Personal loans offer a wealth of benefits, which is why this is a go-to financial assistance offering for many individuals. Apart from consolidating debt, these loans are also perfect for emergencies. Such is the case with an HDFC Personal Loan.
An HDFC Personal Loan allows borrowers the chance to get quick cash injections, with those who have pre-approval for loans eligible to get funding in just 10 seconds. Moreover, it also promises quick processing times.
Thinking of how to get an HDFC Personal Loan now? Here’s how you can apply for one today. In this article, learn more about its benefits and how you can secure this funding for yourself. Take a look.
Features And Benefits Of An HDFC Personal Loan
One of the main benefits of a personal loan is that it can be used and allocated for a variety of purposes. For example, it can be used to fund small home renovation projects, for travel or celebrations, vocational courses, medical expenses and emergencies, and much more.
In addition, an HDFC Personal Loan does not require a security deposit or collateral. This means that borrowers don’t have to go to great lengths in order to secure funding. With this, you can easily say goodbye to having a co-signer, mortgaging your house or selling your precious belongings.
On top of this, HDFC Bank prides itself on having a hassle-free application process. Interested applicants may simply course their application online or through their branch of choice. Minimal documentation is also required, drastically reducing the processing time for applications and approvals.
Approvals and disbursement of loans are also made in a timely manner. Individuals who are pre-approved may get their funds in as little as 10 seconds. For non-HDFC Bank customers, loans can be obtained within four hours.
The HDFC Personal Loan allows borrowers access to up to Rs. 1,500,000 alongside competitive interest rates. This massive loan limit is partnered with flexible payment terms from 12 to 60 months which are designed to complement the borrower’s needs and capacity.
Las,t but certainly not least, is having the option to claim tax benefits. These tax benefits can be claimed provided borrowers allocate their loans towards buying, constructing, or renovating a home.
Individuals who use their loan for higher education are also eligible for certain tax benefits.
Getting An HDFC Personal Loan
As stated earlier, the application process of getting an HDFC Personal Loan is easy. Applicants may simply course their application by filling out the application form online. Alternatively, interested parties may also apply through the nearest bank, through an ATM, or via the Loan Assist App.
To qualify, you must be at least 21 to 60 years of age have have stable job and income. The minimum salary requirement is Rs. 15,000 per month.
The bank may require other documents such as proof of identification, proof of billing address, and proof of income.
Branch and online applications will require applicants to provide their personal information. This includes your name, contact details, physical address, and your email address. The application will also ask you to provide your income and employment details.
Rates And Charges
The interest rate for an HDFC Personal Loan ranges from 10.75% to 21.30% depending on your creditworthiness. The EMI from HDFC Bank for its personal loan goes for as low as Rs 2187 per lakh. An overdue EMI interest has a charge of at 2% per month.
Aside from the interest rate, there is also a 2.50% charge on the loan amount that is subject to a minimum of Rs. 2,999 and a maximum of Rs. 25,000. There are also prepayment charges of up to 4% of the principal outstanding amount.
Overall, an HDFC Personal Loan is best for individuals who are planning to allocate funding towards their medical expenses, home renovation projects, and even travels and celebrations. With this guide, an application for a low-interest personal loan and flexible rates has never been easier.
For more information, you can find the head office of the bank at HDFC House, H T Parekh Marg, 165-166, Backbay Reclamation, Churchgate, Mumbai – 400 020. You may also call +91 (22) 66316000 for queries.
Note: There are risks involved when applying for and using loans. Consult the bank’s terms and conditions page for more information.