HDFC Bank Personal Loan Features

Personal loans feature tenure of 1 year to 5 years or 12 to 60 months.

The key documents required for a personal loan are:

• Application Form with Passport size Photo
• Identity proof: Voter ID Card, Aadhar Card, PAN Card, Passport, Driving License
• Address proof: Voter ID Card, Aadhar Card, Driving License, Ration Card, Passport, Telephone/Electricity Bill, Rental Agreement.
• Latest 3 months bank Passbook statement
• Latest 3 months salary slip or current salary certificate.
• Latest Form 16

To be eligible for a personal loan, you must have a regular source of income to avail of a personal loan, whether you are a salaried individual, a self-employed business person, or a professional. Some other factors that are affected are credit history, residential location, and other factors as per the lender’s criteria.

EMI stands for Equated Monthly Installment (EMI). It is a monthly payment given by a borrower to a creditor on a defined day in each month. EMIs apply to both interest and principal each month, and the loan is paid off in full over some years.

The term Loan foreclosure means when a person does the full repayment of the remaining loan amount in one single & final payment instead of paying it back in multiple EMIs.

Some banks don't allow foreclosure of the loan as they won’t get the interest from the borrower and some banks allow foreclosure of the loan but they charge a certain amount from the borrower. While taking a Personal Loan try to see if there is zero foreclosure charges or nil foreclosure charges facility available for borrowers. This can save you money that you were going to pay to the bank.

No, you don’t have to provide any security, collateral, or guarantee to obtain a Personal Loan from Bank.

At the time of booking your loan, the EMI (Equated Monthly Instalments) will be calculated based on the loan amount sanctioned, interest rate, and the tenor.

Once you submit your application form and the required documents as per Bank's criteria, you can expect our approval and disbursal within 5 working days, provided everything is in order. All loan approvals are at the sole discretion of the bank.

The bank will levy certain ECS bounce charges/penalties. In addition, it will get reported in your credit report. Depending on the severity of the default it can have a serious impact on your future credit possibilities like a home loan, car loan, etc. In addition, the banks can also take legal action against the borrower.