How to Apply for HDFC Bank Personal Loan?

You could need to apply for an HDFC bank personal loan for many reasons. There could be a family emergency, medical bills, travel plans, or purchasing a new gadget. Life is unpredictable which is why HDFC Bank now offers easy access to loans.

The best thing about a personal loan is that it does not need any collateral or security. Minimal documentation is required to obtain it and if you want, you can use the money for your day-to-day expenses as well.

Now, if you are already pre-approved by the bank, you can get the loan in just a few seconds. For others, I am here to help you guys by explaining the process to avail it step-by-step.

Features of HDFC Bank Personal Loan

Let’s see why an HDFC personal loan should be the best choice for you:

• It is a standard personal loan that can availed for an amount up to Rs.40 lakhs with the tenure going up to 6 years.
• Those who already have their bank account with HDFC, are allowed and sanctioned loans in just 10 seconds.
• HDFC facilitates the transfer of outstanding balances from other banks or NBFCs which can give you much more competitive interest rates.
• If you are someone whose monthly income is Rs.75,000 or more, you are also eligible for the exclusive Golden Edge Personal Loan with loan amounts ranging from Rs.10 lakhs to Rs. 40 lakhs,

Benefits of an HDFC Personal Loan

There a four different ways by which you can apply for an HDFC bank personal loan, that are:

• ATM
• Loan Assist App
• Net Banking
• Visiting the Bank Branch

It is important to know the benefits of a personal loan from HDFC and compare it with others to make the best decision. Let’s look at those benefits.

1. A personal loan can be used for any purpose like vocational courses, medical emergencies, travel, or just about anything.
2. No security or collateral is required for a personal loan. Now, you don’t have to put up your house papers just so you can see the world.
3. The loan processing time is cut short because there is minimal documentation needed. All that is required is your income proof, address proof, and ID proof.
4. The terms of repayment are flexible and can be adjusted to your needs. HDFC Bank offers repayment tenure ranging from 12 to 60 months with EMIs going as low as Rs. 1878/lakh.
5. The best part is that you can also claim tax benefits on the interest payments if you use the loan amount for buying, constructing, or renovating your house, or for higher education purposes.

Eligibility Criteria

The HDFC bank personal loan comes with specific eligibility requirements such as:

• Age Requirement: You must be at least 21 years old when applying and no more than 60 years old at the time of loan maturity.
• Employment Status: This loan is available to employees of private limited companies and public sector undertakings as well.
• Income Criteria: A minimum of Rs.25,000 per month is required to qualify for an HDFC personal loan.
• Work Experience: All those who are applying should have at least 2 years of total work experience, including a minimum of 1 year with the current employer.

Documents Required

Below we mention the list of documents needed to complete the application. 

• Proof of Date of Birth –  Voter ID, Aadhar card, PAN Card, or passport.
• Proof of address – Electricity bill/ Rental agreement/ Passport/ Aadhar Card.
• Income proof – Recent ITR/ Salary Slips/ Bank Statement/ Form 16.

Additional Documents for Golden Edge Personal Loan

• Company ID Card that is issued by your current employer.
• A copy of your Permanent Account Number (PAN) card.

How to Apply For an HDFC Bank Personal Loan?

Now, I will explain the process of applying for the loan in just 5 easy steps:

1. Figure out an estimate of the amount that you need. For example, you may need a loan to fund your vacation or your education and you may need just Rs.1 lakh or more.
2. Once you figure out how much you need, you should whether you are eligible or not. You can directly visit the HDFC Personal Loan Eligibility Calculator online and find out how much you can borrow.
3. Using the HDFC Personal Loan EMI Calculator, fund out your approximate monthly loan repayments. You can modify the interest rate and tenure to match your income.
4. Approach the bank for the loan. You can easily apply for a personal loan with HDFC in different ways as mentioned above.
5. Attach all the documents required and make sure to follow all the size and format instructions.

That’s it! Wait for the funds to be remitted to your account. If you are someone who is a non-HDFC customer, you can get it sanctioned easily in about 4 hours.

HDFC Personal Loan Interest Rates

Interest on a Personal Loan depends on several factors such as your CIBIL Score, Repayment history, principal amount, and your loan’s tenure.

Category	Amount to be paid
Interest Rate	10.85% to 24%
Loan Processing Charges	Up to Rs. 6,500 + GST
Stamp Duty and Other Charges	At MRP (Applicable as per laws of the state)

Wrapping Up

I hope this article clears your doubts on how to apply for an HDFC bank personal loan. It is a great scheme that can help you with various needs. However, it is always important to research and compare the interest rates and perks with different banks to get the best deal.

Submit all the authentic documents for everything to run smoothly. Moreover, you can contact HDFC Bank’s customer support for all your banking-related queries.