With the world full of surprises, one can have financial emergencies at any time. Be it a wedding, renovation of a home, medical treatment, or an international vacation, personal loans are the best way to overcome those unplanned expenses. Among these options in the market, HDFC Bank stands out with its attractive offerings of personal loans. HDFC Bank has always been known for giving competitive interest rates along with flexible tenures as well as smooth processing along with one of the best personal loan offers in India.
In the following blog, we’ll learn more about the features offered, eligibility criteria, rates of interest, and just about everything else you can know about HDFC’s personal loans with low-interest rates.
Features of HDFC Personal Loans
HDFC personal loans are designed to be as convenient and affordable as possible. Here are the best features:
1. High Loan Amounts
Borrow up to ₹40 lakhs based on your income and eligibility. This makes it an ideal option for both small-scale and big-ticket financial needs.
2. Flexible Repayment Options
Choose a repayment tenure between 12 to 60 months, allowing you to manage EMIs comfortably without straining your budget.
3. No Collateral Required
HDFC personal loan is an unsecured advance and does not require pledging any property.
4. Fast Disbursal
Extremely fast compared to industry standards, HDFC disburses loans within 24 hours of getting sanctioned. Extremely ideal if you want funds of that sort in a hurry.
5. Pre-Approved Deals
For HDFC users with good credit history regarding repayments, this bank provides pre-approved personal loans with minimal documentation procedures and speedy processing.
6. Convenience through Digital Interfaces
Applying online as well as all further steps related to tracking of status can be managed directly through the HDFC website or mobile app.
Types of HDFC Personal Loans
HDFC Bank understands the diverse needs of the customers and offers tailored personal loans. Here’s a detailed look at the key loan products:
1. HDFC Personal Loan for Salaried Employees
This loan is designed for salaried employees working in both private and public sector establishments:
Interest Rate: Beginning at 10.50% per annum, it goes up to 21%.
Loan Amount: Upto ₹40 lakhs.
Special Features: Employees of reputed companies are eligible for exclusive interest rates and quicker approval.
2. HDFC Personal Loan for Self-Employed Professionals
This loan is designed for business owners and professionals like doctors, architects, and consultants:
Interest Rate: Starts at 11.50% per annum.
Loan Amount: Up to ₹25 lakhs based on income stability and business vintage.
Repayment Flexibility: Longer tenures to accommodate irregular income patterns.
3. HDFC Top-Up Personal Loan
Already have a personal loan with HDFC? You can avail a top-up loan to meet some more expenses:
Interest Rate: 10.75% p.a from
Loan Amount: A lot higher limits for old customers
Processing: Paper work is minimal as your details are there with HDFC.
4. HDFC Insta Loan
This scheme is available only for HDFC savings account holder or credit card holder:
Interest Rate: Starts at 10.50% p.a.
Disbursal : On the spot credit is passed to your account sans additional paper work.
Eligibility Criteria for HDFC Personal Loans
For Salaried Individuals
Age: 21 to 60 years.
Income: Minimum monthly income of ₹25,000 (varies by location).
Employment: At least 2 years of total work experience, with 1 year in the current organization.
Credit Score: Preferably above 750 for lower interest rates.
For Self-Employed Professionals
Age: 21 to 65 years.
Business Vintage: A minimum of 3 years in the current business.
Income: Stable annual income as per bank norms.
Credit Score: A good credit history is a must.(Minimum 750)
Interest Rates on HDFC Personal Loans
HDFC Bank offers competitive interest rates that vary based on the loan type, applicant profile, and tenure:
Factors Affecting HDFC Personal Loan Rates of Interest
1. Credit Score: Higher credit scores guarantee better rates to the applicant.
2. Stability of Income: Salaried applicants with stable and assured incomes are usually offered a low interest rate.
3. Amount taken and Repayment Tenure: Balances with tenures of repayment are generally charged at lower interest rates for shorter tenures.
4. Connection with HDFC: HDFC provides most of the customers with exclusive deals and rate benefits.
Documents Required for Loan
For Salaried person
1. Identity Proof: Aadhaar, PAN, Passport, or Driving License.
2. Address Proof: Utility bills, Aadhaar, or Passport.
3. Income Proof:
•Last 3 months’ salary slips.
•Bank statement for the past 6 months.
For Self-Employed Person
1. Evidence of Identity and Address: Like the salaried professionals.
2. Business Documents: GST registration, trade license, or partnership deed.
3. Income Documents:
•Last 2 Years Income Tax Returns
•Balance sheet and profit and loss account audited.
Tips to Get a Low Interest Personal Loan
High Credit Score: Keeping track of and working toward a credit score of preferably above 750.
Short Tenure: Though the EMIs could be a little higher, the interest paid will in total be lesser.
HDFC Relationship: Customers receive preferential rates if it is an existing relationship
Apply During Special Seasons: HDFC offers cut-rate interest during special events.
EMI Calculation HDFC Personal Loans
Amount: ₹5,00,000
Interest Rate: 10.50% p.a.
Tenure: 36 months
As calculated by HDFC EMI Calculator, the amount per month would be approximately ₹16,237 that falls within the affordability for most borrowers.
HDFC low-interest personal loans can be availed by anyone who needs a quick and cheap finance. The low interest rates, large amounts of loans, easy loan repayment options, and a seamless application process are provided by the bank for surety of finances with no hassle at all.
Apply for your personal loan today!