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A personal loan does not require any collateral or security and can be obtained with minimal documentation. Just like most loans, however, they must be repaid in monthly installments.
You can use it to fund any expense including education, a wedding, a trip, home renovation, medical expenses, and even to buy a gadget. You can even use the money to help out with the day-to-day expenses in case of a cash flow crunch.
HDFC Bank offers a Personal Loan to pre-approved customers in just 10 seconds. For others, it usually takes about 4 hours. As an already existing customer, you can apply via NetBanking on the HDFC Bank website, through an ATM or Loan Assist App. Otherwise; you can drop by the nearest branch to get the process started.
You can get a re-payment tenure that suits your needs. And then you have to make the payments in equated monthly installments or EMI. This installment amount is calculated using the loan amount, the payment tenure, and the interest rate.
Documents Required for Personal Loan
- 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)
- Two latest salary slip/current dated salary certificate with the latest Form 16
- Proof of End-use
What are the uses of a Personal Loan?
There are several ways in which a Personal Loan can be used:
- You can use it to finance higher studies. And claim tax benefits on the interest payments.
- Weddings are always expensive affairs. You can pay for it with a Personal Loan.
- You can use it to buy that new laptop or phone with state-of-the-art technology.
- Considering buying a home? Or planning to renovate your current dwelling? You can make it happen with a Personal Loan, with tax benefits to boot.
- You don’t need to blow all your savings on your dream vacation trip. You can finance your travels with a Personal Loan for travel.
- Cash flow issues can also be dealt with through a Small Personal Loan, so you don’t have to sacrifice day-to-day requirements during a cash crunch.
- Whatever you can think of. Seriously.
Features of HDFC Personal Loans
1. Get a personal loan in a quick time
- Check eligibility in one minute online and at select branches – Personal Loan Eligibility Calculator
- Get funds in 10 seconds if you are a pre-approved HDFC Bank customer. Other customers can get a loan in under 4 hours
- Get loan amount in just one working day of document submission
2. Apply online for a Personal Loan
- We have simplified the personal loan application process. You can make an online personal loan application in just a few clicks
3. Personal Loan Security
- Secure your personal loan with Sarv Suraksha Pro. Key benefits include:
- Credit Shield Cover equal to the outstanding loan amount
- Accidental Hospitalisation cover of up to ₹ 8 Lakhs*
- Accidental Death/Permanent Disablement cover of up to ₹ 1 Lakh*
4. Personal Loan for your every need
- No matter why you need a personal loan, HDFC Bank can customise the offering for you. If you already have an HDFC Bank account, you can benefit from special rates, charges, and offers. HDFC Bank also offers a host of benefits for first-time loan customers Enjoy the flexibility to pick a tenure that suits you and pay back the loan in pocket-friendly EMIs (Use our Personal Loan EMI Calculator to check your monthly outgo)
5. Get 24X7 assistance anywhere
- For any help with your loan, you can reach out to us via WhatsApp no – 7065970659, Webchat, Click2Talk, and PhoneBanking.
The Benefits of a Personal Loan
- The process is hassle-free. You can apply for an HDFC Bank Personal Loan online, through an ATM, Loan Assist App, or personally at the bank. This process requires minimum documentation.
- Existing HDFC Bank customers can get a pre-approved loan in just 10 seconds or 4 hours at the most, for non-HDFC Bank customers.
- A personal loan can be used for any purpose. For example, with EMI as low as Rs. 2149 / lac. A Car Loan or a Home Loan must be used for that specific purpose but the Personal Loan can be used for any purpose like vocational courses, home renovation, medical emergency, or to travel, just about anything. The choice is up to you.
- No security or collateral is required for a Personal Loan. You don’t need to mortgage your house, just so you can take that much-needed vacation trip!
- There is minimal documentation required in order to obtain a Personal Loan. This also cuts down on the processing time for such a loan. All you need to secure a Personal Loan is ID proof, address proof, and income proof.
- The payment terms are flexible, and you can choose your tenure as per your suitability. HDFC Bank offers tenure ranging from 12 to 60 months, with EMI as low as Rs. 2149 / lac.
- You can also claim tax benefits on the interest payments if you use the loan amount for buying, constructing or renovating a home, or for higher education purposes.
Eligibility Criteria of Personal Loan
- You should be a salaried doctor, CA, an employee of private limited companies, an employee from public sector undertakings including central, state, and local bodies
- You should be at least 21 years and your maximum age should be 60 years
- You should have at least 2 years of minimum work experience and you should be working with your current employer for at least a year
- Your minimum monthly income should be Rs. 20,000 per month if you are living in Delhi, Mumbai, Bangalore, Hyderabad, Chennai, Pune, Ahmedabad, Kolkata, and Cochin. For residents in other cities, the minimum monthly income requirement is Rs. 15,000.
How do I apply for a Personal Loan?
Applying for a Personal Loan is quick and easy. And it takes just 5 steps:
- Figure out why you need the loan, and how much amount. You can get a Personal Loan for a wedding or a vacation trip. You could take Rs. 1 lac or Rs. 10 lacs.
- Calculate whether you’re eligible for a Personal Loan or not. You can use the HDFC Bank Personal Loan eligibility calculator to determine how much you can borrow. HDFC Bank allows you to borrow up to Rs. 40 lacs.
- Calculate your EMI using the HDFC Bank Personal Loan EMI calculator. It is simple to operate. HDFC Bank offers EMI on Personal Loan for as low as Rs. 2149 per lac.
- Approach the bank and apply for the loan by NetBanking, via the bank’s website, or through an ATM. You can also visit the nearest branch to apply in person.
- Simply provide the bank with your documents. These are minimal. All you really need are: ID proof, address proof, and income proof (IT returns, salary slips, etc or bank statements)
After all this, you just have to wait for the loan funds to be remitted to your account. HDFC Bank usually disburses loans within 10 seconds if you are a pre-approved customer, while non-HDFC Bank customers can get the loan in 4 hours.
How do you choose a perfect Personal Loan?
There are several factors that go into choosing which Personal Loan works for you. Time, urgency, and capacity to repay are important factors you need to consider.
- The time of disbursement is the time at which the loan is approved. A Personal Loan can be very useful in raising funds quickly, especially in case of a medical emergency. HDFC Bank provides a Personal Loan within 10 seconds to pre-approved customers. For non-HDFC Bank customers, it may take 4 hours at best.
- Amount of loan, tenure, and payment are also important as they help determine your EMI. Obtaining the right amount, easy EMIs, and flexibility in tenure help decide what loan works for a person. HDFC Bank offers you a Personal Loan that can amount up to Rs. 40 lac, for a tenure ranging from 12-60 months with easy EMI repayments starting from Rs. 2149 per lac.
- An efficient loan process makes everything easier when looking for a Personal Loan. HDFC Bank grants a Personal Loan within 10 seconds and with minimum documentation whatsoever if you are a pre-approved customer. If not, you can get a loan in 4 hours at the most, with minimal documentation: ID proof, address proof, and income proof.
- The interest rate and the processing fee determine the total cost of the loan. Do pay attention to these factors before you pick a loan. HDFC Bank provides highly competitive interest rates and low processing fees with easy-to-pay EMIs.
What other options do I have apart from Personal Loans?
If you are not sure about a Personal Loan, then HDFC Bank offers several other options that you can use to generate funds for your needs. The Bank offers loans against the following:
- Credit Card – Depending upon your account and requirements, you can get the loan credited to your HDFC Bank account. For instance, Insta Loan allows for immediate loan disbursal into the HDFC Bank account, while the Insta Jumbo Loan allows the same for an amount that may be beyond your credit limit.
- Securities – You can pledge your securities with the Bank and obtain a loan. The processing is quick and comes without any prepayment or foreclosure charges. You can choose which security you want to pledge: Mutual Funds or Shares.
- Digital Loans against Mutual Funds – HDFC Bank is one of the first in the country to offer Digital Loans Against Mutual Funds. The entire process just takes 3 minutes!
- Loans Against Shares – This process can also be done online, and quickly. The funds will appear in a special created for this purpose and will be available to use almost immediately.
- Other Loans – HDFC Bank offers customers the option to obtain loans against Gold as well as property. Gold Loans are usually the quickest way to obtain funds for personal and business requirements. Loans against property allow you to obtain upto 60% of the commercial or residential property that you put up for collateral.
How to get a Personal Loan in 5 Easy Steps?
A Personal Loan has flexible repayment terms and usually no security or collateral is required.
Here is a five-step guide on how to get a Personal Loan. From documents required to how to apply for a Personal Loan, we have all the angles covered:
Step 1: Determine your requirement
Figure out why you need a Personal Loan and how much you need. For example, you may need a loan to fund your wedding or to renovate your home. And you may need just Rs. 1 lac or Rs. 10 lac.
Step 2: Check loan eligibility
Once you know how much you need, you should check whether you are eligible. You can visit the HDFC Bank Personal Loan Eligibility Calculator online, to find out how much you can borrow as Personal Loan. HDFC Bank offers loans up to Rs. 40 lac.
Step 3: Calculate monthly instalments
Use an online EMI tool to calculate your approximate loan repayments every month. You can modify the interest rate and tenure to match your monthly income, like on HDFC Bank Personal Loan EMI calculator. HDFC Bank offers pocket friendly EMIs on all its Personal Loan starting at Rs. 2149 per lac * (T&C).
Step 4: Approach the bank
You can apply for a Personal Loan with HDFC Bank in a variety of ways: Via NetBanking, online on the HDFC Bank website, at an ATM or by visiting a branch.
Step 5: Submit documents
Next find out what documents are required for a Personal Loan. Usually, you will need income proof (bank statements, salary slips or IT returns), address proof and ID proof. Hand over copies of your Personal Loan documents at the bank.
Wait for funds to be remitted to your account. HDFC Bank disburses funds for pre-approved loans to customers in 10 seconds*, and for non-HDFC Bank customers in 4 hours*.