HDFC Bank Senior Citizen Personal Loan

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Utsah Sharma

Utsah Sharma is a seasoned financial expert with a Master’s Degree in Commerce specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & Loan products. Drawing on her experience, she has established herself as a trusted voice, providing invaluable insights and guidance to seasoned investors and beginners. She is committed to breaking down the complexities of everything finance.

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Piyush Bothra

Chief Financial Officer, Square Yards

Piyush Bothra is the Chief Financial Officer at Square Yards, bringing over two decades of rich experience in finance and leadership. He is an MBA graduate from the prestigious IIM Lucknow and holds a BE in Information Technology from Sardar Vallabhbhai Patel Institute of Technology. He has played pivotal roles in scaling businesses and driving financial strategies. At Square Yards since 2015, Piyush is known for his strategic vision, strong financial knowledge, and valuable financial insights, significantly contributing to the company's growth and success.

HDFC Bank’s personal loans offer a tailored financial solution designed to meet the diverse needs of individuals with simplicity and flexibility. The bank, one of the most reliable banking institutions in India, is renowned for its customer-centric approach. The HDFC Bank ensures a hassle-free application process, making dreams and aspirations easily achievable. From funding a vacation to managing unexpected medical expenses or consolidating debts, HDFC Bank’s personal loans provide quick access to funds with competitive interest rates. The bank’s transparent terms and efficient approval system make it a trusted choice for those seeking financial assistance. Today, we will discuss everything important about HDFC Bank personal loans for senior citizens, from documentation work to eligibility criteria.

HDFC Bank Lakh Instant Loan for Senior Citizens – Highlights

Take a look at the HDFC Bank personal loan highlights for senior citizens.

Feature	Description
Interest rate	10.75% – 14.50%
Loan amount	Rs. 50,000 to Rs. 40 lakh
Tenure	12 to 60 months
Processing fee	0.99%-2.50% of the loan amount
Eligibility	Salaried employees at select private limited companies and public sector undertakings
Age	21 to 60 years
Documentation	Identity, address, date of birth, income and employment proofs
Disbursal time	10 seconds for pre-approved HDFC Bank customers, 4 hours for others

Compare HDFC Bank Senior Citizens Loan from Other Banks

Here is a quick comparison of HDFC Bank Senior Citizens Loan with other banks Take a look!

Fees and charges	HDFC Bank Personal Loan	Aditya Birla Capital	Bank of India Personal Loan	Citibank Personal Loan
Interest rate	10.50% p.a. onwards	14% p.a. -26% p.a.	10.75% p.a. -12.65% p.a.	9.99%p.a. -16.49% p.a.
Processing fee	2.5% + GST	2% + GST	2% + GST	0.25% to 3.00% + GST
Foreclosure charges	2% to 4% of the outstanding loan amount	4% of the outstanding loan amount	N/A	Up to 4% of the principal outstanding
Late payment fee	2% of the overdue amount per month	3% of the overdue amount per month	Contact the bank for details	NA

HDFC Bank Personal Loan for Senior Citizens – Fees and Charges

Here is a quick rundown of fees and charges for HDFC Bank personal loan for senior citizens.

Loan processing fee	Up to a maximum of 2.5% of the loan amount, subject to a maximum fee of Rs. 25,000
Pre-payment/Part-payment charges	4% of the outstanding principal (loan tenure between 13 – 24 months) 3% of the outstanding principal (loan tenure between 25 – 36 months) 2% of the outstanding principal (loan tenure if over 36 months)
Overdue EMI interest	2% per month will be charged on the principal or EMI that is overdue
Stamp duty and other statutory fees	As per the laws of the state that the applicant resides in
Cheque swapping fee	Rs.500
Amortisationschedule fee	Rs.200
Cheque bounce charges	1st return: Rs. 450 + taxes per instance 2nd return in a month: Rs. 500 + taxes per instance From 3rd return onwards: Rs. 550 + taxes per instance
Incidental or legal charges	At actual

HDFC Bank Lakh Personal Loan for Senior Citizens – Documents Required

Following is the documentation required for HDFC Bank senior citizen loan.

Proof of identity	Aadhaar Card, Driving Licence, Passport, or Voter ID Card
Proof of address	Voter ID Card, Aadhaar Card, Passport, or Driving Licence
Other documents	The latest bank statements for the last three months or passbooks of the last six months The latest salary slip or salary certificate Form 16 Passport-size photograph

HDFC Bank Lakh Personal Loan for Senior Citizens – Eligibility Criteria

Following is the eligibility criteria for the HDFC Bank Personal Loan.

Age Criteria: Applicants should be at least 21 years old, with a maximum age limit of 60 years.
Minimum Monthly Income: A minimum monthly income of Rs. 25,000 is required to be eligible for the personal loan.

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Frequently Asked Question (FAQs)

Can a senior citizen get a personal loan from HDFC Bank?

Yes, if they meet the basic eligibility criteria of the bank’s policies, they can apply for a personal loan.

How much HDFC Bank personal loan can a senior citizen get?

The personal loan cap by HDFC Bank is INR 40 lakhs.

What is the CIBIL score for senior citizens at HDFC Bank?

A CIBIL score of 700-750 and above is considered healthy to apply for HDFC Bank.

How can senior citizens get a loan at HDFC Bank instantly?

By meeting the eligibility criteria of the bank, an individual can speed up the loan process.