All about HDFC Personal Loan

Posted on August 11, 2023 at 7:35 am by Shaun B. Wood

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HDFC Bank offers personal loans starting from 10.50% per annum up to INR 40 lakhs and with a flexible loan tenure of up to 5 years.

HDFC Bank Personal Loan –A Snapshot
Interest Rate	10.50% p.a. onwards
Loan Amount	Up to INR 40 lakh
Tenure	Up to 6 years
Minimum Monthly Salary	INR 25,000
Processing Fee	Up to INR 4,999
Pre-approved instant personal loan	Offered to select customers of HDFC Bank with loan disbursal in 10 seconds
Pre-closure Charges	Allowed if borrower has paid at least 12 EMIs. For salaried: 4% of principal outstanding (13-24 months) 3% of principal outstanding (25-36 months) 2% of principal outstanding (After 36 months)
Part-payment Fees	Allowed if borrower has paid at least 12 EMIs. For salaried: 4% of principal outstanding (13-24 months) 3% of principal outstanding (25-36 months) 2% of principal outstanding (After 36 months)
Documentation	Proof of Identity Proof of Address Bank statements (last 3 months) Salary slips (latest)

Documents Required

Below mentioned are the documents required to apply for HDFC personal Loan:

Completed loan application
3 Passport size photographs
Statement of Bank Account/ Pass Book for the last six months
Proof of residence (photo copies of recent Telephone Bills/ Electricity Bills)
Proof of identity (photo copies of Voters ID card/ Passport/ Driving license/ IT PAN card)
IT returns for the three years for self-employed professionals
Form 16/IT returns for the last two financial years for salaried employees

Eligibility Criteria

Below mentioned are the eligibility criteria to apply for HDFC personal Loan:

Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies.
Individuals between 21 and 60 years of age.
Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer.
Those who earn a minimum of 25,000 net income per month.

Interest Rates

Below mentioned are the interest rates to apply for HDFC personal Loan:

Fee	Amount to be paid
Rack Interest Rate	Salaried- 10.50% to 24%
Processing fee / Loan Processing Charges	Up to INR 4999/-
Stamp Duty & Other Statutory Charges	As per applicable laws of the state
Delayed installment payment charge	18% p.a. plus applicable government taxes on the overdue installment amount

Processing Fees

Below mentioned are the processing fees & charges to apply for HDFC personal Loan:

Fees	Charges
Processing Charges	Up to INR 4,999
Stamp Duty and other statutory charges	As per the laws of the state
Overdue EMI Interest	2% per month on EMI/principal overdue
Legal/Incidental Charges	At actuals
Amortization Schedule Charges	INR 200
Cheque Swapping Charges	INR 500
Cheque Bounce Charges	1^st return at INR 450 + taxes 2^nd in a month INR 500 + taxes 3^rd onwards INR 550 + taxes 10% discount for senior citizens INR 550 per cheque bounce
Loan Cancellation Charges Rebooking Charges	NIL INR 1000
Pre-payment in Part/Full	NIL until repayment of 12 EMIs (salaried) Part-payment allowed up to 25% of the Principal Outstanding. It is allowed once in the financial year and twice during the loan tenure.
Pre-payment Charges on Principal Outstanding/Part Payment Charges	Salaried: 13-24 months- 4% of the outstanding principal 25-36 months- 3% of the outstanding principal >36 months- 2% of the outstanding principal

Benefits to apply for HDFC Personal Loan

Below mentioned are the benefits to apply for HDFC Personal Loan:

Hassle-free online loan application process
Instant disbursal – HDFC bank customers can get a loan in 10 seconds while others in 4 hours.
No end usage restriction of funds
Customizable personal loans
24/7 personal loan customer care service
No collateral for the loan
Easy documentation
Pocket-friendly repayment
Specialized loan offers for working women

Factors Affecting HDFC Bank Personal Loan Application:

Factors that may affect the HDFC Bank Loan Application are as mentioned below:

Location: The location of the residence helps in determining the minimum salary amount that is eligible for meeting the criterion of the HDFC loan application.

Income: A higher income indicates a better loan repayment capacity.

Existing Loans/ Advances: Existing loan/ debts helps in determining the personal loan interest rates and the loan amount.

Credit History: It is one of the most important factors that help in determining the HDFC Personal Loan Interest Rate, amount, and period. Discrepancies in the credit history lead to the rejection of the HDFC loan application.

How to Apply for HDFC Personal Loan

Below mentioned are the steps to apply for HDFC Personal Loan:

Step 1: Determine the need:

Determine the requirement and the amount of the personal loan before applying for the same.

Step 2: Check Eligibility for Loan:

Check the eligibility before applying for the HDFC Personal Loan. It can be done by HDFC Personal Loan Eligibility Calculator to find out how much loan amount should be applied for.

Step 3: Calculate Monthly EMIs:

Calculate EMI i.e. calculate the approximate loan repayments every month. With the help of the HDFC Personal Loan EMI Calculator. To match the monthly income, one can modify the interest rates and loan tenure.

Step 4: Approach the Bank:

The loan can be applied for in different ways like online, at an ATM or at the branch.

Step 5: Submit the Documents:

Now, check the documentation required to apply for the HDFC Personal Loan and handover them to the bank. HDFC will remit the funds for pre-approved loans to customers within 10 seconds. , and in the case of Non-HDFC Bank customers in 4 hours.

How to check the Application Status of an HDFC Loan

Below mentioned are the different ways to check HDFC Personal loan Status:

Via Loan Tracker:

Step 1: Visit HDFC Bank’s official website and click on the ‘Personal Loan’ tab.

Step 2: Go to the ‘Manage Your Loan’ section and click on ‘Track Your Application.’

Step 3: HDFC Personal Loan tracker will open in a new tab. Enter the applicant’s name or reference/proposal number.

Step 4: Enter the Date of Birth or Mobile number.

Step 5: Submit the details.

Via Mobile Number:

Step 1: Visit HDFC Bank’s official website and click on the ‘Personal Loan’ tab.

Step 2: Go to the ‘Manage Your Loan’ section and click on ‘Resume Your Application.’

Step 3: A new tab for HDFC personal loan application tracking will open. Enter your mobile number as mentioned in the loan application form and click on “Proceed”.

Offline Modes:

Via Customer Care:

To check the personal loan status, an applicant can call on below-mentioned numbers 1800 202 6161 / 1860 267 6161 (between 8:00 a.m. to 8:00 p.m. on all days including Sundays and Bank Holidays).