Personal loans are one of the most popular unsecured loans. They’re ideal for financing your lifestyle, home, or education goals, and they have competitive interest rates as well. The bank offers personal loans in various forms and with varying durations. If you’re planning to take a loan from HDFC bank Personal Loan, you’ll find the details of interest rates and eligibility criteria mentioned below.
HDFC Bank Personal Loan Interest Rates
– Interest rates for loan amounts greater than INR 50,000 for government employees is 10.25% p.a.
– Interest rates for loan amounts greater than INR 35,000 for non-government employees is 10.40%
– Interest rates for loans of less than INR 35,000 is 12.49%
The interest rates provided on bank personal loans are largely decided by the bank’s fiscal policy and state bank’s lending norms and practices. As a result of this, interest rates vary from bank to bank.
– The interest rate offered on loans of HDFC bank is 10.99% p.c. (10.25% p.a.) for loans above INR 50,000 with EMI up to 2%.
– The interest rate offered on loans of State Bank of India is 10.95% (10.20% p.a.)for loans above INR 50,000 with EMI up to 4%.
The overall average interest rate offered by banks for personal loans varies from bank to bank depending on the terms and conditions as well as credit rating of an individual or organization applying for loan from that bank Personal loan interest rates at HDFC bank have been fixed at 10.99% p.c (10.25% p.a)for loans above Rs 50,000 with EMIs up to 2%, 11.17% p .c (10 .70 % p .a)for loans above Rs 50,000 with EMIs up to 4%, 10 .55 %p .c (10 .30 %p .a)for loans above Rs 35,000 with EMIs up to 4%, and 12 .49 %p .c (11 .
Eligibility Criteria for HDFC Bank Personal Loans
If you’re looking for a personal loan, you may consider applying to HDFC bank. The bank offers personal loans to individuals across India with a minimum income of Rs. 25,000 per month. The bank’s personal loan eligibility criteria are broadly same as other banks:
– You should have a bank account
– You should be a citizen of India
– You must have a valid Income Tax Identification Number (ITIN)
– You should not be more than 61 years of age
– Your bank credit score should be above 650
– You must have a good income and employable status.
The eligibility criteria vary depending on the bank’s endorsement of the loan product. For example, eligible candidates for personal loans from SBI bank include those with an income of up to Rs. 50 lakhs, an annual salary of Rs. 25 lakhs, and an asset value of up to Rs. 2 crore.
As per the eligibility criteria of HDFC bankPersonal Loan Personal Income <250000 To 20 Cr Age 21-30 YearsAny two out of the following – A Passout or equivalent certificate from a recognized educational institution An engineering diploma or any other similar diploma certificates from a recognized educational institution CTC or any similar certificate from National Skill Qualification system *** Other qualifications*** Income <20 Cr *** Net monthly income 25000 hdfc salary hdfc bank personal loan hdfc bank personal loan eligibility hdfc bank payday loans hdfc personal loan hdfc personal loan interest rate hdfc salary account hdfc salary account holder hdfc bank personal loan interest rate hdfc bank credit card hdfc bank credit card balance hdfc bank credit card limit hdfc bank credit card
Documents Required for HDFC Bank Personal Loan
– Applicants must provide proof of identity, address, and income. Co-applicant documents such as proof of identity and address may be required if the applicant’s income level or credit score is lower than the bank’s requirement.
– Applicants must have a valid Indian resident address. If applicable, applicants can provide bank statements showing proof of income.
– To avail personal loan, applicants must have a bank account for making payments. Applicants should open a bank account before applying for personal loan to make it easier for the bank to assess the eligibility of the loan.
– Balance Transfer may require proof of loan closure from the previous lender. It may also require proof of savings balance and bank statement to verify the eligibility of the loan. Customers are advised to contact customer care with additional details about other documents required before applying for a personal loan.
How to Apply for HDFC Bank Personal Loan
Indian residents aged 21-60 years who are employed with a private limited company or public sector undertaking (central, state or local bodies) can apply for an HDFC bank personal loan. The minimum monthly income requirement is Rs. 25,000 for HDFC bank salary account holders and Rs. 50,000 for Non-HDFC bank salary account holders. Applicants must have a minimum of two years’ work experience and one year’s service with their current employer.
Eligible applicants can borrow up to 70% of the loan amount as a 10% loan tenure rate interest subsidy from HDFC bank. Interest subsidy is offered on select loans only and valid only for three years from the date of sanction. These loans are available only to those with salary income and annual income of Rs 1 crore or above.
The bank offers personal loans starting at Rs 10 lakhs with terms of 12 months to 60 years with EMI of 10% to 20% depending on the repayment plan chosen by the borrower. EMI is payable in two installments each month.
Applicants must have a minimum credit rating of 65%. They also need to provide documents such as PAN card, age proof, bank statement, passport size image, caste/community certificate, NRE form 18 and NPS Form-I from the last three years along with other required documents to apply for this loan offer.
Features & Benefits of HDFC Bank Personal Loan
– HDFC bank personal loan offers loan amounts from ₹50,000 to ₹4,000,000 with a tenure between 12 and 60 months with interest rates ranging from 10.25% – 21%.
– The bank offers customers a convenient online application process with instant disbursal for existing customers.
– Also, the bank offers various benefits such as no end use restriction of funds, customizable personal loans, 24/7 personal loan customer care service, no collateral, easy documentation and pocket friendly repayment terms.
– Specialized loan offers are also available to working women such as EMIs for self-employed individuals and women entrepreneurs.
– Overall, HDFC bank personal loan is a convenient and affordable financing option for its customers.
The bank offers several personal loans to meet various financial needs. These range from a personal loan for home renovation to a personal loan for buying a vehicle. Besides, there is also a personal loan for emergencies. All loans offered by the bank are approved on the basis of an applicant’s eligibility and bank records. The bank also highlights that it does not demand any security as collateral for a personal loan. To know if you are eligible for an HDFC bank personal loan, fill in the requested information on the bank’s website here.