HDFC Personal Loan for Salaried Employees
A Personal Loan is a loan provided to an individual by a bank or financial institution without any collateral in exchange. It is also known as an “Unsecured Loan”. It also allows to use the funds for legal purposes. Only individuals are eligible for personal loans but companies and organizations are not.
HDFC Personal Loan allows individuals to experience convenience along with an ultimate solution for all financial requirements. It can be availed to meet wedding expenses, foreign travel expenses, foreign studies, health-related expenses, or any other monetary expenses. HDFC provides a seamless online application process, quick and hassle-free access to funds.
Benefits of HDFC Personal Loan
Below mentioned are the benefits of an HDFC Personal Loan:
a. Flexibility of Purpose:
It can be used for multiple purposes like family weddings, home renovation, paying off a previous debt, and children’s education, buying a mobile phone, going on a holiday, or in the event of a medical emergency.
⦁ Instant Funds:
Pre-approved HDFC bank customers can get funds within 10 seconds of applying for a personal loan. And, Non-HDFC bank customers can avail of the same in no time i.e. within 4 hours.
⦁ Pre-approved customers require no documentation.
⦁ No collateral or security is required.
⦁ Flexible tenures.
⦁ Pocket-friendly EMIs that start at INR 2,149 per lac.
⦁ Competitive interest rates.
Features of HDFC Personal Loan
Below mentioned are some of the salient features of HDFC personal Loans:
a. Stress-free source of funds:
There is no need to think about money before making any plans or purchases. It is an attractive source of funds that helps to finance the need for funds.
⦁ No need to dip into savings:
In case of an urgent requirement for funds, it is a very helpful option that avoids dipping into the savings pool.
⦁ Quick & Easy Disbursal:
In the case of pre-approved HDFC Bank customers, it takes less than 10 seconds to get the personal loan for salaried approved.
⦁ Competitive Interest Rates, Flexible Tenure:
Competitive rates of interest are available on personal loans for salaries or HDFC bank salary account holders or existing HDFC customers, provided they have a good credit history or CIBIL score. These loans come with a loan period of 12-60 months making the repayment easier.
⦁ Minimal documentation involved:
Nowadays, most of the loan processes have become online, hence eliminating the need for paperwork. The documents required by the bank involve basic identity, income, and home address proof.
Below mentioned is the list of documents required to apply for an HDFC Personal Loan in the case of salaried employees:
⦁ Identity proof (Copy of Passport/ Voter ID Card/ Driving License/ Aadhaar)
⦁ Address Proof (Copy of Passport/ Voter ID Card/ Driving License/ Aadhaar)
⦁ Bank statement for the previous 3 months (Passbook for previous 6 months)
⦁ Two latest salary slips/current dated salary certificate with the latest Form 16
⦁ Proof of end use
Below mentioned are the eligibility criteria to apply for an HDFC Personal Loan in the case of salaried employees:
⦁ Salaried employees at select private limited companies and public sector undertakings (including central, state, and local bodies)
⦁ An applicant must be between 21 years and 60 years of age
⦁ An applicant must have had a job for at least 2 years, with a minimum of 1 year with the current employer
⦁ An HDFC Bank Salary Account holder must have a minimum net monthly income of INR 25,000.
⦁ A non-HDFC Bank Salary Account holder must have a minimum net monthly income of INR 50,000
*Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal is at the sole discretion of HDFC Bank Ltd.
Interest Rate & Charges
Rate of Interest 10.50 % to 25.00%
Processing Fees Up to 4999 + GST
Tenure 03 Months to 72 Months
Documents Required No Documents for Pre-approved Personal Loan
For Non-Pre-approved – Last 3 Months’ Bank statements, 2 Latest Salary Slip and KYC
Charges to Avail Personal Loan:
Fee Amount to be paid
Rack interest rate Salaried – 10.50% to 20.40%
Loan processing charges Up to 2.50% of the loan amount subject to a minimum of INR 1,999/- & maximum of INR 25,000/- for salaried customers
Prepayment 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 the principal outstanding. It is allowed only once in the financial year and twice during the loan tenure.
(on principal outstanding) /
[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
Loan closure letter NIL
Duplicate loan closure letter NIL
Solvency certificate Not applicable
Overdue EMI interest 2% per month on EMI / principal overdue
Stamp duty & other statutory charges As per applicable laws of the state
Cheque swapping charges INR 500/-
Amortization schedule charges INR 200/-
Loan cancellation charges NIL
Cheque bounce charges INR 550/- per cheque bounce
Legal/incidental charges At actual
Different Ways to Check HDFC Bank Personal Loan Application Status:
A. HDFC Personal Loan Application Status Online
Below mentioned are the steps for checking the HDFC Personal Loan Statusd:
⦁ Through 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
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
⦁ 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.