About HDFC Personal Loan
A personal loan is the easiest way to overcome your financial crisis. It is a life saver. As the name suggests, a Personal Loan may be opted by an individual due to an urgent requirement of cash, for example, any medical issue, education purpose or wedding or to fulfil any of your other personal needs.
Personal Loan is an unsecured loan that needs no documents of any collateral but all you need to do is just submit your personal documents to the bank.
|HDFC Personal Loan at a Glance|
|Interest Rate||Starts at 10.50%|
|Lowest EMI per Lakh||₹2162 for a tenure of 60 months|
|Tenure||12 to 60 months|
|Processing Fee||2.5% of loan amount|
|Prepayment Charges||Up to 4%|
HDFC Personal Loan Features
- A fixed amount will be paid to the bank by the applicant.
- Quick and hassle-free loan disbursal is provided to the customers.
- The banks always make sure about your account stability. Make sure you make all the payments timely.
- Do not opt for the loan amount more than your capacity of repaying it.
- CIBIL Score plays an important role when it comes to personal loan. By tracking your credit history, the bank decides whether you have financial stability or not
Why Dialabank for HDFC Personal Loan?
Dialabank helps you to choose the best option of banks by providing you the updated market comparison of different banks so that you can make the right choice. Go to our website dialabank.com and fill a simple form with your details. Our customer relationship managers will soon get in touch with you.
HDFC Personal Loan Eligibility Criteria
- CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.
- Salary: The bank decides the your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.
- Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.
- Age: The age of the person applying for loan must be 21-60 years.
- Company’s Profile: The market value of your company in which you work (for salaried applicants) or you own (for self-employed applicants) matters a lot while the process of loan approval is going on.
- Processing Fee: There is always some amount that is charged by the banks that is called as the loan processing fees.
Documents Required for HDFC Personal Loan
HDFC Personal Loan for Salaried Applicants:
- Last three months salary slips
- Six months old bank statements are considered
- PAN Card is must
- Aadhaar Card is required as an identity proof
- Residence Proof (Owned/Rented/Company provided)
- Two passport sized photographs
*NOTE: In case of rented apartments, rent agreement is to be attached.
HDFC Personal Loan for Self-Employed Applicants:
- All financials are considered (company documents as well as ITR files)
- PAN Card
- Aadhaar Card
- Residence Proof
- Two passport sized photographs
HDFC Personal Loan Interest Rate is 10.50%
Banks have different schemes for attracting their customers to opt for loans. The main criteria is the amount of interest rate every bank charges while providing a loan to applicants who apply for it. The best thing banks can offer is the best rate of interest on the loan amount so that they don’t lose their customers.
HDFC Personal Loan Interest Rate: This bank offers the lowest rate of interest on personal loans, so while considering a loan try to go for banks who give low interest. HDFC bank. The minimum rate that HDFC bank provides to its Personal Loan Customers is 10.75%. The specialty of such banks is that they give the facility of hassle-free and quick disbursal of loan. Depending on your loan amount and your documents verification you might even get you loan disbursed within 24 hours.
Benefits of HDFC Personal Loan
- Easy Disbursal: There is an easy disbursal involved in the process of Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.
- No need of any guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.
- Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.
- Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.
Apply for personal loan with Dialabank
What is CIBIL Score?
CIBIL Score is the history of your payments that you have done to the bank. Depending on your bank statements and payments, the bank decides how your CIBIL Score level is. The CIR (Credit Information Report) is the history of your credit score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have). It is essential to maintain your CIBIL Score while taking a loan because your loan sanctioning depends a lot on your credit history.
What is an EMI?
EMI is the Equated Monthly Installments that you pay to the bank for your loan amount. The borrower (an applicant) pays a fixed amount to the moneylender (the bank) at the end date or start date of every month.
The EMI is calculated based on your work profile (net salary) and the amount of loan you have to take from the bank. The scheme of EMI has been introduced by the banks so that the person can repay the loan amount by giving a fixed due every month, and there is less burden on the applicant.
FAQs About HDFC Personal Loan
1. What is HDFC Personal Loan?
Personal loans with minimal documentation become hassle-free as no mortgage or security is required. HDFC provides personal loans to its pre-approved customers in just 10 seconds and within 4 hours for the new customers.
The interest rate starts from 10.50% per annum and the loan amount can be used by the borrower for any personal financial need ranging from higher studies or a vacation to using the amount for day to day expenses.
2. How does HDFC Personal Loan work?
The first step would be to check your eligibility for the HDFC personal loan which can be done online. If you are a pre-approved HDFC customer you can avail the loan within seconds and for others, the loan disbursal on average takes 4 hours.
You can borrow a loan amount of up to ₹50 lakhs with the lowest interest rates depending on your eligibility criteria and credit history. Repayment of the loan can be done on EMI basis or as agreed upon in the loan agreement.
3. What is Personal Loan rate of interest in HDFC?
Personal loan rate of interest in HDFC varies from 10.50% per annum to 22% per annum with a repayment tenure of your liking ranging between 1 to 5 years. You can check the latest personal loan rates of interest online at Dialabank’s digital platform and compare it to avail the best offers suiting your needs.
4. What is the procedure of Personal Loan in HDFC?
The procedure to avail a personal loan with HDFC is hassle-free. You can apply for an HDFC personal loan by visiting the nearest branch with your documents, through an HDFC ATM, or using HDFC’s Loan Assist App. You can also contact and apply with Dialabank for easy processing and personalized assistance. The basic steps include:
- Calculation of loan amount required as per your need
- Checking your loan eligibility online or by visiting the branch
- Approaching the bank via your preferred method (online or offline)
- Submitting the required documents with the banker,
- Disbursal of loan amount once your application and documents have been verified and approved.
5. How can I get HDFC Personal Loan?
Getting a personal loan from HDFC Bank is fairly simple as minimal documentation ensures a quick disbursement time. You just need to check your eligibility and contact the bank either online or by visiting the nearest branch. After submission and verification of the required documents, the loan amount will be credited to your bank account within 4 hours.
6. How to apply for Personal Loan in HDFC?
A personal loan is a security free loaning option to meet all your financial needs. You can apply for a personal loan with HDFC Bank with minimal documentation and get quick loan amount disbursal by visiting the nearest branch with your documents or filling an application online at HDFC Bank’s official website. You can also apply with Dialabank to avail of personalized assistance and get the best deals and offers.
7. Why apply for HDFC personal loan?
HDFC Bank is one of the leading providers of personal loans in India, it offers the best loan options that come with a unique array of features and benefits. They provide personal loans at low-interest rates with minimum documentation for an easy and hassle-free process. The average disbursal time for a new customer is 4 hours. Repayment of the loan can be done through EMIs or via online payment options as preferred. Repayment tenure ranges between 1 to 5 years.
8. How much EMI on HDFC Personal Loan?
EMI (Equated Monthly Installment) is the amount payable to the bank every month as repayment of your personal loan. The EMI on HDFC Bank personal loan depends on the loan amount, interest rate, and the tenure of the loan. It can easily be calculated using the EMI calculator on Dialabank’s website.
9. How much CIBIL score required for HDFC personal loan?
Your CIBIL score is a major factor involved in deciding your eligibility for a personal loan. HDFC requires you to have a CIBIL score in excess of 750 with 700 being the absolute lower limit. You can increase your CIBIL score by making timely payments of your EMIs and credit cards.
10. Minimum credit score needed for HDFC personal loan?
A credit score is a 3 digit number between the range of 300-900 which reflects the creditworthiness of the borrower. It is based on your past credit files and your performance in the repayment of your loans. HDFC Bank requires you to have a minimum credit score of 750 to become eligible for a personal loan.
11. How to calculate HDFC personal loan EMI?
EMI on personal loan can be calculated using the formula, E = P x R x [(1+R)^N] / [(1+R)^N-1] where,
P= Principal or your loan amount,
R= Rate of interest, and
N= Loan Tenure.
You can easily calculate your EMI online at Dialabank’s website for free and compare offers from different banks and finance companies.
12. What can I use HDFC personal loan for?
You can use your HDFC personal loan for a number of reasons ranging from small bill payments and daily expenses to a medical emergency and bigger expenses such as debt consolidation, wedding, and etc. Fulfill all your monetary needs with a personal loan by applying online at Dialabank’s digital platform.
13. Can I prepay HDFC personal loan?
When a borrower pays off their loan entirely or in part before the agreed due date, it is termed as prepayment or preclosure. HDFC Bank gives you the option to prepay your personal loan provided that you have at least paid 12 month’s EMIs. You will be charged with a preclosure fee of up to 5% of your outstanding loan amount depending on the number of EMIs left to pay.
14. How to prepay HDFC personal loan?
Steps to prepay your HDFC personal loan:
- Collect the required documents (PAN, Id proof, and any other loan documents)
- Visit the bank to inquire about your loan amount balance and any pre-closure charges or penalties.
- You will be prompted to fill a form requesting the prepayment of the loan.
- Pay the prepayment amount (cash up to Rs.49000, Cheque, or DD) and take its acknowledgment.
- Your loan will be closed as soon as the bank receives the fund.
15. How to repay HDFC personal loan?
You have the option of repaying your HDFC personal loan either by a standing instruction on your bank account to pay the EMI, online payment through different modes, or through post dated cheques given to the loan branch.
16. How to repay HDFC personal loan online?
You can pay your personal loan EMI online in just 5 steps:
- Visit the payments page on HDFC Bank’s website.
- Click on ‘PAY ONLINE’ and enter your ‘Loan No.’ and ‘Date of Birth’.
- Select your net banker from the drop-down menu and click on PAY.
- You will be securely redirected to the bank payment interface of your chosen net banking option.
- Complete the payment and you will receive an online transaction confirmation. You can also pay your HDFC personal loan on Paytm.
17. What documents are needed for HDFC personal loan?
HDFC provides easy hassle-free personal loans with minimal documents. You will need your Aadhar card/Voter ID, PAN card, Bank statement of the last 3 months, and the latest salary slips/ITR file. For more information and personalized assistance, you can contact Dialabank’s financial helpline number.
18. How to check HDFC personal loan status?
You have a number of options to check the status of your HDFC personal loan:
- Log In to the HDFC Netbanking Portal, Click on loans from the top ribbon and click on Enquire to check the status of your loan.
- Search for ‘personal loan status’ on Google, open the first link which will take you to the Loan Status Tracker webpage of HDFC Bank and fill the required information to check the status of your loan.
- You can also visit your loan branch and ask the banker for the same.
19. How to get HDFC personal loan top up?
Top up is the additional loan amount that can be taken from the existing bank of your running loan or at the time of balance transfer from your new bank. HDFC lets you avail this facility if you have paid at least 9 EMIs without any cheque bounces. You can get a top up of minimum ₹50,000 and a maximum of your already sanctioned loan amount. You can check the online portal of HDFC for more offers or contact Dialabank for any financial help.
Table of Contents
- 1 About HDFC Personal Loan
- 2 HDFC Personal Loan Features
- 3 Why Dialabank for HDFC Personal Loan?
- 4 HDFC Personal Loan Eligibility Criteria
- 5 Documents Required for HDFC Personal Loan
- 6 HDFC Personal Loan Interest Rate is 10.50%
- 7 Benefits of HDFC Personal Loan
- 8 What is CIBIL Score?
- 9 What is an EMI?
- 10 FAQs About HDFC Personal Loan
- 10.1 1. What is HDFC Personal Loan?
- 10.2 2. How does HDFC Personal Loan work?
- 10.3 3. What is Personal Loan rate of interest in HDFC?
- 10.4 4. What is the procedure of Personal Loan in HDFC?
- 10.5 5. How can I get HDFC Personal Loan?
- 10.6 6. How to apply for Personal Loan in HDFC?
- 10.7 7. Why apply for HDFC personal loan?
- 10.8 8. How much EMI on HDFC Personal Loan?
- 10.9 9. How much CIBIL score required for HDFC personal loan?
- 10.10 10. Minimum credit score needed for HDFC personal loan?
- 10.11 11. How to calculate HDFC personal loan EMI?
- 10.12 12. What can I use HDFC personal loan for?
- 10.13 13. Can I prepay HDFC personal loan?
- 10.14 14. How to prepay HDFC personal loan?
- 10.15 15. How to repay HDFC personal loan?
- 10.16 16. How to repay HDFC personal loan online?
- 10.17 17. What documents are needed for HDFC personal loan?
- 10.18 18. How to check HDFC personal loan status?
- 10.19 19. How to get HDFC personal loan top up?