HDFC Bank is a renowned private sector bank and financial company in India. The bank offers a vast array of retail and corporate financial products. Individuals facing cash crunch can get HDFC Bank Personal Loan in 2021 to meet their expenses. The bank offers a personal loan with a host of exciting features and benefits such as attractive interest rates, flexible repayment tenure, etc.
Here are the factors that make HDFC personal loan a good proposition in 2021
- Instant disbursal: HDFC personal loan is an unsecured personal loan that needs minimal formalities during application. HDFC Bank offers a personal loan in only 10 seconds to pre-approved customers and within 4 hours to eligible non-HDFC customers.
- Simple documentation: Borrowers can apply for HDFC personal loan online with minimal documentation. Only KYC documents are required to apply for the loan; pre-approved customers of HDFC can get a personal loan without documentation.
- Competitive interest rate: HDFC personal loan interest rates are one of the lowest in the market, ranging from 10.75% to 21.30% per annum.
- Unsecured loan: To get a personal loan from HDFC Bank, borrowers don’t need to submit any assets as security. The bank offers a collateral-free personal loan based on the income, credit score and obligations of an applicant.
- Flexible repayment term: The personal loan can be availed for a flexible repayment tenure ranging from 12 to 60 months. HDFC Bank personal loan EMI starts from Rs. 2,187 per lakh. Borrowers can select the tenure as per their repayment capacity and convenience.
- Insurance protection: Borrowers can avail of personal accident cover of up to Rs. 8 lakh and critical illness cover up to Rs. 1 lakh for a nominal premium.
- Personal loan balance transfer benefits: If you already have a personal loan with another lender, you can transfer the outstanding loan amount to HDFC Bank and enjoy the following benefits:
- Low-interest rate: 11.49%
- Flat processing fee of Rs. 3999
- No restriction on the end use of the fund: Borrowers can use HDFC Bank personal loan for any legal purpose without any restrictions. HDFC Bank personal loan can be availed for holidays, wedding, purchase of latest gadgets, home renovation, medical expenses, business investment etc.
- Best customer care service: To resolve any query regarding a personal loan, you can contact HDFC Bank personal loan customer care number 1800 258 3838 or submit your query/ feedback/ complaint online here.
HDFC Bank personal loan interest rates
HDFC Bank Personal Loan Interest Rates are easily affordable. Here are the interest rates and charges on HDFC Bank personal loan.
| Particulars | Charges |
| Interest rates | 10.75% to 21.30% p.a. |
| Processing fee | Up to 2.50% of loan sanctioned subject to a min of Rs. 2,999 and max Rs. 25, 000 |
| Prepayment charges | Prepayment will be allowed only after 12 EMIs
13 – 24 months: 4% of principal outstanding |
| Cheque swapping charges | Rs. 550 |
Note: Rates and charges are subject to changes, and government taxes and other levies as applicable will be charged on top of the fees and charges.
Eligibility criteria for HDFC Bank personal loan
To get a personal loan from HDFC Bank in 2021, you will need to meet the eligibility criteria set by the bank. Here are the basic requirements to get a personal loan from HDFC Bank:
- Citizenship: Indian citizens.
- Age: Minimum age of the applicant at the time of application should be 21 years and should not exceed 60 years before the maturity of the loan.
- Employment type: You should be employed with a public or private limited company.
- CIBIL score: Must have a good credit score.
- Experience: A job experience of at least 2 years is compulsory and should be drawing a salary for at least one year from the current employer.
- Monthly income: Minimum income for HDFC Bank account holders is Rs. 25, 000 per month and Rs. 50,000 per month for non-HDFC account holders.
Documents required for HDFC Bank personal loans:
Here is the checklist of documents that borrowers will need to submit to apply for a personal loan from HDFC Bank:
- Identity proof: A copy of – Aadhaar card/ voter’s identity card/ passport/ driving license
- Resident proof: A copy of – Electricity bill/ water bill/ telephone bill (not more than 3-month older)
- Bank statement for the previous 3 months that shows salary credit
- Latest salary slips and current dated salary certificate
- Income Tax Return (ITRS) with the latest Form 16
HDFC Bank holds top positions when it comes to personal loan for urgent financial requirements. Eligible customers who are facing problems to meet their short to mid-term expenses can get a personal loan from HDFC Bank with minimal documentation. The bank has a reputation of offering fastest personal loan in Indian lending market.
