A personal loan can be a life saviour at the time of unprecedented times. During financial emergencies, when you need cash in no time, a personal loan provides the facility of quick application processing, low interest rate and no collateral requirement. Because of these benefits over credit cards, a personal loan has become increasingly popular in today’s time. Banks, as well as NBFCs, offer personal loans. Also, among all the different lenders available in the market, there are specific reasons why HDFC Personal Loan can be the choice you can make.
HDFC is the largest private bank in India. HDFC is known to provide deals with attractive interest rates and minimal documentation. HDFC branches are present in many remote areas within the country. HDFC offers personal loans for different requirements such as a loan for travel, loan for marriage, loan for covid, loan for teachers, loans for students etc.
Let us now discuss various benefits of HDFC personal loan:
Quick loan processing: HDFC customers can get their loan approved within seconds. For other customers, a loan can get approved within 4 working days after documentation and verification.
Check your Eligibility with the HDFC EMI calculator: HDFC provides an online EMI calculator. You can check out your monthly instalments. The calculator is easy to use and can help you figure out how much you need to commit every month even before finalizing the loan amount with the bank.
Loan for every occasion or need: HDFC provides loans for every need. Whether it be for vacation, marriage, medical emergencies, loan for covid etc. HDFC has personalized loans for every occasion. HDFC also provides flexibility to choose the tenure that suits you.
24/7 assistance: HDFC assists 24/7. You can call the HDFC customer care number or WhatsApp and webchat anytime you need. You can even apply for a personal loan from the website online. HDFC has a user-friendly website and a transparent loaning process. So whether you are filling out the application form or submitting the documents, it could be done instantly.
Low Interest rate: The interest rate is one of the essential criteria to check before applying for a loan. The interest rate on loan depends on various factors, such as your credit score and job security. HDFC offers loans at competitive interest rates.
- Interest rate: For salaried individuals: 10.50% to 21.00%
- Processing fees: up to 2.50% subject to a maximum of Rs.25000.
Prepayment charges: Prepayment charges are charges if the borrower returns the borrowed sum before the tenure expires. HDFC bank charges low prepayment charges because HDFC is attractive compared to other lenders. Prepayment Charges at HDFC are as follows:
∙ Prepayment in Part or Full: No prepayment or part payment is allowed in the case of a salaried individual until 12 EMI are paid.
Part-payment allowed up to 25% of the principal outstanding. Part payment is allowed only once in the financial year and twice throughout the tenure.
Charges on prepayment:
- Salaried- 13-24 months – 4% of principal outstanding,
- 25-36 months – 3% of principal outstanding
- More than 36 months – 2% of principal outstanding
Eligibility to apply for HDFC personal loan:
- HDFC bank allows a personal loan to salaried as well as self-employed individuals. You can check out here if you are eligible to apply or not:
- Individuals of age between 21 to 60 years.
- Individuals who have had a job for at least 2 years, with a minimum of 1 year with the current employer Earning should be at least 25000 per month.
- Employees of private limited companies, employees from public sector undertakings, including central, state and local bodies
Conclusion:
HDFC bank provides exclusive offers with attractive HDFC Personal Loan Interest rate and no security requirement. You can get your loan approved as early as possible. HDFC has options available for both the existing customer and new customer. If you are looking for a HDFC personal loan, you should check out the website, check your Eligibility and apply for a loan if it fits your requirement.