HDFC Bank offers the best personal loan in India because it accepts minimal documentation and provides a quick approval process to the user. It also makes an easy way to access the funds to the individuals during their financial emergency. One can avail of a loan amount up to Rs. 40 lakh and that can be repaid within a tenure starting from 12 months up to 60 months. You can repay the loan amount either in monthly or yearly installments.
Features of HDFC Bank personal loan
- Loan amount: HDFC Bank offers a personal loan amount that starts from Rs. 50,000 up to Rs. 40 lakh.
- Minimal documentation: HDFC Bank’s personal loan application is quick to disburse and hassle-free with its minimal documentation process.
- Flexible tenure: The tenure for HDFC bank personal loan starting from 12 months up to 60 months by an individual as per your repayment ability.
- Personal loan balance transfer: You might be getting low and revised interest rates by transferring your existing HDFC Bank personal loan balance. With a personal loan balance transfer, you can avail the following benefits such as:
- Get interest rates at 10.75% on the existing loan amount transferred.
- You will get a flat processing fee of only Rs. 1,999.
- Security: The borrowers can secure their personal loan from HDFC Bank with some benefits:
- Credit Shield Cover equal to the outstanding loan amount.
- Accidental Hospitalization covers up to Rs. 8 lakh
- Accidental death or permanent disablement cover up to Rs. 1 lakh
- Get insured with HDFC Bank personal loan: If the borrowers apply for an HDFC personal loan, they will get an option to avail of a personal accident cover of Rs. 8 lakh and critical illness of Rs. 1 lakh for a nominal premium.
HDFC Bank personal loan interest rates
As we know that HDFC bank offers a personal loan that has a minimum interest rate starting from 11.25% to 21.50%. However, the interest rate provided to an individual on a personal loan depends on multiple factors including credit score, age, employment, repayment history, current debt, and more.
Eligibility criteria of HDFC personal loan
- An individual should be a salaried doctor, CA, an employee of private companies, an employee from public sector undertakings including central, state, and local bodies.
- The age should be a minimum of 2 years and a maximum of 60 years.
- An individual should have at least 2 years of minimum work experience and you should be working with your current employer for at least 1 year.
- An individual should have a minimum monthly income of Rs. 20,000 per month if you are living in Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata, and Cochin. For residents in other cities, the minimum monthly income should be Rs. 15,000.
Documents required for HDFC personal loan
- Identity proof: You should submit a copy of your passport/voter ID/driving license/Aadhaar card, and more.
- Address proof: Submit a copy of passport/voter ID/driving license/ Aadhaar card, and other details.
- Submit the bank statement of the previous 3 months and passbook of the previous 6 months.
- Two latest salary slip/current dated salary certificate with the latest Form 16.
HDFC Personal loan verification process
- Fill the HDFC personal loan form online and then, your personal loan application can be processed by the bank.
- The bank goes through your application process and give you a verification call.
- Once the verification process is completed, the bank will schedule a document pickup form from your home or office.
- Once you have submitted all relevant documents, they get checked for further verification.
- Then, after verification, you will get another call from the bank confirming the final loan amount, interest rate, and tenure.
- Once the bank gets the confirmation from your side, the loan amount is disbursed within a few working days.
How to check the HDFC Personal loan application status?
- Through HDFC personal loan online application, you can easily check your personal loan status.
- You must enter either the application name or reference proposal number.
- After that, you may enter your date of birth or mobile number.
- At last click on ‘Submit’.
HDFC Bank personal loan restructuring during this COVID-19
In order to reduce the financial burden from the borrowers during the national COVID-19 pandemic situation, HDFC Bank had introduced the RBI mandate moratorium which will be ended in September. However, from October 2020 onwards, all the borrowers were expected to resume regular EMI payments. Due to COVID- 19 pandemic, the borrowers are still facing financial issues thus, HDFC Bank has now introduced the loan resolution mechanism in accordance with the RBI’s suggestion.
The described information helps you for choosing HDFC Bank’s personal loan according to its eligibility, online verification process, interest rates, documents required, check personal loan status, and more. It depends on you for choosing the loan amount and follow the guidelines mentioned, to fulfill your financial needs.