IndiaLends Advisory

By IndiaLends Advisory

Aug 27, 2018

A Complete Guide To HDFC Personal Loan

Recognised as the Best Banking Performer, India in 2016 by Global Brands Magazine Award, HDFC Bank was incorporated in 1994. The registered office of this well-known bank is in Mumbai, India. The first corporate HDFC office and full-service branch were at Sandoz House, Worli. Today, the bank’s distribution network has spread to almost 5000 branches, 12,000 ATMs across 2500 cities and towns. It is known for a number of products and services including:

– Wholesale banking

– Retail banking

– Treasury

– Auto and Two wheeler loans

– Personal loans

– Loans against property

– Credit cards

– Digital products Payzapp and Chillr

 

Let’s discuss the personal loan offered by HDFC in detail:

Features Of An HDFC Personal Loan:

Minimal Documentation: Personal loans require minimal documentation and quick loan disbursal.

Interest Rates: You can avail HDFC personal loans at an interest rate as low as 10.99%.

Budget EMIs: You can choose the EMI which start at ₹1400. You can calculate your EMI now using the HDFC EMI calculator.

Verification and Disbursal: The verification and disbursal of HDFC personal loan are super quick and easy.

Loan Tenure: The borrowers can choose a loan repayment tenure starting from 12 months to 60 months according to their convenience.

Women Specific Offers: If a woman applies for an HDFC personal loan, they can avail a scheme known as the Personal Loan Diva Scheme wherein they can receive pre-approved offers for loans of Rs. 3 Lakh.

Insurance Cover: Every HDFC personal loan is accompanied by an additional personal accident cover of up to Rs.8 lakh along with a critical illness cover of Rs.1 Lakh for free.

 

Related Article:  Questions To Ask Before Taking A Personal Loan

 

Eligibility Criteria

Age 21-60 years
Employment and Income → Employed for a minimum of two years with an employment history of one year with the current employer.

→ Should be drawing a regular salary.

→ Medical professionals, PSU employees, CAs and private limited company employees

→ The applicant should have a minimum net income of ₹ 15,000

Residential Cities including Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Cochin, Ahmedabad, and Kolkata

 

Needless to say that just fulfilling these criteria is not sufficient to get an HDFC personal loan. You should be able to provide verifiable documents for the same:

How To Apply For HDFC Personal Loan

• Register online at the IndiaLends Website or Mobile app

• Get verified by filling out an application form

• Choose loan amount and repayment structure

• Get money in your account

 

Related Article: Personal Loan: Application Checklist

 

How To Check HDFC Personal Loan Status

You can check the status of your HDFC personal loan any time by logging in the IndiaLends app and clicking on the Track Status tab. Here you will be able to see your application and the status of your approval.

What Are HDFC Personal Loan Interest Rates And Other Charges

Rack interest rate Salaried – 15.75% to 20%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment Salaried – No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges Salaried – 13-24 Months – 4% of Principal Outstanding, 25-36 Months – 3% of Principal Outstanding >36 Months – 2% of Principal Outstanding
Charges for late payment of EMI 24% per annum on the amount outstanding from date of default
Cheque swapping charges Rs 500/-
Amortization Schedule charges Rs 200/-
Loan cancellation charges NIL (However interest would be charged for the interim period between the date of loan disbursal and loan cancellation and processing fees would be retained.)
Cheque bounce charges Rs. 550/- per cheque bounce
Legal/incidental charges At actual
CIBIL Report Copy Charges Rs.50 per copy

HDFC Top Up Loan

Any customer with an existing Home Loan, Home Improvement Loan or a Home Extension Loan can apply for a Top Up Loan at HDFC bank. The maximum term for this kind of loan is 15 years depending on the customer’s profile, the age of customer at maturity of the loan, the age of property at loan maturity, depending upon the specific repayment scheme as may be opted and any other terms which may be applicable based on prevalent norms of HDFC. You can apply for a Top Up Loan after 12 months’ of the final disbursement of your existing Home Loan and upon possession/completion of the existing financed property or basis the last 12 months’ track record of the Top-Up Loan being refinanced from another institution, subject to possession/completion of the property.

 

HDFC Instant Loan

It is a pre-approved loan that is credited instantly to your HDFC Bank Savings account or given to you in the form of a Demand Draft, drawn in favor of the applicant’s name as per HDFC Bank Credit Card records. The special feature about this loan is that it does not require any documentation.

HDFC Personal Loan In A Nutshell

 

Interest Rate 10.99% – 20.00% Per Annum
Loan Amount 50k to 40 Lakhs
Processing Fee From Rs. 1500/- Up to 2.5% of the loan amount
Foreclosure

Allowed only after 12 EMIs, the charges vary by year-

• 2nd year – 4%

• 3rd year – 3%

• After 3 years – 2%

Lock-In Period 1 Year
Tenure 12 to 60 Months

 

We hope this covers everything that you wanted to know about HDFC personal loans. In case you have any further questions or any doubts, do let us know in the comment section below. To know more about personal finance, make sure you follow our blog. Until next time!

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