HDBFS Bank Personal Loan
HDB Financial Services provides personal loans starting from 10% per annum for amounts up to 20 lakhs. The tenure for repayment of the loan is offered up to 60 months. Personal loans offer interest rates higher than other loans offered in the market. Hence, it is important to understand your needs and evaluate whether a personal loan is the right choice for you.
Features of HDB Financial Services Personal Loan
Cater different needs
They are simple to get and designed to meet the financing demands of a diverse variety of customers.
Interest rates
These loans offer some of the most competitive interest rates among peers for large loan amounts.
Personalised offers
Customers’ needs are examined, and personalised loans are supplied to efficiently meet their financial requirements.
Quick loan approvals
Qualified consumers receive speedy approvals, that is, within 72 hours of providing paperwork to execute loan requests.
User friendly
Customers can get documents at their doorway, which adds convenience.
Hassle free
All customer enquiries are handled by a single point of contact, ensuring a seamless and simple lending transaction.
HDB Financial Services Personal Loan Details
Interest rate | 10% to 35% p.a. |
Loan amount | Up to ₹20 Lakhs |
Loan tenure | 12 to 60 months |
Processing fee | Up to 3% |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
HDB Financial Services Personal Loan Fees & Charges
1. Application and processing charges:
Application fee | Nil |
Loan processing fee | Up to 3% |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
2. Prepayment and foreclosure charges:
| 0-6 months | 6-12 months | 12-36 months | 36 months and above |
Personal Loan (on Fixed Interest Rate) | Not allowed | 4% | 4% | 2% |
Floating Rate Personal Loan offered to Individual Borrowers | Not allowed | NIL | NIL | NIL |
Floating Rate Personal Loan offered to Non-Individual Borrowers | Not allowed | 4% | 4% | 2% |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
3. Other charges and fees
Cheque/ECS Bounce Charges | ₹750 |
Interest on late payment of EMI* | 3% |
Statement of Account Charges | ₹500 |
Document Retrieval Charges | ₹750 |
Additional Repayment Schedule | ₹500 |
Copy of Sanction Letter | NA |
Loan Cancellation Charges | ₹1,000 |
CERSAI Fees (per property) | Nil |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
HDB Financial Services Personal Loan Interest Rates
Personal Loan Interest Rate | 10% - 35% p.a. |
Source: Paisabazaar; rates as of 25 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
The interest rate will also be based on the applicant's CIBIL score and other credit-related indicators. The highest interest rate offered to the loan applicant of the HDB Personal Loan would depend on factors such as the loan applicant's month income, job profile, employer profile, and so on.
HDB Financial Services Personal Loan Eligibility
For Salaried individuals:
Employment type: Salaried doctors and accountants, employees of specified public and private limited corporations, government personnel, and employees of public sector enterprises are considered under eligible persons.
Age: Minimum age should be 21 years, the age of the borrowers at maturity of the loan should not cross more than 60 years or retirement (whichever is earlier). A government employee's maximum age can be 65.
Job: He should have been employed for a minimum period of one year and should have earned one month's wage credit in his present organisation.
Income: The minimum net monthly income for the metro locations- Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai and Pune - is ₹20,000 and that of all other locations is ₹15,000.
For self employed individuals:
Employment type: Salaried doctors and accountants, employees of specific public and private limited corporations, government personnel, and employees of public sector enterprises are all considered eligible.
Age: Minimum age must be 21 years, the age limit of borrowers is sixty years or retirement whichever occurs earlier at the time of maturity of the loan. The age bar for a government employee is 65 years.
Job: Serving in an organisation for more than a year with one wage credit in a month at his current organisation is another requirement.
Income: The net monthly income should be a minimum of ₹20,000 for a candidate in metropolitan cities: Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai, and Pune. All locations other than the above will be of ₹15,000.
For self employed non-professionals:
Employment type: Eligible persons include self-employed individuals, free or sole owners and directors, and partners in businesses that trade, manufacture, or provide services.
Age: It should be at least 22 years for a borrower, the age of applicants at the maturity of loans should not exceed 65 years.
Job experience: Borrowers need to have a minimum of four years of business experience and a minimum of two years of continuous business experience.
Income: The annual income for those applying should be a minimum of ₹1 lakh in metro areas, and ₹75,000 in other non-metro areas.
For self-employed individuals owning partnership firms and private companies
Age: The minimum age of the borrower will be 22 years, the age of the applicants should not be more than 65 years at maturity of the loan.
Job experience: The borrower should have at least four years of business experience with two years in the same business.
Income: Minimum Annual income in metropolitan cities should be Rs. 1 lakh and in other cities Rs. 75,000.
Financial gain: Profits of borrowers' business should have been registered over the last two years.
For Doctor’s loan:
Age: Maximum age at the time of approval of loan is 65 years.
Experience: At least four years of post-qualification experience, graduate doctors (MBBS/BDS) and post graduate doctors (MD/DM/MS/MCH/MDS).
Owner of clinic: The borrower needs to be a house /clinic owner (parental /own residence in any location where HDBFS operates).
For Micro-lending loan:
Group: Borrowers can avail themselves of a loan only if they form a group (a group of 4-8 individual women with relatively similar economic backgrounds or vocations who know and trust one another and become HDBFS clients).
Job type: Economically active poor women comprise salaried, self-employed, housewives, and daily rate workers.
Age: All members must fall between the ages of 18 and 55.
Income: Borrowers' household income should not exceed ₹3 lakh. It should not exceed more than 50% of the regular monthly income to pay back the loan commitments of the house as a whole.
No blood relation: Any member of the group cannot be related by blood, for instance, mother-daughter, mother-in-law-daughter-in-law, sisters, sister-in-law, or co-sisters.
Close to each other: The individuals in a group should be living within 300-500 metres of each other. The borrowers should have lived in the same location for more than 5 years.
Understanding: Members should know each other for at least two to three years.
Awareness: The joint group must understand the concept of JLG (Joint Liability Group), wherein the members agree to pay the other member's EMI if she is unable to pay.
IIFL Finance Service Personal Loan Document Required
Identification proof:
Aadhaar card
Driving licence
Voter ID
Passport
PAN Card Copy (compulsory)
Address proof:
Aadhaar card
Driving licence
Voter ID
Passport
Electricity bill
Ration card
Date of birth proof:
Driving Licence
PAN Card
Birth certificate
Class 10/12th marksheet
For salaried individuals
Income proof:
Salary slip of last 3 months
Bank statement of last 6 months
IT Return of last three years
Form no-16-A
Appointment letter
For self employed professionals:
Income proof:
Latest ITR with income computation
Latest bank statement
B/S and P&L account for the last 2 years certified by a CA
For self employed non-professionals
Income proof:
Latest ITR with income computation
Latest bank statement
B/S and P&L account for the last 2 years certified by a CA
Trade licence/Establishment/Sales Tax Certificate
Other documents may be required for the completion of loan approval process for a self employed non professionals.
For self-employed individuals owning partnership firms and private companies
Firm proof:
PAN Card of the Private Limited Company or Partnership Firm is mandatory.
Registration certificate of Partnership firm.
Income proof:
Latest ITR with income computation
Latest bank statement
Trade licence/Establishment/Sales Tax Certificate
Other documents may be required for the completion of loan approval process for self-employed individuals owning partnership firms and private companies.
Required Additional Documents for Private Limited Companies
Private limited companies proof:
Certified copy of the Certificate of Incorporation and an updated Memorandum and Articles of Association (certified by the Company Secretary or Director).
Certified copy of the Board of Directors' resolution to open an account, along with identification of people with power to run the account, duly signed by two directors or a company secretary.
Form 32/DIR 12 must be filed with the Registrar of Companies—only in circumstances where the list of directors is not the original subscriber to the MOA and AOA, and
Certified copy of Form 18/ INC 22 filed with the Registrar of Companies—only if the address differs from the one listed in (a).
For doctor’s loan:
Income proof:
Latest ITR with income computation
Latest bank statement
Education proof:
Education completion certificate
Medical registration certificate
For micro lending loan:
For borrower:
Identity Proof: Voter ID or PAN Card
Current residential proof: Voter ID or Aadhaar card with aadhaar masking feature.
Bank passbook
2 recent passport size photographs
HDB Financial Services Personal Loan EMI Calculator
HDB Financial Services offers a simple Personal Loan EMI calculating tool that is available online. This calculator helps potential borrowers determine their monthly EMIs for a personal loan based on three key factors: loan amount, interest rate, and loan tenure. By entering these inputs, the calculator gives an instant breakdown of the total interest payable, the total amount to be repaid, and a detailed repayment timeline. This tool is valuable for a number of reasons. For starters, it helps borrowers make prudent financial decisions by visualising the possible financial ramifications of a personal loan.
HDB Financial Personal Loan EMI Calculator
Loan Amount
₹
Rate of Interest
%
Loan Duration
Months
EMI Payment Schedule
HDB Financial Services Personal Loan Interest Rates vs Other Bank Loans
Banks/NBFCs | Interest Rates(p.a.) |
|---|---|
Bank of Maharashtra | 10.00% onwards |
City Union Bank | 14.35% onwards |
Deutsche Bank | 11.00% onwards |
Dhanlaxmi Bank | 13.30% onwards |
Karnataka Bank | 13.43% onwards |
Karur Vysya Bank | 13.15% onwards |
DBS Bank | 10.99% onwards |
Punjab and Sind Bank | 11.25% onwards |
Abhyudaya Bank | 13% onwards |
HSBC Bank | 9.99% onwards |
IIFL | 12.75% onwards |
IOB | 10.85% onwards |
Ujjivan Bank | 11.49% onwards |
UCO Bank | 12.45% onwards |
Nainital Bank | 12.50% onwards |
South Indian Bank | 12.85% onwards |
Standard Chartered Bank | 11.49% onwards |
RBL Bank | 18% onwards |
SMFG | 13% onwards |
Source: Paisabazaar; rates as of 24 October 2024
Note: Readers are advised to check the relevant bank's website for the latest updates.
HDB Financial Services Personal Loan FAQS
What are the advantages of filing an online personal loan application?
You can apply for a personal loan online at any time and from any location, without having to visit one of our locations. You can easily determine how much loan you qualify for and the amount of documentation required.
Can I get a personal loan from HDBFS to meet my medical expenses?
Yes, you can pay your medical expenditures with a personal loan from HDBFS. Signing up for a health insurance plan may also help you cover your medical expenses.
Is there anything I need to submit as security to acquire a personal loan from HDBFS?
There is no security necessary to apply for a personal loan from HDBFS.
What requirements must be completed for me to be authorised for a personal loan?
You may be qualified for a Personal Loan from HDB Financial Services, depending on your creditworthiness, eligibility, and other internal requirements.