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HDBFS Personal Loan

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Best Rate

13.99%

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HDBFS

HDB Financial Services (HDBFS) is a leading Non-Banking Financial Company (NBFC) that caters to the growing needs of an Aspirational India, serving both Retail & Commercial Clients.

Incorporated in 2008, they are a well-established business with strong capitalization. HDBFS is accredited with CARE AAA & CRISIL AAA ratings for its long-term debt & Bank facilities and an A1+ rating for its short-term debt & commercial papers, making it a strong and reliable financial institution. They have more than 1000 Branches spread across 22 States & 3 Union Territories.

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What is a personal loan?

A personal loan is an unsecured (i.e. without collateral), multi-purpose loan usually taken to cover short-term money requirements. Personal loans usually have a speedy approval process hence making it one of the most popular loans in the market.

Features of HDBFS Personal Loan

  • Loans up to 20 Lakhs
  • Tenure ranging from 12 to 60 months
  • No guarantor/security required
  • Convenience of doorstep service
  • Quick and Speedy processing
  • Attractive Rate of Interest
  • Minimum/Hassle free Documentation
  • Special offer for employees of select companies
Apply HDBFS Personal Loan

Eligibility Criteria

Key Highlights

ParticularsSalariedSelf-employed
Age21 to 60 years22 to 65 years
Loan Tenure1 year to 3 years
Interest Rate (Monthly reducing balance)13.99% to 16.99%

Salaried Individuals 

include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings:

Eligibility Criteria

  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 60 years (Or retirement, whichever is earlier) (65 years for Government Employees. Conditions Apply)
  • Minimum employment: Minimum 1 year in employment with minimum 1-month salary credit in the current organization
  • Minimum Net Monthly Income: Rs. 20,000 for Metro Locations (Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai & Pune) & Rs. 15,000 for All Other Locations.

Self-employed

(Professionals) include self-employed Doctors, Chartered Accountants, Architects, and Company Secretaries.

Eligibility Criteria

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 3 years

Minimum Annual Income:  Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations.

Self-employed (Individuals) include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Eligibility Criteria

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 4 years with minimum 2 years in the same Business
  • Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations.

Self-employed (Private Companies and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Eligibility Criteria

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 4 years with minimum 2 years in the same Business
  • Minimum Annual Income: Rs. 100000/- p.a. for Metro Locations & Rs. 75,000/- p.a. for non-metro locations.
  • Business must be profit making for the last 2 years
Interest Rate (Monthly reducing balance)13.99% to 16.99%
Processing FeesUp to 2% of the loan amount
Loan Tenure1 year to 3 years
Pre-closure ChargesPre-closure permitted after 6 Months. 4% of principal outstanding (plus applicable tax)
Guarantor RequirementNo guarantor required

Required Documents

Salaried Individuals 

include Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings:

Documents required:

  • Proof of Identity: Passport / Voters ID / Driving License/PAN Card/Aadhar Card/ Photo Ration Card
  • Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport
  • Date of Birth Proof: Driving License / PAN Card / Passport / Birth Certificate / 10th / 12th mark sheet bearing date of birth
  • Bank Statements: Latest 3 Months bank statements / 6 months’ bank passbook
  • Latest 3 Months Salary Slip along with latest Form 16 / ITR / Appointment Letter.

Self-employed (Professionals) 

include self-employed Doctors, Chartered Accountants, Architects, and Company Secretaries.

Documents required:

  • Proof of Identity: Passport / Voters ID / Driving License/PAN Card/Aadhar Card/ Photo Ration Card
  • Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport
  • Date of Birth Proof: Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth
  • Bank Statements: Latest 3 months bank statements / 6 months’ bank passbook
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 years certified by a CA

Self-employed (Individuals) 

include self-employed - Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services.

Documents required:

  • Proof of Identity: Passport / Voters ID / Driving License/PAN Card/Aadhar Card /Photo Ration Card
  • Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport
  • Date of Birth Proof: Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth
  • Bank Statements: Latest 3 Months bank statements / 6 months’ bank passbook
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 years certified by a CA
  • Proof of continuation:  Trade license /Establishment /Sales Tax certificate
  • Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Cert. Copy of MOA, AOA & Board resolution.)

Self-employed (Private Companies and Partnership Firms) 

include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services

Documents required:

  • Proof of Identity: Passport / Voters ID / Driving License/PAN Card/Aadhar Card / Photo Ration Card
  • Address Proof: Ration card /Driving License/ Voter ID/ Utility Bill (anyone within last 3 months) / Registered Rental Agreement / Passport
  • Date of Birth Proof:  Driving License / Pan Card / Passport Copy / Birth Certificate / 10th / 12th mark sheet bearing date of birth
  • Bank Statements: Latest 3 Months bank statements / 6 months’ bank passbook
  • Latest ITR along with computation of income, B/S & P&L a/c for the last 2 years certified by a CA
  • Proof of continuation: Trade license /Establishment /Sales Tax certificate/ SSI Registration
  • Other Mandatory Documents (Sole Prop. Decl. Or Cert. Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (Certified by Director) & Board resolution (Original).)

HDBFS FAQ

1. What are my loan limits?

Your personal loan limit would be determined by your income and repayment capacity. HDBFS offers two types of personal loans. They are Personal loan and Quick Loan.

2. Can my spouse income be included for calculating the loan amount?

Yes, your spouse's income can be included provided he/she guarantees the loan or the loan is taken jointly.

3. Do I have to pledge some form of security?

In some cases, security is required.

4. What is the repayment schedule like?

 The minimum amount that you are expected to pay every month is the EMI. You are allowed to pay more than the EMI if you wish to, and we do not charge any prepayment penalty.

5. What is EMI?

EMI stands for Equated Monthly Instalments. This instalment comprises both principal and interest components. Use the EMI calculator to find out your monthly payments based on the loan amount, the rate of interest and the repayment period. Choose the combination that best meets your financial resources and requirements.

6. What is the processing fee? Are there any other charges?

There is 2% processing fee for Personal loan.

7. Do I have the option of choosing a fixed or floating rate for the loan?

You have the option to avail the loan with either a fixed interest rate or a floating one. In the case of a fixed rate loan, the interest rate on the loan will remain fixed through the entire tenure of the loan, whereas in the case of a floating rate loan, the interest rate could decline or rise in line with the changes in the Bank's Medium-Term Lending Rate (SBMTLR).

8. How does HDBFS Personal loan compare with those offered by other banks?

There is total transparency with regard to the rate of interest and the fees charged by us.

HDBFS offers personal loans at the cheapest rates of interest, with no security or collateral

HDBFS offer loans for the longest tenors (36 months), with the flexibility provided to reduce the tenor by prepaying the loan without any penalty.

The Bank provides finance for any personal need or requirement; the total amount being determined on the basis of repaying capacity.

With an HDBFS personal loan, you can choose between fixed rates of interest and floating interest rates.

9. How can I apply for the HDBFS personal loan?

You can either apply online or visit the nearest HDBFS loan centre for a personal loan.

10. Will there be any charges for prepayment towards my HDBFS personal loan?

There are no pre-payment charges levied towards the personal loan.

HDBFS Personal Loans Overview

HDBFS provides attractive interest rates on personal loans when compared to other lenders. Low interest rate with 2% processing fees and no hidden charges makes HDBFS personal loans a prospective and viable option for borrowing for your urgent financial requirements. With long tenure and part-prepayment, HDBFS personal loans do not impose much burden on the customers.

Customer Reviews

4 / 5 (21 Reviews)
12 Feb 2019

Veri good

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