There are times in life when one can come to the need of huge funds; no one knows when can this financial exigency can come across, therefore you should also know the source to avail funds in such times. Personal loans are such options to conquer over such contingencies and without any doubt, HDFC personal loan is ideal for those who are in need of a large and instant loan since the bank extends loans of up to Rs. 40 lakhs.
Although, the bank takes rather higher rates of interest than other moneylenders in India, so if you are not in need of huge fund assistance, you may be able to reach out to more reasonable financing from other moneylenders.
Singularity of HDFC Bank personal loan
What makes HDFC bank personal loan stand out from other moneylenders is its high loan amount offer of up to Rs. 40 lakhs, which is over any other personal loan providers in India. This singularity makes HDFC Bank a good alternative for prospective borrowers that need a big amount.
Moreover, the bank is also popular for extending quickest cash disbursement in India since the loan funds are made available to the eligible borrowers within the matter of 10 seconds for existing HDFC Bank customers and within 1 working day to the eligible borrowers that are new to HDFC banking. This makes HDFC quite appealing as a moneylender to those that instantly require a big sum of exigency funds.
Although, HDFC Bank personal loan may not be stated as the most reasonable loan alternative, particularly if you are seeking fund assistance of Rs. 30 lakhs or below that since HDFC Bank personal loan interest rate is slightly higher which can range from 10.75% to 22%, while other banks charge quite less.
Consequently, if you are looking for a low-cost personal loan, you may be better off picking a loan with a lower principal from another bank. Furthermore, it is vital to observe that you may be able to deal on getting lower rates of interest from any bank based on your financial circumstance.
HDFC Bank personal loan – Eligibility Criteria
In order to qualify for the HDFC personal loan, you’ll need to meet the following typical eligibility criteria:
- You must be an employee of a private limited company or public sector undertakings.
- You must have an employment history of at least 1 year with your current employer and 2 years in total.
- You must possess a monthly income of at least Rs. 15,000 (Rs. 20,000 in Bengaluru, Mumbai, Delhi, Pune, Kolkata, Chennai, Hyderabad, Cochin, and Ahmedabad).
- You must lie anywhere between 21 years and 60 years.
Fees and charges
Following are the charges that HDFC Bank takes on extending a personal loan:
- Interest rate – 10.75% – 22%
- Processing fee – Up to 2.50% on the loan principal (min. Rs. 1,999 & max. Rs. 25,000)
- Foreclosure charges – 2% to 4% of remaining principal amount
- Late payment fee – 2% on overdue monthly instalment
- Cheque bounce fee – Rs. 550
- Cheque swapping fee – Rs. 500
- Amortization schedule fee – Rs. 200
Process to apply for HDFC personal loan
In order to apply for HDFC personal loan, you will need to complete the loan application form. While existing HDFC Bank customers do not need to submit any kind of documents in the context of their personal loan application; customers that are new to HDFC will have to submit documents such as identity proof, address proof, employment proof and income proof.
Required documents for applying for HDFC personal loan
Following are the documents that you will need to attach along with your loan application form to avail HDFC personal loan:
- Identity and address proof: Passport, voter ID card, driving license or aadhaar card
- Employment proof: Last salary slip or current dated salary certificate with the latest Form-16
- Proof of income: Last 3 months bank statement
Key benefits of HDFC personal loan
Take a look at some of the core benefits of HDFC personal loan:
- Seamless loan processing
To apply for HDFC Bank personal loan online, you can perform so by choosing either of these:
- Net banking
- Visit your nearest branch
The application procedure is instant and the documentation is nominal.
- Swift disbursal
You could avail a pre-approved personal loan within the matter of 10 seconds (TnC applies) if you’re an existing HDFC Bank customer. Although, if you are not, still the loan can be made available to you within 4 hours (TnC applies).
- Flexible usage
One of the key benefits of personal loans is that it allows you to use your funds for any purpose – be it a trip, a wedding, a shopping, business investment, home renovation, etc. where a home loan, car loan can only be used for the respective purpose.
Since personal loans are unsecured in nature, as a consequence, you are not required to give any kind of collateral like your home or shares for the purpose of availing the HDFC personal loan.
- Nominal documentation
The paperwork and the processing time needed for a personal loan is rather lower than most of the other sorts of loans. You can avail a loan with the following documents: identity proof, address proof and income proof. Although being an existing and pre-approved customer of HDFC Bank for a personal loan, you may not even require to attach any documents since they already have your details.
- Flexible repayment
HDFC personal loan is also a best personal loan due to its repayment flexibility option. You get the option to repay your personal loan in easy monthly instalments. The repayment tenors are generally flexible; therefore, you can opt for a term that enables you to manage your monthly expenditures as per your needs.
HDFC Bank renders repayment tenure options ranging from 1 year to 5 years with easy monthly instalments as low as Rs 2,162/lakh. You can check your exact repayment amount using a personal loan EMI calculator too.
With this much advantages, HDFC personal loan extends ideal financial support to those who are in need of big financial assistance.
A personal loan is an ideal option when you are in need of funds without an abundance of hassle or borrowing from fellows or family. Whether you want to meet your expenditures related to medical, wedding, foreign travel, study abroad fees, home renovation or short-term cash, you can avail a personal loan instantly and seamlessly.
A personal loan from HDFC Bank is handful since you can pay it off over a period of time in flexible EMIs and you can avail instant disbursal with nominal or no paperwork.