HDFC Bank Personal Loan
HDFC Bank Personal Loan is available for any personal needs like children's education or marriage or dream vacation etc. to salaried and self-employed professionals and businessmen. HDFC Bank personal loan can be availed for a maximum limit of Rs. 15 lacs and it can be repaid by equated monthly installments (EMI) within a period of 1-5 years.
Borrower can avail this loan without any need for guarantor, surety or collateral security. An existing borrower of HDFC home or car loan for more than 12 and 6 months respectively, can get HDFC personal loan without any income documentation.
HDFC Bank personal loan is processed faster with minimal documentation for Salary Account holder of HDFC Bank, else it takes about 5 days for approval of loan provided all documents are submitted.
The interest rate on HDFC Bank personal loan is dependent on the borrower and his company profile and can vary from 15% - 23% p.a. HDFC Bank charges a processing fee of 2.5% of loan amount subject to minimum Rs.1000. HDFC does not allow borrower to part prepay the loan, but can foreclose the loan with prepayment charges of 4% of outstanding loan amount.
To be eligible for this personal loan, the salaried applicant must be between an age group of 21-60 years and has worked for at least for 2 years with a net income of Rs. 10,000/- pm to Rs. 15,000/- pm.
For self-employed professional, he should be in the age group of 24-65 years with minimum 4-7 years of professional experience and an annual income of Rs. 1,00,000/-
Likewise for other self-employed personnel, they should have been in the current business for minimum 3 years with total experience of 5 years.
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Features: The bank offers personal loans for meeting expenditure in instances such as vacation, admissions and weddings. One can get a maximum loan of Rs 15 lakh with flexible repayment options. The maximum loan tenure is 60 months, with no guarantor/security/collateral required. It offers a personal accident cover of Rs.2 lakh at a nominal premium.
Processing Fees: upto 2.5% of loan amount subject to minimum Rs. 1000/-
Prepayment Charges: 4% of outstanding loan amount
Max Tenure: 3
Min-Max Age: 21-60
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