs separately. Here are some of the key features of HDFC Bank personal loan top up facility:
HDFC personal loans are among the most sought-after options in times of financial emergencies as the interest rates offered by the bank can be as low as 15% p.a. Although you will have to incur costs of minor charges such as processing fee, service tax, and other government taxes, the implementation of the Goods and Services Tax (GST) has lowered the standard service tax rate from 18% to 15%, making HDFC personal loans the ideal bet for education, travel, or any other financial requirement.
HDFC personal loans are offered at interest rates ranging from 15% to 20.99% p.a. The maximum amount you can avail through an HDFC personal loan is Rs.40 lakh, and the tenure can extend up to five years. Here are some of the main features of personal loans offered by HDFC Bank:
If you have taken a personal loan from HDFC Bank and want to track the status of your application, visit the official website of the bank and click on ‘Track My Application’. Once you open the link, a few details will have to be entered, such as the name of the applicant, his/her date of birth, and the loan reference number. After you have entered the details, you can view the status of your application. Refer to the ‘HDFC Bank Personal Loan Status Tracker’ section on this page for more details.
When you are applying for a personal loan from HDFC Bank, it is very important that you are aware of your credit score provided by Credit Information Bureau (India) Limited (CIBIL). A CIBIL score indicates your previous credit history and your previous credit behaviour. The score denotes whether you have made any late payments or have defaulted any loan instalments in the past.
Hence, it is very important that you focus on maintaining a high CIBIL score especially before applying for a new loan.
The CIBIL score ranges from 300 to 900 in India wherein 300 is the lowest score and 900 is the highest. If you’re CIBIL score is 750, you are in the safe zone and you have high chances of getting your HDFC personal loan approved.
If your CIBIL score is below 750, it is a bad sign as you are represented as a not so credible borrower. However, in such cases don’t panic as there are still chances that your HDFC personal loan will get approved. Your loan may get approved by the bank, but you might have to pay an extremely high-interest rate for the loan. Hence, before you apply for the loan, ensure that you boost your credit score extensively. This will assist you in securing the loan that you really need for meeting your multiple financial needs.
|Processing fee||Up to 2.50% subject to a minimum of Rs.1,000 and maximum of Rs.25,000 for salaried borrowers|
|Charges for late payment of EMI||2% every month on EMI or the Principal overdue subject to a minimum amount of Rs.200|
|Prepayment in Part or full||
|Foreclosure charges||Foreclosure is allowed after 12 EMIs Prepayment charges for different years: 2nd year: 4% 3rd year: 3% After 3 years: 2%|
|Cheque bounce charges||Rs.550 per cheque bounce|
|Cheque swapping charges||Rs.500|
|Amortization Schedule charges||Rs.200|
HDFC Bank specialises in providing personal loans to various individuals according to their specific requirements. The bank introduced an exclusive personal loan scheme to cater to the financial needs of women. Any working woman can apply for this loan and get the funds that they need. This loan scheme is aptly called ‘Diva Loan’.
This loan product is designed to enable women to stand on their own feet without having to depend on others for financial support. A woman can handle any financial emergency or any other obstacle with the help of this loan scheme.
Why Should Women Choose HDFC Bank Diva Personal Loan?
HDFC Bank is dedicated to offering prompt and custom-made financial solutions for all kinds of purposes. It is one of the major banks in India that is striving to help women achieve everything that they dream of while also supporting them financially to gain a respected position in the society. The bank aims to help women so that they can stop depending on others for monetary assistance.
When you go for the HDFC Bank Diva Personal Loan, you can be completely independent and make your wishes come true. You will not have to rely on your parents, spouse, siblings, or friends for funds.
You can get a loan of up to Rs.3 lakh under this particular loan programme. Moreover, you can enjoy the Diva privilege when you purchase goods and services at select stores. You can also procure a pre-approved loan under this scheme.
How Would You Redeem Your Privilege Points?
With the HDFC Bank Diva Personal Loan, you will receive special Diva privilege points. These points will help you save money extensively and you can also enjoy exclusive offers. You can choose from online vouchers, M-coupons, and gift vouchers. You will need to follow a few important steps in order to redeem these privilege points.
For redeeming gift vouchers or product vouchers
For redeeming online offers
For redeeming M-coupons
If you are planning to take a professional loan, you can approach HDFC Bank for several loan options. According to your specific preferences and needs, you can opt for a loan from the bank. HDFC Bank has a special category of loans for the professionals. Just like personal loans, the documentation process for this loan category is also quick and minimal. Moreover, you can enjoy affordable interest rates for these loans. Whether you are a doctor, a teacher, a chartered accountant, a lawyer, or an advocate, you can cultivate your skills in your profession with the help of this loan.
You can also build your business or firm related to your profession with the help of this loan scheme offered by HDFC Bank.
Features of HDFC Professional Loan
Benefits of HDFC Professional Loan
Eligibility criteria for HDFC Professional Loan
There is no doubt the value of time in a fast-paced world is extremely high, and to ensure that you do not waste too much time, HDFC Bank offers personal loans in just 10 seconds. Regardless of the reason for which you may require financial help, India’s second-biggest private lending institution has launched an attractive offer that has caught the eye of millions across the country. Here are some of the features of HDFC Bank 10 Second Personal Loan Offer:
Get Instant Personal Loan through HDFC Bank ATMs
Applying for HDFC Personal Loan in 10 seconds
If you wish to apply for a personal loan from HDFC Bank, you will have to log in to your HDFC net banking account and visit the “Offers” page. On this page, you will have to look for a banner that says “Pre-approved Personal Loan” and once you locate it, click on “Apply Now”. The bank will credit the pre-approved personal loan amount to your account immediately without any verification or documentation process.
Jumbo Cash, as it was previously known, HDFC Insta Jumbo Loan is a pre-approved loan offered above the credit limit of your HDFC credit card. Any customer who holds an HDFC Bank credit card and an active HDFC savings account can apply for an HDFC Insta Jumbo Loan. The loan amount will be disbursed via credit to your HDFC savings accounts once your application is approved and the loan is sanctioned.
Some of the important reasons as to why the HDFC Bank Insta Jumbo Loan has attracted so much interest from across the country is because the disbursement is quick, there is no documentation, the interest rates are attractive, the tenure is flexible, and the credit limit will not be blocked on your credit card when you avail this loan.
How to Apply for and Avail HDFC Insta Jumbo Loan?
HDFC Bank credit card customers can apply for an HDFC Insta Jumbo Loan through net banking and phone banking. If you use the net banking route, you will have to log in to your HDFC netbanking account and click on “Cards”, then select “Credit Cards”, then hit “Transact” and select “Insta Jumbo Loan”. Phone banking can also be used to avail personal loans from HDFC Bank.
Repayment of HDFC Insta Jumbo Loan
The interest on an HDFC Insta Jumbo Loan is calculated using the reducing balance method. Here is an indicative EMI table wherein the interest rate is calculated at 1.25% per month.
|Loan Amount||60 months||48 months||36 months||24 months||12 months|
When you avail an HDFC Insta Jumbo Loan, a new card number shall be created for the account and you will receive a separate monthly statement for the same. The payment due date and the billing cycle date will remain the same as the credit card account. The monthly account statement will have the EMI billed to it starting from the first billing cycle date after the loan was taken.
Within seven days from the date on which you availed the loan, the auto-pay feature for EMI debit shall be activated and your savings account will be debited for the overall amount which is pending on the payment due date as mentioned in the loan monthly statement. You will have to ensure that sufficient balance is maintained in your savings account prior to the payment due date.
An Insta Loan from HDFC Bank is a pre-approved loan within the credit limit on a customer’s HDFC Bank credit card. In this loan, the loan amount is blocked against the credit limit.
When you avail an Insta Loan from HDFC Bank, the loan amount will be credited immediately to your HDFC Bank savings account. The interest rates applicable to an Insta Loan are quite attractive and there is no documentation required to avail it. The repayment tenure is also flexible, and the loan amount will be disbursed via credit to your HDFC Bank savings account or through a demand draft drawn in the applicant’s name in keeping with the bank’s credit card records.
How to Apply for and Avail HDFC Insta Loan?
Only some customers who have an HDFC Bank credit card can avail the Insta Loan. Eligibility can be checked by logging into your HDFC net banking account and clicking on “Cards”, then “Credit Cards,” “Transact”, and “Insta Loan”. You can also call the bank’s phone banking number at any time to check your availability for the loan.
Repayment of HDFC Insta Loan
The interest on HDFC Insta Loans is calculated using the reducing balance method. Here is an indicative table wherein the interest rate is calculated at 1.25% per month.
|Loan Amount||60 months||48 months||36 months||24 months||12 months|
The EMI amount along with the education cess and service tax (Monthly payment dues) shall be billed to you in the monthly statement starting from the immediate billing cycle date. These dues will be part of the minimum amount due that appears on your monthly credit card statement. It is important that you pay the minimum amount in order to ensure that your card remains active. Interest will be levied along with other applicable fees on the balance outstanding.
If you are looking for an inexpensive agricultural loan, you can check out HDFC Bank’s retail agri-loans. You can apply for the HDFC Kisan Card/Kisan Gold Card for meeting expenses related to domestic consumption, purchase of equipment, expenses after harvest of crops, and domestic consumption. The main purpose of this loan is to enhance agricultural development. The supervision charges of this loan range from Rs.500 to Rs.2,000. You will be asked to pay a processing fee of 1% of the loan amount. The upper limit of withdrawal of your Kisan Card will be Rs.15,000 at ATMs each day. You can use the card for paying for items having worth of Rs.25,000 at the outlets of the merchants.
If you are planning to buy a new or pre-owned tractor and worried about funds, you can apply for a tractor loan from HDFC Bank. You can buy a tractor with this loan and take care of your agricultural activities efficiently. You will need to be at least 18 years and not more than 60 years while applying for this loan. Through this loan you can avail up to 90% of the total cost of your preferred tractor from the bank. The interest rates for HDFC tractor loans range from 9.45% to 15.85% p.a with an average APR of 16.73% p.a.
If you own a property in your name it is a great thing as it can come of use when you need a loan for emergency purposes. If you are looking for a reliable loan, you can check out HDFC Bank loan against property. You can choose from Loan against Property/Loan for Commercial Property, Dropline Overdraft against Property/Commercial OD against Property, and Loan against Rent Receivables. The rate of interest for these loans ranges from 11.20% to 13.70% p.a. The bank takes residential and commercial properties as security for HDFC loans against property.
If you are looking for a good loan product for agricultural purposes from a reliable lender, you can approach HDFC Bank for their HDFC Agriculture Loan. This loan can be taken by anyone who deals in poultry, cash crops, animal husbandry, warehousing, horticulture, dairying, etc. One can also get working capital with the help of this loan for the purpose of transporting, storing, and preserving the crops with proper care. The agricultural loans provided by the bank include warehouse receipt financing, crop loans, agri-business credit, tractor loans, retail agri-loans, etc. The interest rates of these loans vary from one another. You can apply for a Kisan card or Kisan gold card as well.
In case you have bought certain securities in your name these can come handy when you are struggling financially. You do not have to sell these securities to make money. Instead, you can take a personal loan against these securities. You can approach HDFC Bank to apply for a Loan against Securities. The maximum loan amount provided by this scheme is Rs.2 lakh. While the annual percentage rate (APR) for loans against equity securities ranges from 9.25% to 11.14% p.a. the rate for loan against debt securities ranges from 7.95% to 10.62% p.a.
If you are anticipating to get cash flows from rent receivables, you can use these rent receivables to apply for a loan from HDFC Bank. The bank provides a product known as Loan against Rent Receivables under its ‘Loan Against Assets’ category. In order to be eligible for this loan, one should be the owner of a property. You can utilise the funds from this loan to meet your personal requirements. The maximum loan amount that can be availed through this scheme is 50% of the market value of your property.
After applying for a personal loan from HDFC Bank, you may wonder if your loan application has been accepted or rejected. You can check its status by checking the personal loan status tracker, which can be accessed on the bank’s official website. You can monitor the status of your loan application through your HDFC loan account or loan reference number or loan proposal number. You may also check with your loan application number or with your registered mobile number. To check the loan status with your HDFC Loan Account, you will be required to sign up with an email ID and a new password. Apart from these, you can also also call the customer support or send SMS from your registered number to know about the loan status.
If you avail a personal loan from HDFC Bank, you can be assured that any complaints, queries, or confusions that you may have will be resolved immediately by the 24/7 helpline number of the company. The customer care representatives of the bank can be reached over the phone by dialling 1800-425-4332, 1800-22-1006, or 1800-22-4060. You can also reach out to the bank via Click2Talk, Webchat and SMS.
Alternately, you can also ask your queries to HDFC Bank’s EVA (Electronic Virtual Assistant), which is India's first and largest banking chatbot powered by Artificial Intelligence (AI).
The interest rate for HDFC Bank personal loan ranges from 15.00% to 20.99 % p.a. The loans are at the sole discretion of the bank and it decides the final interest rate to be applicable for a customer based on their individual credit profile and payability.
HDFC Bank offers personal loans up to Rs.25 lakh. However, the final amount is decided by the bank on the basis of the current income, credit history, and debt-to-income ratio of the customer.
Usually, the bank will respond to your loan request within 2-3 days. However, if you apply for HDFC Personal Loan through BankBazaar, you will receive a response within 30 minutes.
No, you do not need to make arrangements for getting a guarantor to apply for an HDFC personal loan. The bank offers loans as per the credit profile of the borrowers and if they are found to be eligible for a loan they will be provided with the same without any guarantor.
Salaried individuals who will prepay their HDFC Bank personal loan within 13 to 24 months, you will have to pay 4% of the principal outstanding amount. However, for individuals paying the amount between 25 and 36 months will be 3% of the principal outstanding amount and for customers paying in a period lesser than 36 months from the loan approval will have to pay 2% of the principal outstanding amount as pre-closure free.
Yes, if you are a salaried borrower you will be able to make a part-payment of your HDFC Bank personal loan but only after the repayment of 12 EMIs. Even while making a part payment you are only permitted up to 25% of principal outstanding that also once in a fiscal year and twice during your entire loan tenure.
You will be charged up to 2.5% of the total loan amount subject to a minimum of Rs.1,999 and maximum Rs.25,000 as a one-time processing fee for the salaried customers by HDFC for your personal loan. However, this processing fee will not be refunded.
You can make a pre-closure of your HDFC personal loan after you complete 1 year of your loan tenure. In other words, you can only pre-close your loan account after making 12 EMI payments.
HDFC Bank typically takes 1 to 2 days to assess your personal loan application form and your relevant documents after submission. A reliable team from the bank that exclusively deals in verification of various application forms will contact the applicant to verify certain information. You can verify documents such as passport, Aadhaar card, and PAN card online itself.
There are multiple modes of repaying your HDFC personal loan. You may repay your HDFC Personal Loan via ECS, post-dated cheques or standing instruction to debit the loan EMI amount from your HDFC bank account.
The additional charges for loan repayment are only applicable if you default or if there is any SWAP/change in the repayment mode. You can get in touch with the executives of the bank in order to know if there are any other associated fees and charges.
Generally, HDFC Bank offers a maximum personal loan amount of Rs.40 lakh to the borrowers. However, you can apply for a higher loan amount by combining your income with that of your spouse or any other member of your family.
Yes, it is possible to apply for a personal loan from HDFC Bank even if you are having dues and debts. Considering your present income, repayment ability, credit score, and fixed obligations to debt ratio (FOIR), the bank will decide whether you are eligible for a loan or not.
A borrower should have a maximum FOIR of 0.45% to be eligible for HDFC Bank personal loans. If you want to increase your eligibility for personal loans from HDFC Bank, first pay off your existing loans and then apply for a new one from HDFC Bank.
HDFC Bank offers flexible repayment tenures of 12 to 60 months based on the profile of the customer. Hence, you can choose to go with any of the tenures suggested by the bank as per your comfort and repayment capacity.
After the submission of your personal loan application along with all the important documents, you can expect to get the approval and disbursal of the amount within 4 hours provided that everything is valid and in proper order. However, it is at the sole discretion of the bank to give approval for a particular loan request.
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 a security or 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
Not at all. In fact it does 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 while applying for a Personal Loan if you really need one. It is easy to get one and will help with your financial problems.
SBI, HDFC and ICICI providing Personal Loans through ATMs
In this technological era, when everything has become automated, banks have come up with the latest method of providing personal loans through ATMs. This process has taken over the hassle of visiting banks personally and talk with the executives for hours to get a personal loan sanctioned. These loans are very convenient to get, the disbursal time is less and ideal for emergency. SBI, HDFC Bank and ICICI Bank are the leading Indian banks which have adopted this automated method of giving personal loan. Go through this article to get a detailed idea about the automated personal loans provided by these three banks. Check more details about Personal Loan from ATMs
How taking Personal Loans can benefit Private Sector Businesses?
Setting up a business is the dream of many people. But for setting up a new business in the private sector one needs a huge amount of money. Though banks are providing business loans for this purpose, the process of approval and disbursal is quite lengthy. Instead, you can take an easy and fast personal loan to invest in your business. In this article, you will get to know what advantages a personal loan has over business loan and the top banks that provide such loans. This will also help you to understand how a personal loan can be used by private sector companies to finance their activities. Learn more about Personal Loan for Private Sector
Factors that affect Personal Loan Approval of Non-listed Companies in Hyderabad
Every company needs a good amount of money to invest in its business. But the non-listed companies often find difficulty in getting a loan as most of the banks and financial institutions feel sceptical to give them loan due to factors like instability and outstanding debts. If you want to get a loan in spite of being a part of a non-listed company in Hyderabad, you need to know both the positive and the negative parameters that impact the process of loan approval. Read this article to know about all the factors that are considered by the banks while approving a loan for such companies. Know more about Loans for Non-listed Companies in Hyderabad
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