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Key Features of HDFC Bank Personal Loan Overdraft (OD) Facility

  • Flexible Withdrawals: Access funds up to an approved limit as and when needed, similar to a credit card but with lower interest rates. You only pay interest on the amount withdrawn and for the duration it is used.
  • Interest on Utilized Amount: Unlike a traditional personal loan where interest is charged on the entire loan amount, the OD facility charges interest only on the withdrawn portion, making it cost-effective for those needing intermittent funds.
  • Revolving Credit: Repay the withdrawn amount at your convenience, and the credit limit is replenished, allowing you to borrow again without reapplying.
  • Quick Access: Funds can be accessed instantly via NetBanking, mobile banking, or ATMs, offering convenience for urgent needs.
  • Use Cases: Ideal for managing cash flow, handling emergencies, or funding short-term expenses without committing to a fixed EMI schedule.
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    • Eligibility: Typically available to salaried individuals with a strong credit profile and existing relationships with HDFC Bank.
    • Minimum Income Requirements: ₹25,000 for HDFC Bank salary account holders and ₹50,000 for others.
    • No Collateral Required: Being an unsecured facility, no assets need to be pledged for approval.
    • Credit Score Importance: A strong credit profile (CIBIL score 650+) is crucial for approval and better terms.
    • Pre-approved Offers: Existing HDFC Bank customers may receive pre-approved OD offers with minimal documentation.
    • Flexible Repayment: No fixed EMIs - repay as per your cash flow convenience.
    • Interest Rates: Typically lower than credit cards but may be higher than standard personal loans, charged only on utilized amount.
    • Limit Determination: The OD limit is set based on your income, creditworthiness and relationship with the bank.
    • Digital Management: Monitor and manage your OD facility through HDFC Bank's NetBanking and mobile app.
    • Renewal: The OD facility typically needs to be renewed annually, subject to review of your financial profile.
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Benefits of HDFC Bank Personal Loan Overdraft Facility

  • Flexible Fund Access: Acts like a revolving credit line, allowing you to withdraw funds up to an approved limit as needed, similar to a credit card but with lower interest rates. Ideal for managing cash flow, emergencies, or short-term expenses without committing to a fixed loan amount.
  • Interest Only on Utilized Amount: Pay interest only on the amount withdrawn and for the duration it is used, unlike traditional loans where interest applies to the entire principal from day one. This makes the OD facility cost-effective for intermittent or variable funding needs.
    • Revolving Credit Line: Repay the withdrawn amount at your convenience, and the credit limit is replenished, allowing repeated borrowing without reapplying. Offers greater flexibility compared to fixed EMI-based personal loans.
    • Instant Access to Funds: Withdraw funds instantly via NetBanking, mobile banking, or HDFC Bank ATMs, ensuring quick liquidity for urgent requirements.
    • Tailored for Salaried Individuals: Designed for salaried professionals with strong credit profiles, especially existing HDFC Bank customers, with eligibility based on income.
    • No Fixed EMI Commitment: Unlike personal loans with mandatory monthly EMIs, the OD facility allows you to repay at your pace, making it suitable for those with irregular cash flows or seasonal expenses.
    • Cost-Effective for Short-Term Needs: Since interest is charged only on the utilized amount, it's ideal for short-term borrowing, reducing overall interest costs compared to a full loan disbursement.
    • Comparative Advantage Over Personal Loans: While personal loans are best for one-time, large expenses with fixed EMIs, the OD facility is suited for ongoing or unpredictable expenses with flexible withdrawals.
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How to Apply for HDFC Bank Personal Loan Overdraft (OD) Facility

  • 1. Check Eligibility for OD
    • Online: Visit the HDFC Bank website or log in to NetBanking to check for pre-approved OD offers under "Loans" or "Overdraft Facility."
    • Use the Loan Assist App to explore OD eligibility.
  • 2. Online Application (Website)
    • Steps:
      • Visit the HDFC Bank website (www.hdfcbank.com) or the dedicated Personal Loan page.
      • Navigate to the "Personal Loan" section under "Borrow" or "Loans."
      • Click "Apply Now" or "Check Eligibility."
      • Enter basic details: mobile number, PAN, date of birth, occupation, net monthly income, and employment type (salaried).
      • Check for pre-approved offers (if applicable) by logging in or providing additional details.
      • Select loan amount and tenure.
      • Upload required documents (if not pre-approved): identity proof, address proof, and income proof.
      • Submit the application and receive an application reference number.
      • Track the status online or via the Loan Assist App.
    • Benefits:
      • Pre-approved customers get funds in 10 seconds with no documentation.
      • Non-pre-approved applicants get disbursal within 4 hours post-approval.
      • Fully digital process with minimal hassle.
  • 3. Loan Assist App
    • Steps:
      • Download the HDFC Bank Loan Assist App from the iOS App Store or Google Play Store.
      • Register using your mobile number and verify with an OTP.
      • Select "Personal Loan" and check eligibility or pre-approved offers.
      • Fill in details: PAN, income, employment details, and loan requirements.
      • Upload documents (if required) directly via the app.
      • Submit the application and track progress in real-time.

Eligibility Criteria for HDFC Bank Personal Loan Overdraft (OD) Facility

  • Age:
    • Minimum: 21 years at the time of application.
    • Maximum: 60 years at the time of facility maturity or renewal.
  • Employment Type:
    • Salaried individuals employed with:
      • Reputed private limited companies.
      • Public sector undertakings or government organizations.
    • Existing HDFC Bank customers (e.g., salary account holders) are more likely to qualify for pre-approved OD offers.
  • Work Experience:
    • Minimum 2 years of total work experience.
    • At least 1 year with the current employer, demonstrating job stability.
  • Net Monthly Income:
    • Minimum ₹25,000 per month for HDFC Bank salary account holders.
    • Minimum ₹50,000 per month for non-HDFC Bank salary account holders.
    • Higher income thresholds may apply for larger OD limits, depending on the bank's assessment.
  • Credit Score:
    • A minimum CIBIL score of 650 is required, but a score of 720 or above is preferred for higher limits and better terms.
    • A clean credit history with no defaults or late payments is critical, as the OD facility involves ongoing credit access.
  • Bank Relationship:
    • Existing HDFC Bank customers with a salary account, savings account, or prior loan history are prioritized for OD offers.
    • A strong banking relationship (e.g., regular transactions, timely repayments) increases approval chances.
  • Documentation:
    • Valid KYC documents, salary slips, bank statements, and employment proof must be submitted during application.
    • Pre-approved customers may get instant OD activation with minimal documentation through net banking or mobile app.
  • Location:
    • The applicant must reside in a city or town where HDFC Bank offers the OD facility.
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Documents Required for HDFC Bank Personal Loan Overdraft (OD) Facility

  • For Pre-Approved Customers:
    - No documents required if KYC-compliant
    - OD limit activated instantly upon acceptance via NetBanking, Loan Assist App, or branch request
  • For Non-Pre-Approved Customers:
    Identity Proof (Any one, self-attested photocopy):
    - Aadhaar Card
    - Passport
    - Voter ID
    - Driving License
    - PAN Card (mandatory for processing)
  • Address Proof (Any one, self-attested photocopy):
    - Aadhaar Card
    - Passport
    - Voter ID
    - Driving License
    - Utility bill (not older than 3 months)
    - Registered rental agreement
  • Income Proof:
    - Latest 3 months' salary slips
    - Bank statements of the salary account for the last 3-6 months
    - Form 16 (for the latest financial year)
  • Additional Documents (If requested):
    - 2 passport-sized photographs
    - Employment proof (company ID, appointment letter, or employer certificate)
    - OD application form (provided by the bank)
    - Proof of banking relationship (HDFC Bank account statements, if applicable)

Factors Affecting HDFC Bank Personal Loan Overdraft (OD) Facility

  • Credit Score and Credit History:
    - A CIBIL score of 650+ is required, with 720+ preferred for higher limits
    - Clean credit history (no defaults, low credit utilization) is essential
  • Income Level:
    - Minimum net monthly income: ₹25,000 for HDFC Bank salary account holders; ₹50,000 for others
    - Higher income supports larger OD limits
  • Employment Stability:
    - Minimum 2 years' total work experience and 1 year with current employer
    - Employment with reputed organizations boosts eligibility
  • Bank Relationship:
    - Existing HDFC Bank customers are prioritized for pre-approved OD facilities
    - History of regular transactions and timely repayments increases approval chances
  • Debt-to-Income (DTI) Ratio:
    - A lower DTI ratio (below 50%) is preferred
    - High existing debt may restrict OD limits
  • Age of Applicant:
    - Applicants must be 21-60 years old
    - Younger applicants may receive longer OD facility terms
  • Documentation:
    - Pre-approved customers need no documents if KYC is updated
    - Non-pre-approved applicants must submit complete, accurate documents
  • Account Activity:
    - Active salary or savings account with consistent monthly credits is favorable
    - Dormant or irregularly used accounts may reduce chances of approval

Frequently Asked Questions (FAQs)

What is a Personal Loan Overdraft (OD) facility?
The OD facility is a revolving credit line for salaried individuals, allowing withdrawals up to an approved limit as needed. Interest is charged only on the amount withdrawn and for the duration used, with no fixed EMI requirement.
How is the OD facility different from a personal loan?
Personal Loan: Lump-sum amount with fixed EMIs over a set tenure (12-60 months).
OD Facility: Flexible credit line where you withdraw and repay at your convenience, paying interest only on the utilized amount. Ideal for short-term or variable needs.
Who is eligible for the OD facility?
Age: 21-60 years.
Employment: Salaried individuals with private companies or government organizations.
Work Experience: Minimum 2 years total, 1 year with current employer.
Income: Minimum ₹25,000/month (HDFC salary account holders) or ₹50,000/month (others).
Credit Score: Minimum CIBIL score of 650 (720+ preferred).
Preference for existing HDFC Bank customers with strong banking relationships.
What documents are required for the OD facility?
Pre-approved customers: No documents if KYC-compliant.
Non-pre-approved customers:
  • Identity proof (Aadhaar, passport, PAN, etc.)
  • Address proof (Aadhaar, utility bill, rental agreement)
  • Income proof (3-6 months' salary slips, bank statements, Form 16)
  • 2 passport-sized photographs (if requested)
How is the OD limit determined?
The limit depends on:
  • Income (higher income supports larger limits)
  • Credit score (720+ for better terms)
  • Banking relationship (HDFC salary account holders get priority)
  • Debt-to-income ratio (lower debt improves limits)
Specific limits vary and are tailored to the applicant's profile.
What are the interest rates for the OD facility?
Interest rates are typically higher than personal loans but lower than credit cards, charged only on the withdrawn amount. Exact rates depend on your credit profile and are disclosed at approval (contact HDFC Bank for details).
How can I access OD funds?
Funds can be withdrawn instantly via:
  • NetBanking
  • Mobile banking (HDFC Bank app)
  • HDFC Bank ATMs
  • Branch requests
Is there a repayment schedule for the OD facility?
No fixed EMIs are required. You repay the withdrawn amount at your convenience, and the credit limit is replenished for future use. Interest is charged monthly on the utilized amount.
Can I increase my OD limit?
Yes, you can request a limit increase based on improved income, credit score, or banking relationship. Contact HDFC Bank via a branch, NetBanking, or the Loan Assist App for reassessment.
Are there any fees for the OD facility?
Processing Fee: Similar to personal loans (up to ₹6,500 + GST, varies by profile).
Interest: Charged on the utilized amount, not the entire limit.
Other Charges: Late payment or overdraft excess fees may apply (check with the bank).

List of Overdraft (OD) Facilities at HDFC Bank

  • SmartDraft – Overdraft Against Salary (Salary Plus)
  • Dukandar Overdraft Facility
  • Overdraft Against Fixed Deposit (SuperSaver Facility)
  • Home Loan Overdraft Facility
  • Overdraft Facility on Current Account
  • Overdraft Against Mutual Funds
  • Overdraft Against Property (Loan Against Property OD)
  • Business Growth OD for Self-Employed Professionals