Have you ever applied for HDFC personal loan? If you haven't, it means that you are an ideal candidate for this type of loan. HDFC Bank offers personal loans on attractive rates of interest starting at 10.75% p.a. The bank allows you to apply for the loan in both mediums – online and offline. The entire process of applying for a loan is very simple and hassle-free. Let’s know furthermore about the product!
What are the features and benefits of HDFC personal loan?
Here are some of the advantages that you can get if you are willing to apply for a Personal loan from HDFC:
i. No collateral or security required.
ii. Loan disbursal takes place within one day.
iii. Interest rates range from 10.75% p.a. - 21.30% p.a.
iv. Borrowers can opt for the ‘Sarv Suraksha Pro’ policy, which provides a credit shield cover, an accidental hospitalization cover, and a permanent disability/accidental death cover.
v. Borrowers can also take out an optional insurance cover which will extend coverage against personal accidents and crucial illnesses.
Who is eligible for HDFC personal loan?
HDFC Personal loan can be taken into use for various different purposes such as for wedding, vacation, home improvement, purchasing a car and many more. The bank offers personal loans to both – salaried individuals and self-employed individuals.
If you are a salaried employee, you will need to meet the eligibility criteria of HDFC personal loan for salaried individuals, while, if you are a self employed individual, you will be required to fulfil the eligibility requirements of HDFC personal loan for self employed.
What are the essential documents for HDFC personal loan?
Following are the documents that you require in order to avail HDFC personal loan:
i· Identity proof - Aadhaar Card, Driving Licence, Passport, or Voter ID Card
ii· Address proof - Voter ID Card, Aadhaar Card, Passport, or Driving Licence
iii· Last 3 months’ bank statement or passbook of the last 6 months
iv· Latest salary slip or salary certificate
v· Form-16
vi· Recent passport-size photograph
What are the Fees and Charges in HDFC personal loan?
Fees and charges are the essential factors to take into account prior to availing of any sort of loan or credit. Here are the various fees and charges that are levied by HDFC Bank across its personal loan:
i· Processing fee - Up to 2.5% of the loan amount, subject to a minimum fee of Rs. 1,999 and a maximum fee of Rs. 25,000
ii· Pre-payment/Part-payment charges:
a. 4% of the remaining principal (if the loan tenure is between 13 - 24 months)
b. 3% of the remaining principal (if the loan tenure is between 25 - 36 months)
c. 2% of the remaining principal (if the loan tenure is above 36 months)
iii· Overdue EMI interest - 2%/month will be levied on the principal or EMI that is overdue
iv· Stamp duty and other statutory fees – In accordance with the laws of the state that the applicant puts up at
v· Cheque swapping fee - Rs. 500
vi· Amortization schedule fee - Rs. 200
vii· Cheque bounce charges - Rs. 550 per event
viii· Incidental or legal charges - At actual
Conclusion
To sum up, HDFC Bank is a leading commercial bank in India; accordingly, it extends various loan products. Personal loan is one of them which have stood out from others.
The bank offers instant personal loans of up to Rs. 40 lakhs on competitive rates of interest that start from 10.75% per annum. Additionally, the bank offers flexibility in the tenure aspect, you can choose a loan tenure from 1 year to 5 years.
The aforementioned elements will help you determine smartly on HDFC personal loan. Although, you must go through the product thoroughly. Furthermore, you can also get a hold of HDFC Bank personal loan customer care to get the resolutions of your queries associated with the product.
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