What is HDFC Bank Personal Loan?
A personal loan is the easiest way to overcome your financial crisis. It is a life saver. As the name suggests, a Personal Loan may be opted by an individual due to an urgent requirement of cash, for example, any medical issue, education purpose or wedding or to fulfil any of your other personal needs.
Personal Loan is an unsecured loan that needs no documents of any collateral but all you need to do is just submit your personal documents to the bank.
Points to remember about HDFC Personal Loan:
- A fixed amount will be paid to the bank by the applicant.
- Quick and hassle-free loan disbursal is provided to the customers.
- The banks always make sure about your account stability. Make sure you make all the payments timely.
- Do not opt for the loan amount more than your capacity of repaying it.
- CIBIL Score plays an important role when it comes to personal loan. By tracking your credit history, the bank decides whether you have financial stability or not
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Eligibility criteria for HDFC Bank Personal Loan:
CIBIL Score: It reflects your credit history. The score is derived using a CIBIL report, which is also known as (CIR) Credit Information Report. All your payments are tracked through CIR.
Salary: The bank decides the your loan amount approval based on your monthly income. This is just to make sure that the applicant is capable to pay the loan amount after loan disbursal.
Location: It is yet another primary concern while opting for a loan. Your loan will be sanctioned only from the bank branch that is nearby your current location.
Age: The age of the person applying for loan must be 21-60 years.
Company’s Profile: The market value of your company in which you work (for salaried applicants) or you own (for self-employed applicants) matters a lot while the process of loan approval is going on.
Processing Fee: There is always some amount that is charged by the banks that is called as the loan processing fees.
Required Documents for HDFC Bank Personal Loan
- Last three months salary slips
- Six months old bank statements are considered
- PAN Card is must
- Aadhar Card is required as an identity proof
- Residence Proof (Owned/Rented/Company provided)
- Two passport sized photographs
*NOTE: In case of rented apartments, rent agreement is to be attached.
- All financials are considered (company documents as well as ITR files)
- PAN Card
- Aadhar Card
- Residence Proof
- Two passport sized photographs
HDFC Bank Personal Loan Interest Rate
Banks have different schemes for attracting their customers to opt for loans. The main criteria is the amount of interest rate every bank charges while providing a loan to applicants who apply for it. The best thing banks can offer is the best rate of interest on the loan amount so that they don’t lose their customers.
HDFC Personal Loan Interest Rate: This bank offers the lowest rate of interest on personal loans, so while considering a loan try to go for banks who give low interest. HDFC bank. The minimum rate that this bank provides to its customers is 10.75%. The specialty of such banks is that they give the facility of hassle-free and quick disbursal of loan. Depending on your loan amount and your documents verification you might even get you loan disbursed within 24 hours.
Benefits of HDFC Personal Loan
Easy Disbursal: There is an easy disbursal involved in the process of Personal Loan. You can now get the loan disbursed in just one-two days and sometimes within one day only.
No need of any guarantor: The best thing about this type of loan is that you don’t have to show or keep any confidential papers.
Personal Documents: When you go for this loan, make sure that all your documents are genuine as your documents speak for yourself.
Simple Application Process: Your few documents, along with your passport-sized pictures, are required for filing your application form for a Personal Loan.
What is CIBIL Score?
CIBIL Score is the history of your payments that you have done to the bank. Depending on your bank statements and payments, the bank decides how your CIBIL Score level is. The CIR (Credit Information Report) is the history of your credit score which checks your account’s history for different loans that you have taken (if any) and the credit card history (if you have). It is essential to maintain your CIBIL Score while taking a loan because your loan sanctioning depends a lot on your credit history.
What is an EMI?
EMI is the Equated Monthly Installments that you pay to the bank for your loan amount. The borrower (an applicant) pays a fixed amount to the moneylender (the bank) at the end date or start date of every month.
The EMI is calculated based on your work profile (net salary) and the amount of loan you have to take from the bank. The scheme of EMI has been introduced by the banks so that the person can repay the loan amount by giving a fixed due every month, and there is less burden on the applicant.
Basic FAQs about Personal Loan Interest Rate
1. Which bank is the best for personal loans?
HDFC bank is offering the lowest rate of interest on Personal Loan to its customers.
2. Who can apply for a Personal Loan?
Anyone who needs immediate cash due to any presonal reason can apply for this loan.
3. What is the total tenure of personal loan?
Personal loan is given for a minimum time period of one year to a maximum time period of five years.
4. Are there any other charges involved in a Personal Loan?
- Pre-closure Charges: This refers to the repayment of total amount of your loan that you wish to pay back to the bank before the end for your loan tenure.
- Processing Fee: Banks charge a small amount of money while processing your loan amount which is known as procesing fees.
5. If my CIBIL score is not maintained, then can I get a rejection for the loan?
Yes, if the bank feels that you do not have a stable background, then you might get rejected. CIBIL Score is the credit history that displays all your loans. It keeps track of all your payments (if you have a credit card) and your bank statements to ensure that when you take a loan, then you are capable of repaying the amount to the bank.