How to Apply for HDB Personal Loans?
How to Apply for HDB Personal Loans?
Mar 20, 2024
15 Mins
Introduction:
HDB Financial Services offers personal loans with the following features:
Loan amount: Up to Rs. 20 Lakhs
Interest Rate: 16.75% - 36% p.a.
Tenure: 12 - 60 months
Processing fee: Up to 3% of the loan amount + GST
Prepayment charges: Up to 4% + GST
Age: 21 - 60 years for salaried individuals & 22 - 65 years for self-employed individuals
Minimum net monthly income: Rs. 15,000
Lowest EMI per lakh: Rs. 2,472
Types of HDB Personal Loans:
1. Personal Loan: HDB Finance offers quick personal loans to individuals seeking financial assistance. These loans are offered at attractive interest rates without any collateral and come with a flexible repayment tenure.
2. New to Credit Loan: HDB Finance provides customized personal loans for first-time borrowers who have limited or no credit history.
3. Consumer Durables Loan: This HDBFS loan can be used for purchasing consumer durables, such as refrigerators, TVs, air-conditioners, washing machines, microwaves, and more.
4. Loan against Securities/ Bonds/ KVP/ NSC/ Insurance Policies: HDB offers personal loans against securities, such as Bonds, KVP, NSC, or Insurance Policies, which enables individuals to meet their immediate financial requirements without liquidating the securities.
Features of HDB Personal Loan:
- Flexible loan quantum of up to Rs. 20 lakhs, depending on various factors such as CIBIL score, income, employment status, and repayment capacity.
- Repayment tenure ranging from 12 months to 60 months, with equated monthly installments (EMIs).
- No requirement of collateral or third-party guarantee, simplifying the application process.
- Option of fixed or floating interest rates, depending on the individual's repayment capacity, income, and credit rating.
- Prepayment and foreclosure options available after the first 6 EMI payments, with applicable charges based on the outstanding amount.
- Processing fee of up to 3% of the loan amount sanctioned, payable along with other required documents during the application process.
Why Apply for HDB Personal Loan?
- Flexibility to use the loan for personal or business requirements.
- No requirement of security or guarantee.
- Doorstep services for documentation and processes.
- 24x7 customer service for assistance.
- Affordable interest rates, reducing the burden of monthly EMIs.
- Flexible repayment terms for easier loan repayment.
- Simple documentation process.
- Quick processing for timely financial assistance.
- Transparent procedures.
- Special offers available for employees of selected companies.
HDB Personal Loan EMI Calculation:
To determine the affordability of a loan, it is essential to calculate the equated monthly installment (EMI). Using the Personal Loan EMI Calculator available on our website, you can easily calculate the EMI amount. Simply follow these steps:
1. Visit mymoneymantra.com.
2. Access the personal loan EMI calculator.
3. Enter the loan amount, interest rate, and tenure.
4. Submit the details to calculate the EMI.
5. The EMI amount and amortization schedule for loan repayment will be displayed.
Documents Required for HDB Personal Loan:
To avail a personal loan from HDB Finance, the following documents need to be submitted:
For Salaried Individuals:
- ID Proof: Passport/Driving License/Aadhaar Card/Voters ID/Photo Ration Card
- Address Proof: Ration Card/Driving License/Voters ID/Utility Bill (not older than 3 months)/Rental agreement/Passport
- Date of Birth Proof: PAN Card/Driving License/Birth Certificate/10th or 12th standard marks sheet
- Bank statements for the last 3 months or bank passbook for the last 6 months
- Last 3 months' salary slip along with ITR/ Form 16 or Appointment Letter
For Self-employed Individuals:
- ID Proof: Passport/Driving License/Aadhaar Card/Voters ID/Photo Ration Card
- Address Proof: Ration Card/Driving License/Voters ID/Utility Bill (not older than 3 months)/Rental agreement/Passport
- Date of Birth Proof: PAN Card/Driving License/Birth Certificate/10th or 12th standard marks sheet
- Bank statements for the last 3 months or bank passbook for the last 6 months
- Latest ITR along with a detailed computation of income, profit and loss statement, balance sheet for the last 2 years certified by a CA
- Proof of continuation: Sales tax certificate/trade license/establishment certificate
- Other documents: Sole proprietorship declaration, partnership deed, MOA copies, AOA and Board resolution, whichever is applicable
HDB Personal Loan Eligibility Criteria:
The eligibility criteria for different categories of applicants are as follows:
For Salaried Individuals:
- Age: 21 - 60 years
- Net monthly income: At least Rs. 20,000 in metro cities and Rs. 15,000 in other cities
- Should have been employed for at least 1 year
- Credited with at least 1 month's salary from the current employer
For Self-employed Professionals:
- Age: 22 - 65 years
- Minimum 3 years of experience in respective field
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
For Self-employed Individuals:
- Age: 22 - 65 years
- Minimum 4 years of experience in the field, with at least 2 years in the same business
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
For Self-employed Partnership Firms & Pvt. Ltd Companies:
- Age: 22 - 65 years
- Minimum 4 years of existence in the same field, with at least 2 years in one business
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
- The business must be profit-making for at least 2 years
HDB Personal Loan Charges:
Here is a detailed list of fees and charges applicable to HDB Personal loans (GST applicable on all charges):
- Loan processing fees: Up to 3% of the loan amount sanctioned
- Cheque/ECS bouncing fees: Rs. 750 each time
- Interest on late payment of EMI: 3% per month on the overdue amount
- PDC/ECS swap charges: Rs. 750
- Statement of Account: Rs. 500
- Document Retrieval Charges: Rs. 750
- Added Repayment Schedule: Rs. 500
- Sanction letter copy: Not applicable
- Loan Cancellation Charges: Rs. 1000
How to Apply for HDB Personal Loan on MyMoneyMantra?
Applying for a loan through My Money Mantra is quick and convenient:
1. Visit mymoneymantra.com.
2. Register with necessary details.
3. Choose personal loans and select the desired bank.
4. Fill up the online application form and submit.
5. Representatives from My Money Mantra will assist with documentation.
6. Follow up with the bank for faster processing.
7. Once approved, you will be notified, and the loan will be ready for disbursement.
HDB Personal Loan Customer Care:
For any inquiries or assistance, you can reach HDB Financial Services through the following channels:
- Visit the nearest HDB Financial Services branch using the branch locator at https://www.hdbfs.com/branch-locator
- Call the customer support number: +914442984541
Introduction:
HDB Financial Services offers personal loans with the following features:
Loan amount: Up to Rs. 20 Lakhs
Interest Rate: 16.75% - 36% p.a.
Tenure: 12 - 60 months
Processing fee: Up to 3% of the loan amount + GST
Prepayment charges: Up to 4% + GST
Age: 21 - 60 years for salaried individuals & 22 - 65 years for self-employed individuals
Minimum net monthly income: Rs. 15,000
Lowest EMI per lakh: Rs. 2,472
Types of HDB Personal Loans:
1. Personal Loan: HDB Finance offers quick personal loans to individuals seeking financial assistance. These loans are offered at attractive interest rates without any collateral and come with a flexible repayment tenure.
2. New to Credit Loan: HDB Finance provides customized personal loans for first-time borrowers who have limited or no credit history.
3. Consumer Durables Loan: This HDBFS loan can be used for purchasing consumer durables, such as refrigerators, TVs, air-conditioners, washing machines, microwaves, and more.
4. Loan against Securities/ Bonds/ KVP/ NSC/ Insurance Policies: HDB offers personal loans against securities, such as Bonds, KVP, NSC, or Insurance Policies, which enables individuals to meet their immediate financial requirements without liquidating the securities.
Features of HDB Personal Loan:
- Flexible loan quantum of up to Rs. 20 lakhs, depending on various factors such as CIBIL score, income, employment status, and repayment capacity.
- Repayment tenure ranging from 12 months to 60 months, with equated monthly installments (EMIs).
- No requirement of collateral or third-party guarantee, simplifying the application process.
- Option of fixed or floating interest rates, depending on the individual's repayment capacity, income, and credit rating.
- Prepayment and foreclosure options available after the first 6 EMI payments, with applicable charges based on the outstanding amount.
- Processing fee of up to 3% of the loan amount sanctioned, payable along with other required documents during the application process.
Why Apply for HDB Personal Loan?
- Flexibility to use the loan for personal or business requirements.
- No requirement of security or guarantee.
- Doorstep services for documentation and processes.
- 24x7 customer service for assistance.
- Affordable interest rates, reducing the burden of monthly EMIs.
- Flexible repayment terms for easier loan repayment.
- Simple documentation process.
- Quick processing for timely financial assistance.
- Transparent procedures.
- Special offers available for employees of selected companies.
HDB Personal Loan EMI Calculation:
To determine the affordability of a loan, it is essential to calculate the equated monthly installment (EMI). Using the Personal Loan EMI Calculator available on our website, you can easily calculate the EMI amount. Simply follow these steps:
1. Visit mymoneymantra.com.
2. Access the personal loan EMI calculator.
3. Enter the loan amount, interest rate, and tenure.
4. Submit the details to calculate the EMI.
5. The EMI amount and amortization schedule for loan repayment will be displayed.
Documents Required for HDB Personal Loan:
To avail a personal loan from HDB Finance, the following documents need to be submitted:
For Salaried Individuals:
- ID Proof: Passport/Driving License/Aadhaar Card/Voters ID/Photo Ration Card
- Address Proof: Ration Card/Driving License/Voters ID/Utility Bill (not older than 3 months)/Rental agreement/Passport
- Date of Birth Proof: PAN Card/Driving License/Birth Certificate/10th or 12th standard marks sheet
- Bank statements for the last 3 months or bank passbook for the last 6 months
- Last 3 months' salary slip along with ITR/ Form 16 or Appointment Letter
For Self-employed Individuals:
- ID Proof: Passport/Driving License/Aadhaar Card/Voters ID/Photo Ration Card
- Address Proof: Ration Card/Driving License/Voters ID/Utility Bill (not older than 3 months)/Rental agreement/Passport
- Date of Birth Proof: PAN Card/Driving License/Birth Certificate/10th or 12th standard marks sheet
- Bank statements for the last 3 months or bank passbook for the last 6 months
- Latest ITR along with a detailed computation of income, profit and loss statement, balance sheet for the last 2 years certified by a CA
- Proof of continuation: Sales tax certificate/trade license/establishment certificate
- Other documents: Sole proprietorship declaration, partnership deed, MOA copies, AOA and Board resolution, whichever is applicable
HDB Personal Loan Eligibility Criteria:
The eligibility criteria for different categories of applicants are as follows:
For Salaried Individuals:
- Age: 21 - 60 years
- Net monthly income: At least Rs. 20,000 in metro cities and Rs. 15,000 in other cities
- Should have been employed for at least 1 year
- Credited with at least 1 month's salary from the current employer
For Self-employed Professionals:
- Age: 22 - 65 years
- Minimum 3 years of experience in respective field
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
For Self-employed Individuals:
- Age: 22 - 65 years
- Minimum 4 years of experience in the field, with at least 2 years in the same business
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
For Self-employed Partnership Firms & Pvt. Ltd Companies:
- Age: 22 - 65 years
- Minimum 4 years of existence in the same field, with at least 2 years in one business
- Minimum annual income: Rs. 1,00,000 in metro cities, Rs. 75,000 in other cities
- The business must be profit-making for at least 2 years
HDB Personal Loan Charges:
Here is a detailed list of fees and charges applicable to HDB Personal loans (GST applicable on all charges):
- Loan processing fees: Up to 3% of the loan amount sanctioned
- Cheque/ECS bouncing fees: Rs. 750 each time
- Interest on late payment of EMI: 3% per month on the overdue amount
- PDC/ECS swap charges: Rs. 750
- Statement of Account: Rs. 500
- Document Retrieval Charges: Rs. 750
- Added Repayment Schedule: Rs. 500
- Sanction letter copy: Not applicable
- Loan Cancellation Charges: Rs. 1000
How to Apply for HDB Personal Loan on MyMoneyMantra?
Applying for a loan through My Money Mantra is quick and convenient:
1. Visit mymoneymantra.com.
2. Register with necessary details.
3. Choose personal loans and select the desired bank.
4. Fill up the online application form and submit.
5. Representatives from My Money Mantra will assist with documentation.
6. Follow up with the bank for faster processing.
7. Once approved, you will be notified, and the loan will be ready for disbursement.
HDB Personal Loan Customer Care:
For any inquiries or assistance, you can reach HDB Financial Services through the following channels:
- Visit the nearest HDB Financial Services branch using the branch locator at https://www.hdbfs.com/branch-locator
- Call the customer support number: +914442984541
Author
Pluto Team
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