HDFC Bank Personal Loan – Interest Rate, Eligibility and Documentation
HDFC Bank Personal Loan – HDFC Bank is one of India’s leading private sector banks that offers personal loans up to Rs 40 lakh for salaried and self-employed individuals. HDFC personal loans have easy eligibility norms, flexible tenures, and an online application facility.
Here is a detailed guide on how to get a multi-purpose personal loan from HDFC Bank.
Key Details About HDFC Bank Personal Loans
- Loan Amount: Up to Rs 40 lakh
- Interest Rates: 10.50% to 22% per annum
- Tenure: 12 to 60 months
- Collateral: Not required for loans up to Rs 20 lakh
- Disbursal: Within four working days of loan approval
Eligibility Criteria for HDFC Personal Loans
To qualify for a personal loan from HDFC Bank, the applicant must:
- Be aged between 21 to 65 years
- Be an Indian citizen residing in India
- Have a regular source of income from a business, salary, or other means
- Have a minimum three years of service left until retirement
- Have a good CIBIL score of 750 or higher
- Have sufficient net monthly income to pay back EMIs comfortably
- Have proper income tax return documents as applicable
So, by meeting the age, residency, income, and credit score eligibility norms, you can apply to HDFC Bank for a personal loan.
Documents Required for HDFC Personal Loan
When applying for an HDFC Bank personal loan, keep the following documents ready:
- Completed personal loan application form
- Identity proof – Aadhaar, PAN, Passport etc.
- Residence proof – Voter ID, electricity bill, lease agreement etc.
- Bank account statements for the last six months
- Salary slips for the last three months (for salaried individuals)
- Form 16 and ITR (for salaried individuals)
- Business address proof (for self-employed)
- Business incorporation documents (for self-employed)
- CIBIL reports not older than six months
- Attach clear copies of these documents when submitting your loan application to HDFC Bank through a branch visit or online.
How to Apply for HDFC Personal Loan Online
If you want to apply for a personal loan conveniently online, here are the steps:
- Visit the official HDFC Bank website or log in to their NetBanking account
- Select the option for personal loan and start the application process
- Provide your personal, employment, and income details accurately
- Select your preferred loan amount, tenure, and repayment options
- Upload soft copies of your documents as per requirements
- Pay the processing fee online to submit the application
- HDFC will evaluate your profile as per the eligibility criteria
- If approved, visit the nearest branch with documents for verification
- After document verification, the loan amount gets disbursed to a bank account
HDFC Personal Loan Offline Application Process
To apply directly through the nearest HDFC Bank branch instead of online, here is the process:
- Visit your nearest HDFC branch and ask for a personal loan application form
- Meet the bank representative to understand the documents required
- Fill in all details about yourself, your job, your business, and the loan amount needed
- Attach attested copies of KYC and income documents to the application
- Submit the form along with documents to the branch representative
- Your eligibility will be checked as per age, income, credit score norms
- If found eligible, technical and legal checks will be done
- After approval, visit a branch for final discussions and loan agreement
- Post-agreement signing, the loan amount gets credited to your account
Thus, HDFC Bank offers the flexibility to apply easily for personal loans through a quick online process from home or by visiting the nearest branch.
Important Things to Know About HDFC Personal Loans
- Foreclosure allowed – You can prepay the full loan anytime without penalty
- Auto loans available – Special loans for purchasing cars or two-wheelers
- Instant loans – Paperless approval for existing HDFC customers in 10 seconds
- Schemes for doctors – Exclusive low-cost loans for medical practitioners
- Zero processing fees – For select customer segments and loan products
- Part-payments allowed – You can prepay partial lumpsum amounts anytime
HDFC Bank Personal Loan Interest Rates
Key things affecting personal loan interest rates offered by HDFC Bank are:
- Applicant’s CIBIL score
- Type of company worked at for salaried applicants
- Business turnover for self-employed applicants
- Loan repayment tenure selected
- Choosing auto-debit of EMIs from HDFC account
- Having an existing relationship with HDFC Bank
- Applying via online mode for extra concessions
Based on these parameters, HDFC gives out personal loans at attractive rates between 10.50% to 22% per annum. The higher your creditworthiness, the lower the interest rates and processing fees levied by the bank.
HDFC Personal Loan Tenure
HDFC Bank offers flexible repayment tenures for personal loans from 1 to 5 years. The available tenures are:
- 12 months to 36 months – For loans up to Rs 15 lakh
- 36 months to 60 months – For loans above Rs 15 lakh
Longer loan tenures allow you to reduce your Equated Monthly Installments (EMIs) burden. However, it increases the total interest outgo over full tenure.
Choose a loan repayment period wisely based on repayment capacity without defaulting on future EMI payments.
How to Check HDFC Personal Loan Application Status
After applying to HDFC Bank for a personal loan using online or offline mode, you can check the application status by:
NetBanking – Log in to the account and go to the ‘Loan Account Details’ section
SmartBank App – Use credentials to log in and check under ‘My Accounts.’
Call at Helpline – Call customer care at 1860 120 9999 for application status
Branch Visit – Go to the HDFC branch you submitted documents at
The executives will guide you on the next steps if any document is pending from your side. After approval, they will inform you of the expected date for the loan amount to get credited into your bank account.
How to Contact HDFC Bank for Personal Loan Process
If you need any help or clarification when applying for HDFC Bank personal loan, contact their customer care team at:
- Call Helpline – 18601209999 or 18002096969 (Monday to Saturday, 8 AM to 8 PM)
- Email Queries – Write an email to care@hdfcbank.com
- Chat Online – Start chat session for instant response to queries
- Visit Branch – Walk into the nearest HDFC branch
So HDFC Bank offers attractive personal loan schemes covering emergency expenses, wedding costs, higher studies, family travel, home renovation, etc. Apply conveniently through online or offline modes.
The loan gets credited into the account within a few days after approval and document verification formalities.
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