HDFC Bank was incorporated in 1994 and was also titled the Best Banking Performer in India in 2016. Any working professionals with a consistent income, low debt obligations from other loans, and credit card payments can consider HDFC personal loans appropriate. The bank imposes little additional fees on such borrowers for any repayment delays. Therefore this loan is appropriate for people in the higher income category.
You may easily calculate your loan’s monthly instalments by using the HDFC loan calculator. You can avail of personal loans with terms of 1 to 5 years and sums ranging from 50,000 to 4,000,000, and with a personal loan EMI calculator, one can calculate their monthly EMIs.
It is well recognised for a variety of goods and services, such as:
- Retail banking
- Consumer banking
- Loans for cars and two-wheelers
- Personal Loans
- Loans secured by the property
- Credit Cards
What Should You Choose HDFC Personal Loan Service?
The HDFC personal loan is unsecure, meaning neither security nor a guarantee is require to be put up to obtain it. It is available to both salaried and self-employed people and is accessible for individual purposes such as:
- Education
- Marriage
- Urgent medical needs
- Renovation of housing
- Vacations or travel
- Consolidation of debt
Amount and Terms of HDFC Personal Loan
- Loan amounts range from one lakh to one crore.
- 10.25% to 12.49% annual percentage rate of interest.
- The tenure of repayment is 12 to 72 months.
- Processing fees range from ₹ 999 min plus GST to ₹ 4,719 max.
- After 12 months, there is no fee for prepayment or foreclosure. Before a year, 1% to 4%. Prepayment in part is not permit. Either the entire loan must be repaid, or it must be service for the designate amount of time. You may use a personal loan EMI calculator for calculations. HDFC loan calculator serves the best.
- After submitting your application and the necessary paperwork, you should expect approval and payment within one to five working days.
SEE ALSO: Home loan in Ahmedabad
Features and Benefits of an HDFC Personal Loan
Eligibility:
By going to the bank’s website or brand, you can analyse your eligibility online. Customers of HDFC Bank frequently have faster clearance times than non-bank customers. People who are qualified include:
- Employees of private limited enterprises as well as those from government agencies, such as national, state, and local ones.
- People in the age range of 21 to 60.
- Individuals with a minimum of 2 years of employment history and at least one year with the current employer.
- Those with a monthly net income of no less than ₹ 25,000.
Approval:
- Depending on your income and ability to repay the loan, there is no upper limit on the loan amount. If you desire a larger loan, you can combine your income with your spouse’s.
- Obtaining permission depends on the number of loans and credit card balances that are outstanding. If your total EMI commitment, including the present personal loan you are seeking to qualify for, is greater than 50% to 75% of your full net take-home pay, a bank will typically not grant you a loan.
Repayment:
- With an HDFC Bank salary account, you can benefit from expedited processing, reduced paperwork, and advantageous interest and processing charge rates. At the time the loan is disburse, this is taken into consideration. The EMI amount calculated by the HDFC loan calculator can be paid by setting up a standing order to debit your HDFC Bank account.
- Post-date checks are used to pay EMIs. Additionally, you can pay via ECS or set up a standing order to automatically deduct the EMI payment from your HDFC Bank account after understanding all the calculations using the personal loan EMI calculator.
Insurance:
By choosing personal loan security, you can ensure your HDFC personal loan. Benefits of it include:
- Credit shield coverage is equal to the amount of the outstanding loan.
- Up to ₹ 8 lakh in accidental hospitalisation coverage.
- Up to ₹ 1 lakh in accidental death/permanent disability coverage.
Applying For A Personal Loan With HDFC
Through HDFC Bank net banking or the HDFC Bank website, you can apply for a personal loan. You may also submit your loan application at any HDFC branch.
Conclusion
Anyone can use the HDFC loan calculator to figure out how much you’ll have to pay each month after having a loan. A personal loan EMI calculator uses the loan amount, interest rate, and loan tenure to calculate the EMI, interest due throughout the course of the loan, and the remaining loan amount in a given time frame. By contrasting various loan amounts, ROI, and loan tenure, you may choose the best loan for your financial situation by using any personal loan EMI calculator.
