If you face financial trouble, a lump sum amount can help you get out of it. And not everyone can have the collateral to get a secured loan. So, if you don’t have any assets to pledge and need a lump sum amount to meet the obligations, apply for HDFC Personal Loan. With this loan, you can borrow up to INR 40 Lakh from HDFC Bank at an attractive rate of 10.25% onwards. Let’s read this article further and know more about the benefits of an HDFC Personal Loan.
A Wide Range of Loan Amounts from HDFC Bank
HDFC Bank allows you to borrow a minimum amount of INR 50,000 to a maximum of INR 40 Lakh. Before applying for a high loan amount, do know the following –
- You can borrow a higher amount if you’re capable of repaying it
- The bank checks your repayment capacity using your income proof
- A minimum income of INR 25,000 is required to apply for an HDFC Personal Loan
- With a low income, you can’t afford a high loan amount, so you need a high income as well should you require such disbursals
If you’ve read the pointers, take care of them while applying for an HDFC Personal Loan. As it helps you meet your financial requirements with an easy application process.
One of the Lowest Interest Rates in the Market
The starting rate of interest is 10.25% per annum. And your rate will depend on the loan amount you can get from HDFC. If you’re highly eligible for a loan and have a good repayment record, the interest rate can soften a great deal. How to check my repayment history? You can do so by getting help from an online credit bureau. They’ll need just your PAN details and the report will show.
If your report doesn’t show any record of non-payment or due amount, you’re good to apply for an HDFC Personal Loan. And with the help of your excellent repayment record, you can convince the lender to lower the rate of interest.
Flexible Period for the HDFC Personal Loan Repayment
The bank gives you 12 to 60 months for the repayment. And you don’t have to repay the loan in a lump sum. HDFC Bank can allow you to repay in equated monthly installments. In this, you pay a portion of the lump sum principal amount + interest amount each month for a fixed period. So by the time you reach the end of the tenure, the loan will be paid in full. Upon full payment, visit the bank branch and collect the no objection letter. This is proof of your successful loan payment. So, in case there has been any problem afterward repayment, you can show this document as proof of your loan closure.
HDFC Online Services to Help You 24×7
You get access to online services that will guide you through the product and the process you follow to either buy or know more about it. With this, you don’t need to visit any bank branch for the information. Call the toll-free number mentioned on the bank’s website or email to the registered address to get your queries answered.
There are also tools like eligibility and an EMI calculator that’ll help you apply for HDFC Personal Loan. You can use these tools on your smartphone, laptop or desktop by visiting the official website of the bank.
An hdfc personal loan emi calculator helps you know the possible amount you’ll be repaying through EMIs. The actual EMI may slightly differ as you don’t know the exact rate of interest you’ll get.
On the other hand, the eligibility calculator helps you know the loan limit. To check the same, you need to insert your employer, income and other details. Using that, the calculator computes your loan limit.
If the generated amount can help meet your financial needs, apply for the same.