HDFC Bank Personal Loan

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About HDFC Personal Loan

Are you planning to take your family on vacation abroad? Do you need money to fund a medical emergency? Dreaming of a destination wedding? Does your home need renovation or repair? If any of these expenses are in your list, but you are falling short of funds, no need to worry. Apply for HDFC Personal Loans to meet your diverse financial needs.

Incorporated in 1994, Housing Development Finance Corporation Limited (popularly known as HDFC Bank) is one of the leading personal loans providers in India. It offers Personal Loans at competitive interest rates, flexible tenures,affordable equated monthly instalments (EMIs) and quick disbursals.

HDFC Bank Personal Loan Interest Rate January 2019 (Updated)

Interest rate

11.25% - 17.50%

Loan tenure

5 Years

Loan turn around period

1-7 Days

Processing Charges

2 % of loan sanctioned + Taxes

Who can apply?

Self-employed professionals

Salaried individuals

Indian residents

Dishonour Charges

750 per instance

Lowest EMI

2,187  Per Lakh

Why HDFC Personal Loan?

Here are some important reasons why you should get a Personal Loan from HDFC Bank:

  • EMI for HDFC Personal Loan starts at as low as 2174/Lakh.
  • You can avail a loan amount of up to 40 Lakhs.
  • The documentation requirement is minimal to get this loan.
  • Pre-approved HDFC Bank customers can get instant approval in 10 seconds, however, other customers can get Personal Loan in just 4 hours.

Features and Benefits of HDFC Personal Loan

HDFC Bank Personal Loan is thoughtfully packed with various attractive features and benefits. Here are some of those:

  • The bank has quick and hassle-free online loan application process.
  • You can check your Personal Loan eligibility online in just 1 minute using HDFC's Personal Loan Eligibility Calculator.
  • The funds are disbursed into your bank account under 4 hours of loan approval.
  • The bank offers special Personal Loan interest rates for existing HDFC Bank customers.
  • The bank provides quick loan approval for existing HDFC Bank customers - in just 10 seconds.
  • You can avail the facility of Personal Loan Security at a nominal premium and secure your outstanding loan obligation in case of any miss-happening with Sarv Suraksha Pro scheme. Under this scheme, you will get a Personal Accidental Cover amounting up to 8 Lakhs, and Critical Illness Cover worth up to 1 Lakh. The amount of premium will be deducted from the sanctioned loan amount during disbursal.
  • The bank offers a host of benefits for first-time Personal Loan customers.
  • You can opt to transfer your existing Personal Loan from another lender to HDFC bank through Personal Loan Balance Transfer facility and save money by getting low interest rate on your existing loan and reducing your EMIs.

HDFC Personal Loan Interest Rates

HDFC offers Personal Loans to salaried individuals at interest rates varying between 11.29% to 20% per annum.

HDFC Personal Loan - Processing Fee and Other Charges

Type of Charges

Amount to be Paid

Processing Fee

  • Up to 2.50% of the sanctioned loan amount (Minimum 1,999and Maximum 25,000).

Prepayment Charges (full or in part)

  • 4% of Principal Outstanding: 13-24 Months
    3% of Principal Outstanding: 25-36 Months
    2% of Principal Outstanding: After 36 Months
  • No prepayment allowed until repayment of 12 EMIs
  • Up to 25% of principal outstanding is permitted as part payment (only once in a financial year & twice during the entire loan tenure).

Late EMI Payment Charges

  • 2% per month on EMI or Principal overdue (Minimum 200)

Charges for ChequeSwapping

  • 500

Amortization Schedule Charges

  • 200

Charges for Cheque Bounce

  • 550 for each cheque bounce

 

Types of Personal Loans Offered by HDFC

The types of HDFC Personal Loans vary depending upon the needs and eligibility of the customers. Here are some most sought after Personal Loan types offered by HDFC Bank:

Personal Loan for Marriage: This loan can be availed to fund all the marriage-related expenses including venue booking, catering, shopping, photography, and so on. If there is any marriage around the corner, you can avail this loan and fund your wedding goals. Why to exhaust all your savings on a wedding when you can do so by availing HDFC Personal Loan for Marriage at affordable interest rate?  

Personal Loan for Education: If you are looking for instant monetary help to fund your higher studies plan or your child?s education (or other education-related expenses), you can opt for this loan.

Personal Loan for Travel: If you wish to travel to your favourite foreign destination or want to go on a long vacation with your family, but lack of money is preventing you from fulfilling that dream, you can avail HDFC Personal Loan for Travel to fund all your expensive travel plans.

Personal Loan for Renovation: Is there any special occasion around the corner, like a wedding, a festival or any family function? If yes, this could be the perfect time to give your house a new makeover. You can avail HDFC Personal Loan to fund home renovation expenses. Make your house beautiful with renovation loan offered by HDFC.

Personal Loan for Other Purposes: Apart from the above-mentioned expenses, Personal Loan can be availed for other purposes too including buying expensive gadgets, electronics, medical emergency, and so on.

  • Interest Rate 11.25% - 17.50%
  • Loan Amount 1L - 50L
  • Processing Fee 2999 - 2%
  • Tenure5 Years

  • Quick Apply

HDFC Personal Loan Eligibility

You have to meet the following eligibility criteria to apply for HDFC Personal Loan:

  • You must be an employee of any private limited company or public sector undertaking (central, state or local bodies).
  • You must be between 21-60 years of age.
  • You must have a work experience of at least 2 years, and must have served with your current employer for minimum 1 year.
  • You must be earning minimum 15,000 per month.
  • If you are working in Delhi, Mumbai, Pune, Bengaluru, Hyderabad, Chennai, Kolkata, Ahmedabad or Cochin, your net monthly income should be minimum 20,000.

If your income level or credit score is lower than the requirement of the lender, you can bring in a co-applicant (spouse, father, or other eligible co-applicants) to apply for HDFC Personal Loan to increase your eligibility.

The bank will consider the credit score of the co-applicants and their income when analysing your loan eligibility. If the co-applicant has good credit score (700 or above) and has excellent financial standing, your chances for getting HDFC Personal Loan approval becomes high.

Documents Required for HDFC Personal Loan

  • Identity proof - copy of any of the following
    • Passport
    • Aadhaar Card
    • Driving License
    • Voter ID Card
  • Address proof - copy of any of the following
    • Passport
    • Aadhaar Card
    • Driving License
    • Voter ID Card
  • Last 3 months' Bank Statements/ Passbook of last 6 months
  • Latest Salary Slip/ Salary Certificate of the current date
  • Latest Form 16

Other Products by HDFC

In addition to the Personal Loan, HDFC also offers the following range of loans:

  • Car Loans: Get loan to purchase a brand new or pre-owned car. If you already own a car, you can also get loan against it by pledging it as security.
  • Two Wheeler Loans: Buy your dream bike or scooter by availing HDFC two wheeler loans.
  • Loans for Professionals: If you are a professional individual like Chartered Accountant, Architect, Doctor and so on, you can get a loan from HDFC to grow your business.
  • Home Loan: To purchase ready-to-move flat or home or to construct your own house on a self-owned piece of land. You can avail any of the three Home Loans as per your needs, viz. Home Loan, Home Improvement Loan, and Home Extension Loan.
  • Loan Against Property: You can get HDFC Loan Against Property by pledging your property as collateral. This loan can help you meet various business and personal financial goals.
  • Business Loan: Grow and expand your small or large scale business by availing HDFC Business Loans. Get funds up to 50 Lakhs within 48 hours after approval.
  • Educational Loan: To fund your own or your children?s education, you can avail HDFC Education Loan.
  • Loan on Credit Card: If you own Credit Cards, you can take loan against them to fund your immediate financial needs.

Apart from the products mentioned above you can avail following products and services from HDFC:

  • Three Wheeler Loan
  • Easy EMI
  • Smartdraft - Overdraft Against Salary:
  • Gold Loan
  • Loans Against Assets
  • Government Sponsored Programs
  • Rural Loans
  • Loan Against Securities
  • Pradhan Mantri Mudra Yojana
  • Accounts and Deposits: Savings Account, Salary Account, Current Account, Safe Deposit Locker, Deposits, Pension Account, and Rural Account
  • Cards: Debit Cards, Credit Cards, Forex Cards, Prepaid Cards, Credit Card Rewards Program
  • Demat Accounts
  • Investments
  • Insurance
  • Forex
  • Private Banking
  • Premier Banking

How to Calculate HDFC Personal Loan EMI?

Calculating your EMI for HDFC Personal Loan EMI is easy with our EMI Calculator. MyMoneyMantra provides you with free online EMI Calculator using which you can get the EMI details. You just have to enter a few details such as the loan amount, rate of interest, and tenure to get the result.

Knowing your monthly EMI obligation will help you decide how much loan amount you can afford to repay conveniently and manage your budget accordingly.

Why Apply for HDFC Personal Loan on MyMoneyMantra?

If you want to apply for HDFC Personal Loan online instantly, MyMoneyMantra is the right platform for you. Here are some important reasons why you should apply for HDFC Personal Loan through MyMoneyMantra:

  • With its 70+ finance partners, a user-friendly online platform for instant loan application and loan experts having above 30 years of experience, MyMoneyMantra assures you of availing the best possible Personal Loan deal.
  • With all the information about HDFC Personal Loan available on one page, you can easily get access to all the minute details related to the product.
  • We provide doorstep documents pick-up service so that you don't have to worry about the documentation process at all.
  • We also help you with the loan approval and disbursement process after submitting a loan application.
  • Using our online EMI Calculator, you can easily calculate your eligibility level and EMI amount before a loan application.

How to Apply for HDFC Personal Loan on MyMoneyMantra?

Applying for the HDFC Personal Loan on MyMoneyMantra is a simple and instant process. You just need to follow the following steps to avail the loan:

  • Click on the Personal Loan tab under Loans category on MyMoneyMantra's official website.
  • Enter the required details such as - Your name, required loan amount, preferred loan tenure, the city of your residence, employment type, income, and other basic information.
  • Accept the terms and conditions.
  • Enter the OTP received on your mobile number.
  • Choose HDFC as your loan partner.
  • You will get a call from our loan specialists soon.
  • Keep your documents ready for verification. Our specialist will visit you to collect the required documents and will assist you with the further process till disbursal of the loan amount.

HDFC Personal Loan Customer Care

You can connect with HDFC through following ways:

Toll-free Number

1800 258 3838 (open from 8 a.m to 8 p.m on all days)

Mailing Address

HDFC Bank Ltd., New Bldg, "A" Wing 2nd floor,
26-A Narayan Properties, Chandivali Farm Road,
Off Saki Vihar Road, Chandivali,
Andheri (East), Mumbai- 400 072

HDFC Bank Latest News

27 Nov 2018: New mobile banking app launched by HDFC

HDFC Bank on 27th November 2018 launched a new mobile banking app. The app will ease user access to their bank accounts. The app will have intuitive navigation, biometric log in system for enhance access and security, and other amazing features. It provides an attractive dashboard to the customers with 360 degree financial presentation of all assets and liabilities.

26 Nov 2018: HDFC Bank to host 3rd edition of Digital Innovation Summit in partnership with Startup India

Digital Innovation Summit is HDFC's annual conference that allows fintechs and start-ups from across the world to present their ideas to the bank. The bank has partnered with the Startup India this year to get and implement ideas for potential application & development.

31 Oct 2018: HDFC Bank announces festive offers for its salary account holders

HDFC is showering festive offers such as cash backs, easy car, home loans and more for its salary account holders. If you are a corporate salary account holder with HDFC Bank, you can avail the following bonanza offers this festive season:

  • Cashback of up to 6,000 on purchasing Samsung phones using HDFC Credit Cards, debit cards, EMI on credit and consumer durable loans on Flipkart and Amazon.
  • 50% off on rack interest rate on Personal Loans
  • You may take a loan against mutual funds and securities from HDFC Bank by paying a processing fee of just 999 + applicable taxes.
  • 05 to 0.10% off on rack interest rate and 50% waiver on processing fee on Home Loans and

*The offersare valid till December 31.

 20 Oct 2018: HDFC Bank net profit through loans in Q2 up by 21% 
HDFC Bank has noticed a growth in net profit by 21% (to 5,006 Crore) for the second quarter of 2018 as compared to 4,151 Crore in 2017. The grow this largely due to a remarkable loan book growth of 24%. Personal Loans and auto loans were the largest contributors to its domestic retail lending by constituting 21% and 20% respectively.

FREQUENTLY ASKED QUESTIONS

What happens to the post dated cheques if I change the repayment mode/account for my Personal Loan?

Post Dated Cheques or Security Cheques submitted for loan repayment but have not been en cashed, will be retained by the HDFC Bank. If you wish to get your old Post Dated Cheques or Security Cheques back, you can request for the same at HDFC's Retail Loan Service Center/via Phone Banking/ through email within 45 days from the date of requesting a change in repayment mode. 

What are the modes of repayment of HDFC Personal Loan?

You can pay the loan in EMIs through:

  • Post-dated cheques
  • ECS/ standing instruction to debit EMI amount from your HDFC Bank account.

Can I calculate my EMI before Personal Loan sanction?

Yes,you can use MyMoneyMantra's or HDFC'sonline EMI Calculator to calculate how much EMI amount you need to pay.

Is part-prepayment allowed for HDFC Personal Loan?

Yes, if you have booked the loan on or after April 1, 2018, it is possible to prepay your Personal Loan after completion of 12 EMIs from the disbursement of the loan. However, part-payment is permitted only twice during loan tenure and once in a financial year. Also, each part-payment should not exceed 25% of the outstanding principal amount.

Do I need to pay any additional charges for HDFC Personal Loan repayment?

The additional charges are only applicable if:

  • There is any default
  • In case of SWAP or change in the repayment mode

What does Loan Guarantor mean?

Loan Guarantor is an individual who guarantees to repay the applicant's debt in case the applicant defaults on a loan obligation.

Does HDFC offer pre-approved Personal Loan facility?

Yes, HDFC offers pre-approved Personal Loan to its existing customers. They are eligible to get an instant Personal Loan within 10 seconds of application.

What is the turnaround time for new HDFC Personal Loan customers?

New customers can get a Personal Loan from HDFC in as just 4 hours after successful application and approval.

What is the maximum Personal Loan amount offer by HDFC?

You can avail up to 40 Lakhs as Personal Loan from HDFC, depending on your income, CIBIL score, and other eligibility factors.

Does HDFC provide Personal Loan insurance?

Yes, with SarvSuraksha Pro, you can secure your Personal Loan repayment. The facility has the following key benefits:

  • It provides credit protection to cover equal to your outstanding loan amount.
  • It offers accidental hospitalisation cover of maximum 8 Lakhs.
  • The facility provides accidental death or permanent disablement cover of maximum 1 Lakh.

Other Available products from HDFC BANK

EMI CALCULATOR

EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)