HDFC’s personal loan is designed in such a manner as to fulfill diverse needs such as travel, renovation of the house, medical emergencies, and other financial requirements in a convenient manner. To fund planned events such as marriages, vacations, home renovation, etc., a personal loan becomes an ideal choice. It is one of the best credit options that provide personal loans quickly through an end-to-end online process for all needs.
Eligibility Criteria for HDFC Personal Loan
Below mentioned are the people eligible to apply for a Personal Loan:
- Private Limited Companies employees, PSU employees, 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.
- Individuals who have a minimum income of 25000 net income per month.
Factors affecting the eligibility of a Personal Loan
Below mentioned are the factors that affect the eligibility for Personal Loan:
- CIBIL Score: A CIBIL score above 720 is considered to be ideal to meet the eligibility criteria for getting HDFC Personal Loan.
- Income: An individual shall meet the minimum income criterion to avail off HDFC Personal Loan.
- Repayment History: Approval of a loan becomes easier if the applicant has a good repayment history.
Documents Required
Below mentioned are the documents required to apply for HDFC Personal Loan:
- Identity Proof/ Address Proof (Copy of Passport/ Voter Id Card/ Driving License/ Aadhar Card)
- Bank statement of previous 3 months (Passbook of previous 6 months)
- Two latest Salary Slips/ current dated salary certificate along with Form 16.
Interest Rates & Charges
HDFC offers very competitive interest rates that ensure savings of money and pocket-friendly EMIs. An existing customer can enjoy additional discounts on interest rates and attractive processing fees.
Senior Citizens are entitled to a discount of 10% on all service charges. Let us now understand HDFC Bank Personal Loan interest rates and processing charges:
- Charges to avail of a Personal Loan
| Fee | Amount to be paid |
| Rack Interest Rate | Salaried- 10.50% to 24% |
| Processing fee /
Loan Processing Charges |
Up to INR 4999/- |
| Stamp Duty & Other Statutory Charges | As per applicable laws of the state |
- Charges Post Loan Disbursement
| Fee | Amount to be paid |
| Overdue EMI interest | 2% per month on EMI / Principal Overdue |
| Legal/Incidental Charges | At actuals |
| Amortization Schedule Charges / Repayment Schedule Charges | ₹ 50/- Per Instance |
| Repayment mode change charges | ₹ 500/- |
| EMI / Payment Return Charges | ₹ 450/- |
| Loan Cancellation Charges & Rebooking Charges | NIL for cancellation of Loan (However client would be charged interest for the interim period between the date of the loan disbursement and loan cancellation and Processing Fees would be retained.) ₹ 1000/- for rebooking the loan. |
- Pre-Payment Charges
| Fee | Amount to be paid |
| Pre-payment in Part or Full |
Salaried – No pre-payment in Part or Full permitted until repayment of 12 EMIs Part payment allowed up to 25% of Principal Outstanding. It is allowed only once in the financial year and twice during the loan tenure. |
| Pre-payment Charges (on principal outstanding) / Part-payment Charges [on part-payment amount] |
Salaried- 13-24 months – 4% of principal outstanding, 25-36 months – 3% of principal outstanding >36 months – 2% of principal outstanding Please have a service request registered with regard to Personal Loan foreclosure. |
Different Ways to make HDFC Personal Loan Payments
- How to make HDFC Personal Loan Payment Online
Below mentioned are the different ways to make HDFC Personal Loan Payment via online modes:
- Via HDFC Internet Banking
Cardholders can easily make HDFC personal loan payments with the help of Internet Banking by following the below-mentioned steps:
- Visit the official website of HDFC Bank.
- Enter the login credentials and make a login.
- Select the appropriate loan account & proceed further to make payment of Loan EMI by using the HDFC account balance.
- Via HDFC Mobile App
By following some simple steps, a cardholder can easily make payment for HDFC Loan with the help of the HDFC Mobile app.
- Download the HDFC Mobile App on an Android or IOS Device with the help of Google Play Store or Apple Store respectively.
- Go to the tab “Payments” & then click on the “Personal Loan” tab.
- Now with the help of the app, Loan EMI can be made.
- Other Online Payment Options
- Paytm
- Bank Cheque
- NEFT/ RTGS
- Bill Desk
- How to make HDFC Personal Loan Payment Offline
- Cheque/ Draft
- Standing Instructions/ NACH Mandate
Details required to check HDFC Personal Loan Status
Below mentioned are the details required to check the HDFC Personal Loan Application Status:
- Applicant’s Name
- Reference Number
- Mobile Number
- Date of Birth
Different Ways to Check HDFC Bank Personal Loan Application Status:
Applicants can check the status of their HDFC Personal Loan online in two ways:
- Through Loan Tracker:
Below mentioned are the steps for checking the loan status via the loan tracker:
Step 1: Open the official website of HDFC Bank.
Step 2: Click on the “Personal Loan” tab.
Step 3: Click on the tab “Manage your Loan”.
Step 4: then click on “Track your Application”.
Step 5: Enter the applicant’s name or reference/ proposal number.
Step 6: Enter the Date of birth or Mobile Number.
Step 7: Submit the details.
- Through Mobile Number
Below mentioned are the steps for checking the loan status through a mobile number:
Step 1: Visit the official website of HDFC Bank.
Step 2: Click on the “Personal Loan” tab.
Step 3: Click on the “Manage Your Loan” section.
Step 4: Click on “Resume Your Application”.
Step 5: Enter the mobile number that has been mentioned in the loan application form.
Step 6: Click on “Proceed”.
- HDFC Personal Loan Application Status Offline
Applicants can check the status of their HDFC Personal Loan offline in two ways:
- Through Customer Care: To know the HDFC Personal Loan application status, applicants are required to call on the HDFC Bank Personal Loan Customer Care Numbers i.e. 1800 202 6161/ 1860 267 6161 (between 8:00 am to 8:00 pm on all days including Sundays & Bank holidays).
- Through Nearest Branch: To know the HDFC Personal Loan application status, applicants can also visit their nearest HDFC branch. They can enquire about the same with the help of a Loan Reference Number.
Factors Affecting HDFC Bank Personal Loan Application:
Factors that may affect the HDFC Bank Loan Application are as mentioned below:
- Location: The location of the residence helps in determining the minimum salary amount that is eligible for meeting the criterion of the HDFC loan application.
- Income: A higher income indicates a better loan repayment capacity.
- Existing Loans/ Advances: Existing loan/ debts helps in determining the personal loan interest rates and the loan amount.
- Credit History: It is one of the most important factors that help in determining the HDFC Personal Loan Interest Rate, amount, and period. Discrepancies in the credit history lead to the rejection of the HDFC loan application.
- Employment: Private limited companies and PSU employees are also eligible to avail of HDFC Bank Personal Loan.
