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Apply for HDFC Bank Personal Loan Online

Daisy Irani
Apply for HDFC Bank Personal Loan Online

In today's dynamic and fast-paced world, financial needs often arise unexpectedly, ranging from planned life events like weddings and home renovations to unforeseen emergencies like medical procedures. HDFC Bank, a trusted name in banking services, comprehends these diverse financial needs and strives to provide a simple and effective solution - HDFC Bank Personal Loans.

Understanding HDFC Personal Loans:

HDFC Personal Loans are crafted to cater to various financial requirements, offering individuals the necessary financial flexibility to navigate through life's uncertainties. These loans provide quick and convenient access to funds without the complexities of lengthy approval processes or burdensome documentation. My Mudra is one of the top fintech companies in India that makes the process so simple that you can easily get any loan from the top banks with any hustle.

Key Benefits of HDFC Personal Loans:

Quick and Convenient Application Process:

One of the most appealing aspects of HDFC Bank Personal Loans is the hassle-free application process. Applying for a loan has been simplified with the introduction of the seamless online application feature. This ensures that individuals can apply for a loan from the comfort of their homes or offices, saving valuable time and effort.

Swift Approval and Disbursal:

HDFC Bank ensures that the loan approval and disbursal process is swift and efficient, making it an ideal option for urgent financial needs. For pre-approved HDFC Bank customers, access to funds can be as quick as 10 seconds, while other applicants can expect loan disbursal within about 4 working days, subject to verification.

Effortless Online Application:

The online application process is designed to be user-friendly and straightforward, requiring just a few clicks to complete. This user-centric approach simplifies the process for both existing and new customers, enhancing the overall experience.

Transparent Fee Structure:

HDFC Personal Loans boast a competitive interest rate structure and transparent fee system. Interest rates range from 10.50% to 25.00%, while processing fees are capped at up to ₹4999 + GST. Additionally, the loan tenure spans from 03 Months to 72 Months, offering borrowers flexibility in repayment.

Customized Loan Options:

HDFC Bank emphasizes the significance of personalized loan offerings to match individual requirements. Special rates, charges, and exclusive offers are extended to HDFC Bank account holders, ensuring tailor-made financial solutions to suit their needs.

Features of HDFC Personal Loan

  • No collateral or security required to avail a personal loan.
  • Loan disbursal within a day of applying for the loan.
  • HDFC personal loan interest rates range from 10.50% p.a. to 21.00% p.a.
  • Borrowers can opt for the ‘Sarv Suraksha Pro’ policy, which provides a credit shield cover, an accidental hospitalisation cover, and a permanent disability/accidental death cover.
  • Borrowers can also avail an optional insurance cover that will offer coverage against personal accidents and critical illnesses.

Eligibility Criteria for HDFC Personal Loan

The application process is designed to be hassle-free and streamlined, requiring minimal documentation. For pre-approved customers, the loan application requires no documents, while other applicants may need to provide bank statements, salary slips, and KYC documents for verification.

  • You should be employed at a private company, a public sector company, or with a state, central, or local government body.
  • You should be over the age of 21 years. The maximum age is 60 years.
  • The minimum income required is Rs.25,000 per month.
  • You should have an overall work experience of at least 2 years.
  • You should have been employed at their present organization for a minimum of 1 year.

HDFC Personal Loan EMI Calculation

You can use My Mudra HDFC Personal Loan EMI Calculator to check your monthly prepayment amount. All you need to do is enter your preferred loan amount, tenure, interest rate and processing fee Hit “Calculate” to check your EMI and processing fee.

Let’s take a personal loan of Rs.1 lakh for a tenure of 1 year. Assume that HDFC charges an interest rate of 10% p.a. For the repayment tenure, you must pay an EMI of Rs.8,792.

Loan Repayment and Foreclosure Options:

Repaying the loan is convenient and flexible, allowing borrowers to settle their dues through equal monthly installments (EMIs) using Electronic Clearing Service (ECS) or direct debit from their HDFC Bank accounts. Furthermore, HDFC Bank offers the option to foreclose the loan after a minimum of 12 EMIs without incurring any prepayment charges, subject to certain conditions.

Loan Amount and CIBIL Score:

The loan amount sanctioned can range up to ₹40 Lakh and, in certain cases, extend up to ₹75 Lakh, contingent upon eligibility. Having a commendable CIBIL score (above 720) substantially enhances the chances of loan approval and better terms.

Security and Insurance:

HDFC Personal Loans are unsecured, meaning no collateral or guarantor is required. While insurance isn't mandatory, it's advisable to safeguard the loan against unforeseen events.

FAQs on HDFC Personal Loan

  1. How can I repay my HDFC loan?
  2. You can repay your loan amount in Equated Monthly Installments (EMIs). The loan repayments can be done via post-dated cheques, ECS, or via a standing instruction to debit the repayment amount from your HDFC Bank account.
  3. When can I take an HDFC top up loan?
  4. You can take a top up loan from HDFC when you opt for a balance transfer with HDFC.
  5. Can business owners take personal loans from HDFC Bank?
  6. No, HDFC Bank only offers personal loans to salaried individuals. Applicants are required to be employed with a private, public sector, or government body at the time of taking the loan.
  7. Can I avail a personal loan from HDFC Bank on a floating rate of interest?
  8. No, HDFC Bank charges a fixed rate of interest for personal loans.
  9. Does HDFC Bank allow part-payment of the loan amount and are there any conditions for the same?
  10. For personal loans that were disbursed on or after 1 April 2018, you can make part-payments, provided you have paid at least 12 EMIs.
  11. What are the conditions that are applicable when making part-payments?
  • Part-payments can only be made twice during the entire loan tenure.
  • Borrowers can only make a part-payment once in any given fiscal.
  • Each part-payment cannot be more than 25% of the outstanding principal amount.
  • You may have to pay a part-payment charge to the lender when making such a payment.
  1. What is the repayment tenure for personal loans issued by HDFC Bank?
  2. If you take a personal loan from HDFC Bank, you will need to repay the due amount within 1 year to 5 years (12 to 60 months).
  3. How to check HDFC personal loan status?
  4. You can check the status of your HDFC personal loan application by visiting the website of HDFC bank. All you need to provide is the reference or proposal number along with the date of birth or mobile number.
  5. Am I eligible for HDFC personal loan moratorium?
  6. The COVID-19 crisis has posed a huge challenge for customers. Hence, based on RBI guidelines, HDFC offers its customers the option to opt for personal loan moratorium. All HDFC Bank customers who have taken personal loan prior to 1st March 2020 are eligible. Customers having overdues before 1st June 2020 are also eligible for personal loan moratorium. However, for the latter, requests shall be considered solely at HDFC’s discretion.
  7. How to contact HDFC Bank personal loan customer care?
  8. You can call on the  +91-8588-80-6836 between 10 a.m. and 6:30 p.m. on all days excluding Sundays and bank holidays. You can even Whatsapp us on +91-7291-91-9151 .
  9. What are some common mistakes you must avoid for personal loan rejection?
  10. Read this article on Personal Loan Rejection to know detailed information.

Daisy Irani
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