HDFC ₹5 Lakh Personal Loan @10.50%*

Key Features of HDFC ₹5 Lakh Personal Loan

1. Loan Amount:
   HDFC offers personal loans ranging from ₹50,000 to ₹40 lakhs. In this case, a ₹5 lakh loan is available with flexible repayment tenures.

2. Interest Rates:
   The interest rates for HDFC personal loans typically range between 10.50% to 21.00% per annum, depending on your credit score, income, and relationship with the bank. Borrowers with good credit scores (typically above 750) are likely to get better rates.

3. EMI Calculation for ₹5 Lakh Loan:
   For a loan amount of ₹5 lakh at an interest rate of 12% per annum for a tenure of 3 years (36 months), your monthly EMI would be approximately ₹16,605. Use HDFC’s EMI calculator to calculate the exact EMI based on your loan amount, interest rate, and tenure.

4. Flexible Tenure:
   HDFC offers a repayment tenure of 12 to 60 months, allowing you to select a tenure that fits your budget.

5. Quick Disbursal:
   Upon approval, the loan is disbursed within 24 to 48 hours, making it a fast and convenient option in times of urgent financial needs.

6. Processing Fee:
   A processing fee of up to 2.50% of the loan amount is applicable, with a minimum of ₹2,999 and a maximum of ₹25,000.

7. Prepayment Charges:
   Prepayment is allowed after 12 months, with prepayment charges ranging from 2-4% of the outstanding principal.

Eligibility Criteria for HDFC ₹5 Lakh Personal Loan

To be eligible for an HDFC personal loan of ₹5 lakhs, you must meet the following criteria:

• Age: You must be between 21 to 60 years (for salaried employees).
• Income: The minimum net monthly income should be ₹25,000 or above. Higher income increases the chances of approval and lowers the interest rate.
• Employment: At least 2 years of work experience and 1 year with the current employer (for salaried employees).
• Credit Score: A good CIBIL score (typically 750 or above) improves the chances of getting the loan at a lower interest rate.

Documents Required for HDFC ₹5 Lakh Personal Loan

The following documents are required when applying for a personal loan from HDFC:

• Identity Proof: PAN card, Aadhaar card, Passport, etc.
• Address Proof: Utility bills, rental agreement, passport, etc.
• Income Proof: Latest salary slips (last 3 months) or Income Tax Returns (for self-employed individuals).
• Bank Statements: For the last 3 to 6 months.
• Employment Proof: Employment certificate or offer letter (for salaried applicants).
• Passport-sized Photographs.

How to Apply for HDFC ₹5 Lakh Personal Loan

You can apply for an HDFC personal loan either online or by visiting your nearest HDFC branch. The online process is convenient and quick, allowing you to submit your documents digitally and receive approval within 24 hours. If approved, the loan amount is typically credited to your bank account within 1 to 2 days.

Repayment and Prepayment Options

HDFC provides flexible repayment options with tenure ranging from 12 to 60 months. You can repay the loan via EMI (Equated Monthly Installments) through ECS (Electronic Clearing System), post-dated cheques, or direct debit from your HDFC Bank account.

Prepayment Option:
You can choose to prepay your loan after 12 months of taking the loan. Prepayment charges vary between 2% and 4% of the outstanding principal amount.

Benefits of Taking a ₹5 Lakh Personal Loan from HDFC

• No Collateral Required: HDFC personal loans are unsecured, meaning you do not need to provide any security or collateral.
• Attractive Interest Rates: Borrowers with a good credit score can enjoy competitive interest rates, which reduces the overall cost of the loan.
• Flexible Tenure: Choose a tenure that best suits your financial situation, with options from 12 to 60 months.
• Quick Disbursal: With loan approval within 24 hours and disbursal in 1-2 days, HDFC ensures you get the funds when you need them the most.

FAQs About HDFC ₹5 Lakh Personal Loan

1. What is the EMI for a ₹5 lakh personal loan?
   The EMI depends on the interest rate and tenure. For instance, at an interest rate of 12% for 3 years (36 months), the EMI would be around ₹16,605.

2. What is the interest rate for a ₹5 lakh loan from HDFC?
   The interest rate for HDFC personal loans ranges between 10.50% and 21.00% per annum, depending on your credit score, income, and relationship with the bank.

3. Can I prepay my ₹5 lakh loan before the end of the tenure?
   Yes, HDFC allows prepayment after 12 months of loan disbursement, with prepayment charges of 2-4% on the outstanding principal amount.

4. How long does it take for HDFC to approve and disburse the loan?
   HDFC typically approves and disburses personal loans within 24 to 48 hours after verifying your documents.

5. Are there any additional charges for a ₹5 lakh loan?
   Yes, a processing fee of up to 2.50% of the loan amount applies, along with prepayment charges if you choose to repay the loan early.