HDFC Personal Loan: Features, Eligibility, and Charges
Personal Loans are one of the most popular financial products due to the various benefits provided by them. Not only do they help you take care of any financial emergency but also ensure that there isno unnecessary pressure on your finances. Being unsecured, Personal Loans offer you greater flexibility and can be used for any purpose that you may deem fit. There is no need to inform the lender regarding the end use of money. The usual repayment tenure against a Personal Loan is 60 months,and the rate of interest starts from 10.99%. With the rapid integration of technology in the financial services sector, you can conveniently Apply for a Personal Loan using online channels and get the money in your account within 72 hours.
Personal Loans from HDFC Bank
HDFC Bank is the largest private sector bank in India and is highly popular amongst the customers for its various financial products. HDFC Personal Loanis one of the most known financial products from this leading private sector bank and offers its customers the opportunity to manage their personal financial requirements efficiently. HDFC Personal Loans are available for both salaried professionals and employees, with a maximum limit of 40 Lakhs and a flexible repayment tenor ranging between 12-60 months.
The money you borrow as a Personal Loan from HDFC Bank can be used for any personal or professional purpose as you may deem suitable because there are no restrictions from the bank in this regard. The possible expenses that you can manage with HDFC Personal Loans are a foreign vacation. Higher education, Credit Card bill payment, starting a new business, payment of bills,and so on. There is no need to provide a guarantor or security to avail a Personal Loan from HDFC Bank as these loans are unsecured in nature. The approval process takes less than a minute and comes with additional benefits such as Personal Accident Cover and Critical Illness cover.
Features of HDFC Personal Loan
Following are the most useful features of Personal Loans from HDFC Bank:
Online Application and Instant Approval:
You can Apply for a Personal Loan from HDFC Bank conveniently through online channels and get instant approvals in less than a minute.
After your application has been approved the loan amount is disbursed to your bank account in less than 24 hours.
You can avail the facility of a personal accident cover of up to 8 Lakhs and critical illness cover of up to
1 Lakh on payment of a nominal premium, which is debited directly to your loan account.
HDFC Bank offers its existing customers attractive benefits against Home Loans along with reduced charges. New customers can also get attractive offers against Home Loans.
Personal Loan Balance Transfer:
You can opt to transfer your existing Personal Loans from other lenders to HDFC bank at a reduced interestrate and flat processing fees of 1,999.
High Loan Amount:
Self-employed as well as salaried customers can avail Personal Loans of up to 40 Lakhs and can use the money for the fulfilment of any financial requirement.
Minimal Prepayment Charges:
HDFC Bank Personal Loans have minimum pre-payment charges.
HDFC Personal Loan Eligibility
HDFC Bank follows a flexible eligibility criterion for processing of Personal Loan applications. Following are the essential eligibility requirements that must be fulfilled to make sure that the application is successful:
- You must be an employed professional such as a Doctor, CA, Engineer, Lawyer,and so on or a salaried individual working with a private or a public-sector undertaking including central, state or local bodies.
- Your age must be more than 21 years but less than 60 years at the time of application.
- You must have a work experience of at least 2 years and must be working in the current employment for last 1 year.
- You must be receiving a minimum amount of 15,000 as net income every month. In case you are living in Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Pune, Ahmedabad, Kolkata and Cochin, your salary should be a minimum of 20,000 per month.
- You need to submit the following documents:
- Income Tax returns for 2 years
- Form 16
- Salary account banking for 6 months
- KYC documents
- Salary certificate or salary slips
Charges for HDFC Personal Loans
Following are the various charges levied by HDFC Bank against the Personal Loan:
Up to 2.50% of the loan amount.
The Rate of Interest:
Starting at 99% and going up to 20% p.a.
- Between 13-24 months- 4% of the outstanding principal amount
- Between 25-36 months- 3% of the outstanding principal amount
- After 36 months- 2% of the outstanding principal amount
Late Payment Charges:
2% per month on the EMI (Equated Monthly Instalments), minimum amount of 200.
Cheque Bounce Charges:
550 per cheque bounce
Cheque Swapping Charges:
Amortisation Schedule Charges:
Stamp Duty and Registration charges:
Applicable as per local authorities
Personal Loans from HDFC Bank enable you to manage your personal finances in an effective manner and enjoy various additional benefits along with.
Also Read: 3 Most Sought After Personal Loans in India
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