HDFC Bank Personal Loans – What Makes it Worthy of Your Choice
Personal loan is the one among all the credit products which remains in demand throughout the year. It is the best-selling financial product for which most of the people went for in last two years Blog: https://financebuddha.com/blog/hdfc-bank-personal-loans-makes-worthy-choice
Personal loan is the one among all the credit products which remains in demand throughout the year. It is the best-selling financial product for which most of the people went for in last two years
Blog: https://financebuddha.com/blog/hdfc-bank-personal-loans-makes-worthy-choice
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<strong>HDFC</strong> <strong>Bank</strong> <strong>Personal</strong> <strong>Loans</strong> <strong>–</strong> <strong>What</strong><br />
<strong>Makes</strong> <strong>it</strong> <strong>Worthy</strong> <strong>of</strong> <strong>Your</strong> <strong>Choice</strong>?<br />
<strong>Personal</strong> loan is the one among all the cred<strong>it</strong> products which remains in demand<br />
throughout the year. It is the best-selling financial product for which most <strong>of</strong> the<br />
people went for in last two years. The reason behind <strong>it</strong>’s over increasing<br />
demand and need is <strong>it</strong>s unsecured nature and quick processing. These features<br />
make <strong>it</strong> comfortable for the borrower and provide a kind <strong>of</strong> relaxation to the<br />
borrowers. Such facil<strong>it</strong>ies were not available to the applicants w<strong>it</strong>h other cred<strong>it</strong><br />
products. Taking about <strong>it</strong>s availabil<strong>it</strong>y <strong>Personal</strong> Loan is now <strong>of</strong>fered by almost<br />
each and every <strong>Bank</strong> and NBFC. But <strong>HDFC</strong> <strong>Bank</strong> personal loan has reached<br />
to a next level.
<strong>Personal</strong> Loan from <strong>HDFC</strong> <strong>Bank</strong> come w<strong>it</strong>h a number <strong>of</strong> add<strong>it</strong>ional benef<strong>it</strong>s and<br />
<strong>of</strong>fers. <strong>HDFC</strong> <strong>Bank</strong> is best known for their easy loan application processing and<br />
wide range <strong>of</strong> branch network in every town and c<strong>it</strong>y. <strong>HDFC</strong> <strong>Bank</strong> branches can<br />
be found even in many Indian villages. <strong>HDFC</strong> <strong>Bank</strong> loans are <strong>of</strong>fered to each<br />
applicant as per their financial credential, repayment history and CIBIL score.<br />
<strong>What</strong> <strong>Makes</strong> <strong>HDFC</strong> <strong>Bank</strong> <strong>Personal</strong> Loan <strong>Worthy</strong> <strong>of</strong> <strong>Your</strong> <strong>Choice</strong>?<br />
Quick Loan Disbursal<br />
<strong>HDFC</strong> <strong>Bank</strong> always make sure that their loan applicants don’t have to go<br />
through any long delays. <strong>HDFC</strong> bank <strong>of</strong>fers one <strong>of</strong> the fastest loan disbursal.<br />
You will get to know this if you compare <strong>HDFC</strong> <strong>Personal</strong> loan w<strong>it</strong>h the personal<br />
loans available by the other banks and NBFCs. The time taken by <strong>HDFC</strong> to<br />
disburse your <strong>Personal</strong> Loan Is a maximum <strong>of</strong> four hours.<br />
Low Interest Rates<br />
<strong>HDFC</strong> <strong>Bank</strong>s <strong>of</strong>fer applicants a compet<strong>it</strong>ive interest rates for the loans available<br />
for salaried, working pr<strong>of</strong>essionals, self-employed individuals. <strong>Personal</strong> <strong>Loans</strong><br />
from <strong>HDFC</strong> start at a minimum rate <strong>of</strong> 15% and goes to a maximum <strong>of</strong> 23.52%<br />
p.a. the interest rate <strong>of</strong>fered to any individual totally depends on their CIBIL<br />
and eligibil<strong>it</strong>y.<br />
Online Loan Application<br />
<strong>HDFC</strong> <strong>Bank</strong> uses updated technology and <strong>of</strong>fers personal loan to their<br />
applicants through a 100% online process. Each and every step <strong>of</strong> availing a<br />
personal loan from <strong>HDFC</strong> <strong>Bank</strong> goes in a online process. Whether <strong>it</strong> may be<br />
filling the application form or uploading the required documents, the whole<br />
process goes online. All these upgradation makes <strong>it</strong> easy for the borrower to<br />
avail this loan.
Low Prepayment Charges<br />
<strong>HDFC</strong> <strong>Bank</strong> <strong>of</strong>fers <strong>Personal</strong> Loan at lower prepayment charges for compared to<br />
any other bank. One <strong>of</strong> the add<strong>it</strong>ional feature is that the Prepayment charges are<br />
completely waived <strong>of</strong>f after a period <strong>of</strong> 36 months.<br />
Minimal Documentation<br />
The documentation process w<strong>it</strong>h <strong>HDFC</strong> <strong>Bank</strong> regarding the <strong>Personal</strong> Loan is<br />
minimal when compared to any other financial product by any bank. If the<br />
borrower is already an existing customer <strong>of</strong> <strong>HDFC</strong> he/she needs to provide only<br />
the basic details. But if the borrower is new to <strong>HDFC</strong>, there will be a<br />
documentation process but this is also very minimal w<strong>it</strong>h respect to other banks.<br />
<strong>What</strong>ever documentation is needed is done on the online portal <strong>it</strong>self.<br />
Assured Transparency<br />
There is nothing which is kept hidden regarding your loans when you are w<strong>it</strong>h<br />
<strong>HDFC</strong>. Full transparency is provided and you will be provided details and<br />
answers for your each and every query whether related to fees and charges or to<br />
disbursal.<br />
Interest Rate<br />
15.75% to 20% P.A<br />
Loan amount INR 50,000 to INR 15,00,000<br />
Tenure Period<br />
Fees and charges<br />
Pre-payment Charges<br />
12 months to 60 months<br />
2.50% <strong>of</strong> the total loan amount<br />
13-24 Months <strong>–</strong> 4% <strong>of</strong> Outstanding amount<br />
25-36 Months <strong>–</strong> 3% <strong>of</strong> Outstanding amount<br />
>36 Months <strong>–</strong> 2% <strong>of</strong> Outstanding amount
Who is Eligible for a <strong>HDFC</strong> <strong>Personal</strong> Loan?<br />
One is eligible to apply for a <strong>HDFC</strong> <strong>Bank</strong> <strong>Personal</strong> Loan if he/she meet the<br />
following cr<strong>it</strong>eria-<br />
<br />
<br />
<br />
<br />
<br />
Salaried individuals who are doctors, CAs or the employees <strong>of</strong> private<br />
companies, employees from public sector undertakings, including central,<br />
state and local bodies.<br />
The age <strong>of</strong> the applicant should be 21 year to 60 year.<br />
The applicant should be employed for at least 2 years and should be in the<br />
current company from at least 1 year.<br />
The applicant should have a minimum salary <strong>of</strong> INR 15,000 per month and <strong>it</strong><br />
should be INR 20,000 if the applicant is living in Delhi, Mumbai, Bangalore,<br />
Chennai, Hyderabad, Pune, Kolkata and Ahmedabad.<br />
If the applicant is self-employed, his/her minimum age for getting the loan<br />
should be 21 year to a maximum is 65 years.<br />
<strong>What</strong> documents do I need to provide for <strong>HDFC</strong> <strong>Personal</strong> Loan?<br />
<br />
To avail a personal loan from <strong>HDFC</strong> <strong>Bank</strong>, you would need to subm<strong>it</strong><br />
documents for ident<strong>it</strong>y pro<strong>of</strong> (which can be- copy <strong>of</strong> passport/voter ID<br />
card/driving license/Aadhaar/ Pan card), documents for address pro<strong>of</strong><br />
(copy <strong>of</strong> passport/voter ID card/driving license/Aadhaar), income pro<strong>of</strong><br />
(<strong>Bank</strong> statement <strong>of</strong> last 3 months, Passbook <strong>of</strong> previous 6 months, Latest<br />
pay slip from your company).
Add<strong>it</strong>ional Feature <strong>of</strong> <strong>HDFC</strong> <strong>Personal</strong> loan<br />
<strong>HDFC</strong> <strong>Personal</strong> Loan Top Up<br />
<br />
A top up loan can be provided in handy when the borrower need an extra<br />
cash in add<strong>it</strong>ion to the loan amount which was sanctioned to borrower<br />
earlier. The borrower has to pay a consolidated EMI for both the<br />
previously approved loan and for the top up loan, covering the total loan<br />
amount.<br />
Getting a top up loan is comparatively better than having two different loans<br />
and paying two different EMIs separately. Most important is <strong>it</strong> saves your time<br />
and effort which you had spend for getting the second loan.<br />
Some <strong>of</strong> the key features <strong>of</strong> <strong>HDFC</strong> personal loan top up facil<strong>it</strong>y are-<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
<br />
Easy and simple process.<br />
This option is available to both existing customers and new customers under<br />
the balance transfer facil<strong>it</strong>y.<br />
Easy repayments.<br />
Attractive interest rates.<br />
Provided for any personal need.<br />
No collateral or secur<strong>it</strong>y is required.<br />
Easy approval and quick disbursal<br />
Minimal documentation.