According to HDFC Bank, all the resident Indians working in private limited companies or public sector undertakings including central, state and local bodies are eligible to get a personal loan from the bank.
New Delhi: India’s largest private sector lender HDFC Bank offers various financial services such as education loan, home loan, personal loan, ATM-cum-debit cards, credit cards, fixed deposits, recurring deposits, public provident fund, sukanya samriddhi account, national pension scheme etc. HDFC Bank personal loan facility is available for all individuals between the ages of 21 and 60 years. According to HDFC Bank, all the resident Indians working in private limited companies or public sector undertakings including central, state and local bodies are eligible to get a personal loan from the bank.
People willing to take a personal loan from HDFC Bank should have at least a minimum experience of 2 years, of which 1 year must be with the current employer. In order to avail the personal loan from HDFC Bank, the minimum monthly income eligibility is Rs 15,000. The minimum monthly income should be at least Rs 20,000 for people living in Mumbai, Delhi, Bengaluru, Chennai, Pune, Kolkata, Ahmedabad and Cochin, HDFC Bank said.
A person is required to submit the proof of identity & address (copy of passport/voter ID card/driving license/Aadhaar), bank statement of previous three months or passbook statement of previous six months and latest salary slip/current dated salary certificate with the latest Form 16 submitted to the Income Tax Department.
The applicable interest rate on the personal loan Equated Monthly Installments (EMIs) is subject to the individual’s earning capacity, the stability of employment, sources of income, credit history, loan repayment behaviour, creditworthiness, etc. However, the rack interest rate applicable to personal loan ranges from 15.5 per cent to 21.5 per cent. HDFC Bank charges a processing fee of up to 2.5 per cent of the personal loan amount subject to a minimum of Rs 2,500 and a maximum of Rs 25,000 for salaried borrowers.
HDFC Bank charges an interest of 2 per cent per month on the EMI/principal amount overdue and Rs 550 as cheque bounce charges if the repayment is being made via cheques. For salaried borrowers, HDFC Bank doesn’t allow to pre-pay the loan amount partly or fully until the customer has serviced 12 EMIs. HDFC Bank allows part payment of up to 25 per cent of principal outstanding for only once in a financial year and twice during the complete loan tenure.
HDFC Bank levies a prepayment charge of 4 per cent, 3 per cent and 2 per cent of the principal loan amount outstanding if the amount is partly paid between 13-24 months, 25-36 months and after 36 months, respectively.