HDFC Bank personal loan is one of the best loan products offered by the bank. Any salaried individual with a monthly income above INR 25000 can apply for a personal loan. HDFC Bank is one of the best private-sector banks in India. The full form of HDFC is Housing Development Finance Corporation.
You can apply for a personal loan for any type of requirement such as education, marriage, medical issues, purchase of a vehicle etc. To know the best features and benefits of this bank’s personal loans, continue reading further.
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HDFC Bank Personal Loan: Key Highlights
HDFC Bank Personal Loan offers a quick and hassle-free way to meet your financial requirements. The bank offers loan amounts up to INR 40 lakhs and flexible repayment tenures ranging from 03 to 72 months. It also provides the flexibility to choose terms that suit your financial situation. You can also apply for HDFC Bank personal loan for education easily. Check more details in the table below:
| Particulars | Details |
| Loan Scheme | HDFC Xpress Personal Loan |
| Type of Loan | Unsecured Loan |
| Maximum Loan Amount | INR 40 lakhs |
| Rate of Interest | 10.75% to 24.00% (Fixed Rate) |
| Processing Fees | Upto 4,999 + GST |
| Repayment Period | 03 Months to 72 Months |
| Stamp Duty & Other Statutory Charges | As per the applicable law of the state |
| Delayed EMI Payment charge | 18% p.a plus applicable government taxes on the overdue EMI |
Also Read: Check here all the major details about personal loans for debt consolidation
HDFC Bank Personal Loan Eligibility Criteria
The eligibility criteria for HDFC Bank personal loans must be understood properly before applying for the loan. After applying, if the loan gets rejected due to eligibility, it will impact your credit score as the enquiry in the report will be reflected. Check the major eligibility criteria for this personal loan below:
- The applicant must be above 21 years of age and the maximum age should be 60.
- You must be employed in a public or private sector company if you want to apply for a personal loan as a salaried employee
- For self-employed individuals, the bank will approve and determine the loan amount based on the net monthly income
- The total job period must be at least 2 years, with at least 1 year with the current employer
- The monthly income shall be above 25,000
- The CIBIL score of the applicant must be good i.e. above 750
Documents Required for HDFC Bank Personal Loan
HDFC Bank offers pre-approved personal loans to individuals and no documents are required for loans under this category. However, if the loan is not pre-approved then you need to submit certain documents which shall show your financial status and income. Check the details of the documents required for this personal loan below:
- Identity proof and address proof (copy of passport, voter ID card, driving license, Aadhaar Card etc)
- Last 6 months’ bank statement
- Two latest salary slips
- Current dated salary certificate with the latest Form 16
- ITR details for self-employed individuals
Also Read: Check here some of the major differences between Personal Loans Vs Education Loans and know which one should you choose
How to Apply for a Personal Loan from HDFC Bank?
The application process for HDFC Bank Personal loans is completely online. You can simply visit the official website of HDFC Bank and check the loan offers. If you are an existing customer of the bank then you can apply by logging in to net banking. Check the steps below to apply for a personal loan:
- Visit the official website of HDFC
- Go to the ‘BORROW’ tab and click on personal loan
- Check the features of the loan and then click on ‘Check Offer’
Image Source: HDFC Bank Official Website
- Select the applicable options: Salaried or Self Employed
- Enter your mobile number and date of birth
- Check the declarations and then click on ‘View Loan Eligibility’
- Fill out the loan application form and submit it along with the required documents
- Wait for the approval
- The bank will check the candidature and disburse the loan amount to your account.
HDFC Bank is one of the best private sector banks and is renowned for its loan products. From personal loans to education and housing loans, the bank provides various financial services. Check some of the FAQs based on personal loans from HDFC Bank below:
FAQs
HDFC Bank offers personal loans with a maximum loan amount of up to INR 40 lakhs. This allows borrowers to access substantial funds to meet various financial needs such as education, marriage, medical emergencies etc.
To be eligible for this personal loan, the applicant must be between 21 and 60 years of age. Salaried individuals must have a monthly income above INR 25,000, be employed for at least two years with one year in the current job, and have a CIBIL score above 750.
If you are not applying for a pre-approved loan, you will need to submit several documents, including identity and address proof, the last six months’ bank statement, two latest salary slips, a current dated salary certificate with the latest Form 16.
HDFC Bank personal loans come with a fixed interest rate ranging from 10.75% to 24.00% per annum. The specific rate offered will depend on various factors such as your credit score, income, and loan amount.
The application process for personal loans is fully online. You can visit the official website of the bank and select ‘Personal Loan.’ After checking the loan features, you can proceed by filling out the application form.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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