We all need personal loans to meet our financial needs, which we need to repay in easy EMIs, making personal loans a convenient tool for us. Here we will tell you how to apply for HDB personal loan.
HDB Personal loan is an unsecured loan that does not require any collateral. One of the services provided by HDB Financial Services is Personal Loan. If you apply for HDB Finance Personal Loan, you get a loan of up to Rs 20 lakh at a low-interest rate subject to meeting specific eligibility criteria. Here we will discuss the features, benefits, and charges of HDB personal loan.
Key Features of HDB Personal Loan
- You can get a personal loan of up to 20 lakhs at a reasonable interest rate.
- You get a long flexible tenure ranging from 12 to 60 months to repay the Personal Loan.
- HDB Financial Services customer support is available for the customers, with the help of which customers can get all the information related to personal loans.
- You can use the personal loan amount for multiple purposes like wedding expenses, payment of medical bills, credit card bill payments, travel, education, etc.
HDB Personal Loan Status
|Article Topic||HDB Personal Loan Apply Online|
|Loan Amount||Up to 20 lakhs|
|Interest Rate||Personal loan interest rates are decided based on your requirement and repayment capacity. (10.50% to 34.00%)|
|Tenure||12 to 60 Months|
|HDB Personal Loan Customer Care Number||+914442984541 |
HDB Personal Loan Interest Rate
HDB Financial Services offers personal loans at an interest rate of 10.50% to 34.00% per annum to meet the financial needs of its customers. HDB personal loan interest rates are decided based on your requirement, repayment capacity, income structure, credit score, etc., which may differ from customer to customer.
Factor affecting HDB personal loan interest rate
Age of the applicant: The interest charged on the personal loan can be more or less according to our Age. Younger applicants have to pay less interest as the risk involved is less, and older applicants may have to pay higher interest as the risk involved is more.
CIBIL Score: The credit score of the applicant is taken into consideration before determining the personal loan interest rate. If the applicant has a low CIBIL score and has failed to repay his previous loans or credit card bills on time, the interest will be determined higher.
Loan Tenure: In most cases, the loan repayment tenure is chosen by the applicant. The option is in the hands of the applicant as to when he will repay the loan. The longer the tenure of the personal loan, the higher the interest.
Residential Location: The interest rate decided by the Bank of Baroda can also be based on whether the applicant lives in an urban or semi-urban area. People living in city areas can get a personal loan at a low-interest rate.
Features & Benefits of HDB Personal Loan
HDB Financial Services provides a personal loan to meet our financial needs. We can use this personal loan for home renovation, medical emergencies, family marriage, urgent household expenses, etc. We can also apply for Small Instant Personal Loan from HDB Financial Services.
Loan amount: HDB Financial Services offers up to 20 lakhs at attractive interest rates to customers, which proves to be very beneficial to customers’ financial needs. HDB provides loan amounts under different schemes on a single platform.
Repayment Tenure: You get a flexible tenure of 5 years to repay the amount taken as a personal loan, which proves very beneficial for all the customers.
Interest Rate: HDB Financial Services provides personal loans to its customers at an interest rate of up to 35% per annum. HDBFS fixes the interest rate based on customer profile, income structure, credit score, etc., which may vary from customer to customer.
Low Processing Fee: You are charged a low processing fee on the loan amount get by you. A processing fee of 0% to 3% + GST of the sanctioned loan amount will be applicable.
Customer Care Support: Immediately after you submit the HDB Personal Loan form, the HDB Personal Loan team gets in touch with you and gives you complete details about the loan.
Without Security Loan: You do not need to deposit security while taking a loan from HDB Financial Services. Here you get loans up to 20 Lakhs without a collector.
Digitally Process: You don’t need to submit any documents manually if you apply for a loan here. Here the entire loan process is 100% online.
- Navi Instant Personal Loan Interest Rate, EMI Calculator
- IDFC First Bank Personal Loan Interest Rate
HDB Personal Loan Fees and Charges
|Rate of Interest||Up to 34% per annum|
|Loan Cancellation Charges||Rs 1,000/-|
|Swap Charges||Rs. 500 +GST|
|Pre-closure Charges||Pre-closure is permitted after 6 Months. 4% of principal outstanding (plus applicable tax)|
|Duplicate Statement||Rs. 250 + GST|
|No Dues Certificate (Duplicate Copy)||Rs. 50 + GST|
|Stamp Duty Charges||As per State Stamp Act|
|Interest on late payment of EMI||3%|
|Statement of Account Charges||Rs 500/-|
Eligibility Criteria for HDB Personal Loan
If you want an instant personal loan from HDB Financial Services, you must meet the following personal loan eligibility criteria:
- Age: The minimum age of the applicant should be 21 years, and the maximum age should not exceed 60 years.
- Residency: The applicant must be a resident of India.
- Employment: The applicant should be a salaried employee or self-employed professional.
- Income: Applicants must have a monthly source of income. The minimum income required for an HDB Personal Loan is ₹25,000 per month.
- Employment: The applicant should be a permanent employee with a minimum of two years of work experience.
- Credit Score: The applicant should have a good credit score to increase the chances of loan approval. Individuals with CIBIL Score more than 700.
Documents Required for HDB Personal Loan
The following documents are required to apply for an HDB Personal Loan:
- Identity Proof: PAN card, Aadhar card, or passport.
- Address Proof: Aadhar card, passport, voter ID, or utility bills.
- Income Proof: Last three months’ salary slips, Form 16, and bank statements for the last six months.
- Signature Proof: Passport or PAN card.
Factors Affecting Your Eligibility for Personal Loan
Monthly Income: Monthly income is an essential factor in determining your eligibility for a personal loan. A higher income can increase your chances of loan approval and result in a higher loan amount.
Age: The minimum age required to apply for a personal loan is usually 21 years, and the maximum is between 60-65 years.
Monthly Expenses: Your monthly expenses, such as rent, food, transportation, and other living expenses, can impact your repayment capacity and affect your loan eligibility.
Any other loans: If you already have any loans, such as a home loan or car loan, your repayment capacity may get affected, which may affect your eligibility for a personal loan.
Credit History: Your credit history, which reflects your credit behavior and payment history, is one of the most necessary factors affecting your loan eligibility. A good credit history can increase your chances of loan approval, while a bad credit history can result in rejection or higher interest rates.
Job stability: Lenders prefer to lend to borrowers who have a stable job and steady income, as this gives them more confidence in their ability to repay the loan.
Relationship with the lender: Building a good relationship with the lender can increase your chances of loan approval and result in a lower interest rate.
Your employer’s category: Your employer’s category, such as public sector, private sector, or self-employed, can also affect your loan eligibility. Some lenders may prefer to lend to borrowers who work in a particular sector or who have a certain type of job.
How to Apply for an HDB Personal Loan Online?
HDB Financial Services offers personal loans to people for multiple financial needs such as home renovation, travel, medical expenses, wedding expenses, etc. To avail of a personal loan from HDB, you need to follow these steps:
- Click on the link below to Download the HDB On the GO App and Sing up using your mobile number.
- Fill in your personal and financial details, such as your name, contact information, and employment details.
- Submit your application and wait for a response from HDB Financial Services. If your application is approved, you will receive a call from the HDB Personal Loan team for further processing.
- Once the loan is approved, you need to submit the required documents for verification. You can either upload the documents online or send them through courier.
- After the completion of the verification process, the loan amount will be disbursed to your account.
HDB Personal Loan Customer Care Number
The customer care number for HDB Financial Services is +91444 298 4541. This toll-free number is available for customers to get assistance with their loans and other financial services offered by HDB Financial Services.
You can also reach out to HDB through their customer service email at [email protected] for any queries or concerns.
You can visit their nearest branch for in-person assistance.
HDB Personal Loan Online Payment
HDB Financial Services offers multiple repayment options to make it convenient for customers to repay their loans. You can choose your HDB Loan EMIs Online Payment option at your convenience.
Auto-debit facility: You can set up an auto-debit facility with your bank to ensure that the EMI amount is automatically deducted from your bank account on the due date.
Mobile App or Website: You can log in to your HDB Personal Laon account through the mobile app or website and pay the EMI using a net banking facility or debit card.
FAQ Related to HDB Personal Loan
How much personal loan can I get from HDB Financial Services?
HDB Financial Services offers Personal Loans up to 20 lakhs at attractive interest rates. The personal loan amount available to you largely depends on your CIBIL score. A good credit score can increase the loan amount you can get and reduce the interest rate.
How can I check my HDB loan eligibility?
To check your eligibility, you need to visit the official website of HDB Financial Services at hdbfs.com. You can check your eligibility using your PAN and Aadhar card. Enter the registered mobile number, DOB or PAN number, and captcha and hit on send OTP, details can be viewed after confirming the OTP.
What is the minimum salary for HDB personal loan?
Before applying for HDB personal loan, you need to check your eligibility. Your annual income should be more than Rs 1.5 lakh to avail of a personal loan from HDB Financial Services.
How can I check the status of my HDB Personal Loan application?
You can track the status of your HDB personal loan application in several ways, such as: Clicking ‘My Account on the website, entering your date of birth or PAN number, and verifying your mobile number with OTP, ‘ HDB – Use ‘On the Go’ Android Mobile App Use HDB Financial Services Chatbot ‘Priya’ on website Write to customer.sup[email protected], Visit the nearest HDB Financial Services branch.
What are the ways to repay Personal Loans?
HDB Financial Services offers multiple repayment options to make it convenient for customers to repay their loans. You can choose your HDB Loan EMIs Online Payment option at your convenience, such as Auto-Debit Facility, Mobile App or Website, NEFT, etc.