Understand the Merits of Availing HDFC Bank Personal Loan

Our dependency on loans come from the uncertainties that we face in our lives. There is no way of predicting when we would require loans. It can be for anything – for seeding the small home business venture or for the vacation we have been planning for so long, it could be emergency medical needs or for the periodic home renovation. For such situations in life, which are more often than not unpredictable in nature, a personal loan comes as the ray of hope. Having the money we need handy makes us self-reliant and lets us take charge of our life.

It is very easy to avail a personal loan from HDFC with its hassle-free procedures. It is, perhaps, one of the best loan providers with competitive interest rates, minimal documentation, and a collateral-free loan procedure. You also can compare the EMI with the help of HDFC personal loan EMI calculator.

HDFC Personal Loan Features

HDFC is one of the leading loan providers in India. They have a well-thought-out loan structure, which is packed with unmatched benefits and exclusive features. HDFC provisions for a simple, hassle-free and bare minimum requirement in terms of documentation. When applying for a loan, you can check your eligibility within a few seconds and go ahead with the loan within a short period of time. If you happen to be an existing HDFC bank customer, you can avail the personal loan at discounted rates and get approval in a matter of few seconds.

Eligibility

HDFC offers loans to the salaried and self-employed individuals. If you are an existing customer, you can check your eligibility from the following link-

https://apply.hdfcbank.com/dapweb/personal#PL-Login

However, if you are not an existing customer, this is what you need to know:

1.To be eligible, applicants must be an employee of a private limited company or of a public sector undertaking.
2.Applicants must be between 21 and 60 years of age.
3.Applicants need to have a job for a minimum of 2 years.
Applicants need to have a minimum monthly income of INR 15,000. However, the monthly net income must be INR 20,000, if residing in Mumbai, Delhi, Hyderabad, Cochin, Kolkata, Bengaluru, and Pune

Documentation

This is often the most dreaded part for applicants of personal loan. With HDFC personal loan, you need not worry about the lengthy procedures to procure the right documents.
If you are an already existing KYC-compliant HDFC bank customer, you can get the personal loan approved within no time. For non-customers, the documentation process is very simple. Here’s a list of documents that you need to keep handy.
• The applicants must procure an identity proof like passport, voter ID card, driving license, and Aadhaar proof.
• Address proof –Copy of passport, voter ID card, driving license and Aadhaar
• The applicants must get bank statements of the last 3 months.
• The applicants must procure the salary slips for the last 6 months from the current employer.

Rates and Fees

With HDFC personal loans, you can get the best interest rates and hence save money and enjoy lower EMI. Existing customers get additional discounts on interest rates and also enjoy minimum processing fees. The interest rate for salaried class people is somewhere between 15.5% and 21.5%. The loan processing fees are charged at the rate of 2.50% of the principal loan amount. If you want to know your EMI, you can calculate it with the help of HDFC personal loan EMI calculator.

HDFC Personal Loan EMI Calculator

To calculate the EMI, you can make use of the HDFC bank personal loan EMI calculator. Your EMI is the fixed payment amount made by you to your lender at a specified date each calendar month. These EMIs include both your principal loan amount and interest rate.

How to Use the HDFC Personal EMI Calculator?

The HDFC personal EMI calculator is designed for a layman and can be used by anyone without difficulty. All you need to do is fill in the details of your loan amount, the interest rate, the loan term and if necessary the EMI start date. Once you fill in the details, it will return the value of the monthly installments for your loan along with the total amount payable.

Why Use the EMI Calculator?

It is important to calculate the EMI as it can have a considerable effect on your finance over a period of your loan tenure. You can find out the exact amount you need for paying off the loan and take the financial decision rationally. With the help of HDFC personal calculator, you can plan your finance well in advance to avoid any financial issue at a later stage.
You can make use of the HDFC personal loan interest rate calculator to have a clear picture of the overall interest rate that you will be paying. With the help of these EMI and interest rate, you have control over your finance and you can take well-informed finance decisions.

Additional Read: SBI Personal Loan Interest Rate calculator

EMI appears as small amounts at first, but owing to its recurring nature, it can have a huge impact on how an individual utilizes his finances. Hence, one must, at no cost, overlook this factor.

Author Since: Jan 17, 2019

Anoop Bansal, a professional Chartered Accountant based in the National Capital - Delhi. I have worked for the top-notch Indian and International banking firms for the past 10 years. Currently, I work at emi-calculator.loan blog and a financial consultant for different SMEs in India. Follow me on Facebook, Twitter and Linkedin for more information.

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