Handy Guide to HDFC Bank Personal Loans
HDFC Bank is one of the most renowned banks that offers attractive offers on its loans, that help meet the needs of the varied customer segment. One of the best products that the bank offers is Personal Loans. The benefits include low-interest rate, minimal documentation, hassle-online application, long tenure, huge insurance covers, special offers for women, pre-approved offers for valued customers, etc.
HDFC Bank Personal Loan Eligibility criteria
You are eligible to apply for the HDFC Bank Personal Loan if you meet the following requirements:
- If you are a salaried individual, you must be between 21 to 60 years of age
- If you are self-employed, the minimum age should be 21 years and the maximum age should be 65 years
- Your net monthly income should be at least Rs. 15,000 (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)
What are the documents required to apply for an HDFC Bank Personal Loan?
Here is the list of documents to keep handy while applying for the HDFC Bank Personal Loans:
- Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
- Address proof (copy of passport/voter ID card/driving license/Aadhaar)
- Bank statement of the previous 3 months (Passbook of the previous 6 months)
- Two latest salary slip/current dated salary certificate with the latest Form 16
- Proof of end-use
How much can you borrow?
HDFC Bank offers a maximum loan amount of up to Rs. 25 lakhs on their personal loans, However, the bank uses several parameters to evaluate your maximum eligibility for a loan. This includes your net monthly income, loans that you already hold, monthly outflow, credit score, etc.
For a salaried individual, the bank can sanction a loan amount of up to 50-60% of net monthly income. Whereas, for the self-employed individuals, the loan amount is calculated considering the profit earned as per the most recent acknowledged profit/loss statement and any additional liabilities such as current loans for business, etc.
What are the various charges that I should be aware of?
Here is the list of charges that you should be aware of before applying for the HDFC Bank Personal Loan:
- Interest rate: Before applying for a loan, you should always check its rate of interest. For this, you can either visit the HDFC Bank's official website or any Fintech portal.
- Processing charges: To process your loan, the bank levies a one-time fee which is known as the processing fee (nearly 2%). This fee is debited from the loan amount before it is credited to your account.
- Pre-closure charges: If you plan to prepay your loan before its tenure, the bank will charge a pre-closure fee equivalent to 4% of the outstanding principal amount.
Key features of HDFC Bank Personal Loan
- Minimal documentation: It requires minimal documentation and quick disbursal
- Flexible repayment tenure: The borrowers get the flexible loan repayment tenure starting from 12 months to 60 months so they can pay according to their convenience
- No requirement of collateral/security: There is no security, collateral, or guarantor required to avail of the loan
- Balance transfer facility: The bank offers a balance transfer facility as well on the loan
How to track HDFC Personal Loan status?
It is very easy to track your HDFC Bank Personal loan status after filing your loan application. You can either use online or offline mode to do that as per your comfortability. Tracking will help you to stay up to date with the loan application status. The customers can also contact the customer care department or login to their Net Banking account for any queries related to personal loans.
Before applying for a personal loan, make sure you evaluate and compare as many offers as you can before zeroing in on one. This is the best way to get the best loan that will best suit your financial requirements.
