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HDFC Bank Personal Loan and its Whole Procedure

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Often we pin hopes on personal loans to meet our various needs such as marriage, education, credit card debt consolidation, etc. But while finding the right lender, often the eyes pop on HDFC Bank that can offer as much as INR 40 Lakh. But applying without knowing the application process can set you back too. To avoid the same, let’s go through the HDFC Bank Personal Loan Application Process as explained below.

Easy Steps by Which You Can Apply for an HDFC Bank Personal Loan Online

As you know everything is digital, so to provide you the convenience of hassle-free application, HDFC Bank provides online services. To get such services, you need to do the following –

  • Visit the HDFC Bank’s official website
  • Go to the ‘Loans’ section
  • Click on ‘personal loan’
  • Click on the ‘Check Eligibility’ button placed below
  • If you’re new, enter your mobile number and agree to the terms and conditions
  • After that, click on the ‘continue’ button
  • However, if you’re an HDFC Bank customer, choose the ‘existing bank customer’ option and log in to your account

Existing HDFC Bank customers can check whether they’re eligible for a pre-approved loan or not. And to do the same, the following steps need to be followed –

  • Go to the official website of HDFC Bank 
  • Go to the ‘Loans’ section
  • Click on ‘Pre-approved Loan Offer’
  • You’ll be redirected to a new page
  • Provide your mobile number and date of birth
  • Click on the ‘Get OTP’ button
  • Enter the OTP that you receive  
  • Choose your loan amount
  • Verify your details
  • And the money will be disbursed to your account in 10 seconds

Apply for HDFC Bank Personal Loan Offline

If you like the old-school method of loan application and don’t trust the online services, you can go to your nearest branch. Ask for a personal loan. When you do that, the service provider will provide you with an application form. Fill the details in the form and submit it along with the following documents –

  • Identity proof – copy of passport, voter ID card, driving license or Aadhaar card
  • Address proof – copy of passport, voter ID card, driving license or Aadhaar card
  • Bank statement of previous three months or copy of passbook of previous six months
  • Two latest salary slips or salary certificate of the current date with the latest Form 16
  • If you are a self-employed applicant, you need to provide bank statements, tax returns, or a lease agreement for your business

Note – Usually, no documentation is involved in a pre-approved HDFC Bank Personal Loan.

How Can HDFC Personal Loan EMI Calculator be a Part of the Application Process?

Yes, it plays an important role. With the help of the HDFC Personal Loan EMI Calculator, you can know the amount you’ll be repaying for the borrowed loan and the percentage of interest rate. HDFC Personal Loan Interest rate starts from 10.50% per annum. And if you’re successful in securing a low-interest rate on your borrowed amount, all you need to do is manage the EMI payment via the EMI calculator. To know more about it, check out the below example.

Neha, a 24-year-old entrepreneur, is looking for a personal loan for the medical treatment of her grandmother. One of her colleagues told her about the HDFC Bank personal loan and its affordable interest rate. So, she decided to give it a try. Before applying for the loan, she checks the EMI amount using the HDFC personal loan EMI calculator by entering the following details –

  • Loan Amount – INR 10 Lakh
  • Interest Rate – 12.25% per annum
  • Tenure 3 years

So, the EMI will be INR 33,334 and the total payable interest will be INR 2 Lakh.

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