A personal loan is a great help when you run out other options to arrange money to overcome urgent financial problems. You can get a personal loan for a number of expenses, such as medical expenses, wedding expenses, foreign travel, home renovation, big-ticket purchase, etc., without any hassle.
- Should you get a personal loan from HDFC bank?
- Here are key benefits of getting a personal loan from HDFC Bank
- You can save money with a personal loan balance transfer
- What is eligibility for HDFC Bank personal loan?
- Documents required for HDFC Bank personal loan
- HDFC personal loan interest rate and processing fee
- How to track the status of your HDFC Bank personal loan application?
- Your HDFC bank account
- Using your registered mobile number
Should you get a personal loan from HDFC bank?
HDFC Bank is one of the leading lenders of a personal loan with unmatched features and benefits. HDFC Bank has a quick and hassle-free personal loan application process and requires minimal documentation.
With HDFC Bank, you can check your eligibility in 1 minute and apply online. Existing customers of HDFC Bank can get personal loan approval in 10 seconds with special rates and other customers can get a loan in under 4 hours.
Here are key benefits of getting a personal loan from HDFC Bank
Easy documentation: The documentation process for a personal loan in simple and needs less paperwork than for other loans. You can get a personal loan with these documents: Address proof, ID proof, income proof, and credit score. If you are pre-approved for a personal loan, you may not need to deal with paperwork.
Collateral free: As HDFC personal loan is an unsecured loan, you don’t need to provide any asset against the loan amount you receive. The bank looks at your income, cash flow, the company you work for or business you own, and stability of your business and employment to determine your repayment capacity. HDFC Bank customers are required to go under minimal formalities.
Instant disbursal: you can get an HDFC bank personal loan in just an hour. As mentioned above, if you are HDFC Bank’s customer, you can get a pre-approved personal loan in 10 seconds. Non-HDFC banking customers can get a personal loan within 4 hours if you fulfill all required criteria.
Lower interest rates: HDFC personal loans come with lower interest rates as compared to other lenders in the market. Moreover, if you have a good credit score, good income, stable job or business, and good relation with a bank, you would get a personal loan at more favorable terms
Flexible and easy repayment terms: HDFC Bank offers a flexible repayment tenure. You can repay your HDFC personal loan in easy equated monthly installment (EMI). The repayment tenure ranges from 12 to 60 months with EMI starting from as low as Rs 2,187per lakh.
No restriction on end use of the fund: When you get a personal loan from HDFC, the bank doesn’t ask you the purpose of getting the fund. You have full freedom to use it as you like – whether a holiday, wedding, latest gadgets, home renovation, holiday, medical expenses, business investment, and much more.
You can save money with a personal loan balance transfer
Personal loan holders can transfer their outstanding loan amount from existing lender to HDFC Bank and enjoy lower interest rate and EMIs. If you transfer your personal loan from an existing lender to HDFC Bank you can enjoy:
• Interest rate as low as 11.49%
• Flat processing fee of Rs. 3999
What is eligibility for HDFC Bank personal loan?
Any Indian citizen or national who has residual income can apply for HDFC Bank personal loan. Here are some specific eligibility criteria required by HDFC Bank.
• Age limit: Anyone who is 21 to 60 years old can apply for HDFC personal loan.
• CIBIL score: Applicant must have a good credit score.
• Profession: Working in private limited companies, or public sector companies.
• Employment: Any individual who has a job experience of at least 2 years and drawing a salary or regular income for at least one year from current employer or business can apply for a personal loan.
• Minimum monthly income: Individual whose minimum monthly income is Rs. 15, 000 (Rs. 20,000 in Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmadabad, Cochin)
Documents required for HDFC Bank personal loan
Existing KYC-compliant customer of HDFC Bank can get a personal loan with no documentation. Here are some documents you will need to submit to apply for HDFC personal loan.
• Identity proof: Any of – Aadhaar card/ voter identity card/ passport/ driving license
• Resident proof: Any of – electricity bill/ water bill/ telephone bill (for the last three months)
• Bank statement of the previous 3 months showing salary being credited
• Latest salary slip/current dated salary certificate with the latest Form 16
HDFC personal loan interest rate and processing fee
HDFC Bank offers a personal loan at competitive interest rates so that you can enjoy pocket-friendly EMIs. For existing customers of the bank, there are additional discounts on the interest rate and processing fees. Below are the rates and other charges from HDFC bank.
|General -interest rates||15.50% to 21.50%|
|Loan processing fee||Up to 2.50% of loan amount (subject to Min Rs. 2,999; Max Rs. 25, 000)|
|Prepayment charges||No pre-payment permitted until repayment of 12 EMIs
Up to 25% of the principal outstanding part payment is permissible
|Loan closure letter||NIL|
|A duplicate loan closure letter||NIL|
|Prepayment charges||% of principal outstanding
13-24 months: 4%
|Credit assessment charges||Not applicable|
|Floating rate||Not applicable|
How to track the status of your HDFC Bank personal loan application?
You can check the status of your HDFC personal loan in different ways without visiting the bank. Track the status of your application for a personal loan using:
Your HDFC bank account
If you are existing customer of HDFC bank, use the following steps to track your loan application through net banking:
• Visit the official website of HDFC bank
• Click on the net banking
• Put in your details to log in to the website
• Click loan button on the menu bar
Using your registered mobile number
You need to provide your mobile number while applying for a personal loan. Once you have applied for the loan, you can check the status using the shared mobile number.
For any assistance with your personal loan, you can get in touch with the bank through various modes of communication like SMS, WebChat, Click2Talk and Phone Banking.