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HDFC Bank Personal Loan @10.50% Interest rate

Discover flexible and convenient financing with HDFC Bank Personal Loans. Enjoy quick disbursals, competitive interest rates starting at 10.25% p.a., and loan amounts up to ₹40 lakhs.

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HDFC Bank Personal Loans

HDFC Bank Personal Loans offer a convenient and flexible financial solution for individuals looking to meet their personal needs. Whether it’s funding a wedding, a vacation, medical expenses, or consolidating debt, HDFC Bank provides personal loans with attractive interest rates starting from 10.50% per annum. The loan amount can go up to ₹40 lakhs, depending on the borrower’s eligibility and requirements.

Features of HDFC Personal Loan

Here’s a table summarizing the key highlights and features of HDFC Personal Loans:

FeatureDetails
Loan AmountUp to ₹40 lakhs
Interest RateStarting from 10.50% per annum
Loan Tenure12 to 60 months
Processing FeeUp to 2.50% of the loan amount
Prepayment Charges4% of the principal outstanding after 12 months
EligibilitySalaried individuals, including employees of private and public sector undertakings, and self-employed professionals
Minimum Income RequirementVaries based on location and profile; typically, ₹25,000 per month for salaried individuals
DocumentationMinimal documentation required, including proof of identity, address, and income
Digital Loan ApplicationOnline application process available with instant approvals for eligible customers
Top-Up LoanOption for existing customers to avail a top-up on their existing loan

Compare HDFC Bank Personal Loan vs other Lenders

Banks
idfc-bank
Expert Review (4.5/5)
4.5/5

Interest Rate
10.99% - 19%

Loan Amount
upto Rs.40L

hdfc-bank
Expert Review (4.5/5)
4.5/5

Interest Rate
10.50 % - 12.50%

Loan Amount
upto Rs.40L

DBS
4.7/5

Interest Rate
10.99 %

Loan Amount
upto Rs.15L

axis-bank
4.6/5

Interest Rate
10.50% - 16%

Loan Amount
upto Rs.40L

icici-cc
4.4/5

Interest Rate
10.99 % - 12.50%

Loan Amount
upto Rs.40L

indusiand-bank-cc
4.7/5

Interest Rate
10.99% - 12.99%

Loan Amount
upto Rs.40L

kotak-bank
4.3/5

Interest Rate
10.49 % - 14.50%

Loan Amount
upto Rs.40L

yesbank-cc
4.2/5

Interest Rate
10.75% - 16.50%

Loan Amount
upto Rs.40L

standard-chatered-cc
4.4/5

Interest Rate
10.5% - 13.50%

Loan Amount
upto Rs.50L

Eligibility Criteria for HDFC Personal Loan

Eligibility CriteriaDetails
AgeMinimum 21 years, Maximum 60 years
EmploymentSalaried individuals employed with private limited companies, public sector undertakings, or government bodies
IncomeMinimum net monthly income of ₹25,000 (may vary based on location)
Work ExperienceMinimum 2 years of overall work experience, with at least 1 year with the current employer
Credit ScoreA good credit score (generally above 750) enhances eligibility and chances of securing a better interest rate.

What are the Factors Affecting Eligibility?

  • Employment Stability: Consistent employment history with a stable income source.
  • Repayment Capacity: Ability to repay the loan based on your income and existing financial commitments.
  • Credit History: A good credit score demonstrates responsible borrowing behavior.
  • Other Financial Obligations: Outstanding loans or credit card debts might affect eligibility.

Fees and charges of HDFC Personal Loan 2024

Here’s a table detailing the typical fees and charges associated with HDFC Personal Loans in 2024:

Fee/ChargeDetails
Processing FeeUp to 2.50% of the loan amount, subject to a minimum of ₹2,999 and a maximum of ₹25,000
Prepayment Charges– For Salaried: 4% of the principal outstanding amount after 12 months (if allowed)
– For Self-employed: Not allowed in the first 12 months; 4% of the principal outstanding after 12 months
Late Payment Charges2% per month on the overdue amount
Loan Cancellation ChargesRs. 3,000 per request, along with interest for the interim period
Stamp Duty & Other Statutory ChargesAs per applicable laws of the state
Cheque Bounce ChargesRs. 550 per instance
Duplicate NOC ChargesRs. 500 per request
Loan Restructuring ChargesAs per the terms applicable at the time of restructuring
CIBIL Report ChargesRs. 50 per report (if requested)
Loan Overdue ChargesAdditional interest of 2% per month on the overdue EMI amount
Switch FeesNot applicable to personal loans

Please note that these fees and charges are subject to change and may vary based on specific loan terms and conditions. It’s recommended to confirm the exact charges with HDFC Bank or refer to the latest information provided by the bank.

Types of HDFC Personal Loan

  • Marriage Loan
  • Travel Loan
  • Debt Consolidation Loan
  • Home Renovation Loan
  • Personal Loan for Teachers
  • Personal Loan Balance Transfer

Documents Required for HDFC Personal Loan

The specific documents required for an HDFC Personal Loan can vary based on your employment status, loan amount, and other factors. However, there’s a general list of documents you might need:

For Salaried Individuals:

Document TypeRequired Documents
Identity ProofAadhaar Card, PAN Card, Passport, Driving License, Voter ID
Address ProofAadhaar Card, Passport, Driving License, Voter ID, Utility Bill
Income ProofSalary slips for the last 3 months, Form 16 (latest), Bank statements for the previous 6 months

For Self-Employed Individuals:

Document TypeRequired Documents
Identity ProofAadhaar Card, PAN Card, Passport, Driving License, Voter ID
Address ProofAadhaar Card, Passport, Driving License, Voter ID, Utility Bill
Income ProofIncome Tax Returns (ITR) for the last 2 years, Profit and Loss statement, Balance Sheet

Additional Documents (May be Required):

  • Photographs
  • Proof of Business Address
  • Business License or Registration Certificate

How to Apply HDFC Personal Loan at fincover.com?

HDFC bank personal loan apply online,

  • Visit https://www.fincover.com/banking/loan/personal/ and select HDFC bank
  • Enter all the required information as requested and Submit your personal loan application
  • Check if your personal loan is approved with the reference no provided
  • If approved and verified, the loan will disbursed in few days

Tips for Availing an HDFC Bank Personal Loan

During the Application Process

  • Online Application: Consider applying online for a faster and more convenient process.
  • Accurate Information: Provide accurate details in the application form to avoid delays and potential rejections.
  • Clear Communication: If you have any queries or require clarification, contact HDFC Bank’s customer support for assistance.
FAQs
You can go through many insurance policies on Fincover. Not all policies have the same benefits and you need to choose what suits your requirements best. Fincover allows you to compare and buy, making the process easy and simple.
If you already maintain a relationship with the bank in the form of savings account, current account, credit card, you can avail personal loan with the lowest interest rates.
Yes, foreclosure of personal loan is allowed after 12 months from the loan sanction date. However, a foreclosure charge of upto 4% may be levied on the outstanding amount.
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