A personal loan is one of those credit products that are always high in demand throughout the year. That is because, unlike other credit products, it is unsecured in nature and involves quick processing. Personal loans are offered by almost every bank, Non-Banking Financial Company (NBFC), and online lenders.
Every lender has something to offer to its customers under the personal loan segment; however, HDFC Bank Personal Loan is a unique product that has become the most favorite of instant loan seekers.
What Makes HDFC Personal Loan Stand Out in the Competition?
- Quick disbursal: The pre-approved customers of HDFC Bank can get funds in just 10 seconds. Other customers can get it in 4 hours. The bank assures instant disbursal so that your needs can be catered to immediately.
- Low rate of interest: HDFC Bank offers competitive personal loan interest rates for salaried as well as self-employed individuals. Interest rates for personal loans at HDFC Bank start from as low as 10.50% p.a. and can go up to 21% p.a., depending on the borrower’s CIBIL score and eligibility.
- Simplified online application: HDFC Bank offers a personal loan through its 100% online process. Every step of availing a loan from HDFC is online and simplified. Whether it is filling the application or uploading the required documents or disbursal of funds.
- Minimal documentation: Documents required to apply for HDFC Bank Personal Loan are minimal when compared to other financial products offered by any bank. For existing HDFC customers, only some basic details are required.
- Complete transparency: Nothing is kept hidden regarding when you apply for HDFC personal loan. The bank assures complete transparency in all processes, charges, and terms & conditions.
- High loan amount: Borrowers can avail of funds up to Rs. 40 lakhs under a personal loan from HDFC.
- Instant online eligibility check: You can instantly check your eligibility for HDFC personal loan online using its Personal Loan Eligibility Calculator.
- Insurance Cover: the bank offers a free personal accident cover and a critical illness cover of up to Rs. 8 lakhs and Rs. 1 lakh respectively to its personal loan customers.
Features of HDFC Personal Loan:
- Loan amount: Up to Rs. 40 Lakhs.
- Rate of interest: 10.50% to 21% p.a. for salaried customers.
- Processing fee: Up to 2.50% of the approved loan amount, minimum Rs. 1,999 & maximum Rs. 25,000 for salaried customers.
- Tenure: Up to 60 months.
- Prepayment charges: Up to 4% of the outstanding loan amount.
Who is Eligible?
- Salaried individuals who are working with select private limited companies or public sector undertakings (such as central, state & local bodies).
- The applicant should be minimum of 21 years of age when applying for the loan and maximum of 60 years (65 years if self-employed) when the loan matures.
- The applicant should have a total work experience of at least 2 years, with at least 1-year in the current company.
- Applicants should be earning minimum of Rs. 25,000 per month if they are HDFC Bank salary account holders and for non-HDFC Bank salary account holders, minimum monthly income should be Rs. 50,000.
Documents required for HDFC Personal Loan
To avail of a personal loan through HDFC Bank, you will need to submit the following documents:
- Identity proof: Passport/Voter ID Card/Driving License/Adhaar Card/ PAN Card (a copy of anyone).
- Address proof: Passport/Voter ID Card/Driving License/Adhaar Card/ PAN Card (a copy of anyone).
- Income proof: Bank statements of last 3 months or passbook of last 6 months, recent payslip from the employer.
HDFC Personal Loan Top Up
A personal loan top-up comes in handy when you need extra money in addition to the loan amount sanctioned earlier. You will have to pay a consolidated EMI for both loans, covering the total loan amount. It is always a better option to avail of a top-up loan than applying for two different loans separately and paying two different EMIs.
Below are some key features of HDFC personal loan top up:
- Easy and instant process.
- Easy repayment.
- It is available to the existing customers as well as new customers through a balance transfer facility.
- Attractive rate of interest.
- It can be availed of for any personal need like a personal loan.
- No collateral/security required.
- Easy approval.
- Quick disbursal.
- Minimal documentation required.