HDFC Bank provides a diverse range of personal loan options to cater to various financial needs. Their offerings include standard personal loans, pre-approved loans for existing customers, and personal loan transfers. The bank also features specialised products like the Golden Edge Personal Loan for high-income individuals. The application process is streamlined, with quick approval and disbursal times, particularly for pre-approved customers.
HDFC Bank provides various interest rates for its personal loan schemes, as outlined below.
Types of Personal Loan | Rate of Interest (p.a.) |
---|---|
HDFC Bank Marriage Loan | 10.50-20.40% |
HDFC Bank Personal Loan for Home Renovation | 10.50-20.40% |
HDFC Bank Personal Loan for Teachers | 10.50-20.40% |
HDFC Bank Personal Loan for Salaried | 10.50-20.40% |
HDFC Bank Personal Loan for Government Employees | 10.50-20.40% |
HDFC Bank Personal Loan Balance Transfer | 10.65% |
Other HDFC Bank Personal Loans | 10.50-24.00% |
Source: Paisabazaar; rates as of 23 July 2024
The following fees and charges are applied by HDFC Bank on personal loans:
Fees | Charges |
---|---|
Processing Charges | Up to ₹4,999 |
Stamp Duty and other statutory charges | As per the laws of the state |
Overdue EMI Interest | 2% per month on EMI/principal overdue |
Legal/Incidental Charges | At actuals |
Amortisation Schedule Charges | ₹200 |
Cheque Swapping Charges | ₹500 |
Cheque Bounce Charges | 1st return at ₹450 + taxes 2nd in a month ₹500 + taxes 3rd onwards ₹550 + taxes 10% discount for senior citizens ₹550 per cheque bounce |
Loan Cancellation Charges Rebooking Charges | NIL ₹1000 |
Pre-payment in Part/Full | Part-payment allowed up to 25% of Principal Outstanding. It is allowed once in the financial year and twice during the loan tenure. |
Pre-payment Charges on Principal Outstanding/Part Payment Charges | Salaried: 13-24 months- 4% of outstanding principal 25-36 months- 3% of outstanding principal >36 months- 2% of outstanding principal |
Source: Paisabazaar
Standard Personal Loans: Start at an interest rate of 10.50% per annum.
Golden Edge Personal Loan: Interest rates are subject to the applicant's credit score, monthly income, job profile, and the profile of their employer.
Final Interest Rate Determination: Depends on factors including credit score, monthly income, job profile, and employer profile.
HDFC Bank offers personal loans to a diverse range of professionals. To qualify, applicants must meet the following requirements:
Employment Status: Applicants must be employed by private limited companies, public sector undertakings, or central, state, or local government bodies.
Age Requirements: Applicants need to be at least 21 years old when applying and should not exceed 60 years of age by the time the loan matures.
Work Experience: A minimum of 2 years of total work experience is required, with at least 1 year spent with the current employer.
Income Criteria:
Credit Score: Eligibility also depends on the applicant’s credit score, which plays a crucial role in the loan approval process.
The HDFC Golden Edge Personal Loan is designed for those with higher income levels and comes with specific eligibility requirements:
Employment Status: This loan is available to employees of private limited companies and public sector undertakings.
Age Requirements: Applicants must be at least 21 years old when applying and should be no older than 60 years at the time of loan maturity.
Income Criteria: A minimum monthly income of ₹75,000 is required to qualify for the Golden Edge Personal Loan.
Work Experience: Applicants should have at least 2 years of total work experience, including a minimum of 1 year with their current employer.
Meeting these criteria ensures that applicants are well-positioned to receive the personal loan that best suits their financial needs.
When applying for a personal loan from HDFC Bank, you'll need to provide several key documents to complete the process. Here’s a comprehensive list of the required documents:
General Document Requirements
Identification Proof:
Aadhaar card
Driving licence
Voter ID
Passport
Address Proof:
Aadhaar card
Driving licence
Voter ID
Passport
Bank Statements:
Statements for the last 3 months
Alternatively, an updated passbook showing transactions for the past 6 months
Income Proof:
Recent salary slips
Latest salary certificate
Form 16 from your employer
Additional Documents for Golden Edge Personal Loan
Identification Proof:
Photo ID (from the list above)
Company ID Card:
Issued by your current employer
PAN Card:
A copy of your Permanent Account Number (PAN) card
Salary Documentation:
Salary slip from the last 3 months
Salary account statement from the past 3 months
Form 16 from the previous financial year
Having these documents ready will help streamline your application process and increase the chances of a smooth approval.
The HDFC Bank Personal Loan EMI Calculator is a handy tool designed to help you determine your Equated Monthly Instalments (EMIs) and the total interest payable over the life of your loan. By inputting details such as the loan amount, interest rate, and the duration of the loan, you can quickly obtain precise calculations. This tool enables you to plan your finances better by providing a clear picture of your repayment schedule and total interest costs.
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A CIBIL score above 720 is typically required for loan approval.
Yes, stamp duty is mandated by the Indian government and must be paid.
You can track the status of your personal loan using the Loan Status Checker on HDFC Bank website.
HDFC Bank offers personal loans up to ₹40 Lakh. However, depending on your eligibility, you may be able to secure up to ₹75 Lakh.
Processing fees cover the costs of processing and sanctioning the loan. These fees are generally non-waivable, but special offers may occasionally be available.
Special offers on interest rates or processing fees may be available periodically. Contact your local branch or Relationship Manager for details on current offers.
While insurance is not mandatory, it is recommended to safeguard your loan against unforeseen events. The cost of insurance is not included in your EMI and must be arranged separately.
Processing fees generally cover the costs incurred by the bank. These fees are typically not waived, though promotional offers may apply.
Repayment is made through Equated Monthly Instalments (EMIs), which can be set up via Electronic Clearing Service (ECS) or by setting up a standing instruction to debit your HDFC Bank account.
The interest rate on a personal loan is based on various factors including your CIBIL score, repayment history, loan amount, and tenure. You can use the Personal Loan EMI Calculator to estimate your EMI payments.
Under the Golden Edge program, if you’ve paid at least 12 EMIs, you may foreclose your loan in full or partially without any prepayment charges if you use your own funds. Eligibility for this offer requires an income of ₹75,000 or more and a loan amount greater than ₹10 Lakh.