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HDFC Bank Personal Loan
Rate of interest
10.65% - 17%
Loan Amount
50,000 - 1 crore ₹
Processing Fee
5899+GST
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Tenure
1 year to 7 years
Rate of interest %
10.65% - 17%
Loan Amount
50,000 - 1 crore ₹
Processing Fee
5899+GST
Tenure
1 year to 7 years
Features
The minimum amount the customer may apply for is 50k further, the loan amount the Bank will approve is as per the eligibility calculations & policy of the Bank. The personal loan tenure is granted by the Bank taking into account the following- To process a Personal Loan from HDFC Bank, the Applicant's current employer must feature in the HDFC Bank Company List. If the Applicant is working with a company not featured in the HDFC Bank Company List, the Applicant should request to process the Company for enlisting.
Loan Amount
The Loan Amount offered by HDFC Bank as a Personal Loan starts from 50k up to a maximum of 30 lakhs.
Tenure
The tenure is the period given for the repayment of the Loan amount appended. For example, the term HDFC Bank grants are 12 to 60 months during this period, the Applicant repays the Loan via equated monthly installments.
The loan amount the Bank approves.
The Monthly Instalment
The HDFC Bank Company Category List
It is an exclusive list of companies operating which are well-established, running profitable ventures with good prospects.
The Net Salary of The Applicant
The Applicant's income forms the basis for calculating the loan amount. Therefore, the net salary of the Applicant will determine the loan amount to be issued. As per the norms of HDFC Bank, an applicant can pay 50% of his salary as an EMI and reserve the balance for the existing obligations. These obligations would include the rent for the residential accommodation, the day-to-day living expenses & the Instalment for any other credit lines running, such as loans or credit cards.
HDFC Personal Loan offer For Elite Applicants.
High-income customers with a salary of 75k or more can apply for increased loan amounts of 10 Lakhs or more. They are considered Elite applicants with a priority process window. Special privileges offered to Elite applicants, such as:
Priority processing of personal loan applications & funds disbursed within 72 hours.
Personal Loan processed with a discounted interest rate and processing fees.
Special terms are applicable for pre-closure & part payment.
Products
Fresh Personal Loans For Salaried
First-time personal loan seekers are eligible for a Personal Loan From HDFC Bank, provided they meet the eligibility criteria. Having a previous credit history or a CIBIL Score is not mandatory. In addition, the Applicant's profile must justify why the Applicant has yet to use any credit.
The loan amount sanctioned to an applicant without a credit history is restricted as the Bank will want to ensure that the Applicant can handle credit successfully & will make the repayment timely.
HDFC Bank gives a facility of taking a Personal Loan to all categories of salaried employees as per the policy of the Bank. Therefore, it is wise to initiate a relationship with the Bank by taking a credit card or operating a salary account to avail of a Personal Loan when required quickly.
Personal Loan Top-Up From HDFC Bank
A Personal Loan Top Up is an additional loan amount based on an existing Personal Loan. For example, HDFC Bank provides an existing Personal Loan customer with an extra amount when required as a Top Up.
The Applicant must be eligible to pay the additional amount added to the current Instalment as per the net income or 3 EMIs are paid before an applicant can Apply for a Personal Loan Top Up.
Once the amount required as a Top Up is approved, the existing Personal Loan is closed, creating a new loan with the additional amount. The term & conditions of the new Loan are as per the current policy of HDFC Bank and the reworked EMI and tenure after signing an agreement for the new Loan and transferring the additional amount to the salary account of the Applicant.
If the Applicant has been paying the EMIs timely, a Top Up is a quick way to get funds and the Applicant has the convenience of a single Emi for the total loan amount.
The Parallel Personal Loan From HDFC Bank
An applicant with an existing Personal Loan from HDFC Bank can take a secondary loan granted to the Applicant based on the current eligibility. It will run as an independent or a Parallel Loan.
The timely repayment track of the existing personal Loan will enable the Applicant to avail of another from HDFC Bank easily. Rather than change the EMI of the previous Loan, the Applicant can apply for a new loan approved as per the current obligations & profile of the Applicant, and the Parallel Loan will run as a separate entity with no relation to the existing Loan.
The benefits of a Parallel Loan are that the customer can close the previous loans when he wishes & can take additional amounts when required without disrupting the tenure or track of the pre-existing loans.
An applicant can avail of up to 3 parallel loans from HDFC Bank.
Golden Edge Personal Loan From HDFC Bank
The Golden Edge Personal Loan From HDFC Bank is a product designed to meet the requirements of Elite clientele with an income of 75k & above.
Applicants needing loan amounts of ₹ ten lakhs and above can apply under this program, an exclusive product for high-income customers who are to be served on a priority basis by HDFC Bank.
By Filling in a unique application form for the Golden Edge, Personal Loan applicants expedite the process and can receive funds within 72 hours.
As they are priority clients for the HDFC Bank, special privileges are provided, such as:
HDFC Bank Provides Quick & Personalized Processing of Golden Edge Personal Loan Applications.
A minimal interest rate of 10.65% is applicable for Loan amounts of 10 Lakhs and above.
Processing fees are applicable at a flat of ₹ 4500/-.
HDFC Bank waives the Pre-closure & Part payment charges of the Golden Edge Personal Loan.
Balance Transfer of a Personal Loan To HDFC Bank
HDFC Bank is the primary Bank offering to transfer their existing Personal Loan to applicants running a Loan from an alternate Bank. Balance Transfer of a Personal Loan involves the takeover of an existing Personal Loan HDFC offers to take over the Personal Loan of all customers with good repayment records.
HDFC Bank provides the industry's best terms & conditions for processing a Personal Loan.
A Rate of Interest starting from 10.50% for the Personal Loan transferred to HDFC Bank.
Processing fees of ₹4999/- only.
HDFC Bank will charge the same lowered interest rate for the additional loan amount.
Eligibility Criteria
The minimum educational qualification is mandatory to process a Personal Loan from HDFC Bank any additional degree will add value to the application. Applicants who are postgraduates or professionals are treated as preferred candidates and awarded enhanced loan amounts. HDFC Bank processes Personal Loan applications of applicants working in Limited, Private Limited, Public Limited companies, or government employees. Applicants working with Proprietorship or Partnership companies are not eligible according to HDFC Bank Personal Loan Eligibility. The HDFC Bank categorizes companies eligible for a Personal Loan as, Category A, B, C, and D per the preference order. Therefore, the Bank will offer an applicant working in a category A lower interest rate than a category C company employee. A rate chart establishes the HDFC Bank Personal loan interest rates provided to the companies featured in the HDFC Bank Company Category List.
Age
To Apply HDFC Bank Personal Loan an applicant must be over 21 years. The maximum age limits up to which one can EMI is 60 years. However, an extension is given for the Loan tenure up to 62 years if proof of retirement age from the Government, Ltd or private ltd organization is submitted.
Income
The minimum salary an applicant earns should be above ₹ 25k per month and this is the accepted income for special categories such as HDFC Bank account holders. In contrast, other individuals earning ₹30k and above per month can Apply Instant HDFC Bank Personal Loan.
Bank Account
It is mandatory to have a salary account with a Bank to which the employer transfers the salary monthly. Applicants who receive compensation by cash in hand or bearers cheque are not eligible to apply as per the HDFC Personal Loan Eligibility Calculator.
Work Experience
Before Applying for a Personal Loan From HDFC Bank, the Applicant is working and employed for six months to a year per the policy applicable to the Company the Applicant is currently working with.
Current Employment
The Company an applicant, is currently employed and should feature in the HDFC Bank Company Category List.
The Company Category List
The HDFC Bank offers a rate of Interest as per the company category of the Applicant's current employer and the HDFC personal loan criteria.
Fees and Charges
Rate Of Interest
The Rate of Interest is the cost of the funds secured from HDFC Bank as a Personal Loan. It is the primary charge levied by HDFC Bank for Personal Loans and ranges from 10.65% to 22% per annum. The Interest is charged and calculated at a monthly reducing balance. HDFC Bank levies the interest rate depending on the following attributes.
The Net Income of The Applicant
The higher the income of the Applicant the Rate of Interest for the Personal Loan will be lower. An applicant earning a salary above 75k can get a Personal Loan at a better interest rate than an income of 30k per month. A higher income indicates an ability to borrow more significant amounts & having a comfortable income makes the return of funds more accessible. Thus, all high-income applicants are considered preferred customers for HDFC Bank and are issued a lower interest rate.
Loan Amount
The quantum of the Personal Loan, the Applicant is eligible for or approved as per the HDFC Bank process will determine the interest rate. Discounts on the interest rate are applied to higher loan amounts, whereas individuals requiring minimal loan amounts will be given the Loan as per the current rack rate. HDFC Bank processes Loan amounts of 10 lakhs and more under the Golden edge program with a lowered interest rate and terms and conditions apply.
Processing Fees
The processing fees are the file charges levied by HDFC Bank for processing the Personal Loan Request. The cost is not charged upfront and only applies if the Loan is approved.
HDFC Bank salary account holders and segments with a special offer for discounted processing fees.
Loan amount of ₹ 10 Lakhs & above.
Insurance
Personal Loans Insurance is available From HDFC Bank. The Personal Loan recipient avails the insurance facility: which will cover the Applicant in the case of an eventuality, and the family shouldn't be held responsible for the repayment of the Personal Loan amount. At a nominal premium, the Personal Loan insurance covers accidents up to 8 Lakhs & critical illness up to 4 lakhs.
HDFC Bank Personal Loan Pre-Closure & Part Payment
HDFC Bank permits applicants to pay back the balance of the Personal Loan amount before the expiry of the tenure.
This process is known as personal loan pre-closure the Applicant has the option of paying back the principal balance of the personal Loan subject to the following terms:
In addition, An Applicant Should Pay a Minimum of 12 EMI.
A penal amount charged on the Loan's principal balance is as per the disbursal terms.
The Part payment of a Personal Loan involves the cost of a partial amount towards the principal balance of the Personal Loan amount. HDFC Bank permits part payments towards a Personal Loan as per the following criteria:
Part-payment will be allowed subject to a loan tenure of 12 EMIs paid
A Part-payment will be allowed a maximum of twice during the entire term and only once a year.
At any point in time, each part payment will not exceed 25% of the Principal Outstanding.
Documents Required
Income Documents
Salary Slip for the last three months
The bank statement from the salary account for the last three months which shows three salary credits.
Form 16 for the last financial year. ( If asked )
Pan card copy
KYC Documents
Photo Identification proof. (Passport/Driving Licence/Voter I.D./Aadhaar Card/Ration Card)
Current Address Proof. (Bank Statement, Utility Bill, Rent Agreement)
Company I.D.
Policies
Bank / NBFC :
HDFC Bank
Applicable to :
salaried
NTH Salary:
Above 25.ooo ₹
Age (Min/Max):
Loan Amt (Min /Max):
CIBIL (0 / -1):
Tenor (Min /Max):
Hostel Accommodation:
Listed/Non-Listed MCA:
Present Employment:
Total Employment:
Minimum Locking period :
Balance Transfer (BT):
Top up Policy:
Foreclosure/partial Policy:
22 yrs. / 61 yrs. (as per govt law)
0.5 lakh / 1 Cr
12/72 months
Yes (permanent Resi verification mandatory)
Yes
Only Listed companies.
1 month
1 Year
1 EMI
up to 4 BTs
Allowed after 3 months.
After 1 EMI with applicable charges
Qredit
FINSAMUDRA PRIVATE LIMITED,
1ST FLOOR, NO.3013/7, SIMHA ARCADE, MKK road , Bangalore
560021 ( opposite metro pillar 207 )
