Consolidation Loans from HDFC Bank (HDFC Bank)
Different loan schemes for debt consolidation.
One of the fastest-growing private sector banks in the country, HDFC Bank offers a range of financial products to different segments of its customer base. HDFC Bank gives you the option to choose from a range of loans that are specifically suited for your different needs.
HDFC Bank Consolidation Loans
A debt consolidation loan, simply known as a consolidation loan, can help customers to pay off all their debts by consolidating them into one and living a stress-free life. It can be an unsecured loan like a personal loan or a secured loan like loan against property, gold, securities and other assets. Balance of transfer loans and top-up loans may also be considered to be consolidation loans if they are used to repay/consolidate relatively high-interest debts like credit card bills.
HDFC Bank only refers to the Loan Against Property as a consolidation loan. However, there are other loans that can be used for the same purpose even if they are not directly labelled so. Here are some of the loan schemes offered by HDFC Bank that you can avail as a consolidation loan:
- Salary Plus (Personal Loan for Salaried Persons)
- Loans for Professionals (Personal Loan for Self-employed Professionals)
- Insta Personal Loan
- Gold Loan
- Loan Against Car (A Top-up Loan for Car Loan Borrowers)
- Loan Against Securities
- Loan Against Property
- Loan Against Rental Receivables
We give you a brief introduction to each of these consolidation loans below. In addition, you have the option to click further and read in detail about each loan (the link takes you to another page on our website). This specific page has been specifically designed so that you can get all the information you need on that loan in an uncluttered and easy-to-read format.
HDFC Bank Salary Plus (Personal Loan for Salaried Employees)
This loan is designed to salaried employees of reputed government and private organisations to get funds to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Borrowers drawing salary through the HDFC Bank account are eligible for this loan.
Features of HDFC Bank Salary Plus
Why this Loan?
- The HDFC Bank Salary Plus scheme is meant for permanent/confirmed salaried employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet urgent personal needs. The borrowers must have a salary account with HDFC Bank to be eligible for this loan
- This unsecured loan can also be repurposed into a consolidation loan to pay off their high-interest credit card debts and loans
- There are no foreclosure charges for this loan
HDFC Bank Loan for Professionals
This loan is specifically designed for self-employed professionals to help them get funds to meet their urgent financial needs. Doctors, Chartered Accountants, Company Secretaries, Architects and Physiotherapists are eligible for this loan. They can also avail this loan to pay off their high-interest debts.
Features of HDFC Bank Personal Loan for Professionals
Why this Loan?
- The HDFC Bank Personal Loan for Professionals is meant for self-employed professionals such as doctors, Chartered Accountants, physiotherapists, etc. who need funds to meet their personal needs. This loan can also be used to pay off high-interest debts, thereby consolidating debt
- There are no foreclosure charges on this loan which means that the borrowers do not have to pay any penalty if they decide to pay off the loan before its repayment period
HDFC Bank Insta Personal Loan
This loan helps borrowers to get funds to meet their urgent financial needs including expenses for a child’s wedding, domestic and foreign travel, medical emergency, child’s education, etc. Salaried employees of government organisations, public sector units, private sector companies and institutions, etc. are eligible for this loan.
Features of HDFC Bank Personal Loan
Why this Loan?
- The HDFC Bank Personal Loan scheme is meant for permanent employees of Public Sector Undertakings, Central Government, State Government units, reputed national and multinational companies who need financial assistance to meet urgent personal needs. They can also avail this as a consolidation loan to pay off their debt
- This is a pre-approved loan which means that most customers get this loan under 4 hours. The approval is instantaneous for pre-approved HDFC customers
- This is a collateral-free loan
HDFC Bank Gold Loan
This scheme helps borrowers access needed funds by pledging their gold jewellery or specially-minted gold coins sold by banks. This loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, etc. as well as to consolidate high-interest debts.
Features of HDFC Bank Gold Loan
Why this Loan?
- The HDFC Bank Gold Loan is meant for borrowers who want to get funds by pledging gold jewellery/ornaments or specially minted gold coins sold by banks to meet their financial needs. This loan scheme can also be availed by borrowers as a consolidation loan to pay off their high-interest credit card debts and loans
- This scheme is offered as a term loan as well as overdraft
HDFC Bank Loan Against Car
This top-up loan helps HDFC Bank car loan borrowers access funds for personal needs. This loan can be used to meet expenses for a child’s wedding, overseas travel, child’s higher education, etc. as well as to consolidate debts. This top-up loan scheme is only meant for HDFC Bank car loan borrowers.
Features of HDFC Bank Loan Against Car
Why this Loan?
- The HDFC Bank Loan Against Car is meant for borrowers who want to get access to funds by pledging their car funded with the HDFC Bank Car Loan to meet their financial needs
- This loan can also be availed by borrowers to pay off their high-interest debts, thereby consolidating their loans
- This is a secured loan
HDFC Bank Loan Against Securities
This loan helps borrowers get access to funds by pledging their securities such as shares, mutual funds, bonds, life insurance policies, etc. to the bank. This secured loan can be used to meet any financial needs such as a wedding, overseas travel, higher education, debt consolidation, etc.
Features of Loan Against Securities from HDFC Bank
Why this Loan?
- The HDFC Bank Loan Against Securities is meant for borrowers who want to avail financial assistance by pledging shares, mutual funds, bonds, life insurance policies, etc. to meet their financial needs
- Borrowers can also avail this scheme as a consolidation loan and pay off their debts
HDFC Bank Loan Against Property
This loan helps borrowers get access to funds by mortgaging their property to the bank to meet their urgent financial needs such as wedding expenses, travel expenses, medical exigencies, higher education, debt consolidation and so on.
Features of HDFC Bank Mortgage Loan
Why this Loan?
- The HDFC Bank Loan Against Property is meant for borrowers who want to avail financial assistance by mortgaging their property to the bank to meet their urgent financial needs other than for capital market, trading or speculative purposes
- This loan can also be repurposed into a consolidation loan to pay off high-interest debts
- The bank accepts both residential and commercial properties as collateral for this loan
HDFC Bank Loan Against Rental Receivables
This loan helps property owners who have rented out their commercial property to reputable establishments to get financial assistance to meet their personal needs. This secured loan can be used to meet expenses for overseas travel, medical exigencies, debt consolidation, etc.
Features of HDFC Bank Loan Against Rental Receivables
Why this Loan?
- The HDFC Bank Loan Against Rental Receivables is designed to help borrowers who have property rented to government units, semi-government units, public sector undertakings, financial institutions, reputed corporations, multinational companies, etc. to get funds to meet their personal needs
- Borrowers can also avail this scheme to pay off their high-interest credit card debts and loans, thereby consolidating their debts
Important Note: HDFC Bank may offer more consolidation loan options that are not yet published on the website. If you prefer we suggest that you get in touch with the nearest branch to check the loan schemes they offer. This will also help you get a custom quote since many loan schemes are need-based and certain charges such as application charges, service charges, strategic premium, etc. may be decided on a case-to-case basis.
Interest Rate for HDFC Bank Consolidation Loans
- As of October 2020, the interest rate applicable to consolidation loans can range anywhere from 9.40% to 18.00%. However, there is no data available on the bank’s website on how the bank determines the interest rate for each loan. If you want more details, we suggest checking with the bank by calling up their customer care number
Documents Needed for Individuals (Salaried and Self-employed)
- Loan Application Form duly filled and signed by the applicant and co-applicant, if any
- Two Passport Size Photographs of applicant and co-applicant
- Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
- Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
- Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns
- Income/Banking Proof for Self-employed Professionals/Self-employed Non Professionals: Computation of income of last 2 years, Balance Sheet, Profit and Loss Account, Registration Certificate, GST Return, Income Tax Challan/ Form 26AS/TDS Certificate, IT Assessment, etc.
Documents Needed for Proprietorship and Partnership Firms
- Loan Application Form duly filled and signed
- Partnership Deed and Partnership Registration Certificate
- ID Proof of the Firm: Firm PAN Card or PAN Issuing Letter
- Office Address Proof: Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
- Income Proof: CMA Data and Project Report, Debtors and Creditors Certificate, GST Return, Last 3 years ITR of applicant and co-applicant, Audited or CA Certified Computation of Income/Trading Account/Profit and Loss Account/Balance Sheet, Annual Audit Report and Tax Audit Report if audited, Form 16A if applicable, Net Worth of applicants, co-applicants and guarantors
- Banking Proof: Last 1-year Statement of Company’s Major Account, Current Account, Cash Credit Account, Overdraft Account, Loan Statement of Running Loans, Latest Closed Loan NOC and Last 6-months Bank Statement of Applicant and Co-applicant’s Savings Account
Reference Facts
- HDFC Bank Website: www.hdfcbank.com
- Headquarters: Mumbai, Maharashtra
- Call Centre Number: 1860 267 6161