HDFC Bank Limited (Housing Development Finance Corporation), which was founded in August, 1994, is the 5th largest bank in India. It has 84,325 employees and its branches are also present in Bahrain, Hong Kong and Dubai. HDFC Bank has won the trust of their customers by their services over the years. Now it has become one of the leading Banks in providing personal loan to individuals.
HDFC Personal Loans has three main benefits - Transparency, Competitive Rate of Interest, and Faster Loans. At LoanMoney.in, you can check your eligibility by filling a simple form on our website. Read on to know more about HDFC Personal Loan Eligibility and documentation requirements.
Taking a personal loan was very hard for individuals as they think they could not make up to eligibility criteria. HDFC Personal loans are perfectly designed so that customer can meet his fund requirements at time. Even, they have launched new different schemes that are meant to help the applicant in the process of loan eligibility and documentation.
When applying for personal loan for the very first time there can be apprehension to the applicant, HDFC Bank have maintained an equal and simple eligibility criteria for every applicant.
Minimal Documentation: An applicant can avail HDFC Personal Loan by providing minimal documents and get quick amount disbursement. It has the fastest loan approval time as compared to other banks and NBFCs
Attractive Rate of Interest: HDFC Bank offer lower interest rate for the applicant so that they did not find any difficulty in repayment of the loan. Personal loans with HDFC Bank start as low as 15.75% interest rate.
Quick Loan Disbursement: HDFC Bank understands that some people have urgent requirement of money, that why they have introduced new schemes with the feature of quick loan disbursement
Transparency in working: HDFC Bank is very transparent when it comes so their services and working, this is the primary reason for winning the trust of people.
Purpose of loan: HDFC personal Loan can be used for any purpose whether is spending holidays, medical expenses or emergencies, home extension, renovation, and Marriage expenditure. It is not mandatory to tell the purpose of the loan that you are willing to take.
Low Interest Rate: HDFC Bank offer Personal Loans at very competitive rate of interest for Salaried, Self-employed and professional individuals. HDFC Personal Loan Interest rate ranges from 10.29% to 20.57%.
Speedy Loan Approval: If you are found eligible and you documents are complete and correct then you loan application will be quickly approved by the bank.
Low Prepayment and part payments Charges: HDFC Bank provides Low pre payment charges as compared to other bank and NBFCs. Part Payment or Advance Payment charges are completely removed after the period of 36 Months.
Top-up Loan facility: It is a facility of borrowing extra amount from the bank on you existing loan. Sometimes, there can be need of money unexpectedly.
No Guarantor or Security: Applicants can avail Personal Loan from HDFC Bank by without pledging their personal assets as a security or collateral.
|Interest Rate||-||10.29% - 20.57%|
|Processing Fees||-||Up to 2.5% of the loan amount|
|Loan Tenure||-||1 year to 5 years|
|Pre-closure Charges||-||Preclosure permitted after 1 year. 4% of principal outstanding (plus applicable tax) in 2nd year. 3% (plus applicable tax) in 3rd year. 2% (plus applicable tax) afterwards|
|Guarantor Requirement||-||No guarantor required|
|Part Payment Charges||-||Allowed after 12 Months at 2-4%|
|Preclosure Charges||-||Allows pre closure after 12 EMI's at 2 - 4%|
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