|Loan amount||Up to Rs. 20 Lakhs|
|Interest Rate||16.75% - 36% p.a.|
|Tenure||12 - 60 months|
|Processing fee||Up to 3% of the loan amount + GST|
|Prepayment charges||Up to 4% + GST|
|Age||21 - 60 years for salaried & 22 - 65 years for self-employed|
|Minimum net monthly income||Rs. 15,000|
|Lowest EMI per lakh||Rs. 2,472|
Note: Know about NBFCs v/s Bank better option for your personal loans.
Here are the most important features of HDBFS loan:
There are several benefits of choosing HDB Personal Loans:
Planning for any loan is extremely important. This helps you manage your finances better and ensure that you are able to repay your loan on time. The equated monthly installment (EMI) is the deciding factor when it comes to any loan. You need to be certain that you can pay the EMI month after month for the tenure of loan without any hassles.
The best way to check if a loan is affordable to you or not is using a Personal Loan EMI Calculator available online on our website. It is easy to use. All you have to do is follow the steps mentioned below:
Apart from calculating the EMI amount, the EMI Calculator also displays the amortization schedule for loan repayment.
Here’s an example:
Personal loan amount required: Rs. 10 Lakhs
Applicable rate of interest: 16.75% p.a.
Tenure: 5 years
EMI to be paid each month till the tenure ends: Rs. 24,718
Total interest to be paid: Rs. 4,83,101
Total amount to be paid to the lender: Rs. 14,83,101
Amortization schedule of the above example:
|Year||Opening Balance||Amount Paid by Customer (EMI*12)||Interest Paid During the Year||Principal Paid During the Year||Closing Balance|
|1||Rs. 10,00,000||Rs. 49,437||Rs. 27,766||Rs. 21,670||Rs. 9,78,330|
|2||Rs. 9,78,330||Rs. 2,96,620||Rs. 1,53,190||Rs. 1,43,431||Rs. 8,34,899|
|3||Rs. 8,34,899||Rs. 2,96,620||Rs. 1,27,232||Rs. 1,69,388||Rs. 6,65,511|
|4||Rs. 6,65,511||Rs. 2,96,620||Rs. 96,577||Rs. 2,00,044||Rs. 4,65,467|
|5||Rs. 4,65,467||Rs. 2,96,620||Rs. 60,373||Rs. 2,36,247||Rs. 2,29,220|
|6||Rs. 2,29,220||Rs. 2,47,184||Rs. 17,963||Rs. 2,29,220||Rs. 0|
In order to get a personal loan with HDB Finance, you need to submit the following documents:
The eligibility criteria for different categories of applicants are as mentioned below:
This includes CAs, employees in Private Limited and public companies, government employees, and salaried doctors.
This includes self-employed CAs, doctors, company secretaries, and architects.
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:
This includes any partnership or private limited firms that are involved in trading, manufacturing, and other services. The eligibility criteria are as follows:
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:
|Loan processing fees||Up to 3% of the loan amount sanctioned|
|Cheque/ ECS bouncing fees||Rs. 750 each time|
|Interest applicable on late payment of the EMI||3% every month the interest amount is overdue|
|PDC/ ECS Swap charges||Rs. 750|
|Statement of Account||Rs. 500|
|Document Retrieval Charges||Rs. 750|
|Added Repayment Schedule||Rs. 500|
|Sanction letter copy||NA|
|Loan Cancellation Charges||Rs. 1000|
*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:
You can contact the customer care of HDB Financial Services through any of the following ways:
Now get IDFC First Bank personal loan of Rs. 20000 to Rs. 1 Crore at lowest interest rate starting from just 10.49% per annum and the processing fee is 1.5%-2% of the sanctioned limit + GST.
The easiest way to get information like outstanding loan amount, EMI due date and more, the best option available is the HDB app which you can download on your phone from any app store. You can also visit the nearest HDB branch or send in an email with your query to email@example.com.
In case of any excess payment, you can submit a refund request form at the nearest HDB Branch. You can also send a request via email to customer.support@hdbfs,comOnce the request has been verified, the amount is refunded to your account through ECS. The amount is refunded to the account that you are making repayments towards your loan from.
Repayments towards your HDB personal loans should be made in the form of Equated Monthly Installments. You can choose an Automated Clearing House to have the EMI debited from your account before the due date each month. You can also make repayments towards the loan using the HDB mobile application or by logging on to your net banking account.
Yes, you can make part prepayments towards the loan or foreclose your loan account. You can do so only after making at least 6 EMI payments towards the loan. Charges up to 4% plus applicable GST will be levied for the same.
Yes. You have the option of cancelling the loan within 7 days of disbursement. You can contact the nearest branch or write to firstname.lastname@example.org. A cancellation fee of Rs. 1,000 is applicable on personal loans.