HDFC’s personal loan is designed to conveniently fulfil diverse needs such as travel, house renovation, medical emergencies, and other financial requirements. A personal loan is also ideal for funding planned events such as marriages, vacations, home renovation, etc. It is one of the best credit options that provides personal loans quickly through an end-to-end online process for all needs.
HDFC Loan Assist App is one of the Best Personal Loan Apps that helps both existing and new customers. In this digital era, applying for a loan has become just a matter of a few clicks. The HDFC Personal Loan App provides help in applying for a loan with minimal documentation, that too from the comfort of home. With the help of this app, the funds will be disbursed to the bank account instantly.
Features of an HDFC Personal Loan Assist App
Mentioned below are the features of an HDFC Personal Loan Assist App:
- One can use any of the convenient search tools available on the online loan app provided by HDFC Bank to look for Search for Personal Loans and get instant approval (both HDFC Bank and non-HDFC Bank customers).
- With the Personal Loan App provided by HDFC Bank, one can manage any existing loans and calculate EMI with the click of a few buttons.
- The Personal Loan App will help you apply for a Personal Loan, Top-up loans, or multiple products based on existing loan relationships.
- One can also use the flexible EMI Calculator facility provided on the Personal Loan App to arrive at the EMI you are comfortable with.
- The Personal Loan App also lets one manage their finances by calculating the amount of EMI, allowing loan transfer to HDFC Bank for Personal Loans, and future planning with financial tools and premium calculators.
- With an online loan app provided by HDFC Bank, one can enjoy various exclusive deals on shopping, travel, entertainment and more.
How do you download and use the HDFC Personal Loan App?
Mentioned below are the steps to download and use HDFC Personal Loan App:
Step 1: Download the HDFC Personal Loan app from the Play Store or IOS Store.
Step 2: Using an OTP, complete the registration process.
Step 3: A 6-digit password would then be received on the mobile number.
Step 4: Provide the same to log in.
Step 5: The same password can be used to access the loan-related services.
How do you apply for a personal loan using the HDFC Personal Loan App?
Mentioned below are the steps to apply for a 2 Lakh Personal Loan using the HDFC Personal Loan App:
Step 1: Using your 6-digit app password, log in to the HDFC mobile app.
Step 2: Click the tab “Loans and Cards”.
Step 3: Choose the option “Personal Loans”.
Step 4: Click “Apply Now”.
Step 5: Choose the KYC option that you want to proceed with.
Step 6: Fill out the details to submit the personal loan request.
How do you calculate EMI in a personal loan app?
HDFC EMI calculator is an online personal financial tool that can help customers plan their long-term and short-term financial needs easily and hassle-free. It is designed to make EMI calculation easy and eliminate errors that occur during manual calculations.
The financial tools that take into account parameters like –
- Loan amount
- Tenure of the loan
- Rate of interest applied to the loan.
The formula to calculate EMI on HDFC Personal Loan is as follows:
EMI = {P * R * (1 + R) ^ N} / {(1 + R) ^ (N – 1)}
Here,
- P is the loan amount availed.
- N is the repayment period in months.
- R is the interest rate applicable.
How do you make payments against a personal loan using the HDFC Personal Loan App?
With the help of the HDFC Mobile app, a cardholder can easily make payment for an HDFC Loan by following some simple steps.
- One can download the HDFC Mobile App for Personal Loan on an Android or IOS-enabled device using the Play Store or Apple App Store, respectively.
- Go to the tab “Payments” & then click on the “Personal Loan” tab.
- Now, with the help of the app, Loan EMI can be made.
Factors Affecting HDFC Bank Personal Loan EMI
An EMI calculator helps to determine the amount of an EMI and tenure for the loan you have taken based on your repayment capacity. But before doing that, you have to know the factors that affect the personal loan EMI, which are as mentioned below:
Loan Tenure
HDFC Bank personal loans have a tenure of up to 6 years. Existing borrowers can reduce their EMI by increasing their tenure. However, a personal loan with a longer tenure requires more interest. In that case, a customer can use the HDFC personal loan EMI calculator to ascertain the exact EMI that he has to pay.
Rate of Interest
HDFC Bank’s personal loan interest rate starts at 10.75%. Personal loan applicants who opt for lower interest rates have to pay lower EMIs and interest costs, and vice versa. So, before applying for a personal loan, the applicant should compare personal loan interest rates from top banks / NBFCs.
Loan Amount
Personal loan applicants can avail of a maximum loan of INR 50 lakh. Higher amounts will lead to higher EMIs and higher cost-to-interest for loan applicants. The personal loan eligibility will mainly depend on the tenure of the loan and the customer’s repayment capacity.
Documents Required
Mentioned in the list of required documents to avail of an HDFC personal loan through an instant loan app:
- Identity proof like a Copy of a Passport/ Voter ID Card/ Driving License/ Aadhaar
- Address proof like a Copy of Passport/ Voter ID Card/ Driving License/ Aadhaar
- Submit a bank statement for the last 3 months
- Submit a Bank Passbook of the last 6 months
- Two latest salary slips/current dated salary certificates with the latest Form 16
Fees and Charges
Mentioned are the charges and fees associated with HDFC personal loan applied through an instant loan app:
| Particulars | Charges |
| Rate of Interest | 10.75% to 24.00% (Fixed Rate) |
| Processing Fees | Up to INR 4999 + GST |
| Tenure | 03 Months to 72 Months |
| Documents Required | No Documents in the case of a Pre-approved Personal Loan |
| In the case of a Non-Pre-approved – Last 3 Months’ Bank statements, two Latest Salary Slip along with KYC. |
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