HDFC Bank is a well-known financial institution that is popular for its number of customized products. It is one of the leading financial institutions in India that offers services including personal loans, retail banking, auto/ two-wheeler loans, credit cards, wholesale banking, loans against property, treasury, and digital products like Chillr and Payzapp. The Bank also provides an HDFC home loan eligibility calculator to assist applicants with calculating the EMI on their own.
HDFC personal loan
Table of Contents
- 1 HDFC personal loan
- 2 Eligibility criteria
- 3 Documents required
- 4 Interest rates and charges
- 4.1 1. Rack interest rate
- 4.2 2. Loan processing charges
- 4.3 3. Prepayment charges
- 4.4 4. Charges for late EMI payment
- 4.5 5. Loan cancellation charges
- 4.6 6. CIBIL report copy charges
- 4.7 7. Amortization schedule charges
- 4.8 8. Legal or incidental charges
- 4.9 . Cheque swapping charges
- 4.10 10. Cheque bounce charges
- 5 Top up loan
- 6 Instant loan
- 7 HDFC personal loan calculator
- 8 How to apply for a personal loan?
Customers prefer this institution to opt for loans in particular due to its easy-to-meet eligibility criteria. The following features offered by the bank make it one of the popular choices among personal loan applicants in the country.
1. Low-interest rates
The bank offers a personal loan for an interest rate that is as low as 10.99% to 20% per annum.
2. Insurance cover
Every personal loan from HDFC is accompanied by an additional accident cover of up to Rs.8 lakhs and a critical illness cover of Rs.1 lakh free of cost.
3. Minimal documentation
HDFC personal loans require minimal documentation for the loan application.
3. Flexible loan tenure
You can choose a repayment period from 12 to 60 months.
4. Quick verification and disbursal
Not only is the application quick and easy, but so is the verification and disbursal.
5. Women-centric offers
Women can avail for the ‘Personal Loan Diva Scheme’ where they can get pre-approved offers for loans of up to Rs.3 Lakhs.
7. High loan amount
You can get a personal loan amount between Rs.50,000 to Rs.40 lakh.
8. Budget EMIs
You can choose an EMIs starting from Rs.1400. The bank also provides users with a user-friendly HDFC bank personal loan EMI calculator to calculate the EMI.
Here are the criteria that you need to satisfy to be eligible for a personal loan:
You must be between 21 and 60 years old to apply for an HDFC personal loan.
2. Employment and income
You must be employed for at least 2 years in inclusion to working with your current employer for a minimum of 2 years. You can be a medical professional/ CA or an employee of PSU/ private limited company. You must be drawing a regular salary which is not less than Rs.15000.
You can get the loan easily if you belong to cities like Mumbai, Delhi, Bangalore, Cochin, Chennai, Pune, Hyderabad, Kolkata, and Ahmedabad.
You also need to produce the following documents for verification:
1. Identity proof (Aadhar card/ voter ID/ driving license/ valid passport)
2. Address proof (Ration card/ rental agreement/ utility bills such as electricity and telephone)
3. Income proof (Salary slips or current dated salary certificate with Form 16/ 6 months’ passbook/ 3 months’ bank statement)
Interest rates and charges
1. Rack interest rate
15.75%-20% for salaried applicants
2. Loan processing charges
Up to 2.50% of the loan amount for salaried customers. this can range from Rs.1000 and Rs.25000.
3. Prepayment charges
Salaried borrowers are not allowed to prepay until 12 EMIs. After the 12th EMI, the foreclosure charges vary by year, i.e., 4% of the principal outstanding is charged for prepayment of the loan in the second year (13-24 months), 3% for the third year (25-36 months), and 2% after the third year (more than 36 months).
4. Charges for late EMI payment
24% per annum on the amount that is outstanding from the date of default.
5. Loan cancellation charges
There are no cancellation charges. however, interest is charged for the interim period from the date of loan disbursal to the loan cancellation, and processing fees will be retained.
6. CIBIL report copy charges
Rs.50 per copy
7. Amortization schedule charges
8. Legal or incidental charges
. Cheque swapping charges
10. Cheque bounce charges
Rs.550 per cheque bounce
Top up loan
HDFC Bank also offers top up and instant loan to its customers. you can apply for a top-up loan if you already have an existing home loan, home extension loan or home improvement loan. The maximum term for a top-up loan is 15 years; which depends on factors like your profile, age (yours and the property’s) at the time of loan maturity, and prepayment scheme. You can apply for this loan after 12 months of the final disbursement of your existing home loan, and upon completion/ possession of the existing financed property. You can also apply for its basis the 12 months’ track record of the top up loan being refinanced from another lender, subject to completion/ possession of the property.
This pre-approved loan does not require any documentation and is credited instantly to your savings account or given in the form of DD drawn in the favor of your name as per the HDFC Bank credit card records.
HDFC personal loan calculator
As mentioned earlier, you can use the EMI calculator to understand the EMI and interest structure of the loan. All you have to do is enter the home loan amount, interest rate and tenure. The results including EMI, total interest payable, and total payment will be displayed within a second. It will also display a graph depicting the home alone EMI breakup and amortization graph.
Additional Read: Find Affordable Loan with the help of a Personal Loan EMI Calculator
How to apply for a personal loan?
HDFC Bank allows the applicants to apply for a personal loan in a hassle-free manner. You can go to the lender’s portal and download an application form. After filling it duly, submit it and get it verified. Choose a loan amount and repayment structure. You can take the help of an HDFC personal loan calculator to do get an approximate value. You can track your loan application status online. Your money will be transferred in your account after verification.
You can get in touch with the bank representative by calling or emailing via the contact details for further assistance. Make sure to make the maximum use of the HDFC bank home loan calculator to choose a convenient loan structure before applying for one.