Are you in need of cash for an emergency or to consolidate credit card debt? With a personal loan, you can have access to financial assistance for a variety of personal reasons. HDFC Bank provides a simplified personal loan with no collateral or deposit.
The HDFC Personal Loan lets you borrow up to Rs 1,500,000 with a maximum interest of up to 22 percent. This type of loan is applicable for personal expenses including medical fees, home renovations, weddings, and more. Borrowers have a flexible tenure and get a decision right away.
Find out more about the personal loan offered by HDFC Bank. Here’s a guide on the application process, requirements, fees and charges, loan conditions, and bank contact information. Continue reading to learn more information about this financing option.
Benefits Of An HDFC Bank Personal Loan
No matter how much you prepare for an emergency, things happen unexpectedly. This includes medical expenses and home repairs after a calamity. The HDFC Bank personal loan is cash assistance you can get if you want minimum interest and flexibility of loan tenure. The bank lets borrowers customize their loan to choose the loan amount and term.
The bank also offers an eligibility checking tool so borrowers can assess their chances of getting a personal loan product. The best part of the online loan application is the fast decision just 10 seconds after a customer is pre-approved by a bank representative. The loan amount can be available in just one working day after document submission.
Do you need assistance? HDFC Bank also has 24/7 customer assistance via SMS, Webchat, PhoneBanking, and Click2Talk.
Personal Loan Fees
For the personal loan, the interest ranges from 10.75 percent to 21.30 percent. This is distributed monthly. Other charges also include processing fees of up to 2.50 percent or Rs 25,000 for salaried individuals.
You can also make a prepayment of 25 percent of the principal outstanding balance once in a financial year or twice during the loan tenure. With a tenure of 13-24 months, the prepayment charge is 4 percent of the outstanding principal.
There is also an overdue EMI interest charge for failing to pay for the monthly payment. With this, there is a charge of 2 percent per month. The charge for when there is a cheque bounce is Rs 550 per cheque.
Loan Requirements And Application Process
To qualify for the personal loan, applicants need to be between the age bracket of 21 years to 60 years old. You also must be working and earning a minimum monthly salary of Rs 15,000. Salaried individuals need to have been with their current employer for a minimum of 1 year. A minimum salary of Rs 20,000 is required for employees residing in Mumbai, Delhi, Bengaluru, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad, and Cochin.
To apply online, applicants need to visit HDFC Bank’s website then choose the Personal Loan. Click Apply Online and accept loan Terms and Conditions. To proceed, applicants must fill out the form and provide information about their residence, employment, and financial capacity.
Documentation required is proof of residence, identification cards, bank statements from the previous 3 months, and two latest salary slips.
HDFC Bank Contact Information
For inquiries about the loan and other products, contact HDFC Bank through 61-606-161 or 61-606-16 if you are a Chandigarh, Cochin, Indore, Jaipur, or Lucknow resident. You can also email the bank at loansupport@hdfcbank.com. HDFC Bank’s main address is at New Building A Wing, 2nd Floor, 26-A Narayan Property, Chandivali Farm Road, Off Saki Vihar Road, Mumbai, India.
Conclusion
Applying for a personal loan helps you settle emergency expenses like home renovations, medical bills, travel expenses, and others. With an HDFC Bank Personal Loan, you can save on low-interest rates and longer loan terms. For more information, visit the website of HDFC Bank today. Remember to make sure you fully understand the fees that come with the loan before you apply.
*Note: There are risks involved when applying for and using a loan. Consult the bank’s terms and conditions page for more information.
