Personal loan from HDFC bank: Personal loans are in great demand after COVID. Also, with the rise of UPI payments and the digitization of banking, personal loans are now paperless.
If you are in need of contingent money, you don’t need to go anywhere.
Just open your bank’s Mobile Banking App and apply for a pre-approved personal loan. Every bank, both private and public, offers an instant pre-approved loan facility to its customers.
One of the leading providers of Personal Loans in India, HDFC Bank, offers the best loan option that comes with a unique array of features and benefits.
You can choose from different EMI repayment options that suit your pocket, flexible tenures, a completely online process, and quick disbursals.
Personal Loan from HDFC Bank
HDFC Bank offers personal loans to salaried and self-employed individuals.
You can check your personal eligibility in no time online If you are an existing HDFC Bank account holder, you can check your eligibility for a pre-approved loan via NetBanking and its mobile banking to personal loan from HDFC bank.
Pre-approved HDFC Bank customers can get an instant Personal Loan in 10 seconds without any documents.
Note: Loans are approved at the sole discretion of HDFC Bank Limited.
Feature of HDFC Bank Personal Loan
Check eligibility in one minute online and at select branches. Click here to check your eligibility to get personal loan from HDFC bank
Get funds in 10 seconds if you are a pre-approved HDFC Bank customer.
Other customers can get a loan within 4 working days subject to documentation and verification as per the bank’s requirement.
Eligibility of Personal Loan from HDFC Bank
The following people are eligible to get personal loan from HDFC bank:
- Employees of private limited companies, employees from public sector undertakings, including central, state, and local bodies
- Individuals between 21 and 60 years of age
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Minimum Net Monthly Salary (NMS) is Rs. 25,000/
Interest Rates & Charges
Senior Citizen Customers are eligible for a discount of 10% on all service charges
Charges to avail of a Personal Loan
Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal at the sole discretion of HDFC Bank Ltd.
Interest rate on Personal loan from HDFC bank
| Fee | Amount to be paid |
|---|---|
| Rack Interest Rate | Salaried – 11.00% to 21.00% |
| Processing Fee/Upfront Fees | Upto Rs. 4999/- |
| Stamp Duty & Other Statutory Charges | As per applicable laws of the State |
Documents required to get Personal Loan from HDFC Bank
The following documents are required to avail Personal loan from HDFC bank.
- 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 previous 3 months (Passbook of previous 6 months)
- Two latest salary slip/current dated salary certificate with the latest Form 16
- Two Passport Size photographs
- Last 2 years Income Tax Return
Pre-payment Charges
Salaried – No pre-payment in Part or Full permitted until repayment of 12 EMIs
Part-payment allowed up to 25% of Principal Outstanding. It is allowed only once in the financial year and twice during the loan tenure.
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Is HDFC Bank good for personal loan?
HDFC Bank is one of the leading private sector banks in India, offering a wide range of financial products and services.
When it comes to personal loans, HDFC Bank is often considered a favorable option for various reasons.
Let’s take a closer look at why HDFC Bank is generally considered a good choice for personal loans.
1. Reputation and Credibility
HDFC Bank has established a strong reputation in the banking industry for its reliability and customer-centric approach.
It is known for its transparent processes and ethical practices, which can provide borrowers with a sense of trust and confidence.
2. Competitive Interest Rates
HDFC Bank offers competitive interest rates on personal loans, making them attractive for individuals seeking financial assistance.
The bank’s interest rates are often in line with industry standards or even lower, depending on the borrower’s creditworthiness.
3. Flexible Loan Amounts
HDFC Bank provides a wide range of loan amounts to cater to different financial needs. Whether you need a small loan for a specific purpose or a larger amount for a significant expense, HDFC Bank’s flexibility in loan amounts can be beneficial.
4. Quick Approval and Disbursal
One of the key advantages of opting for a personal loan from HDFC Bank is the relatively quick approval and disbursal process.
If you meet the eligibility criteria and submit the required documents, you may receive approval and get the loan amount disbursed within a short span.
5. Convenient Application Process
HDFC Bank offers various channels for applying for a personal loan, including online applications. This makes it convenient for borrowers to initiate the loan application process from the comfort of their homes or offices.
6. Attractive Offers and Features
The bank often introduces special offers and features for personal loans, such as reduced processing fees or pre-approved loan offers for existing customers. These benefits can enhance the overall borrowing experience.
7. Customer Service
HDFC Bank is known for its responsive customer service. Borrowers can reach out to the bank’s representatives for assistance and clarification at various stages of the loan application and repayment process.
8. Repayment Flexibility
HDFC Bank typically offers flexible repayment tenure options for personal loans. Borrowers can choose a repayment tenure that aligns with their financial capabilities.
Final Verdict
Considering its strong reputation, competitive interest rates, flexibility, and customer-centric approach, HDFC Bank is generally regarded as a good option for personal loans.
However, as with any financial decision, it’s advisable to carefully review the terms and conditions, compare offers from different lenders, and assess your own financial situation before proceeding with a personal loan application.
