HDFC Consumer Loan

by Bizopedia · Published February 19, 2022 · Updated June 17, 2022

HDFC Consumer Loan

HDFC Bank is one of the largest private sector banks in the country. HDFC consumer loan is one of the best options to finance your consumer goods. In this article, we would look into various features of a consumer loan from a HDFC Bank in detail.

Benefits of a HDFC Consumer Loan – You can avail a loan with no extra cost with leading brands such as LG, Sony and other major consumer brands. Moreover, you get a offer to pay loan amount in tenure between 6 months to 24 months from HDFC bank. Bank follows a easy processing and documentation including KYC. Consumer can get financing up to 100% of the cost of the product with no down payment needed for HDFC consumer loan.

Eligibility criteria – Salaried employee between age of 21 to 60 and self employed individual between 26 to 65 years old are eligible to apply for a consumer loan. Minimum salary required for a HDFC loan is 15000 per months and for a self employed individual ITR of 1.5 Lakhs have to be filled in previous year. Minimum loan amount offered is 10000 and maximum loan amount can go up to 5 lakhs.

Fees and charges – HDFC bank charges various fees and charges on its personal loan. Cheque bouncing charges of minimum 550 would be charged for a every cheque bounced by customer. Other charges include late payment charges and pre closure charges of 3% of balance payment. Processing fee for HDFC consumer loan is 750 plus GST.

Documentation – Loan form HDFC have a quite simple documentation process and would include following documentation to be completed for availing this loan-

Proof of Identity such as Adhar card, voter ID, PAN card, Driving licence, passport etc.
Proof of address such as Aadhar card, Voter ID, Driving license, passport, identity card issued by central and state government, pension card issued by authorities etc.
Latest 3 months salary slips and Form 16
ITR of a self employed
Application form and Loan agreement post disbursement

With increasing income level and great product choices to choose from, people are are increasingly buying new and updated consumer products. However, sometimes consumers are sometime not able to pay in cash for the desired product due to lack of cash at the time of purchase. During these times, a loan from a reputed financier like HDFC is a great choice for a consumer. If you are interested in availing a business finance for your business then you can check out our page on business loan here.

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