HDFC Personal Loan

Features and Benefits of HDFC Personal Loan

Given below are some of the features that you can examine before applying for an HDFC personal loan.

1) Quick Services

• The HDFC Bank customers who are pre-approved can receive the funds well within 10 seconds.
• The rest of the customers can receive a loan within 4 working days, determined by the verification and documentation at the bank’s end.

2) Apply for HDFC Personal Loan Online

You can apply for HDFC personal loan online with a few quick steps. The entire process of online application can be completed without any hassle.

3) Insurance Protection

• Personal Accident Cover: You can get a personal accident cover of up to ₹8 lakhs and a critical illness cover of ₹1 lakh by paying a nominal premium amount. This premium amount will be subtracted from the loan amount at the time of disbursement. A few extra charges/surcharges will be levied.
• Personal Loan Security: You can easily secure your personal loan through Sarv Suraksha Pro. It provides a Credit Shield Cover equivalent to the outstanding loan amount. You can avail of up to ₹8 lakh for Accidental Hospitalization cover and ₹1 lakh for Permanent Disablement/Accidental Death cover.

4) Customised Personal Loans

HDFC Bank provides you with a customised loan offer and rates for any type of loan you need. The people who already have an account with the HDFC bank can receive special benefits, rates, charges, and offers. The first-time loan customers are also offered numerous perks. Choose the loan tenure of your choice and pay back the loan in pocket-friendly EMI’s according to your terms. 

5) Personal Loan Balance Transfer

You can avail of a deduction in your loan EMI by transferring the balance to HDFC Bank. The interest rates are as low as 11%, and the processing fee for the same is ₹3,999 (+GST). 

6) 24×7 Assistance

HDFC Bank provides assistance to its customers through round-the-clock services and by offering immediate help in the twinkle of an eye.

HDFC Personal Loan Interest Rates

The HDFC personal loan interest rate starts from 11% and ranges up to 21%. The interest rate offered to the applicant will depend on a number of factors, including credit history and income. 

HDFC Bank Fees and Charges

The HDFC Bank levies pocket-friendly charges and fees. Take a look at the HDFC personal loan requirements like fees and charges mentioned below.

Note: Government taxes and other charges will be levied over and above the fees and charges as applicable.

HDFC Personal Loan Requirements

Eligibility Criteria for HDFC Personal Loan

The mentioned below individuals are eligible to apply for HDFC personal loan:

• Private sector employees, public sector employees, which include state, local and central bodies
• 21 to 60 years of individuals
• Individuals who have been working for a minimum of 2 years with a job of 1 year with the present employer
• Individuals who earn a net income of ₹25,000 per month.

Factors Affecting HDFC Personal Loan Eligibility

A bank or financial institution provides different interest rates to different applicants owing to their eligibility to avail of a personal loan. The higher the interest rate, the more will be your loan EMI. This gravely affects personal loan affordability. Let us have a look at the various factors that influence the HDFC personal loan interest rate and eligibility criteria.

Documents Required for HDFC Personal Loan

• Proof of identity (voter ID card/Aadhaar/driving licence/passport copy)
• Proof of address (voter ID card/Aadhaar/driving licence/passport copy)
• Bank statement of the preceding 3 months (6 month’s passbook)
• Latest Salary Slips and Form 16/2

How Does the EMI Calculation Work for HDFC Personal Loans?

HDFC Bank’s online EMI calculator helps you to calculate your monthly instalments with ease. This on-the-go and intuitive calculator can help you plan your loan repayments. To calculate your EMI, enter the loan amount, HDFC personal loan interest rate, and your loan tenure. The results will be displayed on your screen within seconds.

The loan amount can be entered in the range of 50,000 to 4,000,000 and term from 1 to 5 years.

How Does HDFC Compare With Other Lenders?

Have a look at the table below to see the comparison of HDFC Bank with the other prevalent competitors of personal loan providers in India.

HDFC Personal Loan Customer Care Number

HDFC Bank customer number is 7065970659. You can also reach out to them at Webchat, Click2Talk, and PhoneBanking.