HDFC Personal Loan for Paramilitary, Railway & Defense Personnel
Peoples’ needs and wants are continually increasing, but what happens when their finances stay the same? Well, under these circumstances, most people rely on additional funding to help them fulfill their requirements and demands.
A Personal Loan is a secure and accepted way of funding one’s financial necessities. While a Personal Loan is an easy way to fund emergencies, like medical expenses, marriage, and higher education; professionals in the paramilitary, defense forces, and railway earlier found it difficult to obtain these loans. The problem arose due to fluctuating banking relationships, frequent transfers, and low salary.
Today, however, times have changed, and to such an extent that being part of the paramilitary, defense forces and railway sector gives you privileges. Banks in India have specifically kept these government employees in mind when coming up with loans. HDFC Bank is no different. HDFC Personal Loan makes funding all kinds of expenses hassle-free.
Being Eligible for a Loan
You need to fill out an application form and provide two photographs. In case you are seeking a Personal Loan as a defense, railway or paramilitary employee, you would need to furnish the following documents:
- Proof of identity: Railway, defense, and paramilitary employees can offer their official identity card given by their respective department as proof. Other than this, your Aadhaar card, a copy of passport or voter’s ID will also do.
- Bank statement: Either your bank’s passbook showcasing the last six months of deposits, withdrawals and savings, or your previous three months’ bank statement will do. It reveals the income status of the loan applicant before applying for the loan. It shows the creditworthiness of the applicant.
You can also offer your address proof in the form of your electricity/telephone bill or passport. If you are an employee of the railway, defense or paramilitary, you do not have to worry about address and identity proof (as long as you provide the ID offered by your concerned department).
Details of the HDFC Bank Personal Loan
There are specific essential factors you have to keep in mind when Applying for a Personal Loan from HDFC Bank, even if you are part of the paramilitary, defense, and railway. The interest rate charged, additional fees and other charges involved in the HDFC bank Personal Loan are as follows:
- Loan repayment tenure lasts for around 1-5 years
- The HDFC Personal Loan interest rate ranges from 10.99% to 20.75%
- The pre-payment charges are nil to 4.00%
- Processing fees are 999 which is otherwise 1% to 2.5% of the principal amount
- The minimum income required to obtain the loan is 12,000 per month
- The maximum loan amount is 15 Lakhs
- The lowest EMI (Equated Monthly Instalment) for four years is 2,608.41
Once you submit the application form and the supporting documents, you can expect approval within 48 hours. It holds true for both customers who head personally to the branch as well as those who make apply online. You can check out at what stage of the loan approval process your loan is currently at by just connecting with the bank via phone banking or heading over to the branch.
Other Aspects You Need to Know
While the maximum period to pay back the loan is 60 months, the minimum loan tenure is 12 months. As long as a loan applicant stays true to the minimum and maximum term, they can opt for any appropriate term of payment that works in their favor.
Interest rates are competitive and come with one-of-a-kind offers for existing account holders. Individuals who are pre-existing customers of HDFC Bank obtain differentiated rates, and they also stand a chance to avail special offers.
There is complete transparency at the time of loan approval. There are no hidden charges that catch you unaware. You obtain complete clarity during the entire loan process and get prior information about the processing fee, which is reasonable and depends on the Personal Loan amount.
In current times, Personal Loan application for personnel in the paramilitary, railway, and defense is easier compared to the general public. HDFC Bank and other private and nationalised bank tend to offer attractive Personal Loan schemes during the festive season. With the HDFC Personal Loan that caters to these government employees specifically, you can rest assured that finding a loan to meet specific financial obligations is a piece of cake.
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