Personal loans have become the favourite of the younger generation. The influencing factors are that these loans do not require any collateral, are easy to get, and provide timely financial assistance to tide over a crisis.

A financial emergency can crop up from nowhere. Your loved one might require urgent medical care. You might have to arrange funds for your child’s higher education. Your family could have plans to enjoy an international vacation. There could be a marriage or other function in the household. The possibilities are endless, but the solution is simple. HDFC Personal Loans cater to each of these requirements. Moreover, the application, approval, and disbursal procedure is entirely online and transparent. Here are the HDFC Bank personal loans on offer.

• Marriage Loan – to cater to marriage expenses of self or family members
• Travel Loan – helps you plan your dream vacation
• Emergency Loan – to cater to finance sudden and unforeseen expenses
• Debt Consolidation Loan – consolidate all your debts and streamline payment obligations
• Home Renovation loan – carry out urgent repairs to your home
• Personal loan for students – fund your higher education or that of your children
• Personal loan for teachers – a specific product for the teaching community
• Personal loan for women – a loan product catering exclusively for women
• Personal Loan for Salaried – meet the needs of the salaried class
• Personal Loan for Government employees – specific loan product for Government employees

Besides, HDFC Bank offers personal loan balance transfer facilities from other banks and financial institutions.

Who can avail HDFC Personal Loan?

Except for the specific loans that cater to a particular section of the population, HDFC personal loans are available to all Indian individuals subject to the following conditions.

• Indian nations in the age group 21 to 60 years are eligible to apply for HDFC personal loans.
• Employees of State and Central Government departments, public sector undertakings, and local bodies can apply for HDFC personal loans under their specific categories.
• HDFC Bank also extends personal loan facilities to salaried employees of specific private limited companies.
• Self-employed individuals, professionals, and business persons are also eligible for HDFC Bank personal loan products.
• The minimum length of service for an individual is two years, with a minimum of one year of service in the current organization.
• HDFC Bank account holders drawing salary through HDFC Bank require a minimum net income of Rs 25,000 per month to be eligible for HDFC personal loan.
• Individuals not drawing their salaries through HDFC Bank should have a minimum net income of Rs 50,000 per month.
• Self-employed persons should submit proper documentation to prove their income-earning capacity. The minimum income amount could vary from one location to the other.
• In the case of a personal loan for students, the parents should satisfy the above criteria. However, unlike an education loan where the end-use is restricted, HDFC personal loan for students is available for various purposes, including lodging and boarding, monthly maintenance, tuition fees, books, equipment, etc. 
• Applicants should have an excellent repayment record without any default, especially in the case of Debt Consolidation loans and Balance Transfers. 

The Documents Required for HDFC Personal Loan

The following documents are necessary for the HDFC Personal Loan

• Identity proof documents include any one of the following.

1. Passport
2. Voter ID
3. Driving licence
4. Aadhar card
5. PAN card

• Address proof documents comprise any one of the following.

1. Passport
2. Voter ID
3. Driving Licence
4. Aadhar card

• Bank account statement for the previous three months. If you have a passbook, you should furnish a copy of the passbook containing transactions for the past six months. 
• Salaried employees should furnish a copy of their salary slip for the previous two months. Alternatively, they can submit a salary certificate with the latest Form 16.
• Non-salaried Income tax assesses can submit their IT returns for the previous three years and computation of income statement and supporting financials. The financial statements should preferably be certified by a Chartered Accountant.
• Self-employed professionals and individuals should submit their bank account statements for one year.
• Proof of end-use is necessary for loans for a medical emergency. Otherwise, personal loans do not require the applicant to state the end-use of funds. 

The applicants can upload self-attested copies of all the documents online when applying for the HDFC personal loan. The bank sends its representative to collect the hard copies of the submitted documents. 

In the case of Balance transfer applications, the applicant has to submit the following additional documents.

• The loan account statement from the disbursement date until the application date helps HDFC Bank determine defaults in payments, if any.
• There should not be default or delayed payment of any EMI.
• The applicant should furnish the loan sanction letter from the existing bank.
• HDFC Bank also requires the applicant to furnish the NOC from the existing bank. It should include the loan closure amount.
• The list of documents submitted to the current lending institution 
• The disbursement is generally made directly to the bank for the closure of the account. In the case of a top-up application, the balance amount is credited to the applicant’s savings account.

All these documents are in addition to the standard KYC and income documents.     

Advantages of HDFC Personal Loan

Here are the advantages of applying for the HDFC Bank personal loan.

• The application, approval, and disbursement formalities are entirely online.
• HDFC Bank has a quick turnaround feature for personal loans.
• The documentation process is simple.
• HDFC Bank offers attractive interest rates in the range of 10.50% to 20.40%, depending on a case-to-case basis. One of the crucial factors determining the individual interest rate is the credit rating of the applicant. Other factors include occupation, age, amount of loan, and loan tenure.
• There is no involvement of collateral in personal loans. Hence, one does not have to furnish the end-use. However, HDFC Bank asks for a ‘Proof of End-use’ letter, especially for loans granted for a medical emergency.