HDFC Bank Personal Loan

When it comes to achieving life’s goals, having access to quick, flexible financing can make all the difference. HDFC Bank’s personal loan offers a straightforward solution for your financial needs, whether it's for education, travel, home renovation, or unforeseen expenses. With loans of up to ₹40 lakhs and a rapid application process, HDFC Bank provides a truly hassle-free experience for its customers.

HDFC Bank Personal Loan

Loan Amount :Up to 4000000 | Tenure : 1 year to 5 years

Rate of Interest : Strting @10.75% | Processing Fees : 0.5 to 2.5%

100% Paperless Application Process & 0% Service charge

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HDFC Bank Personal Loan Eligibility criteria

1. Must be a salaried employee. Employed at private limited companies, public sector undertakings (PSUs), or central/state government institutions.
2. Applicants generally need a minimum monthly salary of ₹25,000. This income requirement can vary based on location and other factors.
3. Typically between 21 and 60 years of age at the time of loan application.
4. A minimum of 2 years of total work experience is preferred.
5. Must have at least 1 year of continuous employment with the current employer.
6. A healthy credit score (700+) is usually required to ensure loan eligibility.
7. Proof of residence in HDFC serviceable locations is often required.
8. Applicants should have been living at their current residence for at least one year.

Document Required to Apply HDFC Bank Personal Loan

1. Identity Proof (any one of the following):PAN Card, Passport, Voter ID, Driving License, Aadhaar Card
2. Address Proof (any one of the following): Passport, Utility Bills (Electricity), Rental Agreement, Bank Statement with the address, Aadhaar Card
3. Last 3 Month Salary Slips,
4. Recent Form 16 or Income Tax Returns (ITR)
5. Bank statements for the last 3 to 6 months showing salary deposits and any other income sources
6. Employee ID card, Employment Certificate, if requested
7. Recent passport-sized photographs

Key Benefits of HDFC Bank’s Personal Loans

1. Fast Approval Process:  With a focus on speed, HDFC’s 10-second disbursement is ideal for those needing urgent funds.
2. Transparency and Competitive Rates: HDFC offers transparent terms with no hidden charges, letting you plan confidently.
3. Loan Tenure Flexibility: Choose a repayment tenure that suits your financial situation, with terms available for up to 5 years.
4. 24/7 Customer Support: Access support any time of day, ensuring all your queries are handled promptly.

Why Choose HDFC Bank for Personal Loans?

HDFC Bank stands out as a top choice for personal loans in India due to its ease of application, rapid disbursement, and low EMI options. Here’s a breakdown of the key benefits you can expect:

1.  Quick Loan Disbursement – Funds in as Little as 10 Seconds!
   Eligible HDFC Bank customers can access funds in as little as 10 seconds! Through HDFC Bank's efficient digital processing and minimal documentation, you can quickly apply for and receive the funds you need without waiting days for approval.
2. Flexible Loan Amounts – Up to ₹40 Lakhs
   With HDFC Bank, you can borrow amounts suited to your financial needs, ranging up to ₹40 lakhs. This flexibility ensures you can cover a variety of personal expenses, from funding a child’s education to consolidating debt, renovating your home, or covering medical expenses.
3. Affordable Monthly EMIs Starting at Just ₹2,149 per Lakh
   HDFC Bank offers competitive interest rates, allowing you to enjoy affordable EMIs starting at approximately  ₹2,149 per lakh. This low monthly instalment can make repayments manageable while letting you focus on your life goals.
4. Convenient Online Application and Minimal Documentation
   Gone are the days of complex paperwork and long waiting periods. HDFC Bank’s personal loan application process is 100% digital, meaning you can complete the process from the comfort of your home or office. Additionally, HDFC’s minimal documentation requirements make it easier and faster to apply.
    

HDFC Bank Personal Loan Fees and Charges for Salary Account Holders

Interest Rate: HDFC Bank offers personal loans for salary account holders with interest rates ranging from 0.05% to 2.50%.

Pre-Closure Charges: For those looking to close their loan early, the pre-closure charges are structured as follows:

1. 2nd Year: 4% of the principal outstanding amount, plus applicable taxes.
2. 3rd Year: 3% of the principal outstanding amount, plus applicable taxes.
3. After 3 Years: 2.5% of the principal outstanding amount, plus applicable taxes.

Part-Payment Facility and Charges:

1. Part-payment options are available after 12 months from loan disbursal.
2. For part-payments made between 13 to 24 months, a 4% fee is applied on the part-payment amount.
3. For part-payments between 25 to 36 months, a 3% fee applies, while after 36 months, a 2% fee is applicable.
4. Borrowers can make part-payments only twice during the loan tenure, and just once per year.
5. The maximum part-payment amount is capped at 25% of the principal outstanding.

Key Highlights:

1. Attractive interest rates tailored for salary account holders.
2. Flexible part-payment options post 12 months with applicable charges.
3. Structured pre-closure charges to suit different repayment durations.