Personal Loan is a financial product that allows you to borrow money from banks. But you have to pay some amount to the bank as an interest rate. The process is very easy and simple. HDFC Bank provides a personal loan in an online way and offline way as well. You can apply in either way. HDFC Bank is a well known financial organization that caters its customers with so many benefits. Bank has a vast network all over India. You can make use of this amount of money provided by HDFC Personal Loan to complete your financial needs like:
- Medical Purposes
- Buying Car
- Buying House
Why should one apply for HDFC Bank Personal Loan?
- Easy Documentation- The process to apply for a personal loan is very easy and hassle-free.
- Rates of Interest- Rates of interest are very low and rational.
- Quick Disbursal- There is a need to wait for so long. If you are eligible and have all the documents, then you will get a loan to disburse within a day.
HDFC Bank Personal Loan Eligibility
Personal Loan does not apply to everyone, and there are some eligibility criteria on the basis of which bank provides a loan to the applicant. There are two categories of applicants:
There are different eligibility criteria for both applicants.
- The minimum age of the applicant should be 21 years and maximum up to 60 years.
- If the borrower is residing in a metropolitan city, then they should have a minimum income of Rs 18,000. And if the person is from a non-metropolitan city, then they should have a minimum salary of Rs 12,000.
- The borrower should have the work experience of the last three years, and the salary should come in their account only.
- If a person is applying for the personal loan, then he must have a good credit history.
- The documentation process is easy; they have to submit their bank statement of the last three months and the salary slip of the last six months.
- If a person is self-employed than the age of the applicant should be 25 years.
- The applicant should file ITR for the last three years.
- The credit score of the applicant should be good, and no debt should be left due.
- The ITR which the applicant files should be of Rs 2.5 lakhs per annum at least.
- And the applicant has a business than his business should be running from the last three years.
HDFC Bank Personal Loan Documents
- One Identity proof is required. (Passport/Id card/voter card/driving license) It can be any one of them. Everyone easily has these documents, so there is no problem with the submission.
- Two passport size colored photos. (Applicant should not be wearing glasses)
- A passport can also be considered as your identity proof because a passport has a name, age, address and photograph of the customer. If you have a passport, then there is no need to bring your address proof separately. But the passport should not be expired.
- Bank statement of the last six months and salary slip of the previous three months needed.
- Residence proof can be the Aadhar card, voter card, and passport (Passport/Id card/voter card/driving license). Electricity and water bill for the last three months because these are the proofs that you are residing in that particular place.
- Driving license is also regarded as a proof of identity and residence proof because it contains the name, date of birth and a photograph of the customer. But the condition is that it should not be expired.
- Aadhar card provided by UIDAI that contains biometric details of the customers like age, date of birth and photograph of the individual. It can be considered as proof of your date of birth.
- PAN card is the permanent account number that is provided to the customers, and it prevents the financial frauds. So it is also considered as an identity/residence proof. Pan card is an essential document under KYC (know your customer) formality.
- Ration card is also considered as a residence proof because it provides enough information about the applicant.
HDFC Bank Personal Loan Interest Rates
Rates of interest provided by the HDFC Bank personal loan are quite affordable. It starts at 10.75 % per annum.
HDFC Bank Personal loan tenure
Tenure is the time for which you have gotten the loan. It can be one year to 5 years.
HDFC Bank applies some charges on the pre-closure of the personal loan. It is 4% of the outstanding balance.
HDCF Bank Personal Loan Benefits
- First of all, it is very easy to apply. You can apply for a personal loan online within 2 minutes.
- After that, it is easily accessible. You can get an HDFC bank personal loan all over India.
- You can check your eligibility, interest rates and EMI’s online.
- Besides that, if you are eligible your loan gets approved on the same day.
- After the approval of your Loan, you have to submit some documents, and your loan gets disbursed very easily.
- The rate of interest offered by the HDFC bank is quite low and affordable.
- One more important thing is that the personal loan is an unsecured loan, so there is no need for any collateral. Bank does not ask you for any property to keep as security.
- Bank has a good reputation, so there is no need to worry about the frauds.
How to apply for Personal Loan?
You can easily apply for a personal loan if you are eligible. You can apply for a personal loan on the site of Dialabank. You have to fulfill the online application form, and you will get a callback. You can apply there for a personal loan more easily and hassle-free. Furthermore, you can call on 60011600 for more information.
Steps to Apply for HDFC Personal Loan :
- First of all visit www.dialabank.com on Google.
- After that fill the application form for the personal loan.
- You will get a call back within 5 minutes, with proper guidance.
- If you are eligible, then your loan will get approved within 10 minutes.
Why Should You Apply through Dialabank For HDFC Personal Loan?
- Dialabank responds to the customer’s queries very quickly.
- Since the Dialabank is the first financial helpline, so there are no safety issues.
- Besides that, the interest rates are very low.
- Furthermore here you can compare the rates of interest with other banks too.
- You will get proper guidance for the personal loan here.
- If you apply on the dialabank.com, you will get a document pickup facility from your doorstep.
Who can’t apply for HDFC Bank Personal Loan?
- An applicant whose age is less than 21 years can’t apply for a personal loan.
- An unemployed person can’t apply for a personal loan.
- A person is earning less than Rs. 15000 can’t apply for a personal loan.
- In metro cities, the salary of the applicant should be Rs. 18000 at least.
- A person with a bad CIBIL score cannot apply.
- A person who is self-employed but does not pay the ITR can’t apply for a personal loan.
About HDFC Bank
HDFC Bank, also Known As Housing Development Finance Corporation is the financial company that was incorporated in August 1994. HDFC focuses mainly on three main key areas namely Treasury, retail banking services and wholesale banking services.
Things you must do before applying for a Personal Loan
- First of all visit www.dialabank.com .
- After that, check Personal Loan Eligibility online.
- After that, if you are eligible to apply for Personal Loan then check Personal Loan Documentation.
- Besides that checking Personal Loan Interest Rate is also very important.
- You can do every possible research at home before applying for a Personal Loan, even you can calculate your EMI’s using EMI Calculator Online.
Frequently Asked Questions on HDFC Personal Loan
Ans: HDFC Bank provides Personal Loan at 10.75% per annum rate with the lowest EMI. Furthermore, the bank will process the loan very quickly and without any hassle.
Q 2. How much interest is charged by HDFC Bank on a personal loan?
Ans: Personal loan interest rates in HDFC Bank generally starts from 10.75%. However, it changes from time to time. Besides that, it also depends on the profile of the person.
Q 3. What is the lowest EMI per lakh on a personal loan from HDFC Bank?
Ans: The minimum EMI per lakh is Rs. 2,187.
Q 4. What is the tenure of personal loan in HDFC Bank?
Ans: The loan tenure of the HDFC Personal Loan is one year to 5 years.
Q 5. How much personal loan amount I can borrow from HDFC Bank?
Ans: The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakh. It depends on your income and job profile also.
Q 6. How much does HDFC Bank charge processing fee on a personal loan?
Ans: The processing fee charged by HDFC Bank is 1% to 3%.
Q 7. Is age an eligibility factor in getting a personal loan from HDFC Bank?
Ans: Yes, age matters a lot while applying for a personal loan. The minimum age of the applicant should be 21 years minimum, and it can be 60 years maximum.
Q 8. Are there any prepayment charges on a personal loan from HDFC Bank?
Ans: Yes, prepayment charges are there in HDFC Bank. These are generally 2 - 4%.
Q 9. What is the minimum salary to get a personal loan?
To get a personal loan the minimum salary of the applicant should be Rs. 18000 per month.
Q 10. How is interest on personal loan calculated?
To calculate the personal loan interest rate you can use Personal Loan EMI Calculator.
Q 11. How is EMI on a personal loan calculated?
Ans: EMI Formula
E=p.r. (1+r) n/ ((1+r) n-1))
E is EMI
P is Principal Loan Amount
R is the rate of interest calculated every month.
Q 12. Which bank gives the cheapest personal loan in India?
Ans: However, the ROI depends on your income, job profiles and on many other factors but HDFC is best at providing a personal loan at lower interest rates.
Q 13. How to use the loan calculator?
Ans: You just have to visit https://www.dialabank.com/emi-calculator.cfm. After that enter the amount of loan, tenure of loan and interest rate. Your EMI will automatically get calculated.
Q 14. Should I prefer Axis bank for a personal loan?
Ans: If you are an internal customer of Axis bank then you should prefer Axis Bank Personal Loan.
|Other Personal Loan Providers|
|ICICI Bank Personal Loan||YES Bank Personal Loan|
|Allahabad Bank Personal Loan||Axis Bank Personal Loan|
|Andhra Bank Personal Loan||Federal Bank Personal Loan|
|Kotak Bank Personal Loan||Bajaj Finance Personal Loan|
|REMINDER SERVICES||EMI CALCULATOR|
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