HDBFS Personal

What are the benefits?

  • They are easy to avail and developed to suit the financing needs of a wide range of customers.
  • These loans feature some of the most competitive interest rates vis-a-vis peers, for considerable loan amounts.
  • Customers’ requirements are assessed and customised loans are offered so as to effectively satisfy their financial needs.
  • Qualified customers receive quick approvals i.e. within 72 hours of submitting documents to process loan requests
  • Convenience is an added benefit as customers are offered doorstep collection of documents.
  • All customer queries are addressed through a single point of contact, ensuring a smooth and uncomplicated loan process

HDBFS Personal Loan Interest RatesUpdated on 22 Jan 2020

HDBFS Personal Loan Details
Interest Rate (Daily reducing balance)12.99%
Processing FeesUp to 2% of the loan amount
Loan Tenure1 year to 3 years
Pre-closure ChargesPreclosure permitted after 6 Months. 4% of principal outstanding (plus applicable tax)
Guarantor RequirementNo guarantor required

Current Interest Rate on HDBFS Personal Loan

The current rate of interest ranges from 19% to 21% depending on the borrower’s creditworthiness, the company’s individual credit policy and prevailing market conditions.

Note:- Loans with tenures over 3 years (36 months) are offered with floating rates

Eligibility

The basic criteria to be satisfied to qualify for the loan is outlined below depending on the borrower category viz. Salaried, Self-Employed Professionals, Self-Employed Individuals, Self-Employed Private Companies or Partnership Firms

Salaried Applicants:

This refers to all individuals/professions/non-professions/companies earning a salary

  • Minimum age: 21 years
  • Maximum age on loan maturity date: The earlier of - 60 years for regular borrowers, 65 years for government employees OR age of retirement
  • Employment period: 1 year active employment (minimum)
  • Salary: 1 month’s credited pay of active employment (minimum)
  • Minimum pay: Rs.20,000 (Metros i.e. Chennai, Bangalore, Hyderabad, Mumbai, Pune, Ahmedabad, Delhi, Kolkatta), Rs.15,000 - others

Self-Employed (Professionals) Applicants:

This refers to self-employed professionals like Doctors, Architects, Chartered Accountants etc.

  • Minimum age: 22 years
  • Maximum age on loan maturity date: 65 years
  • Life of Business: 3 years (minimum)
  • Minimum income: Rs.1 lakh (Metros i.e. Chennai, Bangalore, Hyderabad, Mumbai, Pune, Ahmedabad, Delhi, Kolkatta), Rs.75,000 - others

Documentation required

Basic paperwork requirements to process the loan are as follows:

  • Identity: Passport, Ration card with photo, Driver’s license, Voter’s ID, PAN or Aadhar Card
  • Address: Driver’s license, Ration card, Utility, Voter ID (either of these with 3 months validity) OR Rent Agreement, Passport
  • Age/ Birth Date: Birth Certificate, Passport, Driver’s License, PAN card, 10th or 12th mark sheets
  • Income: Most recent 3 months and latest Form 16, Income Tax Return or Appointment letter
  • Bank Statement/Passbook: For the 3/6 months immediately preceding the loan application
  • Business continuity: Trade or establishment license, Certificate of sales tax
  • Other documents: Memorandum of Association, Articles of Association, Partnership Deed, Declaration of Sole Proprietorship, Board Resolution

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