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HDFC Personal Loan

Online HDFC Personal Loan: Highlights

Last Updated 24th Jan 2022

HDFC Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Key selling points of HDFC Personal Loan are:

  • HDFC Bank Personal Loan interest rate starts from 10.25%. Check Best Offers
  • The processing fee charged on HDFC personal loan is Upto 2.50% Min ₹ 999.
  • If you have a good credit score and history, you can get HDFC pre-approved personal loan offer .
  • You can avail HDFC personal loan online by applying and submitting documents digitally.
  • You can easily check your HDFC personal loan application status on a real-time basis on the bank’s website or by visiting their customer care centre.
  • HDFC Bank has special schemes for different income and occupation groups.
  • Compare HDFC Personal Loan with other Top Banks based on Eligibility Criteria & Personal Loan Charges.

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HDFC Personal Loan Details

HDFC personal loan is available at competitive interest rate which starts from 10.25% to 22.00%. The loan amount can be used for any purpose like paying debts, medical bills, home renovation or planning for a wedding. You can easily borrow loan amounts from ₹ 50,000 to ₹ 75 Lakh. The Bank charges a processing fee on a personal loan which is Upto 2.50% Min ₹ 999. There are different types of personal loan schemes offered by HDFC Bank for every customer, as listed.:

Features and Benefits for HDFC Personal Loans

Following are the features and benefits of HDFC personal loans online as well as offline:-

  • Accidental Cover: The bank offers a personal accident-Sarv Suraksha Pro- cover for up to ₹ 8 Lakh and critical illness of up to ₹ 1 Lakh. To avail of this facility, you have to pay an average premium which gets debited from your loan account.
  • Personal Loan Balance Transfer: If you wish to transfer your loan from another lender to HDFC, you will get a loan with a reduced interest rate and an HDFC personal loan processing fee of Upto 2.50% Min ₹ 999.
  • High Loan Amount: With HDFC Bank, you can avail of a higher loan amount as a personal loan for up to ₹50 lakh. Both self-employed professionals and salaried professionals can avail this much loan if they fulfil the eligibility criteria.
  • 24*7 Assistance: If you need any help related to HDFC personal loan details, HDFC instant personal loan or HDFC personal loan login, you can call the customer care number, use WhatsApp facility or use a chatbot.
  • Prompt Disbursal: Once HDFC personal loan application status is changed to accept, the loan amount gets disbursed in your bank account in less than 24 hours if all the documents are correctly submitted.
  • Additional Benefits: If you have already taken a personal loan and may need a home loan in future, then you will get attractive offers on the home loan with reduced charges.

HDFC Personal Loan Documents

Submit the following documents to avail the personal loan from HDFC Bank-

  • HDFC Bank personal loan application form attached with passport size photographs
  • Identity Proof– Copy of PAN card, Aadhaar Card
  • Address Proof – Copy of Driving License, Voter ID card, Registered Rent Agreement, Passport, Utility Bill of last three months
  • Income Documents – Copy of latest Form 16, 2-month payslip, three months bank statement

Note: If you are already a KYC approved HDFC bank customer, you can get a personal loan with no documentation.

Types of HDFC Personal Loan Schemes

There are different types of personal loan schemes offered by HDFC. These schemes are designed to meet the loan requirements of every customer segment:-

Personal Loan Diva for Women Customers
  • HDFC Bank offers a special personal loan scheme to women borrowers known as Personal Loan for Diva to fulfil their personal needs. Under this scheme, women can avail of the loan as a pre-approved personal loan upto Rs. 3 Lakhs. Along with that, you can also avail online Offers, Products/Vouchers and M-coupons. These special coupons can be redeemed both online and offline.
Personal Loan for Salaried Professionals
  • You can avail of an HDFC Bank loan for salaried professionals if you are a salaried professional, including doctors, physiotherapists, architects, chartered accountants, and company secretaries and fulfil other eligibility criteria such as age, income & CIBIL Score. You must be between 21 and 60 years of age, with a minimum experience of 2 years and earn a minimum of Rs. 25000 per month.
Personal Loan for Doctors
  • HDFC Bank offers specialized personal loans for non-salaried doctors. To avail of the loan, doctors should have a minimum of four years of work experience after qualification. Other eligibility criteria include a minimum annual income of Rs 1 lakhs per annum with profitability for the last two years.
Golden Edge Personal Loan
  • HDFC Bank golden edge personal loan is a specialized personal loan for elite customers whose income is above Rs 75 K per month. Under this scheme, you can avail of loan amount ranging from Rs. 10 Lakhs to Rs. 30 Lakhs.
Personal Loan to Pensioner
  • Get maximum loan upto ₹ 500,000
  • Loan is available for a maximum period of 36 months
  • Pensioner can upto 50 percent of additional income to get loan
HDFC Insta Loan
  • HDFC Bank Insta Loan is a pre-approved loan against the credit card limit of your HDFC Bank Credit Card. It is a pre-approved loan, and thus, you can avail of these loans with minimal paperwork and formalities. To check your eligibility for HDFC Bank Insta Loan, you can log in to your net banking account or contact HDFC Bank customer care.
HDFC Jumbo Loan
  • HDFC Bank Insta jumbo loan allows borrowers to borrow a loan without blocking the credit card limit.
  • The loan can be repaid between 12 to 60 months.
HDFC Pre Approved Loan
  • If you are an HDFC Bank customer, you can log in to your NetBanking account and check your eligibility for a pre-approved offer. The benefits of a Pre-approved HDFC Bank Personal loan includes nil or minimal paperwork, attractive interest rates, online sanction and more.
Top Up Loan
  • HDFC Bank Top Up Loan is an additional loan you can avail of if you are an existing HDFC Bank customer. You can avail of the Top-up Loan upto Rs. 50 Lakhs
  • HDFC Bank offers personal for covid treatment and related expenses for up to ₹ 5 lakh. This loan is offered at a lower interest rate and flexible tenure for up to 5 years. The loan can only be taken when a patient is in a hospital or post-discharge for self-treatment or immediate family members.

HDFC Bank Eligibility Criteria for Personal Loans

  • You must be an Indian citizen.
  • If you work with a private sector firm and receive a salary, you can avail HDFC Bank personal loan. Also, if you are a self-employed professional- CA, doctor you can also apply.
  • If salaried you must be aged between 21 years to 60 years and if self-employed you should be aged above 21 years and below 65 years.
  • A salaried person should have a salary above ₹ 25,000 and self-employed should earn at least ₹ 12,500 .

How to Get the Best Offer on HDFC Bank Personal Loan?

You can avail of the best offer on HDFC personal loan if you take care of the following factors:-

  • Interest Rates: The interest rate is one of the critical factors considered while taking a personal loan or HDFC instant personal loan. If you want to have a lower interest rate, the loan amount, salary and employment category are essential. A lower interest rate is charged on the higher loan amount, higher salary and working with a blue-chip company or a government organisation. On the other hand, a lower salary can get you a higher interest rate, and if you apply for less loan amount, you will also have to pay a higher interest rate. Also, relationships with HDFC banks have a significant impact on personal loan interest rate.
  • Charges: Other charges you need to pay apart from interest rates are processing fees and foreclosure charges (if you decide to pay off the loan before time). HDFC personal loan processing fee is Upto 2.50% Min ₹ 999. Before applying, you must check other charges because they can significantly impact your loan amount.
  • Bank Process: If you are approved for a pre-approved HDFC personal loan offer, you can get the loan amount disbursed within a few hours, maybe within 1 hour. A pre-approved loan is offered if you have a good relationship with the bank.

How to Apply for HDFC Personal Loan?

HDFC Bank personal loan application is an easy process. You can do it offline as well as online. To apply for HDFC Bank personal loan online with MyLoanCare, perform the given steps:-

  • Step 1: Fill the application form of personal loan by clicking on Apply Online
  • Step 2: Select the Personal Loan from Product Required field
  • Step 3: Fill in required information like name, income, phone number, residence
  • Step 4: Click on ‘Get Quote’
  • Step 5: Enter the OTP received on your mobile number.
  • Step 6: Click on ‘Submit
  • Step 7: Now, fill in more information about existing loans, why you need a loan, current EMI’s etc.
  • Step 8: Further, you will be redirected to the offers page, displaying offers as per your eligibility.
  • Step 9: To help with the further process, the MyLoanCare executive will call you. They will also help with the documentation process.

About HDFC

HDFC - Housing Development Finance Corporation- is the largest private sector bank in India with the largest holding in asset and market capitalization in April 2021.

  • Total number of branches- 5,653 and 16,291 ATM's in 2,917 cities/towns
  • Currently, the CEO of the bank is Mr. Sashidhar Jagdishan
  • Bank is headquartered in Mumbai. The office address is HDFC Bank House, Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra-400013 .
  • Compliance officer Name: Mr. Sanjay Dongre.
  • Compliance Officer Number: 022-24988484
  • For further details you can call 993-590-3333
Illustration on Personal Loan HDFC
Maximum Annual Percentage Rate (APR) 10.75% to 22.5%
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
  • HDFC Bank Personal Loan Interest Rate: 10.25% to 22.00%
  • Processing Fee payable to: Upto ₹ 2,500
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 2,137 for 60 Months ₹ 1,00,000 loan at 10.25% (lowest rate, longest time period) to ₹ 9,359 for 12 Months ₹ 1,00,000 loan at 22.00% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Annual Percentage Rate (APR) of charge including all applicable fees: 10.75% to 22.5%
  • Total cost payable over loan tenure: ₹ 1,08,139 for 12 Months loan to ₹ 1,30,722 for 60 Months loan

Personal Loan from Other Banks in India

FAQs

How much time will the HDFC take to make a decision on my personal loan?

HDFC Bank generally conveys its decision on a loan within 15 days of submitting a loan application. However, in case of instant loan offers, your loan requests can be approved within a few hours to 2-3 days.

Why should I take a personal loan from HDFC?

Following are the reason why you must avail of a personal loan from HDFC. (i) Nil or minimum prepayment charges (ii) Superior customer service and transparency with an average customer rating of (iii) Quick and easy approval

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

If you apply for the loan from HDFC, your lowest Personal Loan EMI per lakh will be ₹ 2,137 which corresponds to lowest interest rate of 10.25% and longest tenure of 60 months.

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

HDFC personal loan has a minimum tenure of 12 months to maximum 60 months. The tenure may however be different for different customers based on the loan requirements and personal loan schemes.

How much personal loan amount I can borrow from HDFC Bank?

HDFC offers you a loan if you need a minimum amount of ₹ 50,000 to a maximum amount of ₹ 75 Lakh. However, note that the loan amount is granted as per the eligibility parameters and repayment capability.

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

Yes, you can add the income of your spouse to increase your Personal Loan Eligibility and to get a higher loan amount. In this case, HDFC Bank 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 check my HDFC personal loan status?

You can check your HDFC Bank personal loan status by contacting the bank on their customer care number at 993-590-3333 or by visiting the bank’s official website and logging in with the personal loan application number. If you have applied with MyLoanCare, you can check HDFC personal loan application status by logging in to your MyLoanCare account. Go to Track Your Loans/Application, where you will get all the information related to your loan query.

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

No, HDFC does not require any collateral or security to lend you the personal loan as it is an unsecured loan. However, even though it is an unsecured loan, you might need a guarantor if you have a low credit score.

Can I close my HDFC personal loan after 1 year?

You can close your personal loan from HDFC after 6 months by paying charges prepayment charges of 3%.

Can I negotiate with HDFC Bank on the personal loan interest rate?

Yes, as a HDFC Bank 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.Apart from that if you have previously availed a loan from HDFC and have a good repayment track record, you can negotiate with the bank for a lower rate.

When will the HDFC personal loan application be accepted?

When you fulfil the eligibility criteria and submit all the relevant documents to HDFC bank, then the HDFC personal loan application is accepted. However, if there is a discrepancy in the documents, then your application can get rejected.

What will happen when HDFC personal loan is approved but not disbursed?

If a personal loan is approved by HDFC Bank but not disbursed, then the bank may be reviewing your application. You can always check the status of your personal loan on the bank’s website.

How much personal loan can I get from HDFC if my salary is ₹ 50000?

HDFC Bank personal loan amount depends on FOIR and multiplier. The lower amongst two is considered as the eligible loan amount. Let's assume the bank gives a loan at a FOIR of 50%, and the maximum multiplier is 20, in such case the maximum amount you can pay as EMI for personal loan is ₹ 50,000*50% = ₹ 10,000. If you take the HDFC personal loan for a maximum of 5 years, then your loan amount will be ₹ 10,000*12*5 = ₹ 6,00,000. However, the multiplier is 20, then the loan amount will be ₹ 50,000*20 = ₹ 10,00,000.

Can a govt employee get a personal loan from HDFC Bank?

Yes, a government employee can get a personal loan from HDFC Bank. Moreover, there are chances that you will get a loan at a lower interest rate because a government employee has a fixed source of income and can quickly pay the EMI’s on time.

How much loan can a govt employee get from HDFC?

The loan amount for government employees from HDFC depends on minimum income, age, credit score and existing EMI’s. The maximum loan you can avail with HDFC Bank is up to ₹ 75 Lakh.

What is the minimum CIBIL score for a personal loan in HDFC?

It would help if you had a cibil score above 650 to avail a personal loan from HDFC Bank. If you have a lower credit score, it can lead to application rejection. On the other hand, a higher credit score can get you a personal loan at a lower interest rate.

Does HDFC give instant loans?

Yes, HDFC instant personal loans are available for the borrowers to avail for an emergency purpose. Instant personal loans are available with minimal documentation, and funds are credited to your account within a few hours.

Can I repay a personal loan early in HDFC?

Yes, you pay off your personal loan before the tenure gets over. However, you will have to pay foreclosure charges to the bank, ranging 2 - 4%

How can a housewife apply for a personal loan in HDFC?

A housewife can apply for a personal loan in HDFC if they apply with a co-applicant, a salaried employee, or a self-employed professional. Also, they must have a good credit score.

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HDFC Bank Personal Loan Reviews 4.5/5  by 1589 customers
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Samir, Chandigarh
Reviewed on 20th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

Good connection. Good service, less time and cooperation.Read more...

Sindhu, Nagercoil
Reviewed on 16th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

Happy to use the MyLoanCare service. Got lower interest and good follow-ups with the bank executive.Read more...

Omprakash, Chennai
Reviewed on 15th Dec 2021
4.5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

It was a great help going through this platform excellent service.Read more...

Ranjana, Pune
Reviewed on 14th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

Best support from the team. Especially Mr Chander and Mr Ram. Thank you so much for your smooth helpRead more...

Manishankar, Thane
Reviewed on 13th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

Thank you very much for your help. Your executive is excellent.Read more...

Tejas, Wardha
Reviewed on 13th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

Excellent Service. Must be recommended to everyone. Read more...

sreedevi, Hyderabad
Reviewed on 09th Dec 2021
5 / 5 stars
HDFC Bank Personal Loan Availed in Dec 2021

The service was good... The team helped me a lot with my loan application.Read more...

Naveen, Bangalore
Reviewed on 19th Nov 2021
4 / 5 stars
HDFC Bank Personal Loan Availed in Nov 2021

Great experience, loan got disbursed within 5 days.Read more...

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HDFC Personal Loan News - Jan 2022
  • 2022-01-05 : HDFC Bank Reports Growth by 16.4%
    The private lender HDFC Bank reported that its advances growth rose by more than 16.4% in the December quarter. As a result, the advances reached Rs 12.6 lakh crore compared to Rs 10.8 lakh crore in the same period last year.
  • 2021-10-05 : HDFC Bank Reports Growth in Advances in Q2
    HDFC Bank has reported a growth in advances by 15.4% in quarter 2. As a result, the advances have grown to ₹ 11.98 lakh crore as of September 30, 2021, from ₹ 10.38 lakh crore a year ago.
  • 2021-09-02 : HDFC Bank offers Special Personal Loan
    HDFC Bank has launched a personal scheme for new, and BT offers at an attractive rate. The new personal loan rates are stating at 10.25%
  • 2021-08-01 : Special HDFC Bank Offer for Government Employees
    HDFC Bank has launched a special Freedom Dhamaka Offer for personal loans for government employees. The personal loan rates start at 10.25% and are valid till 15th August 2021.
  • 2021-07-08 : HDFC Bank loan growth hit amidst covid-19 pandemic
    Private lender HDFC Bank numbers for the June quarter showed loan growth moderation and contraction in its retail credit book. The bank slowed its retail disbursements which were down 30% sequentially, reflecting the impact of the second Covid wave. The continued weakness in the retail segment led to retail segment share in total loans that include Personal Loan, Home Loan, Loan Against Property, Business Loan, Gold Loan, Two-wheeler Loan, Car Loan, Education Loan and Top-up Loan slipping down to 45% from 47% in June quarter last year.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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