How to Apply for HDFC Personal Loan in 2022

By | September 16, 2022

How to Apply for HDFC Personal Loan in 2022

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HDFC Personal Loan is available at 11.00% p.a. further for a loan of up to Rs 40 lakh for a tenure of up to 6 years. Existing personal loan borrowers of other banks and NBFCs can also use HDFC Bank personal loan to transfer their outstanding personal loan to HDFC Bank at lower interest rates.

HDFC Bank Personal Loan Highlights

  1. Interest rate - 11.00% p.a. further
  2. Loan amount - up to 40 million crowns
  3. Duration - up to 6 years
  4. Minimum monthly salary - Rs.25000
  5. Processing fee - Up to Rs 4,999
  6. Pre-Approved Instant Personal Loan - Offered to select HDFC Bank customers with loan disbursal within 10 seconds

HDFC Bank Personal Loan Interest Rate

The HDFC Personal Loan interest rates start from 11.00% p.a. further. The final interest rates offered to the loan applicant would vary based on the loan applicant's credit score, monthly income, job profile, employer profile, etc.

HDFC Bank Personal Loan Types

How to Apply for HDFC Personal Loan in 2022

1. Marriage loan

  • Purpose: A matrimonial loan is offered to cover expenses related to a wedding
  • Loan amount: 50,000 - 40,000 rupees
  • Duration: 1-5 years
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

2. Travel loan

  • Purpose: To cover the borrower's travel expenses
  • Loan amount: up to 40 million crowns
  • Duration: Up to 5 years
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

3. Debt Consolidation Loan

  • Purpose: A personal debt consolidation loan is a loan refinancing tool offered to existing borrowers to reduce their debt load by paying off their existing loans/credit card charges that they are using at a higher interest rate.
  • Loan amount: up to 40 million crowns
  • Duration: Up to 5 years
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

4. Personal loan for house renovation

  • Purpose: A personal home renovation loan finances expenses associated with home renovation, such as remodeling a kitchen, replacing old furniture, remodeling, replacing electrical wiring, and installing new fixtures
    Loan amount: up to 40 million crowns
  • Duration: Up to 5 years
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

5. Personal loan for teachers

  • Purpose: For teachers in private or government schools and colleges to cover any additional overhead costs
  • Loan amount: up to 40 million crowns
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

6. Personal loan for women

  • Purpose: HDFC Bank offers personal loans to women to finance their higher education, travel or wedding plans or to meet extraordinary expenses
  • Duration: Up to 5 years
  • Loan amount: 50,000 - 40,000 rupees
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

7. Personal Loan for Salaried

  • Purpose: Immediate personal loan for employed persons to finance their personal needs
  • Duration: Up to 5 years
  • Loan amount: 50,000 - 40,000 rupees
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

8. Government Employees Personal loan

  • Purpose: HDFC Bank Personal Loan for Government Employees is offered to individuals employed in the government sector to meet their various financial needs.
  • Loan amount: up to 40 million crowns
  • Duration: Up to 6 years
  • Processing Charges: Up to 2.50% of the loan amount, minimum Rs 1,999 and maximum Rs 25,000 for postpaid customers

Balance transfer

  • Purpose: Balance Transfer of HDFC Personal Loans is offered to existing personal loan borrowers of other banks/NBFCs to transfer their existing personal loans from HDFC Bank at lower interest rates.
  • Processing Fee: From Rs 3,999 + GST

HDFC Bank Personal Loan Eligibility

Private sector employees, public sector employees and central, state and local government employees

  • Age: 21-60 years
  • Applicants with at least 2 years of experience and 1 year with the current employer
  • Minimum Net Monthly Income: Rs.25,000
  • Apart from this, HDFC personal loan eligibility may also depend on the credit score of the personal loan applicants.

Documents Required for HDFC Bank Personal Loan

  • Identity Proof (Aadhaar Card/Driving Licence/Voter ID/Passport)
  • Address Proof (Aadhaar Card/Driving License/Voter ID/Passport)
  • Bank statement for the last 3 months (updated pass book for the last 6 months)
  • Latest payslips/latest salary slip with Form 16

HDFC Bank Customer Care

  • Helpline Number: 1800 202 6161 / 1860 267 6161 (Available across India) or chat with Bank's intuitive Virtual Assistant called EVA for quick solutions
  • To register complaints: 1800 258 3838
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FAQ

How long does HDFC Bank take to disburse a personal loan?

HDFC Bank usually disburses a personal loan within 4 working days from the date of application. It also offers pre-approved instant personal loans to selected customers, where funds are disbursed in just 10 seconds, without any documentation.

Can a salary account with HDFC Bank help in availing a personal loan?

Having a salary account, savings account or any other deposit or credit relationship with HDFC Bank can help you avail a personal loan from HDFC Bank at lower interest rates. However, the bank will also consider factors like your geographical location, monthly income, existing loans, credit score, employer profile, etc. while evaluating your personal loan eligibility.

Is it allowed to take out a personal loan?

Yes, personal loan execution is allowed after 12 months from the use of the personal loan. Execution fees amount to up to 4% of the outstanding principal amount.

Can I partially prepay my HDFC Bank personal loan?

You can make a partial advance for a personal loan from HDFC Bank only after paying off 12 EMIs. Partial prepayment up to 25% of the outstanding principal amount is allowed only once in a financial year and twice during the repayment of the loan.

What is the minimum credit score required to avail a personal loan from HDFC Bank?

HDFC Bank considers a minimum credit score of 650 for availing a personal loan.

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