HDFC Personal Loan 2021: Instant Funds for Your Larger Needs

There are times in life when you can come across huge need of funds; you never know when this financial urgency can come across you, thus, you should also know the source to avail finances in such times. Personal loans are such solutions to help you win over such exigencies and undoubtedly, HDFC personal loan is a perfect option as it extends personal loans of up to Rs. 40 lakhs instantly.

Nevertheless, the bank takes rather higher interest rates than other lenders in India, so just in case you are not in need of huge financial support, you may be able to reach out to more reasonable funding from other lenders.

HDFC Bank personal loan 2021 - Eligibility Criteria

If you want to avail of the HDFC personal loan 2021, you’ll be required to qualify for the following general eligibility requirements:

• Must be a private limited company or public sector undertakings’ employee.

• Must have work experience of a minimum of 1 year in current organisation and 2 years as total work experience.

• Must have an income of a minimum of Rs. 15,000 / month (Rs. 20,000 in Bengaluru, Mumbai, Delhi, Pune, Kolkata, Chennai, Hyderabad, Cochin, and Ahmedabad).

• Must fall anywhere between 21 years and 60 years.

HDFC Bank personal loan 2021 - Documents Requirement

Whether you want to apply for HDFC personal loan for self employed, salaried, following are the documents that the bank will ask you to submit along with your loan application to avail of HDFC personal loan 2021:

• Identity and address proof (Passport, aadhar card, voter ID card, driving license)

• Employment proof (Salary slip or dated salary certificate (current) with the latest Form-16)

• Income Proof (Bank statement of past 3 months)

HDFC Bank personal loan 2021 - Fees and Charges

Following are the fees and charges that you may come across on availing the HDFC Bank personal loan:

• Interest rate – It might range from 10.75% p.a. to 22% p.a.

• Processing fee - It might range up to 2.50% on the loan principal (min. Rs. 1,999 & max. Rs. 25,000)

• Foreclosure charges - It might range from 2% to 4% on remaining principal amount

• Late payment fee - It might be levied 2% on overdue monthly instalment

• Cheque bounce fee is levied of Rs. 550.

• Cheque swapping fee is levied of Rs. 500.

• Amortization schedule fee is levied of Rs. 200.

HDFC Bank personal loan 2021 - Key Benefits

Following are the benefits that you can enjoy on availing of the HDFC personal loan 2021:

• Smooth loan processing

HDFC Bank is well known for its smooth process of funding products which signifies that you won’t need to go through any sort of hassle to avail of the loan once you qualify for the HDFC personal loan eligibility criteria. In order to apply for HDFC Bank personal loan online, you can choose any of the following means:

• Visit to nearest HDFC Bank branch

• Internet banking

• Website

• ATM

• Instant disbursal

If you have got a pre-approved personal loan, you can also get the HDFC personal loan within a matter of 10 seconds if you are an existing HDFC Bank customer. Even though, if you have not got the pre-approved offer from the lender, still you can get the loan amount into your account within a matter of 4 hours.

Utilization Flexibility in Funds

No matter whether you are willing to go on a trip, finance a wedding, a shopping, business investment, or the renovation of your home, one of the major benefits of HDFC personal loan is that it enables you to utilize the funds for any objective.

Collateral-free

As personal loans are unsecured in nature, therefore, you do not need to promise any kind of collateral against the loan such as your home or shares.

Nominal documentation

The lender is also popular because of its minimal requirement of documents on its loan products. HDFC Bank personal loan’s paperwork and the processing time is rather lower than most of the other types of loans products.

You can avail a loan with the following documents:

• Identity proof

• Address proof

• Income proof

Nevertheless, if you are an existing user of HDFC Bank and have got a pre-approved personal loan, you may not even need to upload any documents as they already have your information.

Flexible repayment

HDFC personal loan is also a best personal loan as it offers flexibility in repayment. You get the feature of flexible repayment of your HDFC Bank personal loan in easy monthly instalments. The loan tenors are usually flexible; thus, you can select a term that allows you to manage your monthly expenses in accordance with your requirements.

HDFC Bank personal loan repayment tenure ranges from 1 year to 5 years with easy monthly instalments as low as Rs 2,162/lakh. You can check your accurate repayment amount with the help of a personal loan EMI calculator too.

With abundant benefits, HDFC personal loan provides perfect financial assistance to those who are in need of big financial assistance.

HDFC Bank personal loan 2021 - Application Process

If you want to apply for HDFC personal loan, you will need to fill in the loan application form. While existing HDFC Bank customers don’t require to submit any sort of documents in the context of their personal loan application; if you are a new user to HDFC Bank then you will need to submit documents like identity, proof of address, proof of employment, and proof of income.

The Out-Turn

A personal loan is a perfect alternative when you are facing financial contingency as you can avail it without any sort of hassle. Whether you are willing to fulfil your expenses associated with medical, wedding, foreign travel, study abroad fees, home renovation, or short-term cash, you can avail of a personal loan instantly and smoothly.

A personal loan from HDFC Bank is a handful as you can pay it off across a period of time in flexible EMIs and you can avail of fast disbursal with minimal paperwork.

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