HDFC Bank Personal Loan
HDFC Bank is an Indian banking and financial services company. HDFC Bank is one of the India’s largest leading private sector banks by assets and world’s 10th largest bank by market capitalisation as of April 2021. It is the third largest company by market capitalisation as of Rs 122.50 billion on the Indian stock exchanges.
|Headquarters||Mumbai, Maharashtra, India|
|Owner||Housing Development, Finance Corporation|
|Subsidiaries||HDFC Securities HDB Financial Services|
What do you mean by Personal Loan?
Personal loan is a loan that is used for your personal use. You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expense etc. Personal loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, it must be repaid in monthly instalments.
What are the Benefits and Features of Personal Loan?
There are various benefits of personal loan. Some of the top benefits of personal loan are:
- Instant Approval
- No Restriction on Fund Usage
- No need for a Collateral
- Flexible tenure
- Online Services
- Minimum Documentation and Easy to Avail
- Fixed Interest
How to Apply for HDFC Bank Personal Loan?
HDFC Bank offers a Personal loan to pre-approved customers in just 10 seconds. For other banks, it usually takes about 4 to 5 hours to disbursed the loan but it just takes a second in HDFC Bank. As an already existing customer, you can apply for the HDFC Bank Personal loan via Net Banking through the HDFC Bank website, through an ATM or Loan Assist App. You can also apply for the loan by the nearest branch of HDFC Bank and filling up the application process.
You can get a re-payment tenure that suits your needs. And then you must make the payments in equated monthly instalments or EMI. This instalment amount is calculated using the loan amount, the payment tenure, and the interest rate.
Applying for the HDFC Bank Personal loan is very easy and it just takes 5 steps to apply. Following are the methods:
- Figure out why you need the loan, and how much amount do you need. You can get a personal loan for wedding, vacation trip, house renovation etc. You can take 1 lac to Rs 10 lacs.
- But before applying for the loan you must need to know whether you are eligible for the loan or not. To know about the eligibility, calculate whether you are eligible for a Personal loan or not. You can use HDFC Bank Personal loan eligibility calculator to determine how much you can borrow. HDFC Bank allows you to borrow upto Rs 40 lacs.
- Calculate your EMI using the HDFC Bank Personal Loan EMI Calculator. It is simple to operate. HDFC Bank EMI on Personal Loan for as Rs 1878 per lac.
- Approach the bank and apply for the loan by Net Banking, via the bank’s website, or through ATM. You can also apply for the loan by the nearest branch of HDFC Bank and filling up the application process.
- Simply provide the bank with your documents. These are minimal. All you really need are ID proof, address proof, and income proof (IT returns, salary slips etc or bank statements).
After completing the above steps, you just need to wait for the loan funds to be disbursed to your account. HDFC Bank usually disburses your loan within 10 seconds if you are a pre-approved customer, while non-HDFC Bank customers can get the loan I just 4 to 5 hours.
Also Read: How to Apply for ICICI Bank Car loan
Benefits of HDFC Bank Personal Loan
Below are the certain benefits of HDFC Bank personal loan.
- The process for applying for loan is hassle-free. You can apply for the HDFC Bank personal loan online, through an ATM, Loan Assist App or personally at the bank. This process requires minimum documentation.
- Existing HDFC Bank customers can get a pre-approved loan in just 10 seconds or 4 to 5 hours at the most , for non HDFC customers.
- No security or collateral is required for a Personal loan. You don’t need to mortgage your house.
- There is a minimum documentation required in order to obtain a Personal loan. This also cuts down on the processing time for such a loan. All you need to secure a Personal loan is ID proof, address proof, and income proof.
- The payment terms are flexible, and you can choose your tenure as per your suitability. HDFC Bank offers tenure ranging from 12 to 60 months, with EMI as low as Rs 1878/ lac.
- You can claim tax benefits on the interest payments if you use the loan amount for buying constructing or renovating a home, or for higher education purposes.
Eligibility criteria for HDFC Bank Personal Loan
It is important to make sure that you are eligible for a Personal loan, before you consider applying for one. HDFC Bank offers Personal loan to salaried individual and self-employed individuals. The following people are eligible to apply for a Personal loan:
- Employees of private limited companies, employees from public sector undertakings, including central, state, and local bodies.
- Individuals whose age is between 21 and 60 years of age.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
- Those who earn a minimum of 25,000 net income per month.
Figure out why you need the loan, and how much amount do you need. You can get a personal loan for wedding, vacation trip, house renovation etc. You can take 1 lac to Rs 10 lacs. But before applying for the loan you must need to know whether you are eligible for the loan or not. To know about the eligibility, calculate whether you are eligible for a Personal loan or not. You can use HDFC Bank Personal loan eligibility calculator to determine how much you can borrow. HDFC Bank allows you to borrow upto Rs 40 lacs.
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As there are certain eligibility requirements for Personal loan, you also need certain minimal documentation to apply for the loan. Certain documentation are:
- ID Proof: Passport/Driving License/Voters ID/PAN Card
- Address Proof
- Income Proof
- IT Returns
- Salary Slips etc
- Bank Statements
- 2 Passport size photographs
1. What is the minimum salary for a Personal Loan?
Ans: The minimum salary to obtain personal loan is 25,000 per month.
2. What is the minimum age criteria to apply for a Personal Loan?
Ans: The applicant must be between the ages of 21 to 60 to apply for a personal loan.
3. What is the minimum credit score required to apply for a Personal Loan?
Ans: HDFC Bank requires a minimum credit score of 650 to be eligible for personal loan. The credit score may vary from bank to bank.
4. How to check Personal Loan eligibility criteria?
Ans: To check your eligibility criteria you can use the HDFC Bank Personal Loan eligibility calculator on the HDFC website.
5. Are self-employed individuals eligible for a Personal Loan?
Ans: Yes, self-employed individuals are eligible for personal loan.
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