How to take a personal loan from HDFC bank? 

Uncertainty is a part of every human life. It is always an irony of life that during such unprecedented times, money shortage becomes a definite element. To fulfill our dreams and for smooth management of the financial requirements, personal loans are one of the best solutions. 

HDFC offers instant personal loans which offer loans in just 10 seconds to pre-approved HDFC bank existing customers and within 4 hours for other customers. 

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Easy steps to be followed to avail of loan: 

  • You can estimate the personal loan amount requirement 
  • You can also verify the criteria for eligibility 
  • You can apply for the loan online along with the loan documents 
  • You can obtain the loan approval in a few seconds 
  • You can get the loan amount disbursed immediately 
Personal Loan

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Why should I opt for HDFC Personal loans? 

Highlights: 

  • Loans amounts are available from a range of Rs 50,000/- to Rs.40 lakhs based on the eligibility criteria 
  • Loans are available for employed individuals who are working in Corporate Companies and Government Organizations. 
  • There is no requirement of mortgaging a security or collateral for Personal loans 
  • There is flexibility in repayment and the tenure can be from 12 months to 60 months 
  • Documentation process is also very simple. Required documents are just the following: 
  • Latest pay slip 
  • Passport size photograph 
  • KYC documents 
  • Bank account statement for the past three months 
  • Another important feature is that if there is any loan outstanding balance with a different financier, the same can be transferred to HDFC bank. 
  • Disbursal of loan amount is possible in just 10 seconds for the selected customers of the bank while other customers can get the loan sanction in just a few minutes to hours’ time. 
  • For repayment of the loan, the EMI amount starts from Rs.2162 per lakh for a five 

Eligibility: 

Let us check the eligibility criteria to apply for a Personal Loan: 

  • Salaried employees pertaining to private limited companies, staff from public sector companies (PSUs) which includes both central as well as state and also local bodies 
  • Age of the individual must be between 21 years and 60 years 
  • Individuals who are employed for a minimum of 2 years’ period and also should be employed for a period of minimum of one year with the present employer 
  • The loan availing employee should earn a minimum of Rs 25,000 per month as net income. 

Interest Rate and Charges: 

Although the interest rates when compared to Home loans are on the higher side, still the documentation and the other hassles are minimal for Personal loans. There are three major types of charges or rates that would be applicable. Also, we need to note that there would be Government taxes and other charges would be levied above the Fee and Charges.  

CHARGES/FEES CATEGORY CHARGE AMOUNT 
Loan Interest Rate For salaried – 10.50% – 21.00% 
Processing Charges for Loan There are processing charges of 2.5% of the loan value up to a max amount of ₹ 25,000/- for salaried customers 
Stamp Duty & Other Statutory Charges According to the law of the state 

The final decision of the loan disbursement is fully at the sole discretion of HDFC Bank Ltd. 

EMI calculation: 

EMI is a popular term in banking facility and it stands for the term Equated Monthly Instalment. It is the per month installment in equal amounts that must be repaid every month till the end of the loan period which is the combination of the principal loan amount along with the interest that must be repaid. 

Calculation of EMI: 

EMI Amount = P x R x (1+R)^N] / [(1+R)^N-1] 

P= Principal loan value 

R= Loan interest rate 

N= Tenure or period (term of the loan in number of years) 

The two major components of EMI include – principal amount and interest amount. 

Required Documents: 

  • The applicant’s Identity proof (A copy of Aadhaar-UIDAI/ Passport/ Electoral ID card/ Driving licence) 
  • The applicant’s Address proof (A copy of Passport/ Electoral ID card/ Driving licence/Aadhaar-UIDAI) 
  • Bank statement of last three months (Passbook of last 6 months) 
  • Salary slip of last two months (recent)/ present dated salary certificate with the recent Income Tax -Form 16. 

Personal Loan for COVID treatment 

The gigantic impact of the pandemic situation due to COVID 19 has affected every human life on earth. The struggle and hardships to face and overcome the situation are huge. The disease has not only stolen human life but also created large financial difficulties. Urgent requirement of funds is an extremely important and life-saving process to cater to the financial needs amidst rising medical bills and hospital expenditure.  

Because of the pandemic situation, HDFC Bank is giving personal loans at concessional interest rates. The revised interest rates are designed to deliver allowances and simplify the hassles of pandemic treatment, especially in such stressed situations. 

Life’s financial difficulties were made lighter with the support from HDFC bank by their financial handholding in such a crucial situation. There is the option to manage medical expenses related to COVID-19 and thus tackle the challenges that lie ahead 

Highlights: 

  • Option of availing unsecured loan upto an amount of Rs.5 Lakhs for the purpose of COVID treatment and the medical expenses. This is applicable to both salaried as well as self-employed customers. 
  • The option of obtaining higher loan amount as per loan eligibility and specific internal norms are also possible provided the terms and conditions are adhered to. 
  • There is also self-treatment facility and also the added feature of covering treatment of Covid expenses for immediate family members also.  
  • The exclusive loan facility can be availed by patients for COVID treatment during hospitalisation or even post discharge. 
  • The loan repayment tenure is flexible from one to five years 
  • There are also loans available at interest rate concession 
  • The documents required are minimum  

Eligibility: 

Let us check the eligibility to avail of such loans. It has to be understood that the applicants must be eligible as per the prevailing policy factors applicable for availing Personal Loans which are as follows: 

  • Salaried employees pertaining to private limited companies, staff from public sector companies (PSUs) which includes both central as well as state and also local bodies 
  • Age of the individual must be between 21 years and 60 years 
  • Individuals who are employed for a minimum of 2 years’ period and also should be employed for a period of minimum of one year with the present employer 
  • The loan availing employee should earn a minimum of Rs.25,000 per month as net income. 

Required Documents: 

There is a straightforward process of application for availing loan and the following is basic documentation is the requirement: 

  • Applicant KYC Documents 
  • Last six months’ bank statement and also three months’ pay slip as proof of income  
  • Other medical documents like: 
  • Report of RT-PCR testing 
  • Prescription of the consulting doctor 
  • Hospital bills or hospital quotation 
  • Self- declaration of the customer for the purpose of utilizing the funds for COVID 19 medical treatment 

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