There are times in life when you can come across the necessity of huge funds; you never know when can this financial emergency can encounter, therefore you ought to also know the sources to avail funds in such times. Personal loans are such options to overcome over such contingencies and with zero doubt, HDFC Personal Loan 2021 is right for you if you are in need of an outsized and instant loan as the bank extends loans of up to Rs. 40 lakhs.
But before you finalize the product, we and you also must be aware of the fact that you’ll need to study the product across all the fundamental edges of it. Let’s get to know those today with us in this article!
HDFC Bank Personal Loan – Eligibility Criteria
To qualify for the HDFC Personal Loan, you’ll got to meet the subsequent typical eligibility criteria:
- You must be functional in a private or public sector undertaking.
- You must possess an employment history of a minimum of 1 year with your current employer and 2 years in total.
- You must possess a monthly income of a minimum of Rs. 15,000 (Rs. 20,000 in Delhi, Pune, Kolkata, Bengaluru, Mumbai, Chennai, Hyderabad, Ahmedabad, and Cochin).
- Your age must lie anywhere between 21 years and 60 years.
HDFC Bank Personal Loan – Fees and Charges
Following are the fees and 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
HDFC Bank Personal Loan – Application Process
In order to apply for HDFC Personal Loan, you’ll got to complete the application form. While existing HDFC Bank customers don’t require to submit any documents within the context of their personal loan application; customers that are new to HDFC Bank will have to submit documents such as identity proof, address proof, income proof, and employment proof.
HDFC Bank Personal Loan – Documents Requirement
Following are the documents that you will got to attach alongside your application form to avail of the HDFC Personal Loan:
- Identity and address proof (Aadhar card, Passport, voter ID card, or driver’s license)
- Employment proof (Salary slip of last month or current dated salary certificate with the latest Form-16)
- Income proof (Last 3 months’ bank statement)
HDFC Bank Personal Loan – Key Benefits
Following are the core benefits that you can enjoy just in case you avail of the personal loan from HDFC Bank:
- Smooth loan processing
To apply for HDFC Bank Personal Loan online, you can carry out the process by means of any of the following methods:
- Internet banking
- Website
- ATM
- HDFC Bank branch visit
The HDFC Bank personal loan application process is quick and the documentation is nominal.
- Fast disbursal
You can apply for a pre-approved personal loan within 10 seconds if you’re an existing customer of HDFC Bank. Nevertheless, if you’re not, still the loan can be disbursed to you within 4 hours (TnC*).
- Flexible usage
One of the major advantages of personal loans is that it enables you to use your funds for any objective – whether you want to go on a vacation, fund a wedding, fund a shopping, fund business investment, or fund home renovation, personal loan from HDFC Bank comes in handy for all of them to gratify them instantly.
- Collateral-free
As personal loans are unsecured loans, consequently, you’re not required to offer any collateral such as your home or shares for availing the HDFC Personal Loan.
- Minimal documentation
The paperwork and the time interval required for HDFC personal loan is quite less than other sorts of loans. You can avail of HDFC personal loan with the subsequent documents viz. identity proof, address proof and income proof. Even though, being an existing and pre-approved customer will get you more benefit that is to say you will not need to give any documents as bank already has the required documents.
- Flexible repayment
HDFC Personal Loan is stated as instant loan in India because of its appealing feature of flexibility in repayment. You can choose to pay off your personal loan in easy monthly instalments for longer tenure of up to 5 years. Besides, you can also take the help of a personal loan EMI calculator too so as to check your exact repayment amount.
With ample number of advantages, HDFC Personal Loan offers best assistance to those that are in need of huge financial assistance.
Take-Away Message
To conclude, without any doubt, you can trust HDFC Bank personal loan as the best financial support, yet, it is your accountability to finalize the offer only after assessing your repayment capability and your actual need as a wrong decision may also lead you to pay a lot more than your expectation.
