HDB Personal Loan

The following are some important HDB Bank Personal Loan details:

​HDB Financial Services offers personal loans with interest rates ranging from 16.75% to 36% per annum, depending on various factors such as your credit profile, income, employment type, and location. ​

#1. Personal Loan: 

HDB Finance offers quick personal loan to individuals seeking financial assistance. The personal loans are offered at attractive interest rates without any collateral with flexible repayment tenure.

• Loan amount: Up to Rs. 20 Lakhs.
• Tenure: 12 to 60 months.

#2. New to Credit Loan: 

HDB Finance provides this customized personal loan for first time borrowers, who are new to credit and have limited or no credit history.

• Loan amount: Up to Rs. 20 Lakhs.
• Tenure: 12 to 60 months.

#3. Consumer Durables Loan: 

This HDBFS loan can be used for purchasing consumer durables, such as refrigerators, TVs, air-conditioners, washing machines, microwaves and so on.

• Loan amount: Up to 100% funding of the purchase value.
• Tenure: 12 to 60 months

#4. Loan Against Securities/ Bonds/ KVP/ NSC/ Insurance Policies: 

HDB offers personal loans against securities, such as Bonds, KVP, NSC, or Insurance Policies, which enables you to meet your immediate financial requirements without having to liquidate the securities.

• Loan amount: Up to Rs. 50 Lakhs.
• Tenure: 12 to 60 months. Minimum vintage for the policy should be 36 months for approving the loan.

Here are the most important features of HDBFS loan:

• Loan quantum: The flexible loan quantum makes this the best option for any expenses that you need to take care of. You can get up to Rs. 20 lakhs personal loan with HDB Finances. The amount sanctioned depends on several factors such as the CIBIL score of the applicant, the income, the employment status of the individual and the repayment capacity. It is based on the documents submitted by the individual.
• Repayment tenure: These loans come with a flexible repayment tenure. You get between 12 months to 60 months to repay your loans. The loans are repaid in the form of equated monthly installments. Payments can be made through an automated clearance system or online by logging in to the HDB Finance website.
• Security required: The most important feature of these loans is that you do not have to provide any security against the loan. It is processed based on the income and the profile of the applicant. There is no requirement of a third party guarantee for this loan as well, reducing the processing time and making the application process simple.
• Interest rates: With HDB personal loans, you have the option of both fixed and floating interest rates. For unsecured loans, the interest rate can go up to 36%. The interest rate offered to a customer depends on the repayment capacity, income and the current credit rating of the individual.
• Prepayment and foreclosure: Customers can prepay or foreclose the personal loan only after the first 6 EMI payments have been made. Charges are applicable only on the early closure of a loan account. The foreclosure charges on HDB Finance personal loans are as follows:
  • If the loan is closed in 6 - 12 months: 4% of the outstanding amount.
  • If the loan is closed in 12 - 36 months: 4 % of the outstanding amount.
  • If the loan is closed after 36 months: 2% of the outstanding amount.
• Processing fees: HDB charges up to 3% of the loan amount sanctioned for the personal loan processing fee. The processing fees can be paid via a cheque that must be submitted along with other documents that are required for you to complete the loan application process with HDB Finances.

There are several benefits of choosing HDB Personal Loans:

• These loans are flexible, allowing you to use them for any personal or business requirement.
• You do not have to provide any guarantee or security when you apply for a personal loan.
• Doorstep services are provided for all processes including documentation.
• 24x7 customer service helps you get all the queries that you have about the loan answered.
• The interest rate offered is affordable, reducing the burden of the EMI each month.
• The repayment terms are flexible, making it easier for you to repay your loan.
• The documentation process is simple.
• The loan is processed quickly to help you get timely financial assistance.
• All the procedures are completely transparent.
• For employees of certain companies selected by the bank, special offers are available.

Proper planning is crucial when applying for a personal loan. It not only helps you manage your finances more efficiently but also ensures timely repayment without stress. One of the key elements in loan planning is the Equated Monthly Installment (EMI)—the fixed payment you’ll make every month until the loan is fully repaid.

To determine whether a loan is affordable for you, the best tool to use is the Personal Loan EMI Calculator, available online on our website.

Here’s an example:

• Loan Amount: ₹10,00,000
• Interest Rate: 16.75% p.a.
• Tenure: 5 years (60 months)
• Monthly EMI: ₹24,718
• Total Interest Payable: ₹4,83,101
• Total Amount Payable: ₹14,83,101

Amortization Schedule:

In order to get a personal loan with HDB Finance, you need to submit the following documents:

Salaried Individuals:

• ID Proof: Passport/ Driving License/ Aadhaar Card/ Voters ID/ Photo Ration Card
• Address Proof: Ration Card/ Driving License/ Voters ID/ Utility Bill that is not more than 3 months old/ Rental agreement/ Passport.
• Date of Birth Proof: PAN Card/ Driving License/ Birth Certificate/ 10th or 12th standard marks sheet with the date of birth.
• Bank statements for the last 3 months or bank passbook for the last 6 months.
• Last 3 months salary slip along with ITR/ Form 16 or Appointment Letter.

Self-employed Individuals:

• ID Proof: Passport/ Driving License/ Aadhaar Card/ Voters ID/ Photo Ration Card
• Address Proof: Ration Card/ Driving License/ Voters ID/ Utility Bill that is not more than 3 months old/ Rental agreement/ Passport.
• Date of Birth Proof: PAN Card/ Driving License/ Birth Certificate/ 10th or 12th standard marks sheet with the date of birth.
• Bank statements for the last 3 months or bank passbook for the last 6 months.
• Latest ITR along with a detailed computation of income, profit and loss statement, balance sheet for the last 2 years which is certified by a CA.
• Proof of continuation: Sales tax certificate/ trade license/ establishment certificate.
• Other Documents: Sole proprietorship declaration partnership deed, MOA copies, AOA and Board resolution, whichever is applicable.

The eligibility criteria for different categories of applicants are as mentioned below:

Salaried Individuals

This includes CAs, employees in Private Limited and public companies, government employees, and salaried doctors.

• The applicant should be at least 21 years of age.
• The employee should not be over 60 years or age or must not be of retirement age, whichever is earlier at the completion of the loan tenure. For government employees, the maximum age at the time of completion of the loan tenure should not be more than 65 years.
• The applicant should have been employed for at least 1 year and should have had at least 1 month salary credited from the current employer.
• The net monthly income of the applicant should be at least Rs. 20,000 in all metro cities and Rs. 15,000 in other cities.

Self-employed Professionals

This includes self-employed CAs, doctors, company secretaries, and architects.

• The minimum age of the applicant is 22 years.
• The maximum age of the applicant at the completion of the loan tenure is 65 years.
• The applicant should have at least 3 years of experience in his or her respective field.
• The minimum annual income required for metro cities is Rs. 1,00,000.
• The minimum annual income in other cities is Rs. 75,000.

Self-employed Individuals

This includes sole proprietors, directors and partners who are involved in businesses related to trading, manufacturing and other services. The eligibility criteria are as follows:

• The minimum age of the applicant is 22 years.
• The maximum age of the applicant at the time of completion of the loan tenure is 65 years.
• The applicant should have an experience of at least 4 years in his or her field with at least 2 years in the same business.
• The minimum annual income required for metro cities is Rs. 1,00,000.
• The minimum income required for other cities is Rs. 75,000.

Self-employed Partnership Firms & Pvt. Ltd Companies

This includes any partnership or private limited firms that are involved in trading, manufacturing, and other services. The eligibility criteria are as follows:

• The minimum age of the applicant is 22 years.
• The maximum age of the applicant at the time of completion of the loan tenure is 65 years.
• The company should have been in the same field for at least 4 years with a minimum of 2 years in one business.
• The minimum annual income required in metro cities is Rs. 1,00,000.
• The minimum annual income required for other cities is Rs. 75,000.
• The business must be a profit making one for a period of at least 2 years.

Knowing about the applicable fees and charges makes it more convenient for you to manage your personal loan account. Here is a detailed list of all the fees and charges applicable on HDB Personal loans:

*GST will be applicable on all the charges mentioned above.

My Money Mantra offers the best solutions to apply for loans with more than 90 banks and NBFCS. You can apply for a loan on the go with My Money Mantra. All you have to do is follow these simple steps:

• Log on to mymoneymantra.com
• Register with details like your name, age, income, city of residence etc.
• Choose personal loans and select the bank that you want to get the loan from.
• Fill up the online application for and submit it online.
• Once the application has been submitted, you will be contacted by representatives of My Money Mantra to take care of documentation required for the loan.
• After the documents and the application have been submitted to the bank, My Money Mantra also follows up with the bank to ensure faster turnaround time.
• You will be notified once the loan has been approved and is ready for disbursement.

You can contact the customer care of HDB Financial Services through any of the following ways:

• Visit the nearest branch of HDB Financial Services. You can find the branches through the branch locator by clicking at https://www.hdbfs.com/branch-locator. 
• Call on the customer support number of HDBFS: +914442984541.