What should you know about HDFC Bank personal loan?

HDFC is one the finest banks of India, which provide various kind of loans of its consumer-like HDFC business loan, HDFC home loan, HDFC car loan, etc. Apart from a series of secured loans the bank also provide personal loan to the salaried people. Personal loans are collateral-free loans that can be used to fund various kinds of needs like a wedding, travel, medical emergencies, debt consolidation, and home renovation.  Since there is no restriction on the usage of the loan amount, people in large numbers apply for it. But before getting started, you should know about the HDFC Bank personal loan.

So, look at the important aspects of HDFC Bank personal loan

Interest rate, repayment tenure, and other charges applicable to a personal loan from HDFC Bank

Principal loan amount Rs 25,000 to Rs 15 lakh
Interest rates 10.99% to 21.75% per annum
Repayment tenure 12 months to 60 months
Processing fee 2% of the principal loan amount
Cheque return or ECS failure charges Rs 750 for each instance of EMI payment failure
Loan pre-closure charges 2% to 4% after 12 EMIs

Eligibility criteria to apply for HDFC Bank personal loan

Most of the applicants avoid this process and their personal loan application gets rejected. If you don’t want your personal loan application to be rejected, then always check your eligibility before applying for a personal loan.

  • The applicant should be a salaried professional.
  • The minimum age of the applicant should be 23 years.
  • The maximum age of the applicant should not exceed 55 years.
  • The applicant must be employed in a well-known company.
  • The applicant should have at least 2 years’ work experience.
  • The applicant should have maintained a good CIBIL score and should not be a defaulter in previous loans.

Document required to apply for HDFC Bank personal loan

Like any other lending institutions, HDFC Bank has some prerequisite requirements that every borrower needs to fulfil to apply for a personal loan. If you are planning to take a personal loan from HDFC Bank, then you must look at this list of documents required to apply for a personal loan.

List of documents to apply for HDFC Bank personal loan

ID proof: PAN card, Aadhaar card, driving license, voter ID, government ID card, senior citizen ID card (one of them).

Address proof: Passport, telephone bill, electricity bill, ID card issued by the post office, bank statement (one of them).

Income Proof: HDFC Bank asks for the latest bank statement as income proof, but sometimes it also makes an initial offer to its existing customer.

HDFC Bank personal loan EMI calculator- benefits, working, and example

The HDFC Bank personal loan EMI calculator is a simple tool to calculate your EMI amount before applying and getting a loan. The calculator tells the exact amount you will pay as an EMI after taking a personal loan from HDFC Bank. With the help of the EMI calculator, you can choose a principal loan amount, interest rate, and repayment tenure according to your convenience.

How HDFC Bank personal loan EMI calculator works

E = P*r ((1+r) n-1)

HDFC Bank personal loan EMI calculator formula explained

E is the HDFC Bank personal loan EMI.

P is the principal loan amount you wish to borrow from HDFC Bank.

‘r’ is the interest rate offered by HDFC Bank.

‘n’ is the repayment tenure in months.

Example

If you want to take a personal loan from HDFC Bank of Rs. 1,00,000 at an interest rate of 17.5% per annum for a tenure of 1 year, then you will pay an amount of Rs. 9,144 as your monthly instalment. To understand more about the EMI calculator, see the table below.

Year Principal (A) Interest (B) Total payment

(A+B)

Balance Loan paid to date
Oct Rs 7,686 Rs 1,458 Rs 9,144 Rs 92,314   7.69%
Nov Rs 7,798 Rs 1,346 Rs 9,144 Rs 84,516 15.48%
Dec Rs 7,912 Rs 1,233 Rs 9,144 Rs 76,604 23.40%
Jan Rs 8,027 Rs 1,117 Rs 9,144 Rs 68,577 31.42%
Feb Rs 8,144 Rs 1,000 Rs 9,144 Rs 60,433 39.57%
Mar Rs 8,263 Rs 881 Rs 9,144 Rs 52,170 47.83%
Apr Rs 8,383 Rs 761 Rs 9,144 Rs 43,787 56.21%
May Rs 8,506 Rs 639 Rs 9,144 Rs 35,281 64.72%
Jun Rs 8,630 Rs 515 Rs 9,144 Rs 26,652 73.35%
Jul Rs 8,756 Rs 389 Rs 9,144 Rs 17,896 82.10%
Aug Rs 8,883 Rs 261 Rs 9,144 Rs 9,013 90.99%
Sep Rs 9,013 Rs 131 Rs 9,144 Rs 0   100%

Ways to apply for an HDFC Bank personal loan

There are lots of ways to apply for HDFC Bank personal loan like visiting the nearest branch of the HDFC Bank, visiting their website, or go to an online fin-tech marketplace. However, most of people don’t prefer to visit the branch itself because it takes a lot of time. Thus, the better way to apply for a personal loan is to apply online.

Because of digitization and innovated technology, the loan segment has grown rapidly and this revolution is led with the rise of fin-tech platforms. These fin-tech platforms work as a bridge between the lender and the borrower. Fin-tech platforms like Afinoz with their state-of-the-art technology have narrowed the gap between the lender and borrower.  Here you can see, compare, and choose lender according to your need.

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