How to apply for personal loan via HDFC app?

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1

I’m thinking of applying for a personal loan through the HDFC app instead of going to the branch. How do I apply for a personal loan in the app?

2

I recently needed to apply for a personal loan and found the process through the HDFC app to be easy straightforward.

How to Apply for a Personal Loan via HDFC App

  1. Download and Install the HDFC App: Make sure you have the HDFC Bank app installed on your smartphone. You can download it from the app store.

  2. Log In to Your Account: Open the app and log in using your HDFC Bank credentials.

  3. Navigate to the Loan Section: Once logged in, go to the “Loans & Cards” section.

  4. Select Personal Loan: Click on “Personal Loan” and then select “Apply Now”.

  5. Choose KYC Option: Select the KYC option you wish to proceed with. You can link your bank account using an Account Aggregator or provide your NetBanking credentials.

  6. Fill in Your Details:

  • Enter your basic personal details such as full name, date of birth, contact details, address, and employment status.
  • Provide your income details to help the lender assess your financial standing and determine the loan amount you’re eligible for.

  1. Receive Loan Offer: After verifying your income details, you’ll receive a tailored personal loan offer based on your financial profile.

  2. Complete Aadhaar E-KYC: Complete your identity verification through Aadhaar-based e-KYC using an OTP sent to your registered mobile number.

  3. Loan Approval: Once all steps are completed, you’ll receive a personal loan approval confirmation. For HDFC Bank’s Xpress Personal Loan, approval is instant.

  4. Application Summary: You’ll receive an application summary that provides an overview of your loan, including approval status, amount disbursed, repayment schedule, and other essential details.

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Key Features of HDFC Personal Loan

Feature Description
Loan Amount Up to ₹40 lakh
Interest Rate Starting at 10.90% p.a.
Tenure Up to 5 years
Processing Fee Up to ₹6,500 + GST
Eligibility Age 21-60 years, net income of ₹25,000 per month, at least 1 year with current employer
Documents Required KYC documents (PAN, address proof), income proof, bank statements, salary slips, Form 16