HDFC Instant Loans

HDFC Bank understands the constant effort of people to live life to the fullest these days. In an effort to make it happen, challenges are faced while fulfilling specific needs like wedding expenses, paying off medical expenses, business expansion, or any other personal needs. To give a solution to this challenge, HDFC Bank offers instant Personal Loan with flexible tenures, competitive rates, and pocket-friendly repayments.

Pre-approved HDFC customers can get this instant loan within 10 seconds. Other bank customers can get a Personal Loan as fast as 4 hours. These unmatched features and benefits make this product the most popular one across the country.

Key Features of HDFC Instant Loans

The Key features of HDFC Instant Loans are:

  • HDFC Instant Loan is packed with unmatched features and benefits. The product is designed with great care so as to give the best deal to the customers.
  • Irrespective of the reason for availing a Personal Loan, the application process is quick, hassle-free, and requires minimal documentation.
  • Quantum of the loan is between 50,000 to 40 Lakhs. It depends on the income, repayment capacity and the credit score of the applicant.
  • Flexible repayment period ranging from 12 months to 60 months
  • You can check the eligibility of the loan in 60 seconds and instantly apply for the loan online
  • A pre-approved HDFC customer can get the funds within 10 seconds whereas other bank customers can get the funds within 4 hours of approval.
  • Concessional or special rate of interest for existing HDFC customers
  • You can protect yourself and our loan with insurance:
    • Personal accident cover: For a nominal premium you can avail of personal accident cover up to 8 Lakhs and critical illness cover up to 1 Lakh. The premium will be deducted from the loan amount during disbursement. Applicable taxes and surcharges/cess will be charged extra.
    • Personal Loan security: Secure your Personal Loan with Sarv Suraksha Pro. The benefits of this are:
    • Credit Shield Cover up to the outstanding loan amount
    • Accidental hospitalisation cover up to 8 Lakhs
    • Accidental death/permanent disability cover up to 1 Lakh
  • HDFC offers a host of benefits to its first- time loan customers.
  • Enjoy the flexibility to pick a loan tenure that suits you and payback in pocket-friendly EMIs
  • You have the facility to transfer the outstanding Personal Loan balance in another bank to HDFC bank at an interest as low as 11.25% and can save on the interest out-go as well as reduce the EMI towards your Personal Loan.
  • The Processing fee is up to 2.50% of the sanctioned loan amount (minimum of 1,999 and maximum of 25,000 for salaried applicants).
  • 24 x 7 helpline available to assist you anywhere, anytime

Terms & Conditions of the Loan

The following are the terms and conditions of the loan. The loan will be disbursed only if you accept the terms and conditions.       

  • The loan sanctioned will be at the sole discretion of the HDFC Bank
  • A processing fee at 2.50% of the loan amount with a minimum of 1,999 and a maximum of 25,000 will be collected for salaried individuals.
  • If you avail the loan, it will be deemed that you have accepted the terms and conditions and you will be bound by them.
  • CIBIL verification will be done post application for the loan and only cardholders with a good credit score will be considered for further processing.
  • You can view the monthly repayment schedule with the help of HDFC EMI Calculator. Interest rate shown in Net banking is per annum. In the EMI calculator choose the interest per annum and mention the interest rate given in Net banking.
  • The loan amount will be credited to the savings account for customers with HDFC Bank Savings Account. For customers without savings account with HDFC loan proceeds will be credited to savings account with another bank vide NEFT.
  • Prepayment and part payment will be allowed only after paying 12 EMIs. Prepayment charges as follows will be collected for salaried individuals:
    • For tenure between 13 months to 24 months: 4% on the principal outstanding for pre-payment and on the part payment amount for part-payment.
    • For tenure between 25 months to 36 months: 3% on the principal outstanding for pre-payment and on the part payment amount for part-payment.
    • For tenure above 36 months: 2% on the principal outstanding for prepayment and on the part payment amount for part-payment.
    • Part-payment will be allowed to the extent of 25% of the outstanding balance only once in a financial year and only twice during the loan tenure.
  • Interest rate and processing fee confirmed at the time of application will be collected. Interest is calculated on the reducing balance.
  • Tenure confirmed at the time of loan application cannot be changed
  • Processing charges will not be refunded under any circumstance
  • HDFC Bank reserves the right to add, alter, modify all or any of these terms & conditions or to replace wholly or in part this scheme by another offer, whether similar to the offer or not or to withdraw it altogether at any time without previous notice.
  • You shall not hold HDFC Bank responsible or liable for any actions, claims, demands, losses, charges, damages, costs, expenses, which you may suffer, sustain or incur by the offer. All disputes, if any, arising out of or in connection with or as a result of the offer or otherwise relating hereto shall be subject to the exclusive jurisdiction of the competent Courts/Tribunals in Chennai only.

Eligibility for HDFC Instant Loan

The eligibility criteria for HDFC Instant Loan are:

  • Employees of Public Sector Undertakings including Central, State and, Local Bodies, Private limited Companies are eligible for the loan.
  • Self-employed individuals and non-individuals are also eligible for the loan
  • Individuals between 21 and 60 years of age group are eligible for the loan
  • Individuals should have had a job for at least 2 years with a minimum of 1 year with the current employer.
  • Self-employed individuals/non-individuals should have been in the present business for at least a minimum of 2 years.
  • The applicants should have a minimum income of 15,000 p.m. Those who are from Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, and Cochin should have a minimum income of 20,000.

Documentation Required for HDFC Instant Loan

For Salaried Employees:

  • Duly filled application form for Personal Loan
  • Two photographs of the applicant in passport size
  • ITR records from the last two years
  • Proof of Identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of Income such as last six months' salary slip, Form 16 of two years, Bank statement of at least the last six months that reflects salary being credited or EMI being debited.
  • If there is an existing loan, statement of the loan account for the last 6 months

For Self-Employed:

  • Duly filled application form for Personal Loan
  • Two photographs of the applicant in passport size
  • Proof of Identity such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Residential Address such as Registered Rent Agreement/ Leave and License/Utility Bill of at least three months/ Passport
  • Proof of Business like VAT/ service tax registration/ company's incorporation details Address proof of the business, accounts and balance sheets showing profit and loss statements which have been certified by a CA, the proof of the business's existence a copy of the partnership deed and business profile.
  • If there is an existing loan, statement of the loan account for the last 6 months

Fees and Rates for the HDFC Instant Loan

Charge Description Charge Collection

Rack Rate Interest

For Salaried individuals: 15.50% to 21.50%

Processing fee

Up to 2.50% of the loan amount with a minimum of 1,999 and maximum of 25,000 for salaried individuals.

Pre-payment in part or full

No pre-payment is allowed until 12 EMIs are paid. Part-payment up to 25% of the loan outstanding allowed once in a financial year and only twice during the loan tenure.

Pre-payment/part-payment charges

 

For Salaried Individuals:

  • For tenure 13-24 months: 4% on the principal outstanding for pre-payment and 4% on part payment amount for part-payment
  • For tenure 25-36 months: 3% on the principal outstanding and 3% on part payment amount for part-payment.
  • For tenure >36 months: 2% on the principal outstanding and
  • 2% on part payment amount for part-payment

Overdue EMI interest

2% per month on EMI/principal overdue

Stamp duty and other statutory charges

As applicable as per the law of the State.

Cheque swapping charges

500

Amortization schedule charges

200

Loan cancellation charges

Nil. However,the borrower would be charged interest for the interim period between the date of the loan disbursement and loan cancellation and processing fees would be retained

Cheque bounce charges

500 per instance

Legal/Incidental charges

At actual

Why Apply for HDFC Instant Loan Through MyMoneyMantra?

The interest rate and other charges differ from bank to bank and to collect the information from different banks to do a comparative study will be difficult and confusing if we are doing it all by ourselves. MyMoneyMantra can help you through the whole process.

All the information about Instant Personal Loans is collected and listed on a single screen by MyMoneyMantra which makes it very convenient.

They also provide requisite information and guidance in respect of the following:

  • In assessing the eligibility depending upon your income and repayment capacity
  • To choose the appropriate product
  • Will highlight the processing fee
  • Will expedite the documentation process making the turnaround quick

They also have experts who can:

  • Assess your profile and determine your eligibility
  • Analyse your repayment history and advise accordingly
  • They will help you understand the fine print, with regard to terms and conditions

How to Use MyMoneyMantra EMI Calculator to Calculate HDFC Instant Loan EMI?

All the information about the details relating to instant Personal Loans from different financial institutions being collated on a single screen makes the usage of MyMoneyMantra EMI Calculator very convenient. Also offers for Instant Loans by different institutions are also easily available. You can do complete market research before choosing the lender to avail the loan in terms of current interest rates, processing fees, pre-payment charges from various lending institutions.

Using MyMoneyMantra EMI Calculator to calculate the equated monthly instalment (EMI) for HDFC Instant Loan involves the following simple steps:

  • To begin with register as a user on MyMoneyMantra website
  • Log in and choose the EMI Calculator under Financial Tools available on home page
  • Provide the information like loan amount, rate of interest, and loan tenure, click on the Calculate button to know the EMI instantly.
  • On arriving at the EMI that suits your pocket, choose the lender who gives you the best offer
  • Fill in all the relevant information required for availing the loan.
  • Once the filling of the application for loan is complete and the process is initiated, the representative of MyMoneyMantra will contact you and guide you through the entire loan process till the disbursal.
  • On approval, the loan proceeds will be credited to your account

Why Use a MyMoneyMantra EMI Calculator?

If you have to assess your loan eligibility and the EMI that has to be paid you have to take the help of the EMI Calculator. By filling the details like interest, loan amount, and tenure you can get an idea of the EMI that has to be paid. With the calculator, you can try various combinations and arrive at an EMI that is affordable to you.

On arriving at the affordable EMI, you will understand the quantum of loan you will be eligible for. With this, you even get to understand if the loan amount available is sufficient for the purpose for which you are availing the loan. You can then decide whether to avail the loan or not. Also, the amortization table available in the website helps in the careful planning of repayment of a property loan from Axis Bank.

Frequently Asked Questions

What is the quantum of loan available under HDFC Instant Loan?

You can avail an HDFC Instant Loan ranging from 50,000 to 40 Lakhs. The eligibility depends on factors like income, credit score and, repayment capacity of the applicant.

What are modes of repayment of HDFC Instant Loan?

You can pay the EMI towards the loan vide Post Dated Cheques or vide ECS or vide Standing Instructions to debit your HDFC Bank savings account.

Does having a salary account with HDFC help in obtaining a Personal Loan?

Having a salary account with HDFC Bank will give preference for availing the Personal Loan. Also, you will get concession in rate of interest and processing fees. Loan processing will be quicker as there will be minimal documentation.

Is Pre-payment/part-payment of Personal Loan allowed?

Yes, pre-payment/part payment of a Personal Loan is allowed only after paying 12 EMIs. Part-payment to the extent of 25% of the outstanding balance is allowed once in a financial year and only twice during the loan tenure. The loan can be pre-closed by issuing a demand draft or a cheque at the Bank. Also, cash beyond 49,000 cannot be accepted for part payment. Beyond that, prepayment should be only by way of Account Payee Cheque or a Demand Draft.

What is the tenure available for the loan repayment?

The loan can be repaid within 12 months to 60 months.

Does HDFC Instant Loan have any additional benefits?

The following additional benefits are available for HDFC Instant Loan:

  • Personal accident cover: For a nominal premium you can avail of personal accident cover up to 8 Lakhs and critical illness cover up to 1 Lakh. The premium for these policies will be deducted from the loan amount during disbursement. Applicable taxes and surcharges/cess will be charged extra.
  • Personal Loan security: Secure your Personal Loan with Sarv Suraksha Pro. The benefits of this are:
    • Credit Shield Cover up to the outstanding loan amount
    • Accidental hospitalisation cover up to 8 Lakhs
    • Accidental death/permanent disability cover up to 1 Lakh

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