Mumbai and Chennai are amongst the two of the major metropolitan cities in India. Both these cities are considered as the powerhouses of the Indian economy. Many Multi-National Corporations, as well as big Indian Corporate houses, have their offices and manufacturing facilities in these cities. As a result, a large number of people from all over India move to Mumbai and Chennai to progress their careers. In addition to enjoying excellent infrastructure, both these cities promise a good quality of life with all essential amenities and luxuries, readily available.
While the metropolitan cities offer a higher living standard, so is the cost of living. Thus, it is not uncommon for people living in these cities, facing a shortage of funds occasionally. But as qualified and experienced professionals, it is comparatively more hassle-free to opt for a Personal Loan in Mumbai than availing the same in Tier III or Tier IV city. A person living in Chennai does not need to use his/her savings to tide over the tough times. Instead, s/he can Apply for Personal Loan in Chennai through a bank or NBFC of their choice.
As multiple financial institutions have a strong presence in urban cities like Mumbai and Chennai, the availability of a Personal Loan is relatively easier. Out of the multiple choices available, HDFC Personal Loan is one of the popular options with the people. The major reason behind this trend is the numerous advantages that HDFC has over other lenders in the market.
Let’s review HDFC personal loan products below:
Whether you are Applying for a Personal Loan in Mumbai or Chennai with HDFC Bank, you must meet the following eligibility criteria:
The interest rate you have to serve is an important factor in determining the suitability of the Personal Loan. HDFC Bank offers one of the lowest interest rates in the market.
HDFC Bank offers unsecured Personal Loans starting from Rs. 50,000, with the maximum amount offer being Rs. 40 Lakhs. The maximum amount available is dependant, on the credit score and risk profile of the borrower besides the risk assessment policy of the bank. You must apply only for that much amount which you require as it comes with an interest cost, and any used amount in your account will only add more burden on your finances.
The repayment tenor for HDFC Bank starts from 12 months with the maximum repayment tenor being 60 months. Longer is your repayment tenor, lower would be your EMI, and higher would be your interest cost and vice-versa. The EMIs for HDFC Personal Loan starts from as low as Rs. 2187 per Lakh. In order to ascertain your exact EMI, you can use the HDFC Bank EMI Calculator which is available on the website of the bank.
Borrowers need to bear the following charges for availing a personal loan from HDFC Bank.
Following are the documents required by HDFC Bank for processing of your Personal Loan application:
HDFC Bank allows its customers to apply for a Personal Loan through online as well as offline channels. It follows a minimal documentation process and approves the applications within four hours. Moreover, customers can get the loan amount credited in their Savings Account within one working day.
Offering you the significant financial flexibility to meet your liabilities in a timely manner, HDFC Personal Loans are an excellent option to tide over times of financial crisis without dipping into your savings.
To apply online for Best Credit Cards in India, Secured Loans and Unsecured Loans, visit mymoneymantra, the leading online lending marketplace that offers financial products from 90+ Banks and NBFCs. We have served 7 million+ happy customers since 1989.