Key Factors to Consider When Taking an HDFC Personal Loan

HDFC Bank is one of the best known financial institutions in India. It offers several banking services. One of its top products is personal loans, which is an unsecured loan given to salaried individuals, and in some cases businesspersons and professionals. An HDFC personal loan can be utilized to serve any financial requirement. Many take it for the purpose of wedding, home repair, travel, purchase of gadgets, medical emergency etc. At this bank, you can get the loan within just a few hours given easy application procedure, transparent processing, and speedy disbursal facilities.

You can borrow anywhere between Rs. 1 lakh and Rs. 20 lakhs. Higher loan amount can be available in few cases. If you are looking ahead to borrow from this financial institution, you need to firstly consider some factors.

  1. Interest Rates and Charges

Below given are details of HDFC personal loan interest rates and charges.

  • There is the facility of pre-approved quick loans. You can even transfer your existing personal loan to this bank, at an interest rate as low as 11.39%.
  • The starting rate of personal loan is 10.99%. However, the rate of interest will depend on the applicant’s credit profile, employment type/status, and financial history.
  • Processing fee is up to 2.50%. It is non-refundable.
  • No prepayment in full or part is permitted to salary individuals, until repayment of 12 EMIs. If you wish to partially pay, then you can pay up to 25 percent of the principal outstanding. You can do twice in the entire loan tenure, with restriction to only once in a financial year.
  • There is no loan cancellation charge. But you will be charged the interest amount for the interim period between disbursal date and cancellation date of the loan.
  • Charges of delay in EMI are accounted as 2 percent per month on the EMI. The overdue principal is subjected to at least Rs. 200 as penalty.
  • A cheque bounce charge is Rs. 550 per bounced cheque. Incidental/legal, stamp duty, and other statutory charges are as per actual costs. Cheque swapping charge is Rs. 500.
  1. Eligibility Criteria

Below given is a list of eligibility criteria for personal loan HDFC Bank.

  • Chartered accountants, salaried individuals, salaried doctors, employees of private limited organizations and public sector undertakings, such as that forming state, local, or central bodies, can apply for the loan.
  • You must have a work experience of at least 2 years. Minimum employment tenure with current employer should be 1 year.
  • If you earn a minimum of Rs. 15,000 as net monthly income, you can get the loan. But if you reside in Delhi, Chennai, Mumbai, Hyderabad, Pune, Bengaluru, Cochin, Ahmadabad, or Kolkata, then minimum monthly income needed is Rs. 20,000.
  • Individuals with minimum age of 21 years, up to 60 years of age (till loan maturity).
  1. Documents Required

The following documents are needed when to apply for the personal loan.

  • Two recent passport size photographs.
  • Income tax return of the last 2 or 3 years.
  • Latest salary slip or current dated salary proof with the latest Form 16.
  • Address proof (voter ID card/driving license/Aadhaar/copy of passport).
  • Identity proof (voter ID card/driving license/Aadhaar/ copy of passport).
  • Bank statement of the last 3 months and passbook of the last 6 months.
  1. Special Benefits Offered

The bank allows you to get in touch with them through online chat, phone banking, SMS, and apply for personal loan online within minutes.

  • Accident Cover: For a nominal fee, you can get critical illness cover till Rs. 1 lakh. The amount for premium will be deducted from the loan amount at the time of disbursal. You can also take a personal accident cover till Rs. 8 lakhs. Any applicable cess/surcharge/tax will be charged additionally.
  • Loan Security: You can secure your personal loan at the bank with Sarv Suraksha Pro. This policy is provided by HDFC Ergo GIC Ltd. Equal to the outstanding loan amount, you can avail a credit shield cover.

Follow the above-given details to apply for HDFC personal loan and avail the required amount for your financial needs, in a jiffy.

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