Description

When a sudden financial emergency appears, the personal loan comes to rescue you. But there are fewer options available for self-employed individuals when it comes to secure a personal loan because most of the lenders only extend it to the salaried individuals. However, few of them also offer personal loans to salaried individuals, and HDFC Bank is one of them. If you're self-employed and looking to apply for a personal loan, then read more about HDFC Bank personal loan for self-employed.

Features and Benefits of HDFC Bank Personal Loan

  • Collateral-Free Personal Loan: HDFC personal loans are collateral-free; hence you don't need to pledge any security. Generally, some lenders provide personal loans against collateral, such as loans against the gold, car, or any other form of a valuable asset.
  • Flexible Repayment Tenures: To repay the loan conveniently, you can choose the desired repayment tenure. In contrast to that, these days, some lenders provide instant loans for a short-repayment tenure, which sometimes creates strain. 
  • Digital Loan Processing: HDFC Bank offers digital loan application processing to give faster approval on a personal loan application. So, if you want an instant approval and quick disbursal on your loan application, you can rely on HDFC Bank personal loan.
  • Attractive Interest Rates: However, the HDFC Bank is the private sector bank; still, it offers personal loans at a lucrative interest rate. If you're a self-employed individual, you can rely on HDFC Bank personal loan.

HDFC Personal Loan for Self-Employed – Interest Rates and Other Charges

Lender’s Name

HDFC Bank

Interest Rate

10.50% - 21.45%

Loan Amount 

₹ 50,000 – ₹ 40 lakh

Loan Tenure 

Up to 5 years

Processing Fees

Up to 2.50% of the loan amount + GST

Foreclosure Charges

Up to 4% of the principal outstanding + GST

Eligibility Criteria to Apply for HDFC Personal Loan for Self Employed

  • The applicant should be an Indian resident.
  • The applicant’s age should be between 21 to 65 years.
  • The minimum income of the self-employed income should be ₹ 5 lakhs p.a.
  • For doctors/chartered accountants, an experience of 4 years after qualification is mandatory.
  • For company secretary/Architect, an experience of 4 years after qualification is mandatory.
  • The applicant should have a credit score of at least 750.

Documents Required to Apply for HDFC Personal Loan for Self Employed

  • Correctly filled and signed application form.
  • Passport size photographs.
  • Identity Proof: Passport/ Voter ID/ PAN Card
  • Age Proof: Birth Certificate/ Passport
  • Residence proof: Passport/ Utility Bill/ Allotment Letter.
  • Income Proof: Recent Income Tax Return (ITR) with computation of income, Last 2-year Balance Sheet, and Profit and Loss adequately audited by a CA. 
  • Last 3 months bank statement.

Apart from these documents, the lender may demand some additional documents at the time of approval.

HDFC Personal Loan EMI Calculator

It's a simplified tool to calculate your monthly installments of the supposed personal loan. By entering the details like loan amount, interest rate, and repayment tenure, you can see the total outgo on your loan, such as EMIs, interest rate, total amount (principal loan amount + total interest rate).

For example, if you take a personal loan of the amount of Rs 1 lakh at an interest rate of 11% for the repayment tenure of 1 year, then the EMI calculator shows you similar results, as shown in the table below.

Month

Principal (A)

Interest (B)

Total (A + B)

Balance

Loan Paid to Date

1st 

₹ 7,921

₹ 917

₹ 8,838

₹ 92,079

7.92%

2nd 

₹ 7,994

₹ 844

₹ 8,838

₹ 84,084

15.92%

3rd 

₹ 8,067

₹ 771

₹ 8,838

₹ 76,017

23.98%

4th 

₹ 8,141

₹ 697

₹ 8,838

₹ 67,876

32.12%

5th 

₹ 8,216

₹ 622

₹ 8,838

₹ 59,660

40.34%

6th 

₹ 8,291

₹ 547

₹ 8,838

₹ 51,368

48.63%

7th 

₹ 8,367

₹ 471

₹ 8,838

₹ 43,001

57.00%

8th

₹ 8,444

₹ 394

₹ 8,838

₹ 34,557

65.44%

9th 

₹ 8,521

₹ 317

₹ 8,838

₹ 26,036

73.96%

10th 

₹ 8,600

₹ 239

₹ 8,838

₹ 17,436

82.56%

11th 

₹ 8,678

₹ 160

₹ 8,838

₹ 8,758

91.24%

12th 

₹ 8,758

₹ 80

₹ 8,838

₹ 0

100.00%

How to Apply for HDFC Personal Loan for Self Employed

After seeing the eligibility criteria, interest rate, and other related information about the HDFC personal loan, you can apply for it in 2 ways.

HDFC Bank: By visiting the nearest branch of the HDFC Bank or visiting the official website of the lender, you can apply for it.

AFINOZ: Either you can visit the official website, or you can download the AFINOZ app on your smartphone to apply for HDFC personal loan. Apart from processing your loan application online, this platform helps you compare several other lenders in one place. From documentation to loan approval, it gives you unmatched assistance.

FAQs

Q1Is it possible for a self-employed individual to apply for HDFC personal loan?
Many lenders these days give preference to salaried persons, but if you're a self-employed individual, then you can approach HDFC Bank for a personal loan.
Q2How can a self-employed individual apply for HDFC personal loan?
A self-employed person can easily apply for a personal loan by visiting the official website or the nearest branch of the bank. However, if you want to save your time, you can make your personal loan application at AFINOZ personal loan marketplace.
Q3What are the eligibility criteria to apply for HDFC personal loans for self-employed?
To get the HDFC personal loan, the applicant must be an Indian citizen between the age of 21 to 65 years. However, this is the essential eligibility criteria. To know more about it, read the elaborated eligibility criteria mentioned in this article.
Q4What are the documents required for HDFC personal loan?
The self-employed individual can apply for HDFC Bank personal loan by submitting the ID proof, Address proof, Income proof, and Age-Proof with the application form.