HDFC Bank Senior Citizen Personal Loan

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Amrita Sinha
Amrita Sinha
Amrita Sinha comes with a background in journalism and mass communication, drawing from her roots in journalism, she has found her voice in the world of finance. As an accomplished writer, she specialises in Financial Services, Mutual Funds, Loan Assessments, Banking & Loan Products. She has established herself as a reliable expert in the field, offering valuable advice to those looking to navigate the various aspects of personal finance.
Reviewed By
Amit Prakash Singh
Amit Prakash Singh
Co-Founder, Square Yards & Chief Business Officer, Urban Money
Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

HDFC Bank’s personal loans offer a tailored financial solution designed to meet the diverse needs of individuals with simplicity and flexibility. The bank, one of the most reliable banking institutions in India, is renowned for its customer-centric approach. The HDFC Bank ensures a hassle-free application process, making dreams and aspirations easily achievable. From funding a vacation to managing unexpected medical expenses or consolidating debts, HDFC Bank’s personal loans provide quick access to funds with competitive interest rates. The bank’s transparent terms and efficient approval system make it a trusted choice for those seeking financial assistance. Today, we will discuss everything important about HDFC Bank personal loans for senior citizens, from documentation work to eligibility criteria. 

HDFC Bank Lakh Instant Loan for Senior Citizens – Highlights

Take a look at the HDFC Bank personal loan highlights for senior citizens. 

Feature Description
Interest rate 10.75% – 14.50%
Loan amount Rs. 50,000 to Rs. 40 lakh
Tenure 12 to 60 months
Processing fee 0.99%-2.50% of the loan amount
Eligibility Salaried employees at select private limited companies and public sector undertakings
Age 21 to 60 years
Documentation Identity, address, date of birth, income and employment proofs
Disbursal time 10 seconds for pre-approved HDFC Bank customers, 4 hours for others

Compare HDFC Bank Senior Citizens Loan from Other Banks

Here is a quick comparison of HDFC Bank Senior Citizens Loan with other banks Take a look! 

Fees and charges HDFC Bank Personal Loan Aditya Birla Capital Bank of India Personal Loan Citibank Personal Loan
Interest rate 10.50% p.a. onwards 14% p.a. -26% p.a. 10.75% p.a. -12.65% p.a. 9.99%p.a. -16.49% p.a.
Processing fee 2.5% + GST 2% + GST 2% + GST 0.25% to 3.00% + GST
Foreclosure charges 2% to 4% of the outstanding loan amount 4% of the outstanding loan amount N/A Up to 4% of the principal outstanding
Late payment fee 2% of the overdue amount per month 3% of the overdue amount per month Contact the bank for details NA

HDFC Bank Personal Loan for Senior Citizens – Fees and Charges

Here is a quick rundown of fees and charges for HDFC Bank personal loan for senior citizens. 

Loan processing fee Up to a maximum of 2.5% of the loan amount, subject to a maximum fee of Rs. 25,000
Pre-payment/Part-payment charges 4% of the outstanding principal (loan tenure between 13 – 24 months)

3% of the outstanding principal (loan tenure between 25 – 36 months)

2% of the outstanding principal (loan tenure if over 36 months)

Overdue EMI interest 2% per month will be charged on the principal or EMI that is overdue
Stamp duty and other statutory fees As per the laws of the state that the applicant resides in
Cheque swapping fee Rs.500
Amortisationschedule fee Rs.200
Cheque bounce charges 1st return: Rs. 450 + taxes per instance

2nd return in a month: Rs. 500 + taxes per instance

From 3rd return onwards: Rs. 550 + taxes per instance

Incidental or legal charges At actual

HDFC Bank Lakh Personal Loan for Senior Citizens – Documents Required

Following is the documentation required for HDFC Bank senior citizen loan. 

Proof of identity Aadhaar Card, Driving Licence, Passport, or Voter ID Card
Proof of address Voter ID Card, Aadhaar Card, Passport, or Driving Licence
Other documents
  • The latest bank statements for the last three months or passbooks of the last six months
  • The latest salary slip or salary certificate
  • Form 16
  • Passport-size photograph

HDFC Bank Lakh Personal Loan for Senior Citizens – Eligibility Criteria

Following is the eligibility criteria for the HDFC Bank Personal Loan. 

  • Age Criteria: Applicants should be at least 21 years old, with a maximum age limit of 60 years.
  • Minimum Monthly Income: A minimum monthly income of Rs. 25,000 is required to be eligible for the personal loan.

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Frequently Asked Question (FAQs)

Can a senior citizen get a personal loan from HDFC Bank?

Yes, if they meet the basic eligibility criteria of the bank’s policies, they can apply for a personal loan. 

How much HDFC Bank personal loan can a senior citizen get?

The personal loan cap by HDFC Bank is INR 40 lakhs. 

What is the CIBIL score for senior citizens at HDFC Bank?

A CIBIL score of 700-750 and above is considered healthy to apply for HDFC Bank. 

How can senior citizens get a loan at HDFC Bank instantly?

By meeting the eligibility criteria of the bank, an individual can speed up the loan process. 

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