Different Types Of Personal Loan In India

All You Need To Know

Features

• Unsecured, collateral-free loans: Applicants can avail of the different types of Personal Loans without collateral.
• Quick and easy disbursal: Within 10 seconds* to 4 hours*, this is all the time it takes for HDFC Bank to approve your loan application (subject to terms and conditions). Thereafter, the loan amount is disbursed within one working day from the time of submission of documents.
• Competitive interest rates: With HDFC Bank Personal Loan, you can get loans at attractive interest rates, with added benefits offered by the banks if you are an existing customer with a very good credit history and CIBIL score.
• Flexible loan tenure: These variants under Personal Loan categories come with flexible tenures of 1-5 years, with an easy EMI repayment option available.
  
  
  

  Eligibility
  
  

• Must be between 21 years and 60 years of age
• Salaried employees at select private limited companies and public sector undertakings (including central, state and local bodies)
• For the self-employed: applicants may be required to have a specified minimum income, and financial documents that show stability of income.
• Must have had a job for at least 2 years, with a minimum of 1 year with the current employer
• For an HDFC Bank Salary Account holder: must have a minimum net monthly income of ₹ 25,000.
• For a non-HDFC Bank Salary Account holder: must have a minimum net monthly income of ₹ 50,000
  
  *Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal is at the sole discretion of HDFC Bank Ltd.

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Documents

• Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
• Address proof (copy of passport/voter ID card/driving license/Aadhaar)
• Bank statement for the previous 3 months (Passbook for previous 6 months)
• Two latest salary slips/current dated salary certificate with the latest Form 16
• Proof of end use
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  Interest Rates & Charges
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  Fees	Amount to be paid
  Rack interest rate	Salaried - 10.75% to 21.00%
  Loan processing charges	Up to 2.50% of the loan amount subject to a minimum of ₹2,999/- & maximum of ₹25,000/- for salaried customers
  Prepayment in Part or full	Salaried- No pre-payment in part or full permitted until repayment of 12 EMIs Part-payment allowed up to 25% of principal outstanding. It is allowed only once in the financial year and twice during the loan tenure.
  Pre-payment charges (on principal outstanding) / Part-payment charges  [on part-payment amount]	Salaried- 13-24 months - 4% of principal outstanding, 25-36 months - 3% of principal outstanding >36 months - 2% of principal outstanding
  Loan closure letter	NIL
  Duplicate loan closure letter	NIL
  Solvency certificate	Not applicable
  Overdue EMI interest	2% per month on EMI / principal overdue
  Floating rate	Not applicable
  Charges for changing from floating to fixed rate of interest	Not applicable
  Stamp duty & other statutory charges	As per applicable laws of the state
  Credit assessment charges	Not applicable
  Non standard repayment charges	Not applicable
  Cheque swapping charges	₹500/-
  Amortization schedule charges	₹200/-
  Loan cancellation charges	NIL (However client would be charged interest for the interim period between date of loan disbursement and loan cancellation and processing fees would be retained.)
  Cheque bounce charges	₹550/- per cheque bounce
  Legal/incidental charges	At actual

FAQs

What are the different types of Personal Loans?

Please refer to the ‘Introduction’ section of this page for more details.

How to apply for different types of Personal Loans?

You can apply for the different types of Personal Loans via multiple modes. To apply online, click here. Also, you can use the HDFC Bank NetBanking facility and mobile app, visit an ATM or head to the bank branch to apply for a Personal Loan.
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What are the uses of types of Personal Loan?

The different types of unsecured loans or Personal Loans can be used for a wide variety of purposes. You can use the funds to plan a wedding, vacation, gadget purchase, home renovation or higher studies. Also, the money can be used to meet urgent medical costs.

* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd. Loan disbursal is subject to documentation and verification as per Banks requirement.