A Personal Loan can be a great boon, especially when you find yourself in sudden need of cash or are in the middle of a financial emergency. We’ll tell you everything you need to know about HDFC Bank’s Personal Loan.
Key features of an HDFC Bank Personal Loan
HDFC Bank’s Personal Loan comes at very competitive interest rates, giving HDFC Bank account holders special offers and interest rates.
HDFC Bank also provides customers with the facility to check their online Personal Loan eligibility in 1 minute. This is available across all branches of the bank.
HDFC Bank gives customers the option of getting a Personal Loan in 1 day at select branches. All you need to do is walk into the branch with your documents. It’s that easy!
Eligibility criteria for an HDFC Bank Personal Loan
Employed individuals must be at least 21 years old. You should have been employed for at least 2 years, with 1 year or more with your current employer.
Your net monthly income should be at least Rs. 12,000. This could increase to Rs. 15,000 in select cities.
Additional Reading: Do You Need That Personal Loan?
HDFC Bank Personal Loans for self-employed professionals
If you are a self-employed professional, you should have at least 4-7 years of work experience. You should be at least 25 years old with a minimum income of Rs. 1 lakh per annum.
For other self-employed individuals, the minimum age to qualify for an HDFC Bank Personal Loan is 21 years with minimum work experience of 5 years.
Additional Reading: Personal Loan Eligibility For Self-Employed People
How much can you avail as a loan?
You can avail a minimum loan of Rs. 50,000, going up to Rs. 15 lakhs.
Repayment of the loan
You can choose to repay your Personal Loan within a tenure of 12-60 months.
Security
HDFC Bank offers Personal Loans which do not require collateral, which is an added attraction.
Additional Reading: 4 ‘I’s Of Personal Loan Rejection
Additional fees
To process your loan, the bank may charge a processing fee equivalent to 2.5% of the loan amount.
Prepayment charges
The prepayment charges applicable on the loan are 4% of the outstanding principal amount.
Additional Reading: 4 Golden Rules Of Personal Loan Repayment
Paperwork
The documents that are required to be submitted with your Personal Loan application differ according to the profile of the applicant. This also differs for salaried individuals and self-employed individuals.
The standard documents that are usually required include ID Proof, Address Proof and Income Proof.
Your proof of income will include 6 months’ salary slips and Income Tax documents (Form 16) for the last 3 years along with bank statements of the last 6 months.
Want to avoid all that paperwork? Get paperless approval of your Personal Loan on BankBazaar.
Additional Reading: Personal Loan Handbook: All Questions Answered
Remember to evaluate as many offers as you can before finalising on a Personal Loan. Compare interest rates across various Personal Loan lenders and choose the most lucrative deal. We can help you there!