How To Apply For HDFC Bank Personal Loan | HDFC Bank Complete Guide To Eligibility, Application, and Approval

How To Apply For HDFC Bank Personal Loan | HDFC Bank Complete Guide To Eligibility, Application, and Approval

If you are also expecting to take a loan from HDFC Bank then you are on the right place. HDFC bank is one of the most renowned banks in India. This bank offers personal loans for a variety of purposes like your expenses for tours, purchasing goods funding to some specific items, costs for medical treatment, or to repay any kind of debts.

Let’s begin with this article to understand what are the benefits of taking loan from HDFC Bank, the minimum requirements, the process of Application, the documents required and the repayment process

How To Apply For An HDFC Bank Personal Loan: Overview 

Read Also– Moneyview Loan Kaise Le | Moneyview Loan kaise milega New process | Moneyview App Personal Loan

Personal Loan For Students | Benefits, Eligibility, How To Apply Student Personal Loan in India

About HDFC personal loans :—

Like personal loans from all other banks, HDFC personal loan is also unsecured. The amount of loan to be granted depends on the credit score of the Applicant. However, the repayment period is quite flexible and can be selected as per the needs and convenience of the individual. This period can range from 12 months (1 year) to 60 months (5 years).Talking about the interest rates. it can also range from 10.50% to 21.00%. And all this depends on your credit score, the loan amount and all other factors.

Now you might be thinking what would the range amount that HDFC offers under a personal loan. There is nothing to be cautious, because it offers loan amount in the range of Rs 50,000 to Rs 40,00,000. Compared to other banks, HDFC grants loan quickly and conveniently because the approval process is very fast ,

Benefits in HDFC personal loan 

Faster disbursement: The entire process of loan disbursement is very fast in HDFC Bank.

No need of collateral : There is no need for pledging any asset.

Flexible tenure of repayment : There is flexibility in choosing the time period for repayment of loan.

Attractive interest rates : The interest rates are very less compared to other banks, especially if you have a good credit score.

Top-up loans : you can avail a top-up loan in addition to existing HDFC personal loan.

HDFC Bank Eligibility Criteria

You must fulfill some basic criteria to be in possession of loan.

Age : must be above 21 years of age and below 60 years.

Income : Monthly income of Rs 25,000 is a requirement. However, this depends on the city in which you are living. It can fluctuate according to your location.

Employment stability: At least 2 years of work experience is required provided that you have worked in the present company (or organization) for continued 1 year.

Credit Score: If your score is above 750, then there is a high probability that your loan would get approved easily. For your kind information, you must be aware that HDFC does not ask for minimum set credit score, still if your credit score is very low it would be very difficult to take loan

What documents you should have :—

Before applying for personal loan, you must be in possession of some important documents like —

Identity Proof: Adhar Card, PAN Card, Passport and Voter ID

Address proof: Utility Bills, Adhar card

Income: latest Salary Slips And Bank statement of the last 6 months

Employment proof: Employee ID or Letter From Your Tenure

Photograph: Passport Size Photo 

Methods to Apply for personal loan in HDFC Bank :—

There are many ways to Apply for a personal loan in HDFC Bank. For instance, the two ways are mentioned below :—

Online Application (on HDFC website)

If you want to Apply online, you can log on to www.hdfcbank.Com (the official Website of HDFC Bank). Or, you can use the mobile banking App available on Play store. link of the App

• Open the website and navigate to the “loan section” and select “Personal Loan”
• Fill the required details like Name, contact number, income details, loan amount, etc.
• Submit the Application and after this, you will get a call from the representative of the HDFC bank to proceed further.
• After approval, your loan would be disbursed.

Branch visiting method

The branch can also be helpful in disbursement of personal loan. For taking loan directly from the bank branch, you should carry all the above listed documents along with your recent photographs. The bank manager or the concerned representative will help you in filling up the particulars in the form.

Loan Approval and disbursement

The bank verifies the details submitted by the Applicant and once this process gets completed, the bank judges whether you are eligible for taking the loan or not. If all the necessary requirements and eligibility criteria is fulfilled, the bank approves the loan. This process can take time span of 2 hours to a couple of days.

If you are a regular customer having a history of loan disbursement and repayment, then you will get the loan quite easily and faster also.

How to repay:—

There is nothing to worry about if you are thinking to repay the loan because it is quite flexible in HDFC loans. The time period of repayment can range from 12 months to 60 months based on your preference and capability. The repayment is to be done in the form of EMIs (Equated Monthly Installments), which are automatically deducted from your bank account.

There is also an option to partially prepaying the loan before the defined period. But HDFC would charge a fees for prepayment.

Conclusion :—

It is very simple to take personal loan from HDFC Bank particularly if your credit score is good, you posses all the necessary documents and you fulfill all the eligibility criteria. There are two ways to Apply for it. Either you can visit the bank branch, or you can apply online (on website of HDFC), It is always recommended to choose the right loan amount according to your financial capability and the right tenure  for repayment.

Same Important Link 

Disclaimer – 

The content provided above is based on the general information gained from various sources. This website does not provide you any financial advice. Rather, it is for informational purpose only. The reliability and truth of the content must be verified on the official websites of the banks. Also, for better advice, you must visit financial advisor in the matters related to finance. The author and the website owner does not hold any responsibility of any financial action taken by the readers.

Personal Loan For Students | Benefits, Eligibility, How To Apply Student Personal Loan in India