Personal Loan schemes -
HDFC Bank Personal Loan has various schemes -
HDFC Doctor Loan.
Banks have special offers for doctors who can acquire the loan at an 11.25% interest rate and should have a CIBIL score of 750 and above.
HDFC BANK PL for self-employed.
One has to show necessary proof of Income which are determined before approving a loan.
HDFC Marriage Loan.
Marriage involves a lot of rituals and much expenditure. If you’re short on funds, a personal loan can be savvy for you. There are many schemes through which you choose one as per your desire.
For Government Employees -
This loan is given to Government employees who have a monthly pay of INR 15,000/20,000 and don’t have any adverse credit score.
For Pensioners -
Pensioners often find it challenging to acquire a loan, but HDFC Bank presents a scheme for Pensioners. The minimum pension amount should be Rs 25,000, and 50% of extra Income such as any other savings or Fds are counted. Tenure of 12 months is given, and a 9.99% interest rate is applicable.
For NRI -
NRI is often deluded from obtaining loans due to their residency. HDFC bank has a special offer for them where no collateral or security must be submitted at the bank. A document has to be submitted of residence proof, and overseas residence is mandatory.
Personal Loan process -
The Personal Loan application can be submitted online or in the bank.
Step 1- Evaluate your needs.
You need to evaluate the loan amount you want to avail.
Step 2- Check eligibility criteria.
YOu can visit the bank or else check on their website about eligibility criteria. There are specific criteria abide by the bank for acquiring a Personal loan. The person can acquire a loan of a specific amount based on its eligibility.
Step 3- Calculate monthly instalments.
One should always consider the repayment options before availing of a loan. A massive amount of Debt isn’t easy to pay, so it’s wise to check up the options. You can choose a suitable tenure along with a repayment option as per your paying ability.
Step 4- Loan appeal.
One has to visit the bank or apply online for completing an application for a Personal loan. Netbanking can also be used for completing an application.
Step 5- Documents verification.
Document verification is a critical process in loan approval. Income proof along with Address proof has to be submitted. This checks your background to prevent fraud. HDFC bank disburses the loan amount in the borrowers account immediately. However, for Non-HDFC Bank customers, it may take up to 4 hours for the loan amount to reflect in your respective bank account.
HDFC Bank Personal Loan advantages.
Personal loans have many benefits and are a secured form of loan to acquire, making them the first choice of borrowers.
It can get approved within a short period.
One can get a personal loan amount of up to Rs 75 lakh.
The borrower can be in touch with bank representatives.
Only KYC Documents are required.
A loan tenure of 60 months can be given.
The low-interest-rate of 9.99% per annum.
If you missed out on an EMI, only a 2% penalty from the interest rate is charged.
HDFC Bank Personal Loan Pre payment options
Prepayment options are given to the borrower to ease the Debt. This option is given to a salaried person only.
Three options are given over 36 months as follows-
13-24 months- the 4% of the principal amount is applicable.
25-36 months- the 5% of the principal amount is applicable.
36 months or more - 2% of the principal amount is applicable.
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