A personal loan has become one of the fastest mushrooming financial items in India with growing financial awareness. There are also other explanations for the heavy demand for personal loans, apart from financial awareness. The financial industry has many personal loan lenders and one of them is HDFC. HDFC Bank offers best personal loan interest rates depends on the profile of the borrower, credit score, credit background, sales, EMIs, loan amount used, tenure of repayment, etc.
HDFC Bank offers almost immediate disbursement of personal loans to the bank’s pre-approved clients. Compared to some, personal loan processing charges are also very modest. There are many benefits that a borrower can gain with the use of personal loans from HDFC Bank. Few are referred below:
● Fast loan processing: On the website or via net banking, at an ATM, or by visiting the nearest bank branch, a borrower may apply for an HDFC Bank personal loan online. This application process makes the processing of the HDFC Bank loan quick and hassle-free. You can also track HDFC Bank personal loan status with home comfort.
● Quick loan disbursal: HDFC Bank’s pre-approved existing customers can get a loan in the shortest period. Others can get the balance of the loan within a few hours. HDFC Bank directly transferred the loan sum to the borrower’s account after the loan approval to facilitate the borrowers.
● Multipurpose loan: The flexibility of the HDFC Bank personal loan is one of the main benefits. This implies that it can be used for any reason, be it a wedding, a holiday, buying a gadget, investing in the business, renovating a house, etc.
● Low-interest rate: A borrower may receive a personal loan from HDFC Bank at a reasonable interest rate beginning at 10.50 percent (t&c apply). The interest rate varies based on certain variables, such as credit history, credit score, amount of income, etc.
● Minimal paperwork: With the fast and minimal documentation process, HDFC Bank personal loans can be acquired. The time required for HDFC personal loan paperwork and processing time is much lower than for other loans. A debtor just wants or does not need the basic documentation for the personal loan if he/she is a pre-approved HDFC client.
● Flexible repayment terms: In easy monthly installments or EMIs, a borrower can pay off the personal loan. The terms of HDFC repayment are flexible, and a borrower may choose a tenure that allows him or her to maximize the monthly production as necessary. The length of repayment varies from 12 to 60 months. HDFC also has a Personal Loan EMI calculator to assist the borrower in making a decision. It is user-friendly and needs fundamental loan details.
HDFC Personal Loan Interest Rate Calculator
A borrower can get HDFC Bank’s competitive interest rate according to the amount of the loan available, salary, tenure of the loan, and others. The HDFC Bank Personal Loan Interest rate in India is calculated by the following factors:
● Loan Sum- The loan amount borrowed from the HDFC.
● Income- Wage determines the capacity for repayment of the borrower’s loan. At lower interest rates, higher salary bracket borrowers can get loans. The interest rate varies with the net monthly income of the HDFC bank.
● Existing relationship- HDFC Bank gives the bank’s existing customers exclusive prices, offers, and charges. The low HDFC Bank personal loan interest rates in India will help those who have maintained their accounts and have a strong credit history with the bank.
● Loan period- HDFC personal loans have a shorter duration span from 12 months to 60 months as it is required to fulfill the immediate term.
Documents Required for Personal Loan
The following are the basic documents needed to be submitted for a personal loan. The list of required documents will differ depending on various factors, such as the type of loan scheme a borrower is looking for, etc.
⮚ Passport-sized photo
⮚ PAN Card-for Business/Firm/Individual.
⮚ A copy of some of the documentation as proof of identity:
● Card from Aadhaar.
● Voter ID card.
● PAN Card.
● License to drive.
● Latest Form 16 for salaried persons and salary slip.
⮚ A copy of any documents proving the address:
● Aadhaar Card.
● Voter ID card.
● License to drive.
⮚ Bank accounts for the previous six months.
⮚ The last 2 years of ITR.
⮚ Audit Report.
Common Eligibility Criteria for Personal Loan
A personal loan has a flexible eligibility requirement for the processing of personal loans, which is dependent on many factors.
⮚ Citizenship: Indian Citizenship for the creditor should be.
⮚ Age: The applicant’s age should be between 21 years and 60 years at the time of application.
⮚ Employment: A creditor should be a salaried or self-employed person worker.
So, if you are looking for a personal loan but worried about the entire process, connect with Afinoz and get HDFC Bank personal loan for easy and quick loan processing.