The HDFC Personal Loan is now available to a wider spectrum of customers with easy norms and flexible repayment options. Depending on your annual income and repayment capacity, up to Rs. 15,00,000 can be availed for various purposes as a personal unsecured credit from HDFC. You are free to determine the end use of this loan depending on your specific requirements. However, such a loan comes with a host of charges, which you will have to study carefully before utilising the credit. These charges are over and above the interest that is payable on the amount of loan obtained from the bank.
Normal Charges for a Personal Loan
There are several charges associated with a HDFC Personal Loan, which are quite competitive as compared to the other bank loans in the same segment.
1. Loan Processing Charges/ Fees - Up to 2.50% of the loan amount subject to a minimum amount of Rs. 1000.
2. Loan cancellation charges/ Fees - Rs. 1000 for all cases irrespective of amount applied for.
3. Stamp Duty and other statutory charges - As per actuals as applicable for the state in which the loan is applied for.
4. Legal / incidental charges - As per actuals incurred in each specific case.
5. Statement Charges / Repayment Schedule - Rs. 500 (per statement)
Prepayment or Rescheduling Charges
In case you want to close the loan account or reschedule the repayment then additional charges are applicable depending on the conditions under which the change is applied for. It must be noted that prepayment for a HDFC Personal Loan is not permitted till payment of 12 instalments for salaried persons and till 6 months for self employed persons.
1. Pre-payment charges
- For salaried customers the charges are 4% of the principal outstanding after repayment of 12 EMIs.
- For self employed customers the charges are 4% of the principal outstanding after repayment of 6 EMIs.
Note: In both the cases for top-up/enhancements the charges include 2% of the principal outstanding.
2. Loan Re-booking charges / Re-scheduling charges - Rs. 1000 for all cases.
Charges Applicable for Default Cases
While the above mentioned charges are for the standard cases, in case of any default in the repayment schedule the bank is likely to levy extra charges on the loan account.
1. Charges for late payment of EMI - The customer will be charged 24 % per annum on actual amount outstanding from date of the default in payment.
2. Cheque Bounce Charges - Rs 450 for each cheque that is bounced.
3. Cheque swapping charges - Rs 500 every time such a request is made.
4. Duplicate No Dues Certificate (NDC) - Rs 250 (the original is provided free of cost at the time of closure of the loan account)
Charges that are not Applicable
The personal loan being a completely unsecured credit several charges are not applicable in this case.
1. Charges for changing from fixed to floating rate of interest since this provision is not available for such loans.
2. Credit assessment charges since no collateral is required to be pledged for personal loans.
3. Non standard repayment charges as the EMI calculation is fixed and changes are not permitted in between the repayment period unless a complete rescheduling of the loan is approved.
The list of charges associated with a personal loan often makes it daunting to obtain. However, it must be noted that the credit being essentially unsecured the banks have to add some of the charges to cover their risk. However the HDFC Personal Loan is one of the most reasonable in terms of the charges as well repayment flexibility.
HDFC Personal Loan is a handy tool but one needs to understand all the charges applicable while taking such a credit.
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