Others

HDFC Personal Loan, Interest Rate, Eligibility, Foreclosure Process

HDFC Personal loans do not require any kind of collateral or security, and they can be arranged with very little paperwork. It must, however, be repaid in monthly installments, just like most loans.

It can be used to pay for anything, including education, a wedding, a vacation, house renovations, medical bills, and even the purchase of a gadget. In the event of a cash flow crisis, you can even use the funds to aid with day-to-day needs.

Pre-approved customers of HDFC Bank can get a Personal Loan in as little as 10 seconds. It normally takes roughly 4 hours for others. You can apply for a loan through NetBanking on the HDFC Bank website, an ATM, or the Loan Assist App if you are an existing customer. Otherwise, you can start the procedure by visiting the nearest branch.

You can choose a repayment period that meets your requirements. After that, you’ll have to pay in equal monthly installments, or EMI. The loan amount, payment tenure, and interest rate are used to determine this installment amount.

Advantages of taking an HDFC Personal Loan

The advantages of a personal loan are as follows:

  • It’s a hassle-free procedure. An HDFC Bank Personal Loan can be applied for online, through an ATM, using the Loan Assist App, or in person at the bank. This procedure necessitates the bare minimum of paperwork.
  • Existing HDFC Bank customers can acquire a pre-approved loan in as little as 10 seconds, while non-HDFC Bank customers can get one in as little as 4 hours.
  • A personal loan can be used for almost anything. For instance, an EMI of Rs. 2149 per lac is possible. A Car Loan or a Home Loan must be used for that specific purpose, but a Personal Loan can be used for almost anything, including vocational courses, home renovations, medical emergencies, and travel. It is entirely up to you to make your decision.
  • A Personal Loan does not demand any security or collateral. You don’t have to take out a second mortgage to take that much-needed vacation!
  • A Personal Loan requires only the bare minimum of documents. This also reduces the time it takes to process such a loan. All you need to get a Personal Loan is proof of identification, address, and income.
  • Payment terms are adjustable, and you can select your tenure based on your needs. HDFC Bank offers loans with terms ranging from 12 to 60 months and EMIs starting at Rs. 2149 per lac.
  • If you use the loan money to buy, build, or renovate a property, or for higher education, you can also claim tax savings on the interest payments.

Uses of HDFC Personal Loan

HDFC Personal Loan can be utilized in a variety of ways, including:

  • You can use it to fund your higher education. Also, claim interest payments as tax deductions.
  • Weddings are always costly events. You can get a Personal Loan to pay for it.
  • You can use it to get that brand-new laptop or smartphone with cutting-edge technology.
  • Are you thinking about buying a house? Or are you intending to modify your current home? You can do it with a Personal Loan, which also comes with tax advantages.
  • You don’t have to spend all of your money on your dream vacation. A personal loan for travel can help you pay for your vacation.
  • Cash flow problems can also be addressed with a small Personal Loan, so you don’t have to forego essentials during a cash crunch.

Is HDFC Personal Loan ideal for you? How to figure it out?

There are various aspects to consider when determining is HDFC Personal Loan is ideal for you or not? Time, urgency, and repayment capacity are all crucial aspects to consider.

 

  • The time of payout refers to when the loan is granted. A Personal Loan can be extremely helpful in swiftly collecting finances, especially in the event of a medical emergency. Pre-approved customers of HDFC Bank can get a Personal Loan in as little as 10 seconds. It may take up to 4 hours for non-HDFC Bank customers.
  • The loan amount, length, and payment are all key factors in determining your EMI. The correct amount, low EMIs, and tenure flexibility all help determine which loan is best for a person. HDFC Bank provides you a Personal Loan of up to Rs. 40 lakh for a term of 12 to 60 months, with EMIs starting at Rs. 2149 per lac.
  • When looking for a Personal Loan, and efficient loan process makes everything easier. If you are a pre-approved customer, HDFC Bank can give you a Personal Loan in as little as 10 seconds and with very little documentation. If not, you can acquire a loan in as little as four hours with minimum documentation: identification, proof of address, and proof of income.
  • The overall cost of the loan is determined by the interest rate and the processing charge. Before you choose a loan, consider these points. With easy-to-pay EMIs, HDFC Bank offers exceptionally competitive interest rates and low processing fees.

HDFC Personal Loan Eligibility

Personal loans are available from HDFC Bank in India to salaried and self-employed individuals. You can quickly check your personal eligibility online. If you have an HDFC Bank account, you can use NetBanking to check your eligibility for a pre-approved loan.

Their procedures are transparent, quick, and painless if you are a new customer.

A Personal Loan is available to the following individuals:

  • Employees of private limited liability businesses (LLCs),
  • Employees from government agencies, including the federal, state, and municipal governments
  • Individuals between the ages of 21 and 60
  • Individuals who have worked for at least two years, including at least one year with their present employer
  • Those with a monthly net income of at least ₹25,000/-

Documents Required For HDFC Personal Loan

  1. Identify Proof:-
  • Aadhaar Card
  • Driving Licence
  • Passport
  • Voter ID Card
  1. Address Proof
  • Voter ID Card
  • Aadhaar Card
  • Passport
  • Driving Licence
  1. Other Documents
  • Bank statements for the last three months
  • Passbook of the last six months
  • Latest salary slip or salary certificate
  • Form 16
  • Passport-size photograph

HDFC Personal Loan Interest Rate

Interest Rate 10.99% – 20.99%
Processing Fee Upto 2.5%
Foreclosure charges Nil – 4.00%
Repayment 5 Years
Loan Amount Rs. 50000 – Rs. 4000000
Min. Income ₹15,000 per month
Part Payment Facility Yes, available

 

What exactly is EMI? And how do I bring it down?

A loan’s EMI, or equated monthly installments, is a crucial component. It is the amount you pay in periodic installments to pay off your loan.

It’s critical to calculate your EMI and come up with a strategy for keeping it as low as feasible. Your EMI is determined by three variables:

  • The amount of the loan
  • The rate of interest
  • The period of service

Using online calculators, such as the HDFC Bank Personal Loan EMI calculator, is the simplest way to compute EMI. You can play about with the loan amount and tenure until you find the correct EMI. Adjust the tenure till you discover the perfect EMI if you have a fixed loan amount in mind. Click ‘apply now’ once you’ve found what you’re searching for. The EMI will have a higher interest component and a lower principal amount in the early phases of the loan, but this will reverse as you get closer to the finish.

HDFC Bank offers loans up to Rs. 40 lac with EMIs as low as Rs. 2149 per lac for terms ranging from 12 to 60 months.

How to Apply for a Personal Loan?

It’s simple to apply for an HDFC Personal Loan. And there are only six steps to it:

  • Determine why you require a loan and how much you require. A Personal Loan might be used for a wedding or a vacation trip. You have the option of taking Rs. 1 lac or Rs. 10 lac.
  • Determine whether or not you are eligible for a Personal Loan. To find out how much you can borrow, utilise the HDFC Bank Personal Loan Eligibility Calculator. You can borrow up to Rs. 40 lacs from HDFC Bank.
  • Use the HDFC Bank Personal Loan EMI Calculator to figure out your EMI. It’s quite easy to use. The EMI on a Personal Loan from HDFC Bank starts at Rs. 2149 per lac.
  • Approach HDFC Bank and submit an application for a loan via NetBanking, the bank’s website, or an ATM. You can also apply in person at your nearest HDFC branch.
  • Simply hand over your documents to the bank. These are the bare minimum. All you really need is proof of identification, proof of address, and proof of income (IT returns, salary slips etc or bank statements)
  • After that, all you have to do now is wait for the loan cash to be deposited into your account. If you are a pre-approved customer with HDFC Bank, you can acquire a loan in as little as 10 seconds, while non-HDFC Bank customers can get a loan in as little as 4 hours.

 

Apart from Personal Loans, what other options do I have?

If you’re not sure about a Personal Loan, HDFC Bank has a variety of different choices to help you get the money you need. The bank provides loans for the following items:

Credit Card – The loan can be credited to your HDFC Bank account based on your account and requirements. Insta Loan, for example, allows for quick loan disbursement in to your HDFC Bank account, whilst Insta Jumbo Loan allows for the same for an amount that may be greater than your credit limit.

Securities – You can borrow money by pledging your securities to the bank. The procedure is quick, and there are no prepayment or foreclosure fees. You can pick between Mutual Funds and Shares as security to pledge.

Digital Loans Against Mutual Funds – HDFC Bank was one of the first banks in the country to offer Digital Loans Against Mutual Funds. It only takes 3 minutes to complete the process!

Loans Against Stocks – This process can also be completed swiftly and easily online. The monies will appear in a separate account set up just for this purpose, and they will be accessible to spend nearly immediately.

Other Loans – HDFC Bank provides customers with the option of taking out loans against gold and real estate. Gold loans are often the easiest way to get money for personal or company needs. With a loan against property, you can get up to 60% of the value of the business or residential property you put up as collateral.

 

HDFC Foreclosure Process

Pre-closing or foreclosing your HDFC Personal loan does not imply that you must pay the full principal balance plus current interest to cease your monthly commitment. If there is no way to pre-close an HDFC personal loan online, you might be wondering how to pre-close an HDFC personal loan in any other way. You’ll have to conduct the pre-closure offline, which will need you to follow the methods.

 

What are the requirements for applying for a pre-closure?

  • Account number for a personal loan. Your account number can be found on your loan account statement or through HDFC net banking.
  • Aadhar card, passport, PAN, or driver’s licence are all acceptable forms of identification.
  • Documentation pertaining to the loan, such as loan sanction letters, loan account statements, or any other documents issued by the Bank.
  • A pre-closure letter that details the outstanding loan balance, fines, and other fees.
  • For the pre-closure amount, write a check or draught payable to HDFC Bank.
  • For both pre-closure and part-prepayment of the loan, HDFC Bank does not take cash beyond Rs. 49000/-.

 

What is the process of foreclosure Of HDFC Loan?

The foreclosure procedure is as follows:

  • Bring all of the above-mentioned documents and information to the HDFC bank branch.
  • Send a request for pre-closure in the form of a letter or by filling out a form.
  • Make a pre-closure payment.
  • If necessary, execute documents.
  • Obtain confirmation from the bank that the pre-closure money has been paid.
  • Because a personal loan is an unsecured loan, it does not need the release of securities prior to closing.
  • When the due payment is received, the loan will be automatically closed.
  • A NOC will be sent to your mailing address by the Bank.
  • You may quickly close a personal loan and go forward with your plans of taking out a big-ticket loan to make a profitable investment now that you’ve figured out how to foreclose an HDFC personal loan.

 

Frequently Asked Questions (FAQs)

Q1. What happens if the EMI on a personal loan is not paid?

Answers: Lenders consider you to be in default if you do not pay your EMIs for three months in a row. The lender will then give you a notice of default, stating that you have a certain length of time to repay the debt or you will lose custody of the collateral (house/car).

Q2. What happens if the EMI isn’t taken out?

Answer: You will be charged a late fee or interest if the EMI amount is not deducted on the action date. When the EMI date falls on a holiday, for example, this could be a factor. In that scenario, it will be released the next day, or within the month if not the next day.

Q3. In India, can I go to jail for not repaying a personal loan?

Answer: A civil lawsuit arises when a borrower defaults on a debt. A person cannot be charged with a crime for defaulting on a loan. It simply means that police officer are unable to conduct arrests. As a result, a real individual who is unable to repay the EMIs should not lose hope.

Final Words:- So, what are you thinking about? We have explained everything about HDFC Personal Loan. As you have seen that it is very easy to get a personal loan and if you use it properly, it can prove to be good for you.Now is the time to apply for an HDFC personal loan!

Leave a Reply