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HDFC Personal Loan

Company brief – Incorporation, book size, loans disbursed as on date

Established in August 1994, HDFC Bank has grown to be one of the leading private sector banks in India. With 4,281 branches spread over 2,587 cities; HDFC takes pride in servicing a customer base of about 4 crore. Its ATM network of 12,000 machines gives it an edge in servicing the customers round the clock. What is distinct about the bank is that 55% of its branches are located in semi urban and rural locations.

HDFC is one of the leading banks with a massive asset book. The personal loan portfolio of the bank stands at Rs 41,000.

Product information – Various loan products, features, rate of interest
  • HDFC Bank personal loans can extend funding of up to Rs 25 lakhs for any purpose depending upon the requirement of the applicant
  • Special offers are made to existing customers with regards to interest rates and other charges
  • Online personal loans can be availed of under 2 minutes online if the applicant meets the eligibility criteria
  • Special loans for women known as HDFC Bank Personal Loan Diva (pre- approved limit of ₹ 3 lakhs for women employees of select companies)
  • With the payment of nominal premium (that is deducted from the approved loan amount) the borrower can avail of a credit shield equal to the outstanding loan amount.
  • This policy also provides an accidental hospitalization cover to the tune of ₹8 lakh and a critical illness cover of ₹ 1 lakh (Service tax and applicable cess will be charged as an extra amount)
HDFC Personal Loan Eligibility criteria
  • Applicant should be 21-60 years of age
  • Employed for a minimum of two years with an employment history of one year with the current employer
  • Should be drawing a regular salary. The salaried category includes medical professionals, PSU employees, CAs and private limited company employees.
  • The applicant should have a minimum net income of ₹ 12,000
  • A resident of the following cities must have a minimum income of ₹15,000
  • Delhi, Mumbai, Bangalore, Chennai, Hyderabad, Pune, Cochin, Ahmedabad and Kolkata
Interest Rate and other charges
Rack interest rate Salaried - 15.75% to 20%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of Rs. 1,000/- & Maximum of Rs. 25000/- for Salaried Customers.
Prepayment Salaried - No pre-payment permitted until repayment of 12 EMIs
Pre-payment charges Salaried - 13-24 Months - 4% of Principal Outstanding, 25-36 Months - 3% of Principal Outstanding >36 Months - 2% of Principal Outstanding
Charges for late payment of EMI 24% per annum on amount outstanding from date of default
Cheque swapping charges Rs 500/-
Amortization Schedule charges Rs 200/-
Loan cancellation charges NIL (However interest would be charged for the interim period between date of loan disbursal and loan cancellation and processing fees would be retained.)
Cheque bounce charges Rs. 550/- per cheque bounce
Legal/incidental charges At actual
CIBIL Report Copy Charges Rs.50 per copy
Loan application process – Documentation requirement (in case of special loan products)

You need to collect the following documents while making an application for a personal loan

Identity Proof: Any one of the following

Valid Passport

Voter ID Card

Aadhaar Card

Valid Driving Licence

Income proof:

Latest salary slip/current dated salary certificate with the latest Form 16

Three months bank statement

Six months pass book

Address Proof:

Ration card

Telephone or electricity bill

Rental agreement passport

Other information

Hassle free experience with on the most trusted names in banking. HDFC is known for be steadfast and surefooted and is growing its retail loan portfolio on the back of over 40% growth in personal loans. Customers are satisfied because on an average a personal loan (if the eligibility criteria is met) is disbursed within 2 to 3 days if applied offline without the requirement of any guarantor.

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