HDFC Bank Personal Loan products

HDFC Bank is one of the major bank in India and offers loan products for personal use of individuals. HDFC Bank offers these loan with its digital as well as from its vast branch network. Bank is now increasingly focusing on personal loan products compared to its SME and Wholesale loan products over the year. In this post, we would look into detail about each personal loan product offered by HDFC Bank. Most popular HDFC Bank personal loan products are offered at attractive rate of interest and tenures.

HDFC Bank Buy now pay later (BNPL)

BNPL Features

• Offers convenience of buying your favorite products from HDFC bank’s eligible merchant with no extra cost for first 15 days
• There is no zero processing fee, convenance fee and hidden charges on availing BNPL from HDFC Bank
• One can avail a credit facility anywhere from 1,000 to 60000
• Tenure offered for BNPL is anywhere from 15 days to 90 days an you will be charged on the amount that you have borrowed along with interest on the same.

BNPL eligibility

• If you are a HDFC Bank regular customer holding a saving or a current account with HDFC Bank , then you are eligible for a pre approved HDFC Bank Buy Now Pay later with maximum loan amount up to 60,000

BNPL Fee and charges

• HDFC BNPL doesn’t charge any fee or interest on using amount for 15 days
• BNPL is offered for a tenure of 15, 30, 60, 90 days
• However, interest would be charged for the first 30 days
• Account would be auto debited post desired period
• BNPL rate of interest is 2% plus GST

HDFC BNPL Merchants

HDFC Bank has enrolled following merchants for its BNPL Loan-

Ecommerce

Flipkart

Travel (Flights & Hotel Bookings)

Rentomojo

MakeMyTrip

ZoloStays Property Solutions Pvt Ltd

Intermiles

Thrillophilia

Fashion & Apparels

Myntra

Jockey

Metro Shoes

Bunaai

Bath and Body works

Lakme

Small Appliances & electronics

Boat Lifestyle

Zebrs.com

Poorvika Mobiles Private Limited

Gonoise

Leaf Studios Private Limited

Micromax mobile

Big C mobiles

Skull candy

Portronics

Corseca

Lot mobiles

Furniture & Home Decor

Urban Ladder Home Decor Solutions Pvt Ltd

Royal Oak Furniture

Zero Effort Technologies Private Limited

Nilkamal LTD

The Home Dekor

Health & Fitness

Cult fit

Kent RO Systems

CallHealth Services Private Limited

Medibuddy

Smartwatches

Fitbit

Goqii

Fittr

Just watches

Mattress

Sleepy Cat

Sleepyhead

Flo Mattress

Duroflex Private Limited

 

 

 

 

HDFC Bank Loan against credit card

HDFC Bank offers loan on your credit card limit for HDFC credit card holder. You can avail loan against credit card by following a paperless process in a complete digital manner and amount would be credited within 15 minutes of your application submission. Key features of HDFC Loan on credit card are mentioned below-

• You can apply for loan on your HDFC credit card from here
• Loan tenure offered is between 12 months to 60 months
• It is a complete online process through which you get amount in your bank account credited on the same day
• One can apply for easy to pay EMI by using credit card emi calculator feature available on HDFC site
• There is no paperwork required for the loan as it is a pre approved offer and only otp for your mobile is required
• Loan amount would be credited to your HDFC Bank saving account
• Option to foreclose your loan from HDFC nonbanking portal
• To apply for credit card loan, visit HDFC Bank net banking portal then click on cards and click on loan on credit card option to know your pre approved loan offer

 

HDFC Bank Home Loan

HDFC Bank offers home finance to prospective home buyers at attractive interest rates. Bank also offers related products to home loan also on its portal. Home Loan and related products offered by HDFC Bank are-

• Home purchase (fresh/resale) or construct houses. This loan can be availed by individual as well as by joint holder
• Home improvement loans for refurbishing and decoration your home.
• Home extension loan for adding extra space to your home like extra reading room for your children or adding an extra floor for your extended family
• Home Loan balance transfer of your existing bank home loan to HDFC Bank
• Top up loan for your existing home loan

 

HDFC Bank Home Loan eligibility

Following individuals are eligible for HDFC Bank home finance-

1. Agriculturists
2. Salaried
3. Self employed

For salaried individuals, you would need to be salaried at reputed company for more than 1 year and self employed individuals should be in business for more than 2 years

HDFC Bank Home finance Documents

Agriculturists	Salaried Customers	Businessmen  Professionals
Application form with photograph	Application form with photograph	Application form with photograph
Identity and Residence proof	Identity and Residence proof	Identity and Residence proof
Last 6 months bank statements	Last 6 months bank statements	Last 6 months bank statements
Processing fee cheque	Processing fee cheque	Processing fee cheque
Income Documents
Copies of Title Documents of Agricultural Land depicting Land holding	Latest Salary Slip	Educational Qualifications Certificate and Proof of Business
Copies of Title Documents of Agricultural Land depicting crops being cultivated	Form 16	Business Profile and Previous 3 years Income Tax returns (self and business)
Statement of previous 2 years of loans availed		Previous 3 years Profit/Loss and Balance Sheet

 

 

 

HDFC Bank Home Loan rate of interest

		Interest rates
Home Loan		Salaried / SEP	Self Employed
Up to 30 Lakhs
Women		6.75 to 7.25	6.75 to 7.25
Others		6.80 to 7.30	6.80 to 7.30
30 to 75 Lakhs
Women		7.00 to 7.50	7.00 to 7.50
Others		7.05 to 7.55	7.05 to 7.55
75.01 Lakhs and above
Women		7.10 to 7.60	7.10 to 7.60
Others		7.15 to 7.65	7.15 to 7.65
Top-up Loans for existing customers		7.60 to 8.10

 

HDFC Bank Home Loan charges

• Processing fee of 0.5% of the loan amount or Rs 3000 whichever is higher
• Fee for external opinion taken from lawyers and technical valuers. This fee need to be paid on actual basis
• Property insurance premiums directly to insurance company
• Delayed payment charges at the rate of 24% per annum
• Statutory and regulatory charges such as stamp duty and CERSAI charges
• Charges such as prepayment and loan conversion charges

For complete list of charges including cheque dishonor, PDC, list of documents, you can visit following link

 

HDFC Bank Personal Loan

HDFC Bank offers personal loans to salaried as well as self employed individuals at attractive interest rates and tenure to its eligible customers through its net banking and exhaustive branch network all over India. HDFC personal loan can be used for variety of purposes such as home renovation, wedding, travelling, debt repayments etc.

Personal loan doesn’t require any collateral and can be repaid in easy to pay EMI structure. With HDFC Bank, you can get a personal loan up to 40 Lakhs with tenures up to 5 years.

 

HDFC Bank Personal Loan eligibility

Salaried individuals who are having more than 2 years of work experience in the job are eligible for personal finance from HDFC Bank. Minimum net take home salary to apply for HDFC Bank personal loan is Rs 25 thousand per month. Applicant should be in age between 21 years to 60 years old. Moreover, self employed individuals having a business vintage of more than 3 years are eligible for this loan.

Applicant should be working in a recognized private limited or a government limited company. Minimum credit/cibil score to apply for a HDFC loan is around 650 and if your credit/cibil score is greater than 720 then chances of getting loan is higher compared to a lower score.

Following factors are taken into account while calculating your personal loan eligibility-

• Location
• Monthly take home salary
• Ownership of home
• existing loans from Banks and NBFCs
• repayment behavior of existing loans

 

HDFC Bank Personal Loan documentation

HDFC Bank requires minimum documentation to process your personal finance application. Following are the list of documents required for a HDFC Bank personal loan-

1. KYC documents – Basic KYC documents as mandated by RBI are required for Axis Bank loan login. These documents are known as OVD and consists of Passport, Driving License with photograph, Proof of possession of Aadhar number or Aadhar number, Voter ID issued by election commission, Job Card by NREGA signed by an officer of the State Government, Letter issued by the National Population Register containing details of Name, Address
2. Proof for Date of Birth – Date of birth is required by Axis Bank to calculate age eligibility. These documents are considered as valid proof for date of birth such as Passport, Driving License with photograph, Proof of possession of Aadhar number or Aadhar number, Voter ID issued by election commission, birth certificate or a school leaving certificate.
3. Signature Proof – Any one of the following documents are accepted as Axis Bank personal loan documents for signature proof. They are – Passport with photograph, PAN card, banker’s verification documents
4. Income Proof – Income proof is required  to calculate loan eligibility. You would be required to send latest 2 months salary slips, latest 2 months bank statement with salary credits and Employment proof
5. Balance Transfer /Takeover of Loan – Latest 12 months statement of account and repayment schedule from the existing bank or financial institution

 

HDFC Bank personal loan interest rate and charges

Rate of interest and other charges on personal loan is mentioned below-

• Rack interest rates – for salaried, it varies from 10.5% to 21%
• Loan processing charges of 2.5% of the loan amount or maximum of Rs 25000 per loan
• Stamp duty as per state law
• Other charges include overdue EMI interest, legal charges, amortization schedule charges, cheque book charges, loan closure charges etc.

Personal loan interest rate charges-

IRR	Q3 (2021-22)
Min IRR	10.24%
Max IRR	23.13%
Avg IRR	10.96%

 

Now, you can apply to HDFC Bank personal loan in a paperless format too from the HDFC Bank portal here. In paperless facility offered by HDFC bank, you would be able to get a personal loan in your account without entering any other documents or submitting a document to the HDFC Bank office.

HDFC Bank offers applicant to apply for personal loan from variety of modes including app, website or through physical branch. Moreover, existing HDFC Bank saving or salaried account holder will also be provided with an option to avail pre approved personal loan. Pre approved personal loan eligible customers would get to avail personal loan in a complete digital mode without a need to submit any physical documents

 

HDFC Bank Business Loan

HDFC Bank offers collateral free business finance up to 50 lakhs to selected customers through its exhaustive branch network and digital mode. You can also enjoy benefit of balance transfer of your existing business loan to HDFC Bank to avail exciting and lower interest rates starting from 15.75%. One can avail business loan facility from variety of mediums such as phone banking, app, branch etc.

Demand overdraft facility is a overdraft limit designed for business owner which is setup in a separate current account and interest is charged only on the monthly utilization. HDFC offers a overdraft facility from 5 lakhs to 15 lakhs for a tenure of 12 to 48 months. Moreover, there are no foreclosure charges on the overdraft facility.

 

 

Benefits of a HDFC Bank business loan

• You need to pay interest only on the amount utilized in overdraft facility
• Easy availability of balance transfer from existing bank
• HDFC Bank offers unsecured business loan which means you don’t have to offer any collateral security such as property to vail this loan. Moreover, HDFC Bank offers pre approved business loans to its existing business customers holding current/corporate accounts with HDFC Bank
• HDFC Bank offers business loans at attractive interest rates starting from 15.75% per annum with no pre closure charges if you foreclose your HDFC Bank business Loan.
• HDFC Bank offers doorstep banking with minimal documentation required to avail a loan.

HDFC Bank business loan eligibility

To be eligible for a business loan from HDFC Bank, you need to fulfill following eligibility criteria as laid out by HDFC Bank-

• Self employed individuals, partnership firms, private limited companies who are operating in one of the following verticals such as trading, manufacturing or services
• Minimum turnover as per recent current account statement should be at least 40 lakhs in past year
• Business vintage should be at least 3 years in current business and total business vintage of more than 5 years.
• Business should be a profitable business for past 2 years and must be filing Income tax return of at least 1.5 lakhs in past year

HDFC Bank business loan Documents required

1. Bank statement – Bank statement for the past 12 months is usually required by a bank for verifying business credits, equity infusion, salary paid to employees, EMI deduction etc. care should be taken to submit bank statement not older than 15 days from the date of application. If possible, bank statement should directly be downloaded from bank’s website in a PDF format. Current account statement should be shared with the bank.
2. Business Registration Proof – A business registration proof must be provided in business loan documents. With the implementation of GST rule, banks can take GST registration as a valid proof of registration for a business loan. Other registration proofs such as IEC code, MSME certificate, Udyam registration are also valid registration documents for a business loan
3. PAN card copy – PAN card copy of all the directors is a mandatory requirement for a business loan. A business loan is an financial transaction and PAN is mandatory to be provided for inputting data to credit burau for the directors as well as establishing identity of the individual. Though, it is to be noted that a PAN card is not a valid proof of address.
4.   Aadhar card copy – A valid Aadhar card copy should be presented along with other business loan documents mentioned above. Aadhar is a valid proof of residence as well proof of address under Indian law
5. Company PAN card – For a business loan , PAN card of the company should be generated along with other documents required for a business loan.
6. Audited Financials – Banks will also ask for audited financials of the company for past 3 years to establish financial viability of the firm.

 

HDFC Bank business loan interest rates and charges

• Minimum rate of interest on business loan is 11% and can go up to 25% depending upon risk rating by HDFC Bank
• Processing fee of 2.5% of total loan amount with minimum amount of 1000 and maximum processing fee of 75 thousand
• Pre payment charges 06-24 months – 4% of outstanding principal,
  25-36 months – 3% of principal outstanding
  >36 months – 2% of principal outstanding

HDFC Bank offers lower interest rates compared to other banks and NBFCs. this Bank is known for its superior services and faster processing time for its loan proposal.

 

HDFC Bank new Car Loan

If you are interested in buying a new car but not able to generate funds for your dream car then HDFC Bank offers exhaustive car loan offerings to both HDFC as non HDFC Bank customers. HDFC Bank offer facility to vail loan up to 100% on road price of your car. HDFC Bank offers minimal documentation with rate of interest to aval your car loan.

HDFC ZipDrive instant loan

HDFC Bank offers a ZipDrive loan to its existing customers. This loan can be availed by using Net banking facility at the portal and has a lower turn around time for its customers.

 

HDFC Bank new car loan eligibility

• Salaried individuals employed in private limited companies and central government organizations falling in age between 21 years and 60 years. Applicant should have a total work experience of 2 years at least and one year at current job including salary of more than 3 lakhs per annum. Moreover, salary of spouse can be combined with salary of applicant in availing this loan. Applicant should also have a mobile or a post paid land line connection with them
• Self employed individuals who are doing business in trading, manufacturing or services with net take home salary of more than 3 lakhs per month are eligible for a new car loan from HDFC Bank. Applicant should be in business for than 2 years and should have a valid business registration proof such as GST registration, Shop and Labor certificate, MSME registration etc.
• Partnership firms having income greater than 3 Lakhs per year
• Private limited as well as public limited companies are also eligible for a new car loan from HDFC Bank

HDFC Bank new car loan documents required

For Salaried
Proof of Identity	Passport / Driving License / Voters ID / PAN Card (any one)
Proof of Address	Passport / Driving License / Voter ID / Utility Bill
Latest 3 months bank statement
Salary slip of last 3 months
2 passport size photographs

 

For Self Employed
Proof of Identity	Passport / Driving License / Voters ID / PAN Card (any one)
Proof of Address	Passport / Driving License / Voter ID / Utility Bill
Income Proof	Audited financials of last 2 years
Bank Statement	Latest 6 months Bank statement
	Office address proof, Business registration proof

 

HDFC Bank new car loan interest rate and charges

HDFC Bank offers attractive rate of interest for its new car loan with interest rate starting from 6.50% and goes up to 11% for applicants. Other Car loan related charges can be accessed from here

 

HDFC Bank Two wheeler loan

HDFC Bank offers a two wheeler offering to its existing customer and new customers at attractive interest rates. HDFC Bank offers 100% financing on on road price of two wheeler and amount can be disbursed directly to the dealer account here two wheeler is financed.

Loan can be availed within 15 minutes of application submission and you can get delivery of  vehicle on the same day and HDFC bank would also help in documentation for vehicle delivery.  Individuals as well as non individual entities such as partnership firm, companies are eligible for two wheeler loan from HDFC Bank. HDFC Bank two wheeler loan interest rates varies from 8.50% to 24% and detailed list of charges can be accessed from here

 

 

HDFC Bank Two wheeler loan documents required

Applicant would be required to apply and send documents such as proof of identity, proof of address along with income proof documents such as latest salary slips, for 16 and latest ITR. However, if applicant is a non individual then need to send additional documents such as business registration and business vintage proof along with above mentioned documents

 

HDFC Bank Consumer Loan

With HDFC Bank easy EMI offering, you can avail easy to pay loan for purchasing consumer goods of your choice including electronics, furniture, apparel and more.

 

 

Features of HDFC Bank consumer loan

• No extra cost EMI
• Low processing fee of Rs 199
• Flexible repayment tenure from 3 months to 24 months duration
• Zero down payment and complete paperless process
• HDFC Bank easy emi offering is available only for HDFC bank consumer credit card costumer and not available for HDFC Bank corporate credit card customers.
• Easy EMI from HDFC bank is valid only at selected merchants and selected outlets

Brands associated with HDFC Bank consumer loan

Category	Brands
Electronics and smartphones	Apple, Samsung electronics, Samsung mobiles, Sony, LG, Bosch, Whirlpool, OnePlus, Panasonic, Vivo, Oppo, Xiaomi & many more
Laptops / tablets	Apple (MacBook & iPad ) , HP, Dell , Samsung tabs, Lenovo, Acer & many more
Furniture / Home Décor	Livspace, Homelane, Arrivae, Home Town, Royal Oak, Damro, Stanley, Homecentre.com & many more
Health & Wellness / Hospitals	VLCC, Dr Batra, Kolors, Kaya, Vibes, Clove Dental, Apollo, Indira IVF & many more
Apparels, Shoes & Accessories	Ethos, Titan Helios, Major Brands ( Indian Terrain, Alda, Bath & Body Works, Charles & Keith, etc.), Arvind Brands ( Sephora, USPA, Flying Machine, etc.), Nalli Sarees, Manyawar, Hush Puppies, Adidas, Puma & many more
Education	BYJUs, Vedantu, Klassroom, Math Buddy, Lido learning, Upgrad, Unacademy, Whitehat Jr & many more

 

HDFC Bank consumer loan interest rates varies from 15% for a loan tenure from 3 months to 24 months.

How to avail HDFC Bank easy EMI consumer Finance

• You can chose to avail EMI option while paying for a consumer good at selected portal and outlet
• Charge slip would contain all details such as Loan amount, rate of interest and tenure for loan
• For online transactions, details would be displayed at the time of transaction

HDFC Bank Education Loan

With HDFC Bank Educational loan, you can get an education finance up to 30 Lakhs. HDFC Bank offers a tenure of 15 years on its education loan with moratorium during course duration and 1 to 12 months post getting a job from institute.

You will not need to submit any collateral for loan up to 7.5 lakhs. However, for loan greater than 7.5 Lakhs, you would be required to submit a collateral such as residential property or a HDFC Bank fixed deposit. Moreover, applicant and applicant’s guardian can enjoy tax benefit under section 80-E of Indian income tax act. You education loan would be fully insured by credit protect from HDFC Life insurance.

Eligibility for a HDFC Bank education loan

• Applicant should be in age between 16 years and 35 years old
• Co applicant is a mandatory requirement for a loan for full time course. Co applicant could be any one from guardian, parent or parent in law.
• Student must have secured admission to higher education course from a recognized institutions in India or abroad through merit based or test scores.

Following are the list of affiliated institutes with recognized bodies affiliated for HDFC Bank education loan-

•  http://mhrd.gov.in/technical-education-1
•  http://mhrd.gov.in/institutions-national-importance
•  http://www.naac.gov.in/Universities_Colleges.asp
•  http://www.nbaind.org/accreditation-status.aspx
•  http://www.ugc.ac.in
• ​​​​​​​http://www.aicte.org.in

HDFC Bank education loan fee and interest rates

HDFC Bank offers attractive rate of interest on its educational loan for students studying in premier institutes. Educational loan interest rates varies from 9% to 12% per annum for educational loan from HDFC Bank. Other charges would include repayment schedule charges, pre payment charges, Loan re booking charges etc.

 

HDFC Bank education loan documents required

Pre sanction education loan documents

• Admission letter with fee break up from the institute where admission has been secured
• 10th, 12th and graduation mark sheets (if required)
• Proof for age, signature, identity and residence
• Income proof for salaried such as latest 3 months salary slip and 6 months bank statement
• Income proof of self employed such as latest 2 years ITR with computation, 6 months bank statement
• Complete application form with passport size photograph

Post sanction education loan documents

• Complete Loan agreement signed by applicant and co applicant (guardian or parent)
• Complete NACH mandate along with 3 post dated cheques

Documents required for further disbursements

• Demand letter from institute with detailed beak up of fee
• Last semester’s academic report of student
• Payment receipt by institute towards loan paid by bank in earlier disbursement
• Disbursement request letter from student duly signed by applicant

HDFC Bank pre owned car loan

You can avail pre used car loan at attractive rate of interest from HDFC Bank. They will also help in complete documentation stage such as title transfer. Used car loan tenure are  offered up to 84 months and one can also get loan amount up to 90% value of used car.

 

 

HDFC Used car loan eligibility

Both salaried as well as self employed individuals are eligible for a used card finance from HDFC Bank. Salaried customers need to have a continued job experience of more than 2 years and should have a annual net income of 3 Lakhs per annum in their account.

Self employed individuals should have a business experience of more than 3 years and should have file at least 2 ITRs with income greater than 3 lakhs. Self employed professionals such as accountants are also eligible for a used car loan with attractive rate of interest.

HDFC Bank used car finance interest rates varies from 8% to 12% and are offered in faster process compared to other banks.

 

HDFC Bank used car loan documents required

 

Proof of residence

Valid passport of applicant

Voter id card of applicant

Driving license of applicant

Postpaid utility bill (gas bill and electricity bill)

Updated passbook or bank account statement

Registered rent agreement with landlord

Proof of Identity

PAN card

Aadhar Card

Valid Indian passport

Voters ID card

Driving license

Employee ID card issued by relevant authorities like the Govt or Defence or reputed corporate

Identity document or certificate of practice with photograph issued by professional bodies like ICAI, ICWA, ICFAI

Salaried individuals

Last 3 months’ salary slips from employer

Statement of account for last -6- months ofBank of Baroda/other bank

Self Employed individuals

Balance sheet and profit and loss account, computation of income for last 1 years

Income Tax Returns – last 1 years for Applicants, 26 AS, Traces

Business proof: Gomasta License, Registration Certificate, Service Tax Registration, among others

IT Assessment/Clearance Certificate, Income Tax Challans/TDS Certificate (Form 16A)/Form 26 AS for income declared in ITR

 

In this post, we have discussed in detail about various loans that are offered by HDFC bank to individuals and self employed persons. HDFC Bank is known for its faster turn around time and lower interest rates compared to other banks. If you are interested in knowing about business loan offering by other banks then you can visit following links-

• SBI Business Loan
• HDFC Business Loan for traders
• ICICI Business Loan
• Axis Business Loan
• Axis Mudra Loans
• PNB Business Loan
• Kotak Mahindra Business Loan
• Yes Business Loan