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HDB Personal Loan

Online HDB Financial Personal Loans

Last Updated 12th Jul 2021

  • HDB Financial Personal Loan interest rate starts from 30.00%. Check Best Offers
  • The processing fee charged on HDB personal loan is Upto 3% of Loan Amount.
  • HDB also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
  • The bank has an online application process where the KYC and documents submission can be done digitally.
  • You can easily check the status of your HDB personal loan application status on a real time basis on the bank’s website or by visiting their customer care centre.
  • HDB has special schemes for different income and occupation groups.
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HDB Personal Loan Details

  • Interest Rate on HDB personal loan ranges from 30.00% to 36.00%.
  • Lowest EMI per lakh works out to be ₹ 3,235 , as calculated on the lowest rate and longest loan tenure.
  • Personal Loans by HDB are available for salaried working with government, private sector, MNCs and self-employed professionals such as doctors within the age group of 22 to 60 years.
  • Loan amount can range from ₹ 1 Lakh to ₹ 20 Lakh
  • HDB Personal Loan can be availed for a period of 12 months and can go up to 60 months.
  • Processing Fees charged by HDB on personal loan is Upto 3% of Loan Amount
  • HDB Financial allows personal loan foreclosure and part prepayment after 6 months with charges of Nil foreclosure charges.
  • HDB Financial also has various other post loan disbursement charges including
    • Cheque Bounce Charges - ₹ 750
    • Loan Cancellation Charges - ₹ 1000
    • Additional Repayment Charges - ₹ 500
    • Other Charges - ₹ 750

How to Get the Best Offer on HDB Personal Loan?

There are various factors that impact your chances to get the best offers on HDB Personal Loan, as listed follows:

  • Loan Amount - HDB Financial offers loans between ₹ 1 Lakh and ₹ 20 Lakh and charges lower rates on higher loan amount and vice-versa, so apply accordingly.
  • Salary - HDB Financial offers personal loan to all customers with a net take home monthly salary of more than ₹ 20,000. The rate of interest is higher if you fall in the low salary bucket and lower if you fall in higher income bucket.
  • Employer Category - HDB Financial has clubbed the companies in a high to low category based on internal assessment of company’s size, reputation, profitability etc. When you apply for HDB personal loan, the bank will decide on your interest rate based on the company category you fall in. MyLoanCare can also help you check which category of company you qualify in to help you get the best offer.
  • Relationship with the Bank - HDB Financial offers special rates to the existing customer of the bank, who have a high likelihood of getting loans at lowest interest rate starting at 30.00%
  • Credit Score - HDB Financial checks the CIBIL score of personal loan customers which has to be minimum of 650. Higher the CIBIL Score, higher is your chance of securing best offer.

HDB Personal Loan Documents

You require the following documents to avail personal loan from HDB

  • Filled up loan application form or an online form, if you are applying online
  • 2 Passport Size Photo
  • Identity Proof – One of the following: Driving License, PAN, Passport, Voter ID, Aadhaar Card
  • Residential Address Proof – One of the following: Registered Rent Agreement, Passport, Leave and Liceincreasnse, Utility Bill of last three months
  • Income Documents – Copy of Form 16 of last 2 years, 3 month pay slip, 3 months bank statement showing salary credit and any EMI debit

How to Apply for HDB Personal Loan?

The step-by-step procedure to get a personal loan online from HDB Financial is mentioned below:

  • Visit the official website of HDB Or contact your nearest HDB Financial branch.
  • Now, fill personal, professional and financial details as required by the lender and submit the form.
  • Once you have submitted the application form, HDB Financial will check your eligibility and provide you with information about the eligible amount you can avail.
  • If you agree to process the application, then you would be required to submit the essential documents which can also be uploaded online.
  • Finally, your documents will be processed by HDB Financial, and on successful approval of the loan, the funds will be disbursed to your HDB Financial account immediately.

You can also apply for HDB Financial personal loans by visiting their branch or by calling their customer care centre.Offline mode are mentioned below:

  • Visit the nearest HDB Financial branch and fill in the application form with the loan amount required, your personal details, occupation information and your contact number.
  • The HDB Financial representative will explain about the eligibility of the loan as well as the loan rates, terms as well as processing fees, prepayment and foreclosure clauses.
  • After submitting the application form and required documents, you will be provided with an application reference number. You can use the same number to track the status of your HDB Financial Personal Loan application.
  • On successful verification, the loan can get disbursed immediately after loan sanction and signing of the agreement.
Illustration on Personal Loan HDB
Maximum Annual Percentage Rate (APR) 30.4% to 36.4%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1,00,000
  • Time period: 12 Months to 60 Months
  • HDB Financial Personal Loan Interest Rate: 30.00% to 36.00%
  • Processing Fee payable to: Upto ₹ 2,000
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 3,235 for 60 Months ₹ 1,00,000 loan at 30.00% (lowest rate, longest time period) to ₹ 10,046 for 12 Months ₹ 1,00,000 loan at 36.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 30.4% to 36.4%
  • Total cost payable over loan tenure: ₹ 1,18,985 for 12 Months loan to ₹ 1,96,120 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the HDB Financial take to take a decision on my personal loan?

Banks generally convey their decision on a loan within 15 days of submitting a loan application. However, some banks also offer instant loan offers, which can be approved within a few hours to 2-3 days.

Why should I take a personal loan from HDB Financial ?

Below-mentioned is the reason why you must avail a personal loan from HDB Financial.(1) Online approval & disbursal during Covid (2) Special rates for corporate employees (3) Top up facility available (4) Part payment of loan allowed (5) Quick and hassle free process

How much interest is charged by HDB Financial on personal loan?

Personal loan interest rates in HDB Financial are 30.00% to 36.00%. HDB Financial personal loan interest rate for salary account holders are comparatively lower than that for other customers.

What is the lowest EMI per lakh on personal loan from HDB Financial ?

If you apply for loan from HDB Financial, your lowest Personal Loan EMI per lakh will be ₹ 3,235 which corresponds to lowest interest rate of 30.00% and longest tenure of 60 years.

What is the minimum and maximum tenure of personal loan in HDB Financial?

HDB Financial personal loan has a minimum tenure of 12 months to maximum 60 months.

How much personal loan amount I can borrow from HDB Financial?

HDB Financial offers you loan if you need a minimum amount of ₹ 1 Lakh to a maximum amount of ₹ 20 Lakh

Can I add my spouse's income while applying for personal loan from HDB Financial?

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility andto get a higher loan amount from HDB . In this case, the bank will check the CIBIL score of your spouse and ask for all income and bank statements of your spouse for the purpose of processing your application

How can I get HDB Financial personal loan?

You can get a personal loan from HDB Financial by directly visiting the nearest branch or can apply online at their website. While these two are the traditional methods of applying, you can easily apply for the loan at MyLoanCare website where you can do a thorough comparison of all loan details, rates and charges before deciding to proceed with HDB’s application process.

How can I check my HDB Financial personal loan status?

You can check the status of your loan online and offline. Once you have applied for a personal loan from HDB Financial, you will be given an application number. You can use that application number and registered mobile number to check the status of your loan online at HDB Financial's website. In case you are unable to track your application online, you can get HDB Financial loan assistance at HDB Financial loan customer care centre and ask them to help you out with the status. If you have applied for the loan through MyLoanCare, you can check the status of your application by logging into MyLoanCare account.

What is the importance of credit score if I wish to avail a HDB Financial personal loan ?

It is important to have a good credit score if you wish to apply for a personal loan from HDB Financial. A credit score above 750 is considered good for a personal loan. A low credit score increases the chances of rejection of your application.

Is there security or collateral needed to get a personal loan from HDB Financial?

No, HDB Financial does not require any collateral or security to lend you the personal loan as it is an unsecured loan.

Can I close my HDB Financial personal loan after 1 year?

You can close your personal loan from HDB Financial after 6 months by paying charges: Nil foreclosure charges

Can I negotiate with HDB Financial on the personal loan interest rate?

Yes, as a customer, you should negotiate for a rate discount when you apply. You may end up getting a better rate from the bank if you have applied for a high loan amount and are in a high income range working with a reputed company.

How to pay your HDB Financial personal loan EMI?

You can pay your HDB Financial personal loan EMI by using ECS facility or through Standing Instruction.HDB Financial also provides you the facility to pay your Personal Loan EMI online using net banking and mobile banking.

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HDB Financial Personal Loan Reviews 4.3/5  by 10 customers
MyLoanCare Service
4.6/5.0
Banks Service
4/5.0
Paramasivan, Kanchipuram
Reviewed on 17th Sep 2020
4.5 / 5 stars
HDB Financial Personal Loan Availed in Dec 2018

They helped me in an emergency situation. Got loan in a few days from when I applied.Read more...

praveen dokania , Bangalore
Reviewed on 01st Sep 2020
4 / 5 stars
HDB Financial Personal Loan Availed in Jan 2017

It was a good experience with HDB Bank. The executive made the things very fast.Read more...

Nilkanth Kokane , Pune
Reviewed on 16th Sep 2019
4 / 5 stars
HDB Financial Personal Loan Availed in Sep 2019

Bank service was not quick. Loan disbursement was very late as per the commitment.Read more...

Nityanand RaoKale, Chennai
Reviewed on 29th May 2019
5 / 5 stars
HDB Financial Personal Loan Availed in May 2019

Excellent service from MyLoanCare. Read more...

Bechan Jaiswal , Mumbai
Reviewed on 24th May 2019
4.5 / 5 stars
HDB Financial Personal Loan Availed in May 2019

Overall good service from MyLoanCare. Better service required from bank side.
Read more...

SAMIR SALGAONKAR, Mumbai
Reviewed on 30th Apr 2019
5 / 5 stars
HDB Financial Personal Loan Availed in Apr 2019

It took very few disburse my loan. I got very good cooperation and assistance with MyLoanCare.Read more...

Anil Bhoir, Mumbai
Reviewed on 08th Apr 2019
5 / 5 stars
HDB Financial Personal Loan Availed in Mar 2019

Very good service, instant support. MyLoanCare has given me several options for loan. Thanks.Read more...

Reagan Chander ,
Reviewed on 20th Jul 2018
3 / 5 stars
HDB Financial Personal Loan Availed in Jul 2018

The experience was good and will avail again if necessary.Read more...

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