Personal loan is the one among all the credit products which remains in demand throughout the year. It is the best-selling financial product for which most of the people went for in last two years. The reason behind it’s over increasing demand and need is its unsecured nature and quick processing. These features make it comfortable for the borrower and provide a kind of relaxation to the borrowers. Such facilities were not available to the applicants with other credit products. Taking about its availability Personal Loan is now offered by almost each and every Bank and NBFC. But HDFC Bank Personal Loan has reached to a next level.
Personal Loan from HDFC Bank come with a number of additional benefits and offers. HDFC Bank is best known for their easy loan application processing and wide range of branch network in every town and city. HDFC Bank branches can be found even in many Indian villages. HDFC Bank loans are offered to each applicant as per their financial credential, repayment history and CIBIL score.
What Makes HDFC Bank Personal Loan Worthy of Your Choice?
Quick Loan Disbursal
HDFC Bank always make sure that their loan applicants don’t have to go through any long delays. HDFC bank offers one of the fastest loan disbursal. You will get to know this if you compare HDFC Personal loan with the personal loans available by the other banks and NBFCs. The time taken by HDFC to disburse your Personal Loan Is a maximum of four hours.
Low Interest Rates
HDFC Banks offer applicants a competitive interest rates for the loans available for salaried, working professionals, self-employed individuals. Personal Loans from HDFC start at a minimum rate of 15% and goes to a maximum of 23.52% p.a. the interest rate offered to any individual totally depends on their CIBIL and eligibility.
Online Loan Application
HDFC Bank uses updated technology and offers personal loan to their applicants through a 100% online process. Each and every step of availing a personal loan from HDFC Bank goes in a online process. Whether it may be filling the application form or uploading the required documents, the whole process goes online. All these upgradation makes it easy for the borrower to avail this loan.
Low Prepayment Charges
HDFC Bank offers Personal Loan at lower prepayment charges for compared to any other bank. One of the additional feature is that the Prepayment charges are completely waived off after a period of 36 months.
The documentation process with HDFC Bank regarding the Personal Loan is minimal when compared to any other financial product by any bank. If the borrower is already an existing customer of HDFC he/she needs to provide only the basic details. But if the borrower is new to HDFC, there will be a documentation process but this is also very minimal with respect to other banks. Whatever documentation is needed is done on the online portal itself.
There is nothing which is kept hidden regarding your loans when you are with HDFC. Full transparency is provided and you will be provided details and answers for your each and every query whether related to fees and charges or to disbursal.
|Interest Rate||15.75% to 20% P.A|
|Loan amount||INR 50,000 to INR 15,00,000|
|Tenure Period||12 months to 60 months|
|Fees and charges||2.50% of the total loan amount|
|Pre-payment Charges||13-24 Months – 4% of Outstanding amount
25-36 Months – 3% of Outstanding amount
>36 Months – 2% of Outstanding amount
Who is Eligible for a HDFC Personal Loan?
One is eligible to apply for a HDFC Bank Personal Loan if he/she meet the following criteria-
- Salaried individuals who are doctors, CAs or the employees of private companies, employees from public sector undertakings, including central, state and local bodies.
- The age of the applicant should be 21 year to 60 year.
- The applicant should be employed for at least 2 years and should be in the current company from at least 1 year
- The applicant should have a minimum salary of INR 15,000 per month and it should be INR 20,000 if the applicant is living in Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Kolkata and Ahmedabad
- If the applicant is self-employed, his/her minimum age for getting the loan should be 21 year to a maximum is 65 years.
What documents do I need to provide for HDFC Personal Loan?
To avail a personal loan from HDFC Bank, you would need to submit documents for identity proof (which can be- copy of passport/voter ID card/driving license/Aadhaar/ Pan card), documents for address proof (copy of passport/voter ID card/driving license/Aadhaar), income proof (Bank statement of last 3 months, Passbook of previous 6 months, Latest pay slip from your company).
Additional Feature of HDFC Personal loan
HDFC Personal Loan Top Up
A top up loan can be provided in handy when the borrower need an extra cash in addition to the loan amount which was sanctioned to borrower earlier. The borrower has to pay a consolidated EMI for both the previously approved loan and for the top up loan, covering the total loan amount.
Getting a top up loan is comparatively better than having two different loans and paying two different EMIs separately. Most important is it saves your time and effort which you had spend for getting the second loan.
Some of the key features of HDFC personal loan top up facility are-
- Easy and simple process.
- This option is available to both existing customers and new customers under the balance transfer facility.
- Easy repayments.
- Attractive interest rates.
- Provided for any personal need.
- No collateral or security is required.
- Easy approval and quick disbursal
- Minimal documentation.