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HDFC Bank Personal Loan is a great way to meet your emergency cash needs and to fulfill your various dreams. Interest rates range from 10.75% to 21.30%. HDFC Bank is known for their innovative loan products loaded with an array of benefits for the borrower.
Headquartered in Mumbai, HDFC Bank Limited is an Indian banking and financial services company. Being the largest private sector lender by assets, HDFC has 84,325 employees, 4,727 branches and 12,220 ATMs across 2,666 cities. It was ranked 69th in 2016 BrandZ Top 100 Most Valuable Global Brands.
HDFC offers a wide range of services in the personal loan segment. It is the most preferred bank by all kinds of people for any financial service. For any immediate financial requirement like wedding, medical treatments, house repair, pleasure vacation etc. can be fulfilled using the personal loans offered by HDFC.
Competitive Interest rates
HDFC Bank customers can get attractive interest rates on their personal loans. Even non-customers are offered the best interest rates prevailing in the market. The current interest rate starts from 10.99% and can go up to 20% depending on various factors like the applicant’s credit score, salary, existing liabilities, etc.
Specialized loan offers for working women
HDFC Bank is currently running a promotion called the ‘Personal Loan Diva offer’, which gives preferential personal loan offers to working women. This loan product gives 100+ Diva offers to working women to help them achieve their goals or ambitions. They are eligible for a pre-approved personal loan of up to Rs.3 lakhs. Eligible applicants can avail this offer by calling or emailing the bank. Upon expressing your interest in the product, the generates a unique Diva number emails it to you. You have to follow the instructions in the email to verify and avail the loan.
Quick Loan Approval
HDFC Bank offers a seamless application process for personal loans. They offer quick loan processing and disbursal within 48 hours of applying.
One can check his / her eligibility online in less than a minute. You can also walk in to your nearest branch and find out your eligibility in 10 minutes.
HDFC Bank customers can get personal loan funds in their account within 10 seconds. Non-customers can get the loan amount in under 4 hours.
The loan is processed within one business day of submitting all the relevant documents.
Online Application Process
HDFC Bank has greatly simplified the personal loan application process to save time and hassle for the customers. You can now apply for a personal loan with a single click on the HDFC Bank website.
Customizable Personal Loans
HDFC Bank personal loans are highly customizable. Whatever your need is, you can get suitable loan terms. Existing customers benefit from special interest rates, charges and offers, while non-customers get a host of first-time customer benefits. Applicants can also enjoy flexible tenures ranging from 12 – 60 months with affordable EMIs.
24*7 Customer Assistance
Customers can get round the clock assistance for any queries or issues regarding their loan account. They can get in touch with the bank through SMS, Webchat, Click2Talk or PhoneBanking.
Get additional protection with Insurance
Get a Personal Accident Cover of up to Rs.8 Lakhs, and a Critical Illness Cover of up to Rs.1 Lakh for a very less premium. During the disbursement, the premiums for these schemes would be deducted from the loan amount.
Personal Loan Security: You can also opt to secure your personal loan with Sarv Suraksha Pro policy. This policy gives the following benefits:
Credit Shield Cover that equals the outstanding loan amount
Accidental Hospitalisation cover of up to Rs.8 Lakhs
Accidental Death/Permanent Disablement cover of up to Rs.1 lakh
HDFC Bank Personal Loan can be availed by the following individuals:
Applicants should submit the following documents to process their personal loan application:
Latest bank statement of past 3 months or Bank Passbook of previous 6 months
Two latest salary slip/current dated salary certificate with the latest Form 16
Proof of End use
Rack interest rate
10.75% to 21.30%
Loan processing charges
2.50% of the loan amount
Minimum Rs. 2,999
Maximum Rs. 25,000
Prepayment in Part or full
No pre-payment in part or full permitted until repayment of 12 EMIs 25% Part-payment allowed from the principal outstanding. It is allowed only once in the financial year and twice during the loan tenure.
13-24 months - 4% of principal outstanding, 25-36 months - 3% of principal outstanding >36 months - 2% of principal outstanding
Loan closure letter
Duplicate loan closure letter
Overdue EMI interest
2% per month on EMI / Principal overdue
Charges for changing from floating to fixed rate of interest
Stamp duty & other statutory charges
As per applicable laws of the state
Credit assessment charges
Non-standard repayment charges
Cheque swapping charges
Amortization schedule charges
Loan cancellation charges
Cheque bounce charges
Rs. 550 per cheque bounce
1. What can the HDFC Bank Personal Loan amount be used for?
There are no limitations on what the Personal Loan Funds can be used for. You can utilize it for a variety of reasons. You can use it to fund for vacations, wedding costs, medical expenses or care, purchasing of new technological devices, use of home improvement and several other purposes.
2. How can I repay my Personal Loan?
There are two ways to pay your monthly EMIs for your personal loan. You can set up an auto debit instruction from your bank account or login to your HDFC Bank account to pay it online.
3. How long does it take for the personal loan application to be processed?
HDFC Bank Personal Loan will be processed and disbursed within 24-48 hours of submitting all the required documents.
4. How can I track my personal loan application?
You can visit the HDFC Bank website to track your application online with your mobile number or Loan Application number.
5. Can I make part payments towards my personal loan account?
You can make part payments only after you have completed 12 EMI payments.
It was very fast. Excellent.
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