HDFC Personal Loan. How to Apply, Eligibility, Interest Rates and More Details.

HDFC Personal Loan stands as one of the top most Personal Loan providers among the private sector banks with minimal procedure for applying loan. HDFC Personal Loan gives the lowest interest rates and the other charges applied are also minimal. Know more about HDFC Personal Loan Interest Rates, Eligibility, Application Tracking and more related information from the content given below.

Updated: Aug 30,2019 17:00 IST

An Overview on HDFC Personal Loan

HDFC or Housing Development Financial Corporation is one of the top Indian banking and financial services company with number of services from banking, treasury, loans and credit cards. Of these services, HDFC Personal Loans is one of the top services provided by the bank. HDFC Personal Loans have the quickest turnaround time, hassle-free documentation and transparent processing. With more of advantages, HDFC Personal Loan occupies the best Personal Loan provider. Key details related to HDFC personal loan are given in the below table.
 

Interest Rates

15%-20.99% p.a (in case of salaried people)

Processing fees

2.50% of loan amount for loan amount upto Rs.25000

Loan Tenure

1 year to 5 years

Loan Amount

Upto Rs.40 lakhs

Pre-payment charges

25% of amount of outstanding principal. But pre-payment possible only after 12 EMI payments.

EMI late payment charges

2% of the EMI amount which is overdue

Requirement of Guarantor

Not Required

What is HDFC Personal Loan Interest Rates?

Most of the Personal loan have fixed interest rates. Similarly, HDFC Personal Loan have fixed interest rate range. Fixed interest rates are the ones which do not fluctuate according to any market changes. Fixed rates helps the customers to plan for the monthly budget well in advance. Interest rates  change according to factors like loan amount, loan tenure and many more. Basic HDFC personal loan interest rates are given in the below table for your reference.
 

Interest rates

15% to 20.99% p.a

Internal Rate of Return for the period Jan 2018- March 2018

Minimum Rate

9.10%

Maximum Rate

21.05%

Average Rate

13.04%

Annual Rate of Return for the period Jan 2018- March 2018

Minimum Rate

9.14%

Maximum Rate

24.68%

Average Rate

13.31%

What are the Other Charges that Accompany HDFC Personal Loan?

The main expense that come along with any loan is its interest rates for the loan amount. There are yet other charges that accompany HDFC personal loans like prepayment charges, late payment charges and few more. It is always advisable to pay EMI amount before due date to avoid unnecessary charges. Some of the charges that come along with HDFC personal loans are given in the below table.
 

Processing charges

2.50% of loan amount for loan amount upto Rs.25000

Late payment charges

2% of the EMI amount which is overdue

Prepayment charges

25% of amount of outstanding principal. But pre-payment possible only after 12 EMI payments.

Foreclosure charges

It is possible only after 12 EMI payments.

Cheque Bounce charges

Rs.550 per cheque which is bounced

Cheque swapping charges

Rs.500

Amortization schedule charges

Rs.200

Stamp duty and statutory charges

As per law

Legal charges

At actual

Loan cancellation charges

Nil. (But the processing charges would be retained)

What is the Eligibility Criteria to Obtain HDFC Personal Loan?

There are certain eligibility criteria fixed by HDFC bank for the Personal Loan Applicants. Eligibility criteria is fixed for both salaried and self-employed individuals. Applicants can also check the eligibility calculator which are available online well in advance before applying for HDFC personal loan. Check below for the basic eligibility criteria. 
  • Individuals between age 21 to 60 years of age can apply for HDFC Personal Loan in case of salaried applicants.

  • For self-employed people, you can apply for loan from the age of 21 years and till your 65 years of age.

  • It is necessary that you should submit address proof, identity proof, income proof as prescribed for easy sanctioning of HDFC personal loan.

  • No security or collateral is required for applying HDFC personal loan.

  • No guarantor is needed for HDFC personal loan application process.

  • Salaried doctors, CAs, employees of private and public sector 

  • Minimum of 2 years in job and 1 year with current employer

  • Minimum of Rs. 15,000 net income per month

  • Minimum of Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin

What are the Features of HDFC Personal Loan?

Check your Personal Loan eligibility online or at select branches in just 60 seconds. Once all your papers are submitted, the loan will be disbursed in just one working day. HDFC Bank can customise a Personal Loan for you. Existing HDFC Bank account holders can avail of our special offers, interest rates and charges. First-time Loan customers can also avail of a host of benefits. The other special features and benefits of HDFC personal loan are listed below.
  • Fast disbursal of loans from HDFC and can be availed easily at times of emergency of financial need.

  • Applicants can apply for loans online.

  • Provides 24/7 hours customer care support for banking as well as loans.

  • HDFC bank provides loans at competitively low interest rates.

  • Prepayment charges are very low in HDFC banks and after a certain period of the loan tenure, the charges are waived off completely.

  • Loan can be availed by simple and minimal procedures.

  • Certains factors like loan tenure are flexible according to the need of the applicants.

  • Women applicants can enjoy certain offers through Personal Loan Diva Scheme.

  • HDFC personal loans are accompanied with free insurance cover in case of emergencies like critical illness of Rs.1 lakh or any accidents with insurance of Rs. 8 lakhs.

What are the Documents Required HDFC Personal Loan?

Like any other loans, HDFC personal loans also require basic documents for providing loans. Applicants should provide accurate details and documents for quick sanction of personal loans. Fill in the HDFC personal loan application forms clearly with required details. It is advisable not to submit incomplete application form as it will lead to rejection. Attach the below documents of proof along with the application form and submit it. Once the verification process gets over, the loan is sanctioned if your application form wins through. Check the below given documents which are required for HDFC personal loan.
  • Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Address proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Bank statement of previous 3 months (Passbook of previous 6 months)
  • Latest salary slip/current dated salary certificate with the latest Form 16

What are the Different Types of HDFC Personal Loan?

In any bank, personal loan can be acquired for different needs from purchase of new mobile to medical needs. Likewise, HDFC Personal Loan can be availed for travel, wedding expenses, home renovation, medical emergency, to buy a gadget and many other reasons. HDFC Personal Loan rates differ for Salaried employees and Self-employed applicants. HDFC Bank can also customise your Personal Loan based on your needs. Different types of personal loans are charged with varied interest rates.  

What are the Factors to Check before Applying HDFC Personal Loan?

There are certain factors that are to be considered before applying for the personal loan. This helps you to get an idea of the probability of your loan getting sanctioned. Also this will help you to plan your budget and apply for the personal loan accordingly. Check the below given factors which are to be taken into account.

  • Your Credit History

  • Your CIBIL Score

  • Any Standing Loans

  • Your Age

  • Your Occupation

  • Your Regular Income

  • Proper Submission of Documents

  • Your usage of credit cards or previous history of loans

How to Apply for HDFC Personal Loan Online?

Applicants who wishes to avail Personal Loan with HDFC can do it Online with few simple steps. Click the link for Online Application, fill in the details and Submit. Your application will be processed and the executive will reach you for a face-to-face verification and document check. HDFC Personal Loan Online saves more time for the applicants and get the work done at their door steps.  HDFC personal loans are disbursed very quickly as the processing time is just one or two working days. If the applicant is having a very good credit history, then it is an added advantage.

How to Track HDFC Personal Loan Application Status?

Once all the application process gets over, applicants will eagerly waiting for their loans to get sanctioned. Applicants can anytime check the status of their application through the facilities provided by the bank. Applicants can track status of their loan application form through Online. Follow the below steps to track your HDFC application status within seconds.
  • Click the link for checking HDFC Personal Loan Application Status
  • Enter the details of the application number, PAN number and mobile number as given in the application form. 
  • Submit after entering the accurate details.
  • Status of the application is instantly displayed.

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