Personal Loan is an unsecured type of Loan which helps you meet your current financial needs, and in this applicants does not need to pledge any of his belonging or the security to the bank. And your lender provides you a Personal Loan with the flexibility to use the funds as per the requirements. Personal Loan can serve as your solution for situations like managing your travel expenses and wedding expenditure as well as the costs of a medical emergency, home renovation, debt consolidation, and other needs. A Personal Loan is unsecured against any asset, unlike a home loan or a car loan. As it is not secured and the borrower does not put up security like gold or property to avail it, the lender, in case of a default, cannot auction anything you own. Personal loans interest rates are higher than those on home, car, or gold loans because of the higher perceived risk when sanctioning them.
However, defaulting on a Personal Loan is not good as it would reflect in your credit report and cause problems when you apply for credit cards or other loans in the future.
What is Personal Loan?
Personal Loan is a financial product that allows the applicants to fulfill their any desire and wants. But borrowers have to pay some amount to the bank as an interest rate. HDFC Bank Personal Loan provides services in an online way and offline way as well. You can apply in either direction. HDFC Bank is a well known financial organization that caters its customers with so many benefits. Bank has a vast network all over India. You can make use of this amount of money provided by HDFC Personal Loan to complete your financial needs like:
2. Medical Purposes
4. Buying Car
5. Buying House
Why should you apply for HDFC Bank Personal Loan?
1. Easy Documentation- The process to apply for a Personal Loan is straightforward and hassle-free.
2. Rates of Interest- HDFC Personal Loan interest rates are meager and rational.
3. Quick Disbursal- There is a need to wait for so long. If you are eligible and have all the documents, then you will get a loan to disburse within a day.
HDFC Bank Personal Loan Eligibility
A Personal Loan has some eligibility criteria. It is based on which bank have to approve the request of the applicant regarding the credit. There are two categories of applicants::
There are different eligibility criteria for both applicants.
1. Minimum age requirements of the applicants should be 21 years and maximum up to 60 years.
2. The applicants must have the work experience of the three years. And the salary should be received in their accounts only.
3. The applicants must have an excellent credit history.
4. Job location of the applicant should be mentioned.
5. A borrower should have minimum income in metropolitan city RS 18,000 and in non -metro city RS 12,000.
1. Minimum age requirement for an independent person should be 25 years.
2. The applicants applying for the Personal Loan should file ITR for the last three years.
3. If the applicants are the businessman, then the business should be running from the past three years.
4. The credit score of the individual applicants should be good .there should not be any debt or dues left.
5. The annual income of the applicants should be minimum of Rs 2.5 lakh.
6. The whole documentation process of the Personal Loan is the applicants has to submit his financial and his bank statement of the previous three months.
HDFC Bank Personal Loan Documents
1. Residence proof: the documents required for the residence proof includes:(passport/ID card/ Voter card/ aadhar card/ration/card/driving license) and if the applicants are living in rental apartments then has to submit his agreement, electricity bill on his name and address of the owner.
2. Self-employed: the applicants of Personal Loan should file ITR for the last three months, and his business should be registered..Salaried applicants: The applicants have to his salary slip of last three months and bank statement of last six months.
3. Identity proof : verification documents especially require one among the following:( passport/ID card/ Voter card/ aadhar card/ration/card/driving license) any one of them.
4. Under KYC formality: every applicant has to submit his pan card, which is an essential document.
5. Two colored passport size photos:(Applicants should not wear any glasses)
HDFC Bank Personal Loan Interest Rates
Rates of interest provided by the HDFC Bank Personal Loan interest rate are quite affordable. It starts at 10.75 % per annum.
HDFC Bank Personal Loan tenure
1. Tenure is the time for which you have gotten the Loan. It can be one year to 5 years.
2. Pre-closure Charges - HDFC Bank applies some charges on the pre-closure of the Personal Loan. It is 4% of the outstanding balance.
Personal Loan HDFC Benefits
1. First of all, it is effortless to apply. You can use through HDFC Personal Loan login within 2 minutes.
2. After that, it is easily accessible. You can get an HDFC Personal Loan status all over India.
3. You can check your eligibility, interest rates, and EMI's online.
4. Besides that, if you are eligible your Loan gets approved on the same day.
5. After the approval of personal Loan, you have to submit some documents, and your credit gets disbursed very quickly.
6. The HDFC Personal Loan interest rates are quite low and affordable.
7. One more important thing is that the Personal Loan is an unsecured loan, so there is no need for any collateral. Bank does not ask you for any property to keep as security.
8. Bank has a good reputation, so there is no need to worry about the frauds.
How to apply for Personal Loan?
You can easily apply for a Personal Loan if you are eligible. You can use on the site of HDFC Personal Loan login. You have to fulfill the online application form, and after some time, you check your HDFC Personal Loan application status. You can apply there for a Personal Loan more quickly and hassle-free. For any query related to a personal loan, you can concern with Diala bank visit www.dialabank.com or HDFC Personal Loan customer care no.9878981166.
Steps to Apply for HDFC Personal Loan:
1. First of all, visit www.dialabank.com on Google.
2. After that, fill the application form for the Personal Loan.
3. You will get a call back within 5 minutes, with proper guidance.
4. If you are eligible, then your Loan will get approved within 10 minutes.
Why Should You Apply through Diala bank For HDFC Personal Loan?
1. Diala bank responds to the customer's queries very quickly.
2. Since the Diala bank is the first financial helpline, so there are no safety issues.
3. Besides that, the interest rates are meager.
4. Here you can compare the prices of interest with other banks too.
5. You will get proper guidance for the Personal Loan here.
6. If you apply on the dialabank.com, you will get a document pickup facility from your doorstep.
Who can't apply for HDFC Bank Personal Loan?
1. An applicant whose age is less than 21 years can't ask for a personal loan.
2. An unemployed person can't apply for a personal loan.
3. A person is earning less than Rs. Fifteen thousand can't ask for a personal loan.
4. In metro cities, the salary of the applicant should be Rs. 18000 at least.
5. A person with a bad CIBIL score cannot apply.
6. A person who is self-employed but does not pay the ITR can't ask for a personal loan.
About HDFC Bank
HDFC Bank, also Known As Housing Development Finance Corporation is the financial company that was incorporated in August 1994. HDFC focuses mainly on three main key areas, namely Treasury, retail banking services, and commercial banking services.
Things you must do before applying for a Personal Loan
1. First of all, visit www.dialabank.com.
2. After that, check Personal Loan Eligibility online.
3. After that, if you are eligible to apply for Personal Loan then check Personal Loan Documentation.
4. Besides that, checking HDFC Personal Loan Interest Rate is also very important.
5. You can do every possible research at home before applying for a Personal Loan, and even you can calculate your EMI's using a Personal Loan EMI Calculator HDFC Online.
FAQs About HDFC Personal Loan
Q1. Why should take a Personal Loan from HDFC Bank?
Ans: HDFC Bank provides Personal Loan at 10.75% per annum rate with the lowest EMI. Furthermore, the bank will process the Loan very quickly and without any hassle.
Q 2. How much interest is charged by HDFC Bank personal loan?
Ans: Personal Loan interest rates in HDFC Bank generally starts from 10.75%. However, it changes from time to time. Besides that, it also depends on the profile of the person.
Q 3. What is the lowest EMI per lakh on a Personal Loan from HDFC Bank?
Ans: The minimum Personal Loan EMI calculator HDFC per lakh is Rs. 2,187.
Q 4. What is the tenure of Personal Loan in HDFC Bank?
Ans: The loan tenure of the HDFC Personal Loan is one year to 5 years.
Q 5. How much Personal Loan amount can borrow from HDFC Bank?
Ans: The applicant can take a loan amount of Rs. 50,000 to a maximum amount of Rs. 50 Lakh. It depends on your income and job profile also.
Q 6. How much does HDFC Bank charge processing fee on a personal loan?
Ans: The processing fee charged by HDFC Bank is 1% to 3%.
Q 7. Is age an eligibility factor in getting a Personal Loan from HDFC Bank?
Ans: Yes, age matters a lot while applying for a Personal Loan HDFC. The minimum period of the applicant should be 21 years minimum, and it can be 60 years maximum.
Q 8. Are there any prepayment charges on a Personal Loan from HDFC Bank?
Ans: Yes, prepayment charges are there in HDFC Bank. These are generally 2 - 4%.
Q 9. What is the minimum salary to get a personal loan?
To get a personal loan, the minimum salary of the applicant should be Rs. 18000 per month.
Q 10. How is interest on Personal Loan calculated?
To calculate the Personal Loan interest rate you can use a Personal Loan EMI calculator HDFC
Q 11. How is EMI on a Personal Loan calculated?
Ans: EMI Formula
E=p.r. (1+r) n/ ((1+r) n-1))
E is EMI
P is Principal Loan Amount
R is the rate of interest calculated every month.
Q 12. Which bank gives the cheapest Personal Loan in India?
Ans: However, the ROI depends on your income, job profiles, and many other factors, but HDFC is best at providing a Personal Loan at lower interest rates.
Q 13. How to use the loan calculator?
Ans: You have to visit https://www.dialabank.com/emi-calculator.cfm. After that, enter the amount of Loan, tenure of the Loan, and interest rate. Or Your EMI will automatically get calculated through the HDFC personal calculator
Q 14. Should I prefer Axis bank for a personal loan?
Ans: If you are an internal customer of Axis bank, then you should prefer Axis Bank Personal Loan.
Q 15. Which bank is best for a personal loan?
Ans: We are here to help you to find the best Personal Loan for you. Free to call 9878981166 on this our RM (Relationship Manager) tells you the best deal that you can have.
Q.16 Which bank gives the lowest interest rate for a personal loan?
Ans: For such quires, Diala bank is here to help you. Dial-A-Bank is India's First Financial Helpline, with service available on a local number "600-11-600" across 18 major cities in India. Promoted by a group of Senior Corporate Executives, Diala bank helps consumers Compare and Buy the right Financial Product across 96 Banks, 24 Insurance and 48 Mutual Fund Companies.
Q.17 How to apply for a Personal Loan in HDFC?
Ans: To get a Personal Loan is very easy; you have to visit www.dialabank.com and fill the form. After that, we will call you back you with the best Personal Loan for you as compared to others, and it's our guarantee. By this, you can apply for a personal loan.
Q.18 What is a personal loan?
Ans: Personal Loan is an unsecured loan that means it does not need any collateral. You don't need to deposit any mortgage or security. You can get a Personal Loan based on your eligibility like monthly income, banking history, CIBIL score, employment profile, etc.
Q.19 How much Personal Loan can I get?
Ans: Again, there isn't a standard income standard to judge your suitability for a loan. The lender is likely first to check whether you have defaulted in the history as well as if you are currently servicing any loan, besides that one you are applying for. Besides that, there are some things you should keep in mind - Keep your credit score above 700
Q.20 How much cibil score required for a personal loan?
Ans: The minimum CIBIL score required for a Personal Loan is generally 700. Lower than this would mean that the applicant is creditworthy as well as applications are processed without hassle. In general credit scores range from 300 - 900; 300 being on the lower end of the range and 900 on the higher end.
Q.21 How to pay HDFC Personal Loan EMI through net banking?
Ans: Choose your net banker from drop down or click on pay. You will be securely redirected to the HDFC bank payment interface of your selecting net banking option. Confirm your payment money towards your HDFC Bank Loan account. You will get an online transaction confirmation as well as a Transaction Reference Number.
Q.22 How to close HDFC Personal Loan before one year?
Ans: Visit bank nearby HDFC bank with all documents. Secondly, you may be required to fill a form or write a letter requesting pre-closure of the Personal Loan account. After that, pay the pre-closure amount. Sign the necessary documents, if any. Take acknowledgment of the balance amount you have paid.
Since a Personal Loan is generally unsecured, no asset needs to be released from lien or hypothecation. Your Loan will close automatically once the bank receives the applicable money. The HDFC bank will dispatch a loan closing document that you need to keep safe.
Closing a Personal Loan is as easy as applying for one.
Q. 23 How to check HDFC Personal Loan status?
Customers can get any of the services as of their ease to check their loan status. Customers can keep track of their application as well as stay updated with the current state of their loans with more comfort with the options provided by HDFC Bank. With the extensive banking options offered by HDFC, it has enabled its customers to check their loan status in the following ways.
Through Net Banking (Online)
Through the HDFC Status Check Link (Online)
Through Offline mode