HDFC Bank Personal Loans

HDFC Bank Personal Loan

Processing Fee
2.50

Loan Amount
₹ 15 Lacs Max.
Tenure
1 - 5 Years

HDFC Bank Personal Loan

HDFC Bank offers unsecured personal loans to Salaried and Self-Employed Professionals only. The interest rates offered by HDFC Bank is pretty average at 12.99% per annum in comparison to SBI Personal Loan which start at a low interest rate of 10.75% and Kotak Mahindra Bank offering interest rate as low as 10.99%.


HDFC Bank is a good fit for you if?

Salaried Employees and Self-Employed Professionals – HDFC Personal Loan is a good fit for both Salaried Employees and Self-Employed Professionals. An eligible borrower can be salaried employee working in any government and public sector organisation including the state/local PSUs, corporate employees, salaried and self-employed professionals including doctors, chartered accountants, company secretaries or architects, self-employed practitioner or consultant etc.

Existing HDFC Customers – HDFC Personal Loan is a good choice for any borrower who have an existing relationship with the bank, be it a Saving/Current Account holder, a Credit Card holder or any other relationship. Being an existing customer gives you some special benefits such as pre-approved personal loan, zero documentation and quick disbursal.

Looking for Higher Lending Amount – HDFC Bank can be a good choice for you if you are looking for a high lending amount since the highest loan amount a salaried applicant can avail is upto Rs. 40 Lacs and Rs. 50 Lacs for Self-Employed Professionals.

HDFC Bank Personal Loan at a glance

Annual Interest Rate

11.39% - 20.99% per annum

Loan Term

9 Months - 60 Months

Loan Amount

Rs. 50,000 - Rs. 50 Lacs

Time of Funding

Within 4 hours of Loan Approval

Pre-Payment Charges

2% - 4% of the principal outstanding amount

Why Choose HDFC Bank?

Quick Disbursal – HDFC Bank is one of the very few bank offering loan disbursal as quick as within 10 seconds of loan approval. However, it depends upon the existing relationship of the borrower with HDFC Bank, especially where the borrower have a Saving/Current account in the bank.

Pre-closure within 6 months for Self-Employed Professionals – A self-employed professional is allowed to foreclosure his/her personal loan with 6 months of loan disbursal where he/she have successfully repaid first 6 EMIs without any default.

Part-Payment Allowed for Salaried Borrower – HDFC Bank offer part-payment facility to salaried borrowers only where the applicant can repay his/her personal loan anytime after the full repayment of first 12 EMIs. However, part-payment can be maximum upto the 25% of the principal outstanding amount and allowed once in a financial year and total two times throughout the whole loan repayment period.

Zero Charges on Loan Cancellation – In case you have decided to cancel your personal loan after disbursement, HDFC Bank levies zero charges on you in comparison to many other competing bank charging an amount of upto Rs. 1,000 on loan cancellation. However, the borrower still have to pay the applicable interest rate accumulated during the period of loan disbursal and loan cancellation.

Two Insta Loans or Insta Jumbo Loans can be availed Simultaneously – HDFC Bank allows you to avail two insta loans or insta jumbo loans simultaneously against one hdfc credit card. However, the total amount of insta loan being approved over the card cannot be more than the total limit allowed on the credit card.

What to watch out for?

Prepayment Allowed Only After First 12 Months for Salaried – Unlike Self-Employed Professionals, HDFC Bank allows prepayment to salaried borrowers only after the full repayment of first 12 EMIs without any default.

High Processing Fee Charges – The processing charges levied by HDFC Bank are quite high. Currently, HDFC Bank charges a minimum processing charges equals to Rs. 1,999 for Salaried and Rs. 2,359 for Self-Employed Professionals, whereas the maximum processing charges for salaried applicant is as high as Rs. 25,000 and upto Rs. 88,500 for Self-Employed Professionals.

High Interest Rate for Salaried – The interest rate slab offered to Salaried applicant is quite higher than what is being offered to Self-Employed Professionals by HDFC Bank. Currently, HDFC levies an interest rate ranging from 15.05% to 20.99% per annum for Salaried Personal Loan in comparison of 12.50% to 15.65% per annum for Self-Employed Professionals.

Processing Charges are not Refundable – Processing charges are needed to be paid at the time of loan approval and won't be refunded in any case. Since, the processing charges levied by HDFC Bank are quite higher, it can be huge burden in case you have applied for a higher loan amount such as Rs. 10 Lacs or above where the processing charges could be as high as Rs. 25,000 for salaried loans and Rs. 88,500 for self-employed loans.

Part-payment Not Allowed for Self-Employed Professionals, Personal Loans against Credit Card and Balance Transfer on EMI – If you're a self-employed professional and have availed for a personal loan from HDFC Bank, then quick repayment of the loan can be impossible for you unless you want to go for foreclosure method to repay your personal loan since the preclosure through part-payment method is not allowed to self-employed professionals. Similarly, part-payment isn't allowed on insta loans as well.

Card Withdrawal Limit gets Blocked on availing Insta Loans – In case you availed Insta Loans on your existing HDFC Credit Card, your credit card limit against which the loan has been approved will be set to zero, resulting in blocking of cash withdrawal limit of the card. The blocked limit will only be restored only once the personal loan has been repaid successfully including all the applicable charges.

Personal Loans against Credit Card Cannot be Cancelled – Personal Loans availed against your hdfc credit card limit cannot be cancelled once processed. Hence, if your loan has been processed but you already have managed the funds from personal sources, then you don't have any choice but to bare the interest and charges on the loan.

Balance Transfer not allowed against other banks' credit card / loan with overdue status – HDFC Bank won't allow balance transfer facility if your other bank's credit card or loan statement that have overdue status.

Compare HDFC Bank Personal Loan to Other Banks

Bank Name HDFC Bank ICICI Bank Axis Bank

Typical APR

11.39% - 20.99%

10.99% - 22.00%

15.5% - 24%

Loan Term

9 Months - 60 Months

12 Months - 60 Months

12 Months - 60 Months

Maximum Lending Amount

Rs. 50 Lacs

Rs. 20 Lacs

Rs. 15 Lacs

Processing Fee

Up to 2.50% of the loan amount.

Upto 2.25% per annum of the loan amount

1.50% to 2% of the loan amount

Time to Funding

Within 4 hours

Within 72 hours of approval

Within 48 hours

Pre-Closure

2% to 4% of principal outstanding

5% per annum of principal outstanding

Nil

The interest rate offered by HDFC Bank on personal loans are quite competitive except in case of Salaried Applicant. HDFC Bank levies an annual interest rate of 15% to 20.99% for Salaried and 12.50% to 15.65% for Self-Employed Professionals in comparison of ICICI Bank charging an annual interest of 10.99% to 22% and Axis Bank with 15.5% to 24% per annum.

The repayment period offered by HDFC Bank is 12 months to 60 months usually, same as offered by ICICI Bank and Axis Bank, except in case of Personal Loan Balance Transfer on EMI. In case of Personal Loan Balance Transfer on EMI, HDFC offers tenure ranging from 9 months to maximum 48 months. As far as processing charges are concerned, the charges HDFC Bank levies on its customers are a bit higher with minimum processing charges equals to Rs. 1,999 than what many other banks and financial institutions are offering such as Axis Bank and SBI.

HDFC take quite less time from processing the loan application and approval to disbursement of the funds to the borrower. Usually, HDFC offers a 4 hours disbursal time after the approval of the loan application in case of new customers and only 10 seconds in case of existing customers. However, the over all time required from processing the loan application to disbursement of the funds depends upon the customer credit history and repayment capability.

As for the pre-closure charges, HDFC bank charges a pre-closure fee equals to minimum 2% of the principal outstanding to maximum 4% if the principal outstanding which is quite higher than what offered by many banks and financial institution, such as SBI charging zero to upto 3% of the prepaid amount and Axis Bank charging no pre-closure fee at all.

Am I Eligible?

  • Minimum Age of the Salaried applicant should be between 21 years at the time of loan application and maximum 60 years at the time of loan maturity.
  • Minimum monthly income of a salaried applicant must be Rs. 15,000. However, if the applicant is a resident of the following indian cities – Mumbai, Delhi, Bangalore, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, Cochin, then the minimum monthly income should be at least Rs. 20,000.
  • Minimum stability of 1 year in current job and total work experience of 2 years is required for Salaried borrower.
  • Self-Employed Professional should be minimum 25 years old at the time of loan application, where the loan should be repaid by the age of 65 years.
  • If the Self-Employed Professional is a Doctor or Chartered Accountant, then he/she must have a 4 years experience after completing the education. And, if the applicant is working as Company Secretaries and Architects, then he/she must have minimum experience equals to 5 years after completing the education.

Loan Offerings

HDFC Bank Personal Loan for Salaried

  • To Salaried Customers, HDFC Bank offers personal loans equals to minimum Rs. 50,000 to maximum upto Rs. 40 Lacs for a repayment period between minimum 12 months to maximum 60 months. Being a new customer, you can get approved within 4 hours of application whereas existing customers can get the approval within 10 seconds; However, the approval of the loan is subject to your eligibility and repayment capability.
  • The interest rate offered to Salaried customers ranges from 15.05% to 20.99% per annum. Apart from the interest rates, the processing charges applicable on HDFC Bank Salaried Personal Loan is equals to upto 2.50% ranging from minimum Rs. 1,999 to maximum Rs. 25,000.
  • A salaried borrower can be anyone, a salaried employee working in a Government or Corporate organisation, a salaried professionals such as Doctor or Chartered Accountant, or an employee working in a public sector undertakings including an organisation of state and local level.
  • HDFC is one of the very few banks or FIs, offering added benefits of insurance cover facility to their personal loan borrowers by HDFC Ergo GIC Ltd. A Salaried borrower can avail Personal Accident Insurance equals to Rs. 8 Lacs for Hospitalisation, Credit Shield cover equals to the outstanding loan amount and Critical Illness Cover of upto Rs. 1 Lac for Accidental Death or Permanent Disability. If opt in, the first monthly premium of these insurance cover facility will be deducted from the loan amount at the time of disbursal.
  • Documents required for HDFC Salaried Personal Loan
    • Employee ID
    • Latest Salary Slip/Certificate along with Form 16
    • Last 3 months' Bank Statement
    • KYC Documents along with latest Passport size photograph

HDFC Bank Personal Loan for Self-Employed Professionals

  • In case of Self-Employed Professionals, HDFC Bank offers personal loans equals to minimum Rs. 50,000 to maximum Rs. 40 Lacs and upto Rs. 50 Lacs in some selected Indian Cities for a repayment period ranging from minimum 12 months to maximum 60 months. The interest rate offered to Self-Employed Professionals ranges from minimum 12.50% per annum to maximum 15.65% per annum with processing charges equals to upto 2.50% of the loan amount. The minimum processing charges applicable is Rs. 2,359 and goes as high as 88,500.
  • An eligible borrower can be any Self-Employed Professional, be it Doctors, Architects, Chartered Accountants, Company Secretaries and any self-employed professionals working as self practitioner or consultant, where the minimum annual profit of the business should be at least Rs. 1 Lac and must be in profit for past 2 years minimum.
  • Similarly like personal loans to Salaried, HDFC Bank Personal Loans for Self-Employed Professional comes with some added benefits of protection. A Self-Employed Professional can opt in for Insurance Cover and Credit Shield cover offered by HDFC Life Ins Co. Ltd with a monthly premium. In case of death of the borrower by natural or any accidental cause, the nominee can pay the outstanding loan amount with the help of Payment Protection Insurance which covers the principal outstanding on the loan equals upto the maximum of the loan amount. Apart from the loan repayment cover, these added benefits includes Life Insurance. However, the premium for these added benefits will be deducted from the loan amount at the time of loan disbursal.
  • Documents required for the Self-Employed Professionals
    • Copy of the highest qualification degree the applicant have achieved in professional education.
    • Copy of the PAN Card Last 6 months' Bank Statement.
    • Copy of latest ITR along with past 2 years income records, Balance Sheet and Profit & Loss Account as certified or audited by a chartered accountant.
    • Business Continuity proof, such as Income Tax Records, Trade License, Record of Establishment or Sales Tax Certificate.
    • KYC Documents along with latest Passport size photograph.
    • In case of Sole Proprietor, Copy of Sole Proprietorship Declaration.
    • In case of Partnership Firm, Certified Copy of Partnership Deed.
    • In case of Company, Certified true copy of Memorandum & Articles of Association as certified by Director and original copy of Board resolution.

HDFC Bank Insta Loans on Credit Cards

  • HDFC Bank offers Insta Loans on Credit Cards where you can avail pre-approved personal loan instantly on your existing HDFC Credit Cards. Insta Loans are offered against the credit limit available on your existing HDFC Card at the time of loan application; Hence, the loan amount varies from card to card and depends upon your credit card history. You can avail the funds instantly in your HDFC Saving Account or collect a demand draft from the bank drawn in your name.
  • Currently, HDFC Bank levies an interest rate equals to 11.92% per annum for Insta Loan on HDFC Credit Cards.
  • The monthly instalments on the insta loans will be billed into monthly statement of your HDFC credit card starting from the immediate billing cycle and be a part of your minimum due amount on the card. Since, you must be an existing HDFC Credit Card holder to avail the loan, insta loans comes with no requirement of documentation.

HDFC Bank Insta Jumbo Loans on Credit Cards

  • HDFC Bank offers you to avail Insta Jumbo Loans on your existing HDFC Credit Cards, where you can avail funds irrespective of your credit card limit. It means you can avail funds instantly on your existing hdfc credit card where the loan amount can be higher than the current credit limit available on your credit card. HDFC Bank levies an annual interest rate equals to 11.92% for Insta Jumbo Loan availed on HDFC Credit Cards.
  • Since, the loan is being processed against your existing hdfc credit card, then there is no need to provide any documentation to avail the fund just like the Insta Loans. More to that, your credit card withdrawal limit won't be blocked against the availed funds in comparison of insta loans. On applying for Insta Jumbo Loans, a separate new account will be created against your credit card number where your loan EMIs will be billed and you'll receive a separate monthly statement for the availed loan. However, the billing cycle and payment due date will be same as your existing credit card.
  • Auto Debit facility will be activated on your saving account by default within the 7 days of your loan application. Hence, you need to maintain a sufficient amount available for deduction before the payment due date. The monthly EMIs of the loan will be deducted from your saving account as per the payment due date or within the 5 working days from the payment due date.

HDFC Bank Personal Loan Balance Transfer

  • HDFC Bank allows you to transfer your existing personal loan or outstanding credit card charges from any other banks to HDFC, where the availed amount will be converted into EMIs on a HDFC Credit Card which will be assigned to you. The availed amount will be blocked against the received HDFC Credit Card.
  • The interest rate offered to Salaried Personal Loan borrower starts from minimum 11.39% per annum with a flat processing charges equals to Rs. 1,999. Whereas, the interest rate on Personal Loans to Self-Employed Professionals starts from 12.99% per annum with processing charges equals to minimum 0.99% of the loan amount.
  • The repayment tenure offered on balance transfer ranges between 9 months to 48 months. Apart from interest rate and repayment tenure, you don't need to provide any documentation to avail balance transfer facility.

HDFC Bank Personal Loan Rate of Interest

Personal Loan Type Applicable Interest Rate

HDFC Bank Personal Loan for Salaried

15% - 20.99% per annum

HDFC Bank Personal Loan for Self-Employed Professionals

12.50% - 15.65% per annum

HDFC Bank Insta Loans on Credit Cards

11.92% per annum

HDFC Bank Insta Jumbo Loans on Credit Cards

11.92% per annum

HDFC Bank Personal Loan Balance Transfer on EMI

Minimum 11.39% per annum for Salaried

Minimum 12.99% per annum for Self-Employed Professionals

How do I apply for HDFC Bank Personal Loan?

At Paisa

    • Choose a Personal Loan offering above and click on "Apply Now".
    • Fill out all the required information and check your eligibility to avail the loan.
    • Wait for the approval from HDFC Bank.

After I Apply?

Check Personal Loan Status

    • Click here to go the HDFC Bank Personal Loan Status Tracking page. You can get your loan application status by using the following – Your Name as mentioned in the loan application, Loan Application Reference Number and Date of Birth, or your mobile number as mentioned in the loan application.
    • Enter any of the following details
      • Your Name
      • Reference Number and Date of Birth
      • Mobile Number
    • Click on "Submit" button.

    Note: Your Loan Application Status will appear on your screen.

Once I'm Approved?

Change Repayment Mode

    • Download the EMI Swap form from here and fill out the form as per the repayment mode you want to choose.
    • Security cheques in favour of "HDFC Bank Ltd Loan Account No. XXXXXX".
      • Write 3 undated security cheques for swapping to Standing Instructions, where each cheque should be payable for the amount equals to 3 EMIs and undated.
      • Write 1 undated security cheque for every 6 Equated Monthly Installments (EMI) if swapping to ECS.
      • Revised post dated cheques in case you're swapping to PDCs.
    • Fill a mandate form as per the chosen mode and verified it by the HDFC Bank.
      • You can download the Standing Instruction mandate form here if you are switching to Standing Instructions.
      • Download ECS mandate form here if you want to switch to ECS (Electronic Clearing Service).
      • Download ACH (Automated Clearing House) mandate form here if you are switching to PDCs (Post Dated Cheques).
    • In case if the bearer submits the request on behalf of the borrower, then Bearer authorisation would be necessary along with his/her KYC details.
    • Charges of Rs. 500 for swapping in case of switching to ECS or PDCs in favour of "HDFC Bank Ltd Loan Account No. XXXXXX".

Pre-Close your Personal Loan

    • Walk-in to the nearest HDFC Branch with the following documents and information – Your Identity Proof such as PAN Card or Aadhar Card, Loan Approval Letter, Loan Account Statement, Loan Account Number and Cheque/Draft for Pre-closure Payment.
    • Fill a pre-closure form or you can also write a letter for making a pre closure request.
    • Submit the form or letter along with the preclosure amount at the counter and the signed documents.
    • Take the acknowledgment receipt for the payment.

Note: HDFC Bank will send you a NOC for a proof that your personal loan has been paid completely once the preclosure payment gets processed.

Fees & Penalties

Type of Personal Loan Processing Charges

For Salaried

Up to 2.50% of the loan amount

Minimum Rs. 1,999 to Maximum Rs. 25,000

For Self-Employed Professionals

Up to 2.50% of the loan amount

Minimum Rs. 2,359 to Maximum Rs. 88,500

HDFC Bank Personal Loan Balance Transfer on EMIs

Rs. 1,999 for Personal Loan to Salaried borrower

Minimum 0.99% of the loan amount for Personal Loan to Self-Employed Professionals

The processing charges levied by HDFC Bank goes upto 2.505 of the loan amount, subject to minimum Rs. 1,999 to maximum Rs. 25,000 for salaried borrowers and minimum Rs. 2,359 to maximum Rs. 88,500 for self-employed professionals. Apart from it, HDFC Bank levies a flat processing fee equals to Rs. 1,999 for Personal Loan Balance Transfer on EMI to Salaried borrowers and minimum 0.99% of the loan for Balance Transfer on EMI for Self-Employed Professionals.

Type of Personal Loan Foreclosure Charges

For Salaried

Allowed only after the repayment of first 12 EMIs

4% of Principal Outstanding if foreclosure made between 13-24 Months from disbursal.

3% of Principal Outstanding if foreclosure made between 25-36 Months from disbursal.

2% of Principal Outstanding if foreclosure made after 36 Months from disbursal

For Self-Employed Professionals

Allowed only after the repayment of first 6 EMIs

4% of Principal Outstanding if foreclosure made between 13-24 Months from disbursal.

3% of Principal Outstanding if foreclosure made between 25-36 Months from disbursal.

2% of Principal Outstanding if foreclosure made after 36 Months from disbursal

HDFC Bank Insta Loan on HDFC Credit Card

3% of the principal outstanding

HDFC Bank Insta Jumbo Loan on HDFC Credit Card

3% of the principal outstanding

HDFC Bank Personal Loan Balance Transfer on EMIs

3% of the balanced principal outstanding

The foreclosure charges levied by HDFC Bank for both Salaried Personal Loan and Self-Employed Professionals Personal Loans, goes from minimum 2% of the principal outstanding to upto 4% of the principal outstanding depending upon the loan repayment period in which the foreclosure is being made. The foreclosure charges levied by HDFC Bank on personal loans are quite higher than many other banks like SBI charging from zero to maximum upto 3% of the principal outstanding and Axis Bank levying no charges on foreclosure of personal loans.

In case of Personal Loan on Credit Cards, the foreclosure charges are equals to 3% of the principal outstanding. And in case of Balance Transfer on EMI, the foreclosure charges are equal to 3% of the principal outstanding amount which is being transferred to HDFC Bank.

For all types of personal loans except personal loans for self-employed professionals, the foreclosure is only allowed after the full repayment of first 12 EMIs. And, allowed after full repayment of first 6 EMIs for Self-Employed professionals.

Type of Personal Loan Part-Payment Charges

For Salaried

Allowed only after the repayment of first 12 EMIs

4% of Principal Outstanding if foreclosure made between 13-24 Months from disbursal.

3% of Principal Outstanding if foreclosure made between 25-36 Months from disbursal.

2% of Principal Outstanding if foreclosure made after 36 Months from disbursal

For Self-Employed Professionals

Allowed only after the repayment of first 12 EMIs

4% of Principal Outstanding if foreclosure made between 13-24 Months from disbursal.

3% of Principal Outstanding if foreclosure made between 25-36 Months from disbursal.

2% of Principal Outstanding if foreclosure made after 36 Months from disbursal

HDFC Bank Insta Loan on HDFC Credit Card

Not Allowed

HDFC Bank Insta Jumbo Loan on HDFC Credit Card

Not Allowed

HDFC Bank Personal Loan Balance Transfer on EMIs

Not Allowed

HDFC Bank allows part-payment to be made only in case of personal loans to salaried borrowers which goes from minimum 2% to upto 4% of the part-payment amount. A borrower can make part-payment only two times throughout the whole loan repayment and each time the maximum amount that can be paid for part-payment, should not be more than the 25% of the principal outstanding amount.

The part-payment clauses levied by HDFC Bank are a bit complicated while many competing banks have simple terms and also allows part-payment for self-employed professionals as well.

Type of Personal Loan EMI Bounce Charges

For Salaried and Self-Employed

Rs. 550 per instance

HDFC Bank Insta Loan / Insta Jumbo Loan on HDFC Credit Card

Rs. 500 per instance

The EMI Bounce charges HDFC Bank levies, are a bit cheaper as compared to private lenders such as Bajaj Finserv which is levying an amount of Rs. 1,000 to Rs. 2,500 for each EMI Bounce. However some finance providers are charging a very low amount for EMI Bonche such as Fullerton India charging only Rs. 30 per instance which is way lower than what even HDFC Bank is offering.

Type of Personal Loan Penal Interest

For Salaried and Self-Employed

2% per month on Overdue EMI / Principal

Minimum Rs. 200

HDFC Bank Insta Loan / Insta Jumbo Loan on HDFC Credit Card

2% of the overdue payment

Minimum Rs. 200

The penal charges levied by HDFC Bank are standard as most of the other competing banks and private lenders such as Axis Bank, ICICI Bank and even SBI. However, a very few lenders such as fullerton india levying penal charges equals to 0.75% of the principal outstanding only which is quite low as compared to HDFC Bank and others.

FAQs

When can I pre-close my HDFC Personal Loan?

Yes, you can pre-close your HDFC Bank Personal Loan. However, the prepayment can be made until the first 12 EMIs are paid.

Can I switch interest rate on my HDFC Personal Loan from Floating to Fixed?

Yes, HDFC Bank allows its borrowers to switch from to Fixed interest rate from Floating.

Can I reschedule or postpone my EMI?

Yes, you can reschedule your EMIs. HDFC Bank will levy a charge of Rs. 200 on you for rescheduling EMIs for your Personal Loan.

What are the applicable charges for CIBIL report copy?

HDFC Bank charges Rs. 50 for each copy of CIBIL Report.

What are the costs associated with availing a Personal Loan?

Availing of a Personal Loan attracts several charges, which is paid by the borrower. Here is a list of charges associated with HDFC Personal Loan –

  • Processing Fee
  • Stamp Duty and Other Statutory Charges
  • Cheque Swapping Charges
  • Charges for the copy of CIBIL report
  • LegalCharges
  • Late Payment Charges, if any
  • Cheque Bounce and Amortization Charges, if any
  • Some Other charges includes, prepayment charges and part-payment charges, depending on the condition.
How can I repay my HDFC Personal Loan?

You can repay the your personal loan in EMIs, pay through PDCs (Post-Dated Cheques). You can also give Standing Instruction (SI) or to debit your HDFC Bank account with the EMI amount or pay through ECS (Electronic Clearance System in case of Non-HDFC bank account.

How does a HDFC Salary Account help me get Personal loan?

An existing customer who owns HDFC Salary account, get preferred rate of interest and processing fee. Since you are an existing HDFC customer, you don't need to provide all the documents when applying for HDFC personal loan.

What will be done with the post dated cheques if I request to change the mode of repayment / account for my loan?

Post Dated Cheques (PDCs) submitted towards the repayment of the loan, that have not been cashed, will be defaced and retained by the Bank.

In case, you wish to have your old PDCs to be returned, you need to file a request at the Retail Loan Service Center or through HDFC PhoneBanking or contact through email at www.hdfcbank.com/services within 45 days from the date of application of change in repayment instructions.

In case, no request is made by you in within the stipulated period, the defaced cheques will be destroyed.

How can I change the mode of repayment/ account for my personal loan? And, what are the applicable charges?

If you wish to change the mode of repayment instrument or bank account for repayment of your loan, you may visit the nearest the Retail Loan Service Center and submit your request with the revised account instructions.

A service charge of Rs. 500 is applicable for changes in loan repayment instructions, given by a non-HDFC Bank Account (ECS or PDC facility). A cheque / pay-order / demand draft for Rs. 500 favouring "HDFC Bank Ltd Loan Account No. XXXXXX" will be necessary along with the revised set of repayment instructions.