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A Complete Guide To HDFC Personal Loan
Recognised as the Best Banking Performer, India in 2016 by Global Brands Magazine Award, HDFC Bank was incorporated in 1994. The registered office of this well-known bank is in Mumbai, India. The first corporate HDFC office and full-service branch were at Sandoz House, Worli. Today, the bank’s distribution network has spread to almost 5000 branches, 12,000 ATMs across 2500 cities and towns. It is known for a number of products and services including:
– Wholesale banking
– Retail banking
– Treasury
– Auto and Two wheeler loans
– Personal loans
– Loans against property
– Credit cards
– Digital products Payzapp and Chillr
Let’s discuss the personal loan offered by HDFC in detail:
⋅ Minimal Documentation: Personal loans require minimal documentation and quick loan disbursal.
⋅ Interest Rates: You can avail HDFC personal loans at an interest rate as low as 10.99%.
⋅ Budget EMIs: You can choose the EMI which start at ₹1400. You can calculate your EMI now using the HDFC EMI calculator.
⋅ Verification and Disbursal: The verification and disbursal of HDFC personal loan are super quick and easy.
⋅ Loan Tenure: The borrowers can choose a loan repayment tenure starting from 12 months to 60 months according to their convenience.
⋅ Women Specific Offers: If a woman applies for an HDFC personal loan, they can avail a scheme known as the Personal Loan Diva Scheme wherein they can receive pre-approved offers for loans of Rs. 3 Lakh.
⋅ Insurance Cover: Every HDFC personal loan is accompanied by an additional personal accident cover of up to Rs.8 lakh along with a critical illness cover of Rs.1 Lakh for free.
| Related Article: Questions To Ask Before Taking A Personal Loan |
| Age | 21-60 years |
| Employment and Income | → Employed for a minimum of two years with an employment history of one year with the current employer.
→ Should be drawing a regular salary. → Medical professionals, PSU employees, CAs and private limited company employees → The applicant should have a minimum net income of ₹ 15,000 |
| Residential | Cities including Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Cochin, Ahmedabad, and Kolkata |
Needless to say that just fulfilling these criteria is not sufficient to get an HDFC personal loan. You should be able to provide verifiable documents for the same:
• Register online at the IndiaLends Website or Mobile app
• Get verified by filling out an application form
• Choose loan amount and repayment structure
• Get money in your account
| Related Article: Personal Loan: Application Checklist |
You can check the status of your HDFC personal loan any time by logging in the IndiaLends app and clicking on the Track Status tab. Here you will be able to see your application and the status of your approval.
| 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 – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding |
| Charges for late payment of EMI | 24% per annum on the amount outstanding from date of default |
| Cheque swapping charges | Rs 500/- |
| Amortization Schedule charges | Rs 200/- |
| Loan cancellation charges | NIL (However interest would be charged for the interim period between the date of loan disbursal and loan cancellation and processing fees would be retained.) |
| Cheque bounce charges | Rs. 550/- per cheque bounce |
| Legal/incidental charges | At actual |
| CIBIL Report Copy Charges | Rs.50 per copy |
Any customer with an existing Home Loan, Home Improvement Loan or a Home Extension Loan can apply for a Top Up Loan at HDFC bank. The maximum term for this kind of loan is 15 years depending on the customer’s profile, the age of customer at maturity of the loan, the age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC. You can apply for a Top Up Loan after 12 months’ of the final disbursement of your existing Home Loan and upon possession/completion of the existing financed property or basis the last 12 months’ track record of the Top-Up Loan being refinanced from another institution, subject to possession/completion of the property.
It is a pre-approved loan that is credited instantly to your HDFC Bank Savings account or given to you in the form of a Demand Draft, drawn in favor of the applicant’s name as per HDFC Bank Credit Card records. The special feature about this loan is that it does not require any documentation.
| Interest Rate | 10.99% – 20.00% Per Annum |
| Loan Amount | 50k to 40 Lakhs |
| Processing Fee | From Rs. 1500/- Up to 2.5% of the loan amount |
| Foreclosure |
Allowed only after 12 EMIs, the charges vary by year- • 2nd year – 4% • 3rd year – 3% • After 3 years – 2% |
| Lock-In Period | 1 Year |
| Tenure | 12 to 60 Months |
We hope this covers everything that you wanted to know about HDFC personal loans. In case you have any further questions or any doubts, do let us know in the comment section below. To know more about personal finance, make sure you follow our blog. Until next time!
| Previous Article:What Is A Cancelled Cheque: What Is It Used For |
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FAQ’s
Loan against mutual funds (LAMF) allows you to borrow cash against your mutual fund investments as collateral. You can use Volt Money to lien mark your mutual funds digitally to avail an instant limit without losing the ownership of your mutual funds and all the associated benefits with it. Funds will be made available in the form of an overdraft facility.
The annual fee for the Axis Privilege Card is typically Rs. 1,500 plus taxes. This fee can be waived if the cardholder achieves an annual spending milestone, though the exact spending amount for the waiver can vary by card variant. For example, a common waiver condition is spending above Rs. 2.5 lakh in an anniversary year.
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Yes, you can apply even with a low CIBIL score, but your chances of approval may be limited. Most banks and lenders prefer a CIBIL score of 750 or above for quick approval and better interest rates. If your score is lower, some lenders may still consider your application based on other factors such as your income, employment stability, or existing relationship with the bank. However, you may be offered a lower loan amount or higher interest rate. Improving your credit score before applying can increase your chances of getting approved on favorable terms.
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