In these tough times of COVID 19, HDFC Bank – one of India’s leading private sector banks has resumed its operations and has started lending personal loans to near about 27000 companies. Pre COVID 19 HDFC used to lend to nearly about 48000 companies. With the stabilization in the situation with COVID, HDFC Bank is getting back to its momentum and lending personal loans while complying with the legal implications.
HDFC Bank is well known for its lowest interest rates and reach to the customer. And, if you are worried about the EMIs then HDFC is here to offer pocket-friendly EMIs and all this and much more can easily be possible with HDFC Personal Loan. Yes, the attractive interest rates allow you to save more, making your personal loan journey a hassle-free experience. To know more about HDFC Personal Loan online, read the page below.
HDFC Personal Loan Eligibility Criteria for July 2022
HDFC offers personal loans based on eligibility criteria. If you are between a range of 21 years to 65 years of age, then you can easily avail HDFC Personal Loan. You should have a minimum monthly income of INR 25,000 to avail personal loan and that should be credited into a bank account only to be more cautious this income should be after every deduction.
Also, you need to check whether you have adequate work experience or not – you must have 2 years of working experience, including a year of experience with the current employer.
For instance, If you are working in Cat A company and drawing a salary of INR 35,000 net in hand and of 30 years of age and looking for a personal loan for 3 years then as per Bank’s Multipliers calculation below:
- Salary: INR 35,000
- Tenure: 36 Months (3 years)
- Eligible Loan Amount: 35000*15 = INR 5,25,000 Lakhs
- In this case, you are eligible up to get a loan of INR 5,25,000 Lakhs.
In another scenario wherein you have some existing EMI going on of another personal loan of INR 6,100 then the calculation would be something like the below:
- Income to be considered for loan amount – (Net income – obligations(EMI))
- INR 35000 – INR 6,100 = INR 28,900
- Now INR 28,900 will be considered as your net salary for Loan amount eligibility calculation. Now the calculation would be like this:
- Eligible Loan Amount: 28900*15 = INR 4,33.500
- In this case, you would be eligible for INR 4,33,500 Lakhs of the loan amount.
- Hence, every customer can get maximum benefits with an HDFC Personal Loan account basis on his profile.
Prepayment Facility
The bank also offers the prepayment facility to help the customers pay off the entire outstanding or a part of it. If you have a surplus amount of money in hand and meeting below criteria then you can pay a part of your principal outstanding amount to reduce the same. This will also help in saving interest accrued on the principal amount. Know more about this facility below.
Note:
- Prepayment will be allowed subject to the successful payment of the first 12 EMIs
- Prepayment will be allowed maximum twice during the entire tenure of the loan
- Prepayment is allowed only once a year
- At any point of time, the prepayment will not exceed 25% of Principal Outstanding Charges to be paid on Prepayment
- 13-24 Months – 4% of the outstanding loan balance
- 25-36 Months – 3% of the outstanding loan balance
- More than 36 Months – 2% of the outstanding loan balance
Point to be Noted
- The GST will be applicable over the processing fee amount.
- The offer won’t be available for top-up/enhancement/exiting loan closure.
- Pricing of loans amounting to INR 10 Lakh and above are under Golden Edge Program.
HDFC Doctors Loan
HDFC Bank offers loans to doctors under its business loan scheme. Yes, the lender offers this unsecured loan to the doctors to meet their professional requirements. This easy-to-access loan comes with many features and benefits.
- Loans above INR 10 lakh come with a special 10.25% interest rate
- Flat processing fee of INR 4,999
- Unsecured Loan up to INR 7.5 Lakh
- Group Exposure Can Go up to INR 1 Crore
- Tenure ranges from 12 Months to 60 Months
- Surrogate Programs like Banking, Gross Receipts and Takeover
- Competitive Pricing
- Minimal Documentation
- Speedy Approval
- Higher Multiplier
HDFC Personal Loan Top Up
If you already have a personal loan running in HDFC and need some extra funding urgently apart from your existing loan, you can apply for HDFC Personal loan top-up. Yes, the bank offers this top-up facility, wherein the existing personal loan borrowers can avail a top-up loan apart from their current running loan. This is the reason why HDFC personal loan has become the first and foremost choice of many borrowers.
Customers can only avail this facility post six months of completion of the loan and if the customer has opted for Moratorium for internal or external payments, in that case the customer can’t avail this facility.
Personal Loan for Wedding
The wedding comes with tall expenses of jewellery, guest accommodation and many rituals. To ensure the wedding happens with all the glitz and glamour, HDFC offers customized personal loans to make it happen! You can choose the loan amount and tenure as per your convenience.
Personal Loan for Home Renovation
One always feels to give their homes a refreshing look with colourful textures and designs. All those wanting to do so can apply for an HDFC Personal Loan. You can get the loan instantly provided you meet the eligibility criteria.
HDFC Personal Loan Eligibility Calculator
Curious to know how much loan amount you are eligible to get? Well, all you need is to know the HDFC Personal Loan Eligibility Calculator. That’s Right! This smart and well-designed tool lets you know the exact amount you can get from a lender depending on your eligibility. After taking into consideration your Income, Combined Monthly Loan EMIs, Combined Outstanding on Credit Card, etc, the device evaluates your personal loan eligibility. Such ease of this online tool makes many loan-seekers use this these days.
HDFC Personal Loan Calculator
A Personal Loan EMI calculator is the tool that helps calculate the instalment an individual has to pay every month. With the help of HDFC Loan EMI Calculator, a person can get an idea of the EMIs in advance so that he/she can manage his/her finances accordingly. This smart, time-saving and effective online tool takes into consideration the following three variables to compute the repayment estimates.
- Loan Amount
- Interest Rate
- Tenure
You can access the calculator anytime as it’s available online. So it is safe to say that this online tool helps you in taking a smart and calculative financial decision after letting you know the exact calculations of your EMI and Interest Outgo.
How is HDFC Personal Loan different?
HDFC Bank offers personal loans for all kinds of financial needs, be it a personal one or professional. Here are some of the main reasons why HDFC bank personal loan is different from others:
- Minimal Documentation: Keeping in mind the convenience of the customers, HDFC Bank personal loans require minimal documentation.
- Attractive Rate of Interest: With the starting interest rate of 10.99% per annum, its personal loan interest rates are one of the lowest in the market.
- Special Offers for Women Applicants: For a personal loan to women applicants, HDFC Bank offers a specialized scheme- Personal Loan Diva Scheme. Under this scheme, a woman applicant gets the facility of pre-approved personal loans amounting INR 3 lakh along with various premium brands and products.
- Free Insurance Cover: Personal loans of HDFC Bank come with an add-on benefit of a personal accident cover of up to INR 8 lakh along with a critical illness cover of INR 1 lakh without any extra charges.
HDFC Personal Loan Status
Applied for a personal loan at HDFC Bank? Anxious about where your application is? Know the status of the loan application by clicking the link ‘Track My Application’. Once the link opens, you need to enter details like the applicant’s name, loan reference number and date of birth. Subsequently, the loan application status will flash on the screen. It could either show approved, about to approve or pending for approval due to document discrepancy or any other reason.
HDFC Personal Loan Login
If you want to login to your account, you need to first log in to the HDFC website. After logging, you can easily check your loan account and its credentials from anywhere at any time. You can keep a track of each and every aspect of your personal loan journey by getting all the details online. Isn’t it amazing?
HDFC Loan Statement Online
Many loan-seekers are always concerned about their loan statements. They always have a query-How Can I Get HDFC Bank Statement? Don’t worry, you can read the page below and know how to do it.
HDFC Bank sends the monthly statement to all its loan account holders via emails. After receiving your monthly statement, you can easily check all the details of your account. Make sure your mail ID is registered with the bank so that you can enjoy uninterrupted services and keep receiving the statements on your email.
HDFC Personal Loan Payment
Applied for HDFC Personal Loan but don’t know how to make the loan payments? Well, you just need to get the ECS activated to your account. This electronic mode of payment will automatically deduct the required monthly instalment amount from your account so that you don’t need to bother about the timely payments. Ensure you have the required sum in your account so that the instalments are paid on time.
HDFC Personal Loan FAQs
1. How to apply for HDFC personal loan online?
You can apply for the HDFC Bank Personal Loan by visiting the official website of the HDFC Bank. Another option is also available to apply for the loan and it is through the form given above. You will have to provide some basic details like your name, contact number, date of birth, and occupation status to submit an online HDFC Personal Loan Application.
2. How much time does HDFC Bank take to approve a personal loan?
The HDFC bank usually takes 10 hours to approve the personal loan. But if you are a pre-approved customer of the HDFC bank then you can apply for the same loan within 10 seconds.
3. How long does it take to get a personal loan from HDFC?
4. What is the minimum personal loan amount in HDFC Bank?
There is no specified minimum loan amount for the HDFC Bank Personal Loan. But you can ask the bank for the amount you are willing to borrow and they will give you the exact figures.
5. Can I take 2 personal loans from HDFC?
Yes, you can take 2 personal loans from the HDFC Bank but you must have to be eligible for the 2nd loan from HDFC.
6. What are the documents required to apply for HDFC personal loan?
The documents required to apply for the HDFC Personal Loan are:-
– One Identity Proof- PAN Card
– Signed Application Form
– One Address Proof- Aadhar Card or Voter’s ID Card or Passport or Electricity Bill
– Multiple Passport Size Photographs
– One Income Proof- 3 to 6 Months Bank Statement or Salary Slips or Latest ITR
