HDFC Bank Personal Loan : How to apply and benefits

By | July 12, 2018
(Last Updated On: July 12, 2018)

HDFC Bank Personal Loan is easy-to-get, quick and convenient.

HDFC Bank Personal Loan

For what purpose HDFC Bank Personal Loan can be taken ?

You can use a HDFC Bank personal loan for a variety of purposes, such as

  • travel,
  • wedding expenses
  • home renovation,
  • in a medical emergency or
  • to buy a gadget.

Why to Choose HDFC Bank Personal Loan ?

HDFC Bank, India’s No 1 Bank*, provides personal loans with hassle-free documentation and superfast disbursals. Pre-approved HDFC Bank customers can get loan disbursed in 10 seconds flat. Other customers can get money in just 4 hours.^

Besides speedy and transparent processing, the Bank offers a host of other benefits on its personal loans including flexible tenures and competitive interest rates.
These unmatched benefits make our products among the best personal loans in India.

*Based on Retail Loan book size (excluding mortgages).
Source: Annual Reports as on 31st March, 2017

How to Apply HDFC Bank Personal Loan ?

To apply HDFC Bank personal Loan  .Click here 

What are the Features of  HDFC Bank Personal Loan  ?

The key features of personal loans include

  • customization of personal loans,
  • special interest rates on personal loans for existing HDFC Bank customers.
  • You can also transfer your existing personal loan to HDFC Bank.

    There are several benefits of personal loans from HDFC Bank. You can get in touch via SMS, online chat or phone banking, and check your personal loan eligibility online in just 60 seconds. Additional personal loan benefits include personal accident cover and personal loan security.

  • Stay Protected

    Personal Accident Cover : For a nominal premium* you can avail of Personal Accident cover of up to Rs. 8 lakhs, and Critical Illness cover of up to Rs. 1 lakh. The premium for these policies will be deducted from the loan amount at disbursal. Applicable taxes and surcharge/cess will be charged extra.

  • Personal Loan Security:

    Secure your personal loan with Sarv Suraksha Pro,
    key benefits includes:

    • Credit Shield Cover equal to the outstanding loan amount
    • Accidental Hospitalisation cover of up to Rs. 8 lakhs*
    • Accidental Death/Permanent Disablement cover of up to Rs. 1 lakh*

    *Terms and conditions of the insurers shall apply. The policy is offered by HDFC Ergo GIC Ltd.

  • Fulfil Your Every Need

    No matter what your needs, HDFC Bank can customise a Personal Loan for you. Existing HDFC Bank account holders can avail of our special offers, interest rates and charges. First-time Loan customers can also avail of a host of benefits.

  • Transfer Loan Balance with Ease

    Transfer your existing Personal Loan to HDFC Bank. Enjoy lower EMI’s and SAVE on your interest payments

    • Interest rates as low as 11.39%* on the existing loan transfer
    • Flat processing fee of only Rs. 1999*
    • To transfer your loan balance, apply now.
  • Quick Eligibility Check & Disbursal

    Check your Personal Loan eligibility online or at select branches in just 60 seconds. Once all your papers are submitted, the loan will be disbursed in just one working day.

  • Convenient Borrowing

    For any help with your loan, you can reach out to us via SMS, Webchat, Click2Talk and PhoneBanking.

    *Terms and conditions apply. Loan at sole discretion of HDFC Bank limited. Subject to documentation and verification as per Banks requirement.

What is HDFC Bank Personal Loan Eligibility Criteria ?

The eligibility criteria for personal loan in HDFC Bank apply to both salaried and self-employed individuals.

Read below to find out more about eligibility criteria for personal loans.

The following people are eligible to apply for a Personal Loan:

  • Salaried doctors, CAs, employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
  • Individuals between 21 and 60 years of age
  • Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer
  • Those who earn a minimum of Rs. 15,000 net income per month (Rs. 20,000 in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin)

What are Documentation requirement for HDFC Bank Personal Loan ?

The following documents are required along with your Personal Loan application:

  • Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Address proof (copy of passport/voter ID card/driving license/Aadhaar)
  • Bank statement of previous 3 months (Passbook of previous 6 months
  • Latest salary slip/current dated salary certificate with the latest Form 16

HDFC Bank offers competitive rates of interest on personal loans. If you are an existing customer, you can enjoy additional benefits on interest rate on your personal loan. Find out more about HDFC Bank’s personal loan interest rates, along with personal loans fees and charge Click here.

What will be done with the post dated cheques if I request to change the mode of repayment/account for my loan?

Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank.
In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at the Retail Loan Service Center Click here or through PhoneBanking Click here or write an email at www.hdfcbank.com/services within 45 days from the date of application of change in repayment instructions.
In case, HDFC bank do not hear from you within the stipulated period, the defaced cheques will be destroyed.

How can I repay my HDFC Bank Personal Loan?

You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your HDFC Bank account with the EMI amount.

Try our EMI calculator to calculate how much you need to pay each month.

Is part-prepayment of a HDFC Bank Personal Loan allowed?

Yes, for loans booked on or after April 1, 2018, you can close your Personal loan account in Part after completion of 12 EMIs from Loan disbursement.

  • Part payment is allowed twice during loan tenure.
  • Part payment is allowed only once in single financial year.
  • At any point of time, each part payment will not exceed 25% of Principal Outstanding.

Note that Part-payments attract certain charges, and are guided by applicable Terms and conditions. For more information, please refer the Rates and Fees section Click here.
To make Part-Prepayments, you need to visit nearest the Retail Loan Service Center Click here and submit your request with the revised account mandate/instructions.
This results in either a reduction in the EMI amount for the remaining tenure or reduction in tenure with the same EMI amount. The borrower would need to continue to repay the subsequent EMIs as per the repayment schedule shared by the bank.

Are there any additional charges for HDFC Bank Personal loan repayment?

The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode). The charges are updated and can be viewed in the Fees & Charges  Click here section in the Bank’s website of each loan product.

What is Guarantor?

A Guarantor is a person who guarantees to pay for someone else’s debt if he or she should default on a loan obligation.

How long can I take to repay my HDFC Bank personal loan?

We offer flexible repayment options ranging from 12 to 60 months, depending on the customer’s profile.

How much can I borrow?

You can take a loan ranging from Rs. 50,000 to Rs. 40,00,000.

How can I repay my Personal Loan?

You pay the loan in equal monthly instalments (EMIs). The loan will be paid through post-dated cheques. You can also pay through ECS or a standing instruction to debit your HDFC Bank account with the EMI amount.

Try our EMI calculator to calculate how much you need to pay each month.

How does a Salary Account help me get a personal loan?

You get a preferential rate of interest and processing fee, speedy processing and minimal documentation if you have a Salary Account with HDFC Bank. This is taken into account at the time of disbursal of the loan. You can pay through a Standing Instruction to debit your HDFC Bank account with the EMI amount.

Do I need to provide any security or collateral to obtain a personal loan from HDFC Bank?

No you don’t have to provide any security, collateral or guarantee.

What is De-pledge?

Removal of a pledge from the security to regain the rights over the security is called de-pledge.

*Conditions Apply

What is Guarantor?

A Guarantor is a person who guarantees to pay for someone else’s debt if he or she should default on a loan obligation.

What is Amortization?

Amortization is paying off debts in regular instalments over a period of time.

What is Pledge?

A right over the security is created in favour of HDFC Bank. Hence shares cannot be transferred or sold by the customer or shareholder.

What is RTGS?

RTGS is the Real Time Gross Settlement which is used for the transfer of amounts of Rs. 1,00,000 or more from one bank account to another bank account (any bank located anywhere in India if attached with an Internet system) at very minimal charges. The amount is credited into the beneficiary’s account in real time. For amounts less than Rs. 1,00,000 we use NEFT( National Electronic Fund Transfer).

What is NEFT?

The National Electronic Funds Transfer (NEFT) system is a nation-wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch.

What is SI?

SI stands for Standing Instructions. It is one of the modes you can use to repay a loan, wherein your HDFC Bank account is directly debited for the EMI amounts, based on your specific instructions in the form of the Standing Instructions Mandate.

What is CIBIL?

CIBIL stands for Credit Information Bureau India Limited. CIBIL’s aim is to fulfil the need of credit granting institutions for comprehensive credit information by collecting, collating and disseminating credit information pertaining to both commercial and consumer borrowers, to a closed user group of members. Banks, Financial Institutions, Non-Banking Financial Companies, Housing Finance Companies and Credit Card Companies use CIBIL’s services. Data sharing is based on the Principle of Reciprocity, which means that only Members who have submitted all their credit data may access Credit Information Reports from CIBIL.

The establishment of CIBIL is an effort made by the Government of India and the Reserve Bank of India to improve the functionality and stability of the Indian financial system by containing NPAs while improving credit grantors’ portfolio quality. CIBIL provides a vital service, which allows its Members to make informed, objective and faster credit decisions.

Yes, you can choose to repay your loan anytime after 12 months of taking the loan and after you have paid 12 EMIs along with applicable foreclosure charges. Please note Loan can be foreclosed by issuing a Demand draft / cheque at the branch; kindly note that cash beyond Rs. 49000/- will not be accepted for loan repayment against part prepayment/ full payment / matured loan closure payment. Any payment above Rs. 49000/- should be made vide Account payee Cheque / Pay order /Demand draft.

Which documents should I carry at the time of visiting HDFC bank?

You need to carry an Agreement Number, Self-attested Identification Proof containing your signature to avail of any information / deliverable along with a written request and produce the documents at the Customer Service Desk.

If you want to change your address / contact details, you need to submit an address change request along with a Self-attested copy of your revised address proof. The Request form for Address Change is available on the Form Centre of HDFC Bank website.

For your queries related to Loans (other than home loans), please visit the nearest Retail Asset Branch.
You can also write to us at www.hdfcbank.com/services with the following verification details or contact your nearest PhoneBanking officer:

  • Loan account number
  • Name of applicant / loan favouring
  • Date of birth of the applicant (as provided in loan application form)
  • Correspondence address
  • Loan amount
  • EMI amount
  • Mode of repayment (standing instruction / ECS / post date cheques)
  • Bank name and account number from which the EMIs are collected
  • Query / Complain

Post Dated Cheques(PDCs)/Security Cheques submitted towards loan repayment that have not been encashed, will be defaced and retained by the Bank.
In case, you wish to have your old Post Dated Cheques(PDCs)/ Security Cheques to be returned to you, kindly lodge a request at the Retail Loan Service Center or through PhoneBanking or write us an email at www.hdfcbank.com/services within 45 days from the date of application of change in repayment instructions.
In case, we do not hear from you within the stipulated period, the defaced cheques will be destroyed.

How can I change the mode of repayment/ account for my loan?

In the event that you wish to change the mode of repayment/bank account for your loan repayment, you may visit the nearest the Retail Loan Service Center and submit your request with the revised account mandate/instructions.

1) Standing Instructions:

We offer the Standing Instructions (SI) facility whereby we can directly debit your HDFC Bank account for EMI amounts on due dates.

Please submit the following at your nearest Retail Loan Service Centre:

  • Request form for swap of repayment instructions.
  • 3 Security cheques favoring “HDFC Bank Ltd Loan Account No. <<      >>”, each undated and filled with a value equal to the sum of 3 EMIs.
  • SI mandate duly filled and verified by HDFC Bank.
  • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer,i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.

2) Electronic Clearing Service (ECS):

We offer the ECS facility whereby we can directly debit your non-HDFC Bank account for EMI amounts on due dates.

Please submit the following at your nearest Retail Loan Service Centre:

  • Request form for swap of repayment instructions.
  • Security cheques favoring “HDFC Bank Ltd Loan Account No. <<       >>” ***
  • ECS mandate duly filled and verified by your banker.
  • ACH(Automated Clearing House) Mandate.
  • Swap Charges of Rs.500/- favouring “HDFC Bank Ltd Loan Account No. <<            >>”
  • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer,i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.

    ***Security Cheques: You need to issue 1 security cheque for every 6 Equated Monthly Installments (EMI). The amount on each security undated cheque should be equal to the sum of 3 EMIs. For example, if your EMI amount is Rs. 1000 and you have paid 18 EMIs for a 36 month loan tenure, you need to submit 3 Security Cheques of Rs. 3000 each.

3) Post-dated Cheques (This mode is allowed only if the location is non ECS):

Please submit the following documents at your nearest the Retail Loan Service Center click here :

  • Request form for swap of repayment instructions
  • Revised post dated cheques in favour of “HDFC Bank Ltd Loan Account No. <<      >>” for the balance EMIs.
  • ACH(Automated Clearing House) Mandate
  • Swap Charges of Rs.500/- favouring “HDFC Bank Ltd Loan Account No. <<        >>”
  • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer,i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided

How can I get my address changed in my loan account?

In order to change your address in our records, you may visit the nearest Retail Loan Service Centerand submit the following documents:

  • Request form for Address Change.
  • Self Attested copy of your revised address proof along with the original address proof for validation.
  • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided.

How do I obtain a Duplicate Repayment Schedule for my loan account?

You may obtain a Duplicate Repayment Schedule for your loan account, free of charge by registering for our NetBanking facility on www.hdfcbank.com and download the repayment schedule for your linked loan account.
Alternatively, you may visit the nearest Retail Loan Service Center and submit the following documents

  • Request form for Duplicate Repayment Schedule.
  • Duplicate Repayment Schedule Charges of Rs.200/- favouring “HDFC Bank Ltd Loan Account No. <<          >>”
  • In case a bearer submits the request on your behalf, a bearer authorisation along with KYC documents(self attested copy and original for validation) of the bearer, i.e. Identity and Signature Proof like PAN Card, Aadhar Card, Driving License or Passport Copy will also need to be provided

What are the charges I have to pay to change the mode of repayment/ account for my loan?

A service charge of Rs.500 is applicable for changes in loan repayment instructions issued from non-HDFC Bank Account (ECS or PDC facility). A cheque/payorder/demand draft for Rs. 500 favouring “HDFC Bank Ltd Loan Account No. <<     >>” will be required along with the revised set of repayment instructions.

Are there any additional charges for loan repayment?

The additional charges (if any) are applicable in case you default or in case of SWAP (i.e. change the repayment mode). The charges are updated and can be viewed in the Fees & Charges click here section in the Bank’s website of each loan product.

How long will it take for my Personal loan to be processed?

Once you submit your application form and the required documents as per Bank’s criteria, you can expect our approval and disbursal in 4 hours*, provided everything is in order. All loan approvals are at the sole discretion of the bank.

Is part-prepayment of a Personal Loan allowed?

Yes, for loans booked on or after April 1, 2018, you can close your Personal loan account in Part after completion of 12 EMIs from Loan disbursement.

  • Part payment is allowed twice during loan tenure.
  • Part payment is allowed only once in single financial year.
  • At any point of time, each part payment will not exceed 25% of Principal Outstanding.

Note that Part-payments attract certain charges, and are guided by applicable Terms and conditions. For more information, please refer the Rate & Fee section.
To make Part-Prepayments, you need to visit nearest the Retail Loan Service Center and submit your request with the revised account mandate/instructions.
This results in either a reduction in the EMI amount for the remaining tenure or reduction in tenure with the same EMI amount. The borrower would need to continue to repay the subsequent EMIs as per the repayment schedule shared by the bank.

Also visit HDFC Bank Website click here

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