August 13, 2021

HDFC Bank Personal Loan Details – Eligibility, EMI Calculation, Application Status

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HDFC Bank is among the premier non-public sector banks providing simple private loans at affordable rates of interest. Applying for a private mortgage with HDFC Bank is a simple course of. The financial institution presents a variety of non-public mortgage merchandise to swimsuit each requirement. 

Here are the totally different HDFC Bank Personal Loan merchandise on provide.

Type of HDFC Bank Personal LoanBrief Details
Marriage LoanPersonal mortgage for marriage bills

Amounts starting from Rs 50,000 to Rs 40 lakhs

Repayment tenure between 12 and 60 months

Interest Rate – 10.50% to twenty.40%

Travel LoanPre-approved mortgage to chose HDFC Bank prospects 

Loan to satisfy your journey bills

Repayment tenure as much as 60 months

Interest Rate ranging from 10.50%

Emergency LoanPersonal mortgage to satisfy unexpected monetary emergencies

Amounts ranging between Rs 50,000 and Rs 40 lakhs

Repayment tenure as much as 5 years

Interest Rate – 10.50% to twenty.40%

Debt Consolidation LoanLoan to consolidate all of your money owed in a single place

Amounts as much as Rs 40 lakhs

Repayment tenure from one to 5 years

Interest charges begin at 10.50%

Home Renovation LoanPre-approved residence renovation mortgage for chosen HDFC Bank prospects

Loans for renovation and refurbishment of your house

Repayment in a most of 60 EMIs

Interest fee – 10.50% to twenty.40%

Personal Loan for StudentsPersonal mortgage for funding your keep whereas pursuing increased training overseas and different student-related exercise

The mortgage reimbursement interval can lengthen as much as a most of 60 months

Interest fee between 10.50% and 20.40%

Personal Loan for TeachersPersonal mortgage to lecturers based mostly on their month-to-month wage

Amounts starting from Rs 50,000 to Rs 40 lakhs

Interest fee – 10.50% to twenty.40%

Personal Loan for WomenPersonal mortgage to girls to satisfy their monetary obligations

Interest fee – 10.50% to twenty.40%

Personal Loan for SalariedPersonal mortgage to salaried staff drawing their salaries by HDFC Bank

Pre-approved prospects get an instantaneous private mortgage.

Interest charges ranging between 10.50% and 20.40%

Personal Loan for Government EmployeesPersonal mortgage to authorities and PSU staff based mostly on their wage

Repayment tenure prolonged as much as 72 months

Interest fee between 10.50% and 20.40%

HDFC Bank Personal Loan Eligibility

HDFC Bank presents simplified eligibility standards for private loans. Though it isn’t obligatory to take care of an account with HDFC Bank for all of the loans, it’s helpful to have one, particularly your wage account. You turn into eligible for pre-approved private loans.

  • Indian residents between 21 and 60 years are eligible to use for HDFC Bank Personal Loan.
  • HDFC Bank private loans can be found to salaried people employed with authorities departments, PSUs, and different reputed non-public corporates.
  • The applicant ought to have an employment historical past of a minimal of two years, of which a minimal of 1 yr must be with the present employer.
  • Persons sustaining wage accounts with HDFC Bank get choice over these sustaining wage accounts elsewhere.
  1. The minimal internet month-to-month revenue/wage must be Rs 25,000 for people sustaining wage accounts with HDFC Bank.
  2. For non-HDFC Bank wage account holders, the minimal internet month-to-month revenue must be Rs 50,000.
  3. HDFC Bank account holders get the benefit of pre-approved loans, relying on the financial institution’s inner eligibility standards.
  4. HDFC Bank account holders get a greater rate of interest than non-HDFC Bank wage account holders.
  • The financial institution doesn’t search causes for availing of a private mortgage, however one shouldn’t use it for speculative functions. 
  • The applicant ought to have an impeccable reimbursement document.
  • Personal loans are based mostly on month-to-month salaries. However, the applicant ought to fulfill the EMI/NMI ratio as determined by HDFC Bank (Equated Monthly Instalment to Net Monthly Income)

EMI Calculation

The EMI to NMI ratio is essential to figuring out your private mortgage eligibility. Generally, banks look for no less than 50%. EMI, on this case, means all of your EMI obligations embrace the instalment for the proposed private mortgage. Hence, it’s important to calculate the potential EMI earlier than making use of for a private mortgage.

Calculating your EMI is straightforward utilizing the EMI calculator offered on the HDFC Bank Personal Loan webpage.

HDFC Bank presents totally different calculators for the next functions.

  • Personal Loan EMI Calculator

You have to offer the next data to get your EMI.

  1. The proposed mortgage quantity you might be on the lookout for from HDFC Bank
  2. Your handy reimbursement interval between one and 5 years
  3. The fee of curiosity

Hit the Calculate choice to get your EMI and the graph depicting the reimbursement of your mortgage and the curiosity quantity.

  • Personal Loan Eligibility Calculator

This calculator lets you decide your private mortgage eligibility.

  1. Click on the Personal Loan Eligibility Calculator possibility.
  2. Enter the main points requested for on the following web page.
  3. If your employer is on HDFC Bank’s permitted listing, you get your eligibility inside no time. 
  4. Otherwise, you need to strategy the closest HDFC Bank department together with your respective paperwork and meet the involved mortgage official to know your eligibility.
  • Personal Loan Balance Transfer Calculator

This calculator proves useful whenever you apply for a Balance Transfer mortgage from one other financial institution.

  1. Enter the prevailing mortgage quantity and whole tenure of the mortgage.
  2. Provide particulars of the current excellent quantity.

You get particulars of your new EMI, financial savings on the EMI, and the whole financial savings over your complete tenure instantly.

How do you apply for HDFC Bank Personal Loan?

You can apply for the HDFC Bank Personal Loan on-line immediately from the financial institution’s private mortgage webpage. However, it’s higher to calculate your EMI and eligibility earlier than you apply for the mortgage. HDFC Bank acknowledges your software and gives you with the appliance reference quantity. You can use this quantity to take a look at the mortgage software standing.

How to verify HDFC Bank’s private mortgage software standing?

You can observe your  HDFC Personal Loan software standing in a number of methods.

  • Online Tracking

It is probably the most accessible mode of monitoring your HDFC private mortgage.

  1. Access the mortgage software standing web page and enter your identify or the appliance reference quantity.
  2. The website requires you to offer your date of beginning or your cell quantity to verify your id.
  3. Hit the Submit choice to get the standing instantly.
  • Alternate monitoring modes

You can attain out to HDFC Bank through Webchat, Click2Talk, and Phone Banking. Besides, additionally it is attainable to succeed in out through WhatsApp on 7065970659.

We have mentioned every part to learn about HDFC Bank Personal Loan. This data can show helpful whenever you apply for the power.    

READ MORE:  Why do you need to hire a finance expert to grow your business?

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