When you need money immediately and you don’t want to ask your relatives or family, then personal loans come as a blessing. Whether you need money to pay your child’s school fees, want to go for a vacation abroad, wedding or home renovation personal loans come handy, as it can be availed within no time. Personal loans are a beneficial credit option as they don’t need any security, minimal documentation is required and they can be availed instantly without any hassle. A personal loan will act as a cherry on the cake if it is taken from India’s largest private sector bank HDFC Bank. HDFC bank offers loans at attractive prices and some other benefits. Let’s discuss in detail the eligibility criteria, documents required, and other features;-
Things to know about HDFC bank personal loan:-
|Interest rate||Salaried – 10.75% to 21.30%|
|Loan amount||No Limit|
|Loan Tenure||Up to 5 years|
|Processing Fees||Up to 2.50% of the loan amount subject to a minimum of ₹ 2,999/- & maximum of ₹ 25,000/- for salaried customers|
|Re-payment mode||ECS, AD or PDC|
|Part-payment charges||Salaried- 13-24 months – 4% of principal outstanding, 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding|
Salient features of HDFC personal loan:-
Instant personal loan: Eligibility can be checked within a few minutes by using the Personal Loan Eligibility Calculator. The loan amount can be disbursed in a day (working day) if all the documents submitted are right. However, pre-approved HDFC bank customers can get the loan amount in their account within a few seconds as low as 10 seconds.
Apply online: To make the process hassle-free, a personal loan from HDFC bank can also be availed by visiting the HDFC bank website.
Avail Insurance: By paying nominal charges, an individual can avail of personal accident cover for up to Rs 8 lakhs, critical illness for up to Rs 1 lakh. If a borrower opts for these services then the amount will be deducted from the loan amount and taxes/ surcharge and cess will be charged extra. If the loan is availed with Sarv Suraksha Pro then borrowers will get a credit shield cover which is equivalent to the outstanding loan amount, accidental hospitalization cover of up to Rs 8 lakh, accidental death/ permanent disablement cover of up to Rs 1 lakh.
Customised personal loans
HDFC Bank has personal loans for everyone. The bank can also customize personal loans according to individuals’ needs. Personal Loan Interest rate, charges, and other offers can be customised. Also, if you are a first-time loan buyer then can avail of many more benefits- like you can select the tenure according to your need.
In case of any query or complaint, a borrower can reach the bank through SMS, Webchat, PhoneBanking and Click2Talk.
Eligibility criteria to avail a personal loan from HDFC
- A salaried employee who is aged between 21 years and 60 years
- Individuals working with private limited companies and public sector undertakings- local, centre, and state
- An employee should have at least experience of a minimum of 2 years and 1 year with the current organisation.
- An account holder with HDFC Bank should have a minimum salary of Rs 25,000 per month.
- If a borrower is a non-HDFC Bank salary account holder then he/she should have a minimum salary of Rs 50,000 per month
Documents required for HDFC personal loan
- PAN Card copy
- Identity Proof: Copy of Passport/Driver License/Voter ID card/Aadhaar
- Address proof: Copy of passport/Driving license/Voter ID card/Aadhaar, recent utility bill copy, LPG Book copy, etc.
- Proof of End Use (as per discretion of HDFC Bank)
- Bank statement of the last three months and passbook of last 6 months
- Last 2 salary slips or latest salary certificate with the latest Form 16