HDFC Personal Loan can be availed by the bank or financial institutions without asking for any collateral in exchange. The funds raised from the personal loan can be used for any legal purposes. Like any other loan, it should also be repaid back as per the agreed terms and conditions
Benefits of HDFC Personal Loan
- The Flexibility of Purpose-
Personal loans can be used to avail of multiple services like- managing expenses for family weddings, expenses required for home expenses, paying off your previous debts, children’s education, buying a mobile phone, going on a holiday, or expenses incurred in a medical emergency.
- Getting Instant Funds –
- The funds can be raised in a very short period. Pre-approved HDFC Customers will get a loan within 10 seconds and Non-HDFC Bank customers will get a loan within 4 hours.
- There is no requirement of documents required for Pre-approved HDFC Bank customers.
- No requirement for collateral security is required. Interest rates are also very competitive.
- Tenures are also very flexible, and EMIs are also very pocket friendly starting at just INR 2,149 per lac
Eligibility Criteria For Getting Personal Loan for Salaried Employee
Mostly all salaried individuals are eligible for getting personal loans, but the bank requires a certain income level or good employment history of loan applicant which are as mentioned below:
- All employees from the private sector, and public sector undertakings including central, state, and local bodies are eligible to apply for personal loans.
- The age limit of individuals who can apply is between Age 21 to 60 years.
- All employees who have an experience of a minimum of 2 years and having minimum experience of 1 year with their current employer are eligible for applying for a personal loan.
- An individual having a minimum salary of 25000 INR is only eligible for applying for a personal loan
Charges to Avail Personal Loan:
Below mentioned are the Interest charges to avail HDFC Personal Loan:
| Fee | Amount to be paid |
| Rack interest rate | Salaried – 10.50% to 20.40% |
| Loan processing charges | Up to 2.50% of the loan amount subject to a minimum of INR 1,999/- & maximum of INR 25,000/- for salaried customers |
| Prepayment in Part or full | Salaried– No pre-payment in part or full permitted until repayment of 12 EMIs Part payment allowed up to 25% of the principal outstanding. It is allowed only once in the financial year and twice during the loan tenure. |
| Pre-payment charges (on principal outstanding) / Part-payment charges [on part-payment amount] |
Salaried– 13-24 months – 4% of principal outstanding, 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding |
| Loan closure letter | NIL |
| Duplicate loan closure letter | NIL |
| Solvency certificate | Not applicable |
| Overdue EMI interest | 2% per month on EMI / principal overdue |
| Floating rate | Not applicable |
| Charges for changing from floating to fixed rate of interest | Not applicable |
| Stamp duty & other statutory charges | As per applicable laws of the state |
| Credit assessment charges | Not applicable |
| Non-standard repayment charges | Not applicable |
| Cheque swapping charges | INR 500/- |
| Amortization schedule charges | INR 200/- |
| Loan cancellation charges | NIL (However client would be charged interest for the interim period between the date of loan disbursement and loan cancellation and processing fees would be retained.) |
| Cheque bounce charges | INR 550/- per cheque bounce |
| Legal/incidental charges | At actual |
Documents Required
Below mentioned is the list of documents required to apply for an HDFC Personal loan in case of salaried employees:
- Identity proof/address proof (copy of passport/voter ID card/driving license/Aadhaar Card)
- Bank statement of previous 3 months (Passbook of previous 6 months)
- Two latest salary slips/current dated salary certificates with the latest Form 16
Attributes of HDFC Personal Loan In case of Salaried Employee
- Stress-Free Source of Funds:
After availing personal loan there is no need to worry about money before buying any expensive thing or making a plan in life. A personal Loan is an easy, attractive option to fulfill your dreams without taking any stress.
- No Need to Dip into Your Saving:
In case of any unplanned event where there is a requirement of money, a personal loan is an attractive and safe option available and helps to avoid dipping into the saving account.
- Quick and Easy Loan Disbursal:
The process of loan disbursal is very instant as it takes less than 4 hours for salaried employees of HDFC Bank. For HDFC Pre-approved customers it takes less than 10 seconds to avail of a personal loan.
- Competitive Interest Rates and Flexible Tenure:
For HDFC existing customer bank provides lucrative interest rates, provided they have a good credit history and CIBIL score. The tenure of a personal loan falls between 12 to 60 months, making repayment of EMI easy for an individual.
- Minimal Documentation Required:
Mostly the process is completed online, saving paperwork and precious time. The documents required for personal loans are basic identity proof, income proof, and home address proof and even this also may not be required in the case of HDFC existing customers.
- The Flexibility of Purpose:
Personal loans can be used for multiple purposes, be it buying a mobile, going to a vacation abroad, or in the event of a medical emergency. A personal loan for a salaried individual is a great option.
- Prepayment Facility :
The salaried employee can repay his loan in full or partially after repayment of 12 EMIs. The bank allows part-payment of up to 25% of the principal outstanding once in a financial year and twice during the entire loan tenure. If this facility is used, the prepayment charges range from 2%-4%.
.Different Ways to Check HDFC Bank Personal Loan Application Status:
- HDFC Personal Loan Application Status Online
Applicants can check the status of their HDFC Personal Loan online in two ways:
- Through Loan Tracker:
Below mentioned are the steps for checking the HDFC Personal Loan Application Status via the loan tracker:
Step 1: Open the official website of HDFC Bank.
Step 2: Click on the “Personal Loan” tab.
Step 3: Click on the tab “Manage your Loan”.
Step 4: then click on “Track your Application”.
Step 5: Enter the applicant’s name or reference/ proposal number.
Step 6: Enter the Date of birth or Mobile Number.
Step 7: Submit the details.
- Through Mobile Number
Below mentioned are the steps for checking the loan status through a mobile number:
Step 1: Visit the official website of HDFC Bank.
Step 2: Click on the “Personal Loan” tab.
Step 3: Click on the “Manage Your Loan” section.
Step 4: Click on “Resume Your Application”.
Step 5: Enter the mobile number that has been mentioned in the loan application form.
Step 6: Click on “Proceed”.
- HDFC Personal Loan Application Status Offline
Applicants can check the status of their HDFC Personal Loan offline in two ways:
- Through Customer Care: To know the HDFC Personal Loan application status, applicants are required to call on the HDFC Bank Personal Loan Customer Care Numbers i.e. 1800 202 6161/ 1860 267 6161 (between 8:00 am to 8:00 pm on all days including Sundays & Bank holidays).
- Through Nearest Branch: To know the HDFC Personal Loan application status, applicants can also visit their nearest HDFC branch. They can enquire about the same with the help of a Loan Reference Number.
