Where can you get HDB Personal Loan?

Personal loan is one such product which is always in need. From a 25 year to a person who has retired, anyone faces a time when some expenses go out of our budget. HDB is an extended finance company of HDFC Bank. The finance company is solely devoted towards serving personal loan to salaried individuals.

In this article, HDB personal loan details such as eligibility and documents are given. Interest rates may vary from one person to another depending on income, age and other factors such as CIBIL score.

HDB Personal Loan Eligibility

Only salaried individuals including Salaried Doctors, CAs, employees of select Public and Private limited companies, Government Sector employees including public sector undertakings:

  • Minimum age of applicant: 21 years
  • Maximum age of applicant at loan maturity: 60 years (Or retirement, whichever is earlier) (65 years for Government Employees. Conditions Apply)
  • Minimum employment: Minimum 1 year in employment with minimum 1-month salary credit in the current organisation
  • Minimum Net Monthly Income: ₹20,000 for Metro Locations (Ahmedabad, Bangalore, Chennai, Delhi, Hyderabad, Kolkata, Mumbai & Pune) & ₹15,000 for All Other Locations.

Self-employed (Professionals) include self-employed Doctors, Chartered Accountants, Architects, and Company Secretaries:

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 3 years
  • Minimum Annual Income: ₹100000/- p.a. for Metro Locations & ₹75,000/- p.a. for non-metro locations.

Self-employed (Individuals) include self-employed – Sole proprietors, Partners & Directors in the Business of Manufacturing, Trading or Services:

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 4 years with minimum 2 years in the same Business
  • Minimum Annual Income: ₹100000/- p.a. for Metro Locations & ₹75,000/- p.a. for non-metro locations.

Self-employed (Pvt Cos and Partnership Firms) include Private Companies and Partnership firms in the Business of Manufacturing, Trading or Services:

  • Minimum age of Applicant: 22 years
  • Maximum age of Applicant at loan maturity: 65 years
  • Years in business: Minimum 4 years with minimum 2 years in the same Business
  • Minimum Annual Income: ₹100000/- p.a. for Metro Locations & ₹75,000/- p.a. for non-metro locations.
  • Business must be profit making for the last 2 years

HDB Personal Loan EMI Calculator

The details required to check the details include the loan amount, tenure and the rate of interest. For instance, you get the approval for 12% per annum. An EMI calculator lets you check the monthly installment, total interest outgo and the total repayment you will be liable to pay to personal loan or any other lender.

EMI- ₹11,222

Total Interest Outgo- ₹167333

Total Amount (Interest+Principal)- ₹667333

As you can see, monthly installments depends on interest rate, loan amount and tenure. You can also enjoy the benefit of funds if you match the eligibility and have related documents.

Leave a Reply

Your email address will not be published. Required fields are marked *