Posted by Ajit Samal on March 26th, 2020
The search for an instant personal loan begins when you have money issues. The issue could be anything. Maybe you have a medical emergency; maybe you need to pay some other loans. Well, when you are looking for a personal loan, going to the best bank in India seems a viable option. This is why today we will tell you about HDFC Personal loan.
It has one of the best-rated personal loan products in India. When you read everything on it, you will know the reason. We will begin with necessary details, then move on to eligibility criteria, what documents you will need to submit, and then how to apply? Now, let’s get started; please keep reading.
Basic Details about HDFC Personal loan
- There are no hidden charges in HDFC personal loan. The processing fees are low, are the repayment option is convenient and flexible.
- The entire process from applying for the loan and getting is transparent, quick, and hassle-free.
- Since a personal loan is an unsecured loan, there is a need to submit a Collateral.
Loan amount, Rate of Interest and Loan tenure
- An applicant can get a loan from Rs 50,000 to Rs 25 Lakhs.
- The rate of interest ranges from 10.75% to 21.45% per annum. ( One of the lowest rate of interest in the market)
- The processing fee is up to 2.5% of the loan amount without including GST.
- The minimum pre-payment charge is 2% of the outstanding amount.
- The Cheque Swapping fee is Rs 500.
- The Schedule fee is Rs 200.
- The Cheque Bounce fee is Rs 550 for every occurrence.
- The lowest EMI is 2,187 Per Lac.
HDFC Personal loan Eligibility Criteria
Every lender sets a parameter for a personal loan. It is the same with HDFC. Here are HDFC personal loan eligibility criteria.
- The applicant should be working in a public or private company. It could a Central/Government organization, State PSUs, or top corporate offices such as TCS or Infosys.
- The applicant minimum age should be 21 Years and a maximum of 60 Years.
- The applicant minimum salary should be Rs 15,000 per month.
- The applicant should have a total of 2 Years of work experience with 1 year with the current organization.
Documents required for HDFC personal loan?
These are the list of documents you will need to submit when you will apply for an HDFC personal loan. If you keep the documents ready in advance, the procedure becomes easy.
- 2 Passport size Photograph
- Identity Proof ( Copy of Passport, driving license, Aadhar Card, Voter ID card
- Address Proof ( Registered Rent Agreement, Utility Bills, Passport, Ration Card)
- Income Proof ( ITRs for last 2 Year, Salary Slip for last 6 months, Bank statement for the last 3 Months)
What are the salient features of the HDFC personal loan?
Before we move on, how to apply? You need to some fantastic features of HDFC personal loan. There are many, but we will mention a few of them.
- HDFC has special offers for women. Under the HDFC personal loan diva scheme, women get a pre-approved loan up to 3 Lakhs with many premium brands. There are discounts as well.
- If you are an existing customer, your loan will get approved with minimum documents. However, for new customers, the documents mentioned above are necessary to submit.
- The rate of interest, which begins from 10.75%, is one of the lowest interest rates on personal loans in the financial market.
- For a nominal fee, You can apply for a personal accident cover with a personal loan too. It covers personal accident up to Rs 8 Lakh. The cost for the cover is deducted from the loan amount.
- If you have an existing personal loan from another lender, you can easily transfer them to HDFC. The additional processing fee is Rs 1,999/-.
HDFC personal loan EMI Calculator
Before you apply for a personal loan, first you need to figure out, EMI. To calculate monthly EMI, you will need three things.
- Loan Amount
- Rate of Interest
- Loan Tenure
Once you put them into the calculator, you will know the monthly EMI.
How to apply for HDFC personal loan?
Now, you know about HDFC personal loan features, Documents required, and the eligibility criteria. The only thing remaining to know is how to apply? Here is the process.
- First, visit the official website of HDFC bank.
- There you will see the option “What are you looking for?”
- Choose the product type “Loan:
- Now, Select Product “Personal loan.”
- Click on apply now.
- If you are a new customer, give your mobile number to proceed.
- If you are an existing customer, then log in, then apply.
Joined: March 25th, 2020
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