HDFC Bank is one of the top banks in India, and it offers personal loans to help you meet your financial needs. If you are considering applying for an HDFC Bank personal loan, this article is for you.
HDFC Bank Personal Loan
An HDFC Bank personal loan is a loan that is offered to individuals for a variety of reasons, such as to consolidate debt, to make a large purchase, or to cover a sudden expense. The loan amount can range from Rs.50,000 to Rs.20,00,000, and the interest rate is typically quite competitive. The loan can also be used for any purpose the borrower desires, and there are no restrictions on how the funds can be used.
Aside from that, it could take up to four hours for outsiders to obtain the same loan. If you are a personal customer of HDFC Bank, you can apply for a loan online via Net Banking, ATM, or Loan Assist Application by visiting the bank’s official website. Aside from that, you can begin the loan application process by visiting the nearest HDFD branch.
Benefits of an HDFC Bank personal loan
One of the most significant benefits of an HDFC Bank personal loan is that
- The funds can be used for any purpose the borrower desires. This flexibility is a significant advantage compared to other loans, such as a home equity loan, which can only be used for a specific purpose, such as home improvement or debt consolidation.
- An HDFC Bank personal loan is a loan that is offered to individuals for a variety of reasons, such as to consolidate debt, to make a large purchase, or to cover a sudden expense. The loan amount can range from Rs.50,000 to Rs.20,00,000, and the interest rate is typically quite competitive. The loan can be used for any work like the borrower desires, and there are no restrictions on how the funds can be used.
- Another advantage of an HDFC Bank personal loan is that the interest rate is typically quite competitive. In addition, the loan can be repaid over up to five years, which can help to keep the monthly payments affordable.
Finally, an HDFC Bank personal loan is a good option for borrowers who need a large sum of money. The loan amount can range from Rs.50,000 to Rs.20,00,000, significantly higher than most other banks offer.
Eligibility criteria for an HDFC Bank personal loan.
To be eligible for an HDFC Bank Personal Loan, you must be
- a salaried individual with a minimum monthly income of Rs. 20,000.
- You must also be between the ages of 23 and 58 years, have a minimum work experience of two years, and
- have a minimum net worth of Rs. 2 lakhs
Documentation for HDFC Bank personal loan
You must provide certain documents and information to apply for an HDFC Bank personal loan. The bank will evaluate your application and let you know if you have been approved for a loan. The following documents are required to apply for an HDFC Bank personal loan:
- Proof of identity – Passport, driver’s license, Aadhaar card, voter ID card, etc.
- Proof of Address – Utility bill, bank statement, Aadhaar card, etc.
- Proof of income – Latest salary slip or income tax return
- Proof of employment – Offer letter, appointment letter, etc.
- Proof of business ownership – Certificate of incorporation, partnership deed, etc.
To apply for an HDFC Bank personal loan, visit the bank’s website or speak to a representative at a branch.
Late payment charges for an HDFC Bank Personal Loan
HDFC Bank charges a late payment fee of 2% per month on the outstanding amount, subject to a minimum of Rs.100/-. If the payment is not made within 15 days from the due date, an additional interest of 2% per month will be levied on the outstanding amount.
Personal Loan Application Process at HDFC Bank
- First and foremost, you must determine the amount of the loan. You can also get a personal loan for your holiday. You will be able to borrow between one lakh and ten lakh rupees.
- Using the eligibility calculator, you can determine your eligibility for a personal loan. How much money can you borrow? Personal loans from HDFC Bank are available up to Rs 40 lakh.
- Using our EMI calculator, you can calculate your loan EMI. This personal loan has a minimum EMI of Rs 2149 per lakh.
- You can apply through ATM, Net Banking, or the nearest branch by visiting the official website of HDFC Bank.
You can apply by going to the bank and providing documents such as address proof, proof of income, and ID proof.
What is EMI, and how can it be reduced?
An EMI is a monthly instalment that is part of any loan. When you take out a loan, you must repay it in instalments over a set time. Calculating the EMI and keeping it as soon as possible is critical. The following three factors can help you understand EMI: –
- Loan Amount
- Interest Rate
- Time Period
When you apply for an HDFC Bank Personal Loan, the EMI Loan Calculator is calculated online to get the best EMI for your needs. You can adjust the loan amount and term to meet your needs until you get a suitable EMI. The interest rate is higher, and the principal amount is lower on the first EMI of the loan, which later changes. HDFC Bank offers loans of up to Rs 40 lakhs with terms ranging from 12 to 60 months and an EMI of Rs 2149 per lakh.
Key Features of HDFC Personal Loan
- HDFC Personal Loan is one such loan you can obtain online and offline. In such a case, the mode you prefer can also be used to obtain a loan.
- HDFC Personal Loan is one such loan, and you can get an HDFC Pre Approved Personal Loan in as little as 10 seconds.
- An HDFC personal loan usually takes up to four days to process.
- Personal loans from other banks can be easily transferred to HDFC Bank.
- When you apply for a personal loan through HDFC, you must provide very few documents.
- This is an example of a personal loan you can use for your personal or professional needs.
- When you take a Personal Loan from HDFC Bank, your loan amount is given Insurance Protection Cover at very low charges, which includes, in addition to the loan amount, Rs. Accidental Hospitalization covers up to 8 lakhs and Rs. Death / Permanent Disability covers up to 1 lakh.
- You can apply for an HDFC Personal Loan both online and in person.
Conclusion
If you have a personal loan or are considering getting one, we have some suggestions for how to pay it off. HDFC Bank Limited is a banking and financial services firm based in Mumbai, Maharashtra. As of April 2021, HDFC Bank is India’s largest private sector bank in terms of assets and market capitalization. It is the third largest company on the Indian stock exchanges regarding market capitalization. It is also India’s fifteenth largest employer, employing approximately 1,20,000 people.