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Personal Details

Key Features of HDFC Personal Loan

  • Interest Rate: 10.50% onwards (varies based on credit profile).
  • Loan Amount: ₹50,000 to ₹40 lakh
  • Repayment Tenure: 12 to 72 months (1 to 6 years).
  • Processing Fees: Up to ₹6,500 + GST
  • Prepayment/Foreclosure Charges: 2-4% of outstanding amount.
  • Disbursal Time: Within 10 seconds (for pre-approved customers), 4 hours for others.
  • Minimum Salary Requirement: ₹25,000 per month.
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Eligibility Criteria for HDFC Personal Loan

To apply for an HDFC personal loan, you need to meet the following conditions:

For Salaried Individuals:

  • Age: 21 to 60 years.
  • Income: Minimum ₹25,000 per month.
  • Employment: Must be working in private, public, or government sector.
  • Work Experience: At least 1 year of total work experience with 6 months in the current job

For Self-Employed Individuals (Business Owners, Doctors, etc.):

  • Age: 21 to 65 years.
  • Business Stability: Minimum 3 years of business existence.
  • Annual Income: As per bank’s internal policy.

Documents Required for HDFC Personal Loan

  • Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID.
  • Address Proof: Aadhaar Card, Passport, Utility Bill, Rent Agreement.
  • Income Proof: Salary Slips (last 3 months), IT Returns, Form 16.
  • Bank Statements: Last 3-6 months’ bank statements.

For Self-Employed:

  • Business Proof: GST Registration, Business License.
  • Financial Documents: IT Returns, Profit & Loss Account, Balance Sheet.

Special Features & Benefits

  • Quick Disbursal: Pre-approved loans get disbursed instantly (10 seconds), and others within 4 hours.
  • Flexible Repayment: Loan tenure of up to 6 years helps reduce EMI burden.
  • No Collateral Required: 100% unsecured loan – no need for property or assets.

Key Features of ICICI Personal Loan

  • Interest Rate: 10.75% - 19% (Varies based on credit score and eligibility)
  • Loan Amount: ₹50,000 to ₹40 lakh.
  • Repayment Tenure: 12 to 72 months (1 to 6 years).
  • Processing Fees: Up to 2% of the loan amount + GST.
  • Prepayment/Foreclosure Charges: 3-5% of outstanding amount.
  • Disbursal Time: 3 seconds (pre-approved customers), 24 hours (others).
  • Minimum Salary Requirement: ₹30,000 per month.

    • Eligibility Criteria for ICICI Personal Loan

    To apply for an ICICI personal loan, you must meet the following criteria:

    • Age: 21 to 60 years.
    • Income: Minimum ₹30,000 per month.
    • Employment: Must be working in private, public, or government sector.
    • Work Experience: At least 2 years of total work experience with 1 year in the current job.
    CONCLUSION:

    HDFC Bank is the best overall choice for fast approval, competitive interest rates, and minimal paperwork. If you need a higher loan amount, ICICI Bank offers up to ₹50 lakh. Axis Bank provides the lowest interest rates (10.49%), making it ideal for cost-conscious borrowers. Kotak Mahindra Bank is best for pre-approved customers needing instant disbursal. Choose the right bank based on your loan amount, interest preference, and urgency.