Personal Loans are our best friend in times of need. They provide financial assistance in case of emergencies, large purchases, and more. Choosing the right personal loan is challenging, and the borrower needs to perform in-depth research on features, benefits, interest rates, procedures, and much more about the banks.
HDFC Bank is leading in the market for providing personal loans at exciting interest rates, multiple repayment methods, and benefits. Additionally, they offer personal loans for a wide range of purposes where loan applicants can decide the fund requirement. Applicants can also manage their budget by using the HDFC personal loan calculator.
Read on to learn all the details about HDFC’s personal loan to avoid future mess and avail yourself of all benefits through the article.
HDFC Personal Loans: Uses
You can get HDFC personal loans for multiple purposes. Let us have a quick review of the applicant’s common reasons for applying for HDFC personal loans.
- To get financial help for higher studies where applicants can also claim tax benefits over interest payments.
- Wedding expenses are high in the modern era. Thus, applicants apply for loans with attractive HDFC personal loan interest rates.
- Applicants can get loans for purchasing goods or services, such as phones or laptops with state-of-the-art technologies.
- HDFC offers personal loans for travel for vacation or business trips.
- You can get an HDFC personal loan for any serious requirement.
- To mitigate cash flow issues via personal loans that do not let you sacrifice day-to-day requirements
- If you are planning to purchase, construct or renovate your home, you can get a loan at preferential HDFC personal loan interest rates and avail tax benefits over the interest payments
HDFC Personal Loans: Types
HDFC offers multiple types of personal loans that you can avail of for your needs. We have mentioned the same here for your reference.
- Personal Loan for Marriage
- Personal Loan for Salaried
- Golden Edge Personal Loan
- Personal Loan for Women
- Personal Loan for Home Renovation
- Personal Loan for Government
- Loan for Travel
- Personal Loan for Teachers
- Personal Loan for Medical Emergency
HDFC Personal Loans: Benefits
If you have good credit scores, you can avail of a loan at your preferred HDFC personal loan interest rate and tenure. Let us know how HDFC personal loans can be beneficial for your financial stability over other bank’s loans.
- HDFC can sanction your loan in 10 seconds, i.e., instant dispersal, in comparison to other banks
- You can get budget-friendly and flexible repayment options
- Women can avail of special HDFC personal loan interest rates
- You do not have to pay security collateral for HDFC personal loans
- HDFC offers 24*7 personal loan customer care services
- Documentation is easy with HDFC Bank
- HDFC personal loans are customisable
- You get a hassle-free HDFC personal loan application process
- There are no end usage restrictions on funds
- The online application process is acceptable
- You are eligible to claim tax benefits on HDFC personal loan interest payments
- You can get additional protection with insurance and personal loan security
HDFC Personal Loans: Eligibility Criteria
Here, we have mentioned the eligibility criteria required to avail of the HDFC personal loan.
- Age: The candidate must be at least 21 years of age and a maximum of 60 years of age at the time of the HDFC personal loan application.
- Income: Applicants must earn a minimum income of INR 25,000 per month.
- Employment Type: The applicant can be working in a private sector, public sector, local, state, or central government body.
- Work Experience: Applicants must have at least 2 years of work experience at the time of HDFC personal loan application.
- Tenure of Employment: Applicants must be employed for 1 year at a current organisation with an overall of 2 years of experience.
HDFC Personal Loans: Documents Required
Know that different banks and financial firms ask for variable documents. However, some common documents are necessary to avail of loans. Here is what you have to submit to be eligible for HDFC personal loans.
Identity Proof: Copy of Passport, Driving License, Aadhaar card, and/or Voter ID card
Address Proof: Aadhaar card, Driving License, Passport copy, Voter ID card, and/or Electricity Bill
Other Related Documents: Passport-sized photographs, Form 16, Recent salary slip or salary certificate, Bank statement for the past 3 months and/or passbook for passbook report for the previous 6 months.
HDFC Personal Loans: Application Process
Now that we know how HDFC personal loans can be helpful for borrowers. Let us understand the procedure to apply for HDFC personal loans.
Offline Method
You can visit the nearest branch of HDFC Bank and reach the manager. They provide you with information and an application to fill out. Attach the required documents, submit them, and wait for the call for pre-approval. Once you get pre-approved, you will be asked for additional documents and will visit the bank for further processing.
Online Method
You can visit the official website of HDFC Bank or install their software application. The application is available for both iPhone and Android users. Adding more, you can also apply for loans from authorized financial platforms like WishFin.
For more details, you can call the customer care number 1800202611 or 18602676161. If you are an Indian residing in another country, you can contact them at +91-2262606160 for queries.
Step-by-Step Guide to HDFC Loan
Applying for an HDFC loan is quite easy. You just have to follow the 5 steps mentioned below.
Step 1: Figure out the fund amount you need. Based on your requirements, choose the type of HDFC personal loan. HDFC offers different funds depending on their types.
Step 2: Check whether you are eligible for HDFC personal loan.
Step 3: Calculate EMIs via the HDFC personal loan calculator for a practical approach and avoid financial trouble later
Step 4: Approach the bank via offline or online platforms.
Step 5: Provide genuine documents. In case of fraudulence, your loan application will be rejected, and you may claim fines, penalties or charges.
Note that existing HDFC customers can get pre-approval in 10 seconds, while non-HDFC applicants can get the same in around 4 hours.
Conclusion
Planning to avail of a personal loan can be daunting at times. You require accurate knowledge about the banks’ personal loan features and benefits, types and interest rates, etc. People looking to get HDFC personal loans have the option to calculate their EMIs and overall interest amount using the HDFC personal loan calculator, making it easy for applicants to eliminate confusion. Adding more, HDFC banks are offering attractive interest rates and schemes to make their borrowers easily repay their debts.