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HDFC Bank Personal Loans
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HDFC Bank, also known as Housing Development Finance Corporation, was established in 1994 and was the first private bank to be authorized by RBI. HDFC is recognized today as one of the most reputable banking institutions in the country and is renowned for its customer-centric services and policies. 

HDFC Bank Personal Loan

HDFC Bank provides personal loans to its customers for different financial needs at very affordable rates of interest, along with many other benefits like a hassle-free documentation process, feasible repayment options, top-up loan facilities, and instant loan approvals. mymoneykarma gives you all the information you would want on HDFC Bank personal loans.

Benefits of HDFC Bank Personal Loans

HDFC Bank personal loans come with customer-centric benefits and features. Here are a few highlights of HDFC Bank personal loans.

  1. Significant loan amounts ranging from a minimum of Rs 50,000 to a maximum of Rs 40 lakhs. The loan amount depends on the applicant's credit score, credit history, repayment capability, and yearly income.

  2. Long loan tenures ranging from a minimum of 12 months and a maximum period of 5 years.

  3. Attractive interest rates ranging between 10.99% - 20.00%.

  4. Complimentary personal accident insurance cover worth Rs 8 lakhs and a critical illness insurance cover worth Rs 1 lakh.

  5. Loans available for salaried individuals, public and private company employees, and government employees.

  6. Pre-approved loan if the applicant is an existing customer of HDFC Bank.

  7. Various feasible repayment channels such as NEFT, post-dated cheques, and online banking.

  8. Simplified loan application and approval process with minimal documentation.

  9. Dedicated 24/7 customer service desk for query resolution.

Here is a summary of all the information regarding HDFC Bank personal loans.

Interest Rate

10.99% - 20.00%

Minimum Loan Amount

Rs 50,000

Maximum Loan Amount

Rs 40 lakhs

Minimum Repayment Tenure

12 months

Maximum Repayment Tenure

60 months

Types of HDFC Bank Personal Loans

HDFC Bank offers the following types of personal loans.

Travel Loans

These personal loans from HDFC can be used for planning holidays to exotic locations in India and abroad.

Eligibility Criteria

  1. Minimum income of Rs 15,000 per month in non-metro cities.

  2. Minimum income of Rs 20,000 per month in metro cities

  3. Sound repayment capability

  4. Competetive credit score

  5. Minimum age of 21 years

  6. Maximum age of 60 years

  7. Minimum work experience of 2 years with a minimum of 1 year at the current organization.

  8. Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.     

Wedding Loans

These personal loans from HDFC can be used to cover the costs of a wedding in the family or of the applicant.

Eligibility Criteria

  1. Minimum income of Rs 15,000 per month in non-metro cities.

  2. Minimum income of Rs 20,000 per month in metro cities

  3. Sound repayment capability

  4. Competetive credit score

  5. Minimum age of 21 years

  6. Maximum age of 60 years

  7. Minimum work experience of 2 years with a minimum of 1 year at the current organization.

  8. Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.     

Home Renovation Loans

These personal loans from HDFC can be used much like a home loan, to cover the costs to upgrade or renovate the applicant’s house.

Eligibility Criteria

  1. Minimum income of Rs 15,000 per month in non-metro cities.

  2. Minimum income of Rs 20,000 per month in metro cities

  3. Sound repayment capability

  4. Competetive credit score

  5. Minimum age of 21 years

  6. Maximum age of 60 years

  7. Minimum work experience of 2 years with a minimum of 1 year at the current organization.

  8. Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.   

Urgent Cash Personal Loans

These personal loans from HDFC can be used to mitigate costs of medical and family emergencies.

Eligibility Criteria

  1. Minimum income of Rs 15,000 per month in non-metro cities.

  2. Minimum income of Rs 20,000 per month in metro cities

  3. Sound repayment capability

  4. Competetive credit score

  5. Minimum age of 21 years

  6. Maximum age of 60 years

  7. Minimum work experience of 2 years with a minimum of 1 year at the current organization.

  8. Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.   

Eligibility Criteria for HDFC Bank Personal Loans  

Applicants must meet the following criteria to get a personal loan from HDFC Bank.

  1. Minimum income of Rs 15,000 per month in non-metro cities.

  2. Minimum income of Rs 20,000 per month in metro cities

  3. Sound repayment capability

  4. Competetive credit score

  5. Minimum age of 21 years

  6. Maximum age of 60 years

  7. Minimum work experience of 2 years with a minimum of 1 year at the current organization.

  8. Must belong to the salaried class of public and private company employees, government sector employees, employees of public sector undertakings, government and other public bodies.     

Best Personal Loan Interest Rates 2019

The interest rates of personal loans from other banks are also given below.

Banks

Interest rates

ICICI Bank

11.50% - 16.75%

Axis Bank

11.25% - 24% 

SBI

12.50% - 16.60%

Kotak Mahindra Bank

11.00% - 24.00%

Bajaj Finserv

2.00% - 16.00%

Standard Chartered

10.99% - 16%

Fullerton India

12% - 25%

IndusInd Bank

10%-30.50%

CitiBank

10.99% - 18%

IDBI

12.45% - 13.50%

IDFC Bank

11.69% - 15.00% 

PNB

11.65% - 12%

YES Bank

10.75% - 16.99%

Andhra Bank

11.55% - 14%

RBL Bank 

14.5% - 23%

Canara Bank 

13.5% - 14.5%

Tata Capital

11.75% - 19.00% 

Bank of Baroda

11.05% - 11.6%

Documents Required for HDFC Bank Personal Loan

Applicants need to submit the following documents while applying for HDFC Bank personal loan.

  1. A filled loan application form with necessary details such as income, occupational details, and personal information.

  2. Copies of the applicant's PAN card and Aadhaar card.

  3. Copies of residence proof such as telephone bills, electricity bills, or rental agreement attested by the applicant.

  4. Two copies of recent passport sized photographs.

  5. Copies of income proof such as salary slips of the previous three months, bank statements of the last three months, and a copy of Form 16.

How to Apply for HDFC Personal Loan Online?

Applicants can directly apply online for HDFC Bank personal loans. They would need to visit the HDFC Bank website and download the loan application form.  After filling in the details and uploading scanned copies of the necessary documentation, they can submit the application online. The bank then evaluates the applicant profiles and deposits the loan in the applicant’s account post approval of the loan.

How to Apply for HDFC Bank Personal Loan Offline?

Applicants can also directly walk into any HDFC Bank branch along with the vital documents. They can fill up the application form received at the bank and submit it with the documentation. The loan is approved within 10 working days.

Frequently Asked Questions

1. What is the duration for HDFC Bank personal loan application approval?

Answer: HDFC Bank notifies the applicants about the loan approval within a maximum of 10 working days from the date of the application. With mymoneykarmaget your loan approved within 24 hours.

2. What is HDFC Bank personal loan amount?

Answer: HDFC bank provides personal loans with a minimum loan amount of Rs 50,000 and a maximum amount of Rs 40 lakhs.

3. What is the rate of interest on HDFC Bank personal loan?

Answer: HDFC Bank offers reasonable interest rates ranging between 10.99% - 20.00% yearly.

4. Is prepayment of loan allowed with HDFC Bank personal loan?

Answer: Yes, HDFC Bank personal loan provides the facility of pre-closure of the loan before the completion of the loan tenure only after the payment of 12 EMIs.

5. Does HDFC Bank personal loan have any pre-closure charges?

Answer: Yes, HDFC Bank personal loan charges a fee of 2%-4% of the approved loan amount as pre-closure charges.

6. What are the other fees associated with HDFC Bank personal loans?

Answer: Here is a list of fees associated with HDFC Bank personal loans.

Loan Processing Charges

2.5% of the loan amount + GST

Foreclosure Charges

2%-4% of the loan amount + GST

Pre-payment or Part-payment charges

4% of the outstanding amount + GST

Legal/incidental charges

As actuals

Charges for late payment of Loan amount

2% of the loan amount 

Stamp Duty & other Statutory Charges

As applicable by state laws

Re-Issuance of photocopy of loan agreement/documents 

Rs 250 + GST

Duplicate NOC

Rs 500 + GST

Cheque swapping charges

Rs 500 + GST

Loan cancellation charges

nil